First International Bank & Trust

The current interest rate and annual percentage yield for this account may be obtained by calling us at 1-800-359-8092.

This disclosure contains the rules which govern your deposit account. Unless it would be inconsistent to do so, words and phrases used in this disclosure should be construed so that the singular includes the plural and the plural includes the singular

The interest rate for your account is a fixed rate. We will pay the rate until first maturity.

Compounding and Crediting:
  • Frequency
    Interest will be compounded annually or at maturity. Interest will be credited to your account at calendar year-end, annual anniversary and/or maturity.
  • Withdrawal of Interest Before Maturity
    The annual percentage yield assumes that interest remains on deposit until maturity. A withdrawal of interest will reduce earnings.
  • Effect on Closing an Account
    If you close your account before interest is credited, you will receive the accrued interest.
Minimum Balance Requirements:
  • To Open the Account
    You must deposit at least $100.00 to open this account.
Balance Computation Method:
  • Average Daily Balance Method
    We use the average daily balance method to calculate the interest on your account. This method applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is term and calendar year-end.
  • Accrual of Interest on Noncash Deposits
    Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks).
Maturity Date:
Your account will mature on the date reflected as the maturity date on the certificate.

Time Deposit Withdrawal Limitations:
  • Principal
    You may make withdrawals of principal from your account before maturity only if we agree at the time of the withdrawal.
  • Interest
    You cannot withdraw interest from your account before maturity.
Early Withdrawal Penalty:
  • A penalty may be imposed for withdrawals before maturity. The penalty will be an amount equal to:
    Deposit Term Penalty
    7-91 Days All interest that could be earned on the amount withdrawn
    3-12 Months 3 months loss of interest on the amount withdrawn
    13 Months & greater 6 months loss of interest on the amount withdrawn
  • The interest rate we will use to calculate the interest forfeiture will be the simple interest rate in effect on the date of early withdrawal.
  • We will charge the penalty first against any interest then in the account, and any excess will be deducted from the amount you withdraw.
  • In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. Other exceptions may also apply, for example, if this is part of an IRA or other tax-deferred savings plan. 
Additions to Account:
You may only make deposits into your account for the same tax year or at maturity.

Renewal Policy:
Automatic Renewal
This account will automatically renew at maturity. You will have ten (10) days after the maturity date to withdraw funds without penalty.
Exceptions to Automatic Renewal
This account will not renew if you withdraw the funds on the maturity date or if we receive written notice from you on or before the maturity date of your intention not to renew.
Renewal Terms:
Same Term as Original
Each renewal term will be the same as the original term, beginning on the maturity date.

Renewal Interest Calculation
Different Interest Calculation
The interest rate will be the same as we offer on new time deposits on the maturity date which have the same term, minimum balance, and other features as the original certificate.
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First International Bank & Trust © 2014
100 North Main
Watford City, North Dakota 58854
Equal Opportunity Lender
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