Rate Information
Your term certificate deposit account will earn the rate and annual percentage yield (APY) set forth on the account opening date until the maturity date. The annual percentage yield assumes that the interest will remain on deposit until the maturity date. Any withdrawal of interest will reduce your earnings.
Transaction Limitations
After your certificate is opened, you may not make any deposits until the maturity date, (unless the certificate of deposit account is a *FLEX-able Certificate of Deposit Account). You may, at any time, withdraw the interest, which has been credited to your account.
*FLEX-able Certificate of Deposit Account Transaction Limitations
Additional deposits of $250.00 or more are allowed up to the maturity date. The maximum amount that may be deposited into a FLEX-able CD is $250,000.00.
After the first six days of the initial deposit, withdrawals of $500.00 or more are allowed from a FLEX-able CD - penalty free - every seven calendar days from the date of the last transaction.
Compounding And Crediting Of Interest
Interest on your account will be credited to your account monthly.
Accrual Of Interest On Deposits Other Than Cash
Interest begins to accrue on non-cash items (for example, checks) on the calendar day following the day of your deposit.
Balance Computation Method
We use the daily balance method to calculate the interest on your account, which provides a daily factor, based on the actual number of days in the year. For example: the rate is divided by the number of days in the current year, times the actual days in the period, times the balance in the account at the end of the day.
Minimum Balance Requirements
The minimum deposit to open a Certificate of Deposit Account is $1,000.00. To obtain the disclosed annual percentage yield you must maintain a minimum balance of $1,000.00 in the account each day.
Early Withdrawal Penalty
We will impose a penalty - on all certificates except a FLEX-able CD - if you withdraw any of the principal in your term certificate deposit account prior to the maturity date. The penalty imposed will equal either 91 or 182 days loss of interest at the rate earned on your term certificate deposit account. The penalty may be waived for one of the following reasons: Upon death of one of the account owners or if the account owner has been determined legally incompetent by the court system or other administrative body. This also applies to IRA accounts.
Renewal Policy
Upon maturity, most certificate deposit accounts will automatically renew for the same term at the prevailing rate offered on the maturity date, unless otherwise notified by the bank. If you do not wish to renew your certificate, you must notify us either before the maturity date, or within the ten-day grace period following the maturity date. Interest will accrue during the grace period at the rate offered on the maturity date.
Grace Period
There is a ten-day period after the maturity date to withdraw your funds without being charged a penalty.
Fee Information
Refer to our Account Information Brochure concerning fees, which may be imposed on your account.
