We believe that your account constitutes a solemn financial relationship that requirescertain responsibilities of both parties.
When opening your Certificate, you accept all terms and conditions that govern depositaccounts and the Certificate.
| ACCOUNT INFORMATION AND MINIMUM BALANCE REQUIREMENTS |
- The Account requires a minimum opening deposit of
$100,000.00 for individuals and $150,000 for entities.
- Fixed interest rate for the term of the Certificate of Deposit (CD)
- Guarantees the original investment at the expiration of the term
|
| RATE INFORMATION |
- The Interest Rate and the Annual Percentage Yield (“APY”)
for your certificate of deposit account (“CD”) are set forth at
account opening.
- You will be paid that rate until the maturity date of the CD.
- You must maintain the required daily minimum balance of
in your CD to obtain the APY set forth at account opening.
- Your CD will mature on the Maturity Date set forth at
account opening. The APY assumes interest remains on
deposit until maturity. A withdrawal will reduce your
earnings.
- COMPOUNDING AND CREDITING – Interest will be
compounded and credited to your CD on a monthly basis.
- If you close your CD before interest is credited, you will not
receive the accrued interest.
|
| BALANCE COMPUTATION METHOD |
- We use the daily balance method to calculate the interest
on your CD. This method applies a daily periodic rate to
the principal in the account each day. We calculate
interests based on a 365-day year for retail and
commercial CD accounts
|
| TRANSACTION LIMITATIONS |
- After the CD is opened you may not make deposits into or
partial withdrawals from this CD until the Maturity Date,
except as permitted by applicable Federal or State laws or
regulations.
|
| EARLY WITHDRAWAL PENALTY |
- We will impose a penalty if you withdraw the principal or
any part thereof before the Maturity Date. Such penalty will
be: - 6 months of interest if the Term is of one year or less;
and - 9 months of interest if the Term is more than one
year. Early withdrawals and penalties will reduce your
earnings and may result in loss of principal.
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| RENEWAL POLICY |
- Your CD will be automatically renewed at maturity. In the
event of automatic renewal, interest on the CD will accrue
at the Bank’s effective rate for automatic renewals. During
the grace period of five days after the maturity date, funds
withdrawn will not carry a penalty.
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