|Certificates of Deposits
TRUTH IN SAVINGS DISCLOSURE
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 current interest rate and annual percentage yield for this account may be obtained by calling us at 1-800-359-8092.
The interest rate for your account is a fixed rate. We will pay the rate until first maturity.
Compounding and Crediting:
Minimum Balance Requirements:
Interest will be compounded annually or at maturity. Interest will be paid either monthly, annually or at 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.
Balance Computation Method:
- To Open the Account
You must deposit a minimum of $500.00, $2,500.00, or $100,000.00 depending on the account opened.
- Daily Balance Method
We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. The period we use is annual anniversary and term.
- 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).
Your account will mature on the date reflected as the maturity date on the certificate of deposit.
Time Deposit Withdrawal Limitations:
Early Withdrawal Penalty:
You may make withdrawals of principal from your account before maturity only if we agree at the time of the withdrawal.
You cannot withdraw interest from your account before maturity.
Additions to Account:
- A penalty may be imposed for withdrawals before maturity. The penalty will be an amount equal to:
||All interest that could be earned on the balance in the account on the date of withdrawal plus a $25.00 administrative fee.
|13 months & greater
||12 months interest on the balance in the account on the date of withdrawal plus a $25.00 administrative fee.
- 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 account owner, 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.
- You may not make any deposits into your account until maturity.
Renewal Interest Calculation
- 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.
- Different Interest Calculation
The interest rate will be the same we offer on new time deposits on the maturity date which have the same term, minimum balance and other features as the original certificate.