First International Bank & Trust

Christmas Club Savings Account
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.

We reserve the right to at any time require not less than 7 days notice in writing before any withdrawal from an interest bearing account.

VARIABLE RATE: The interest rate for your account is a variable rate. The interest rate and annual percentage yield for your account depend upon the applicable rate tier. The interest rate and annual percentage yield for these tiers may change.

Determination of rate:At our discretion, we may change the interest rate on your account.

Frequency of rate change:We may change the interest rate on your account at any time.

COMPOUNDING AND CREDITING:
Frequency:  Interest will not be compounded. Interest will be credited to your account at maturity.

Withdrawal of Interest before Maturity:  The annual percentage yield assumes that interest remains on deposit until maturity.  A withdrawal of interest is not allowed until maturity.

Effect on closing an Account:
If you close your account before interest is credited, you will not receive the accrued interest.

BALANCE COMPUTATION METHOD:
We use the average daily balance method to calculate 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.

Accrual of interest on non-cash deposits: Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items, for example, checks.

Maturity Date:  The maturity date of this club account is November 15; its term varies depending on when the account is opened.

Club Account Withdrawal Limitations: 
Principal:  You may not make withdrawals of principal from your account before maturity.  If any withdrawal(s) is/are made from this account before maturity, then this account will be closed.
Interest:  You cannot withdraw interest from your account before maturity.  If any withdrawal(s) is/are made from this account before maturity, then this account will be closed and you will not receive any accrued interest. 

Additions to your Account:  You may make an unlimited number of deposits into your account.

Additional Terms: The balance of your account will be transfered to your designated account with us at maturity.

APY* Interest Rate
Average Daily Balance up to $10,000.00    
For current interest rate and annual percentage yield information  
Average Daily Balance over $10,000.00 please call 1-800-359-8092.  
   


*APY = Annual Percentage Yield

 

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First International Bank & Trust © 2014
100 North Main
Watford City, North Dakota 58854
1-800-359-8092 webmaster@firstintlbank.com
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