Minimum balance to open the account:
You must deposit $100.00 for 24-month term, $500.00 for all other terms, to open this account.
Rate Information:
Please see our current rate board.
Accrual of interest on noncash deposits: Interest begins to accrue on the business day you deposit noncash items (for example, check).
Transaction limitations:
You may not make any deposits into your account before maturity. You may make withdrawal of principal from your account before maturity only if we agree at the time you request the withdrawal. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty. You can only withdraw interest credited in the term before maturity of that term without penalty. You can withdraw interest any time during the term of crediting after it is credited to your account. This interest withdrawal limitation does not apply if you have made arrangements to have interest paid to you or to another account in lieu of having it credited to this account.
Time requirements:
182 day, 12 month, 24 month, 36 month, 48 month and 60 month
Early withdrawal penalties:
(a penalty may be imposed for withdrawals before maturity)-
If any of the deposit is withdrawn before the maturity date, a penalty equal to interest for ½ of the number of days of the term of the certificate will be imposed. (For example, the penalty on a 12-month CD will be six month’s interest.) Principal may be invaded to pay the penalty.
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. See your plan disclosure if the account is part of an IRA or other tax qualified plan.
Withdrawal of interest prior to maturity:
The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.
Non-Automatically renewable certificate of deposit:
If the certificate of deposit is not renewed, the interest will not accrue after maturity.
Automatically renewable certificate of deposit:
This type of certificate of deposit will automatically renew at maturity. You may prevent renewal if we receive written notice from you before maturity of your intention to not renew or withdraw the funds in the account at maturity (or within the grace period mentioned below, if any). If you prevent renewal, interest will not accrue after final maturity.
Each renewal term will be the same as the original term, beginning on the maturity date. Interest will be calculated on the same basis as during the original term.
You have ten calendar days after maturity to withdraw the funds without a penalty.
We may require not less than 7 days’ notice in writing before each withdrawal from an interest-bearing account other than a time deposit, or from any other savings account as defined by Regulation D. Withdrawals from a time account prior to maturity to prior to any notice period may be restricted and may be subject to penalty. See your notice of penalty for early withdrawal.
7/31 Day Multiflex Certificate of Deposit
Rate Information:
Please see our current rate board. The interest rate and annual percentage yield may change. Frequency of rate changes – we may change the interest rate on your account weekly. Determination of rate – at our discretion, we may change the interest rate on your account.
Interest will not be compounded. Interest will be credited to your account at maturity. You must deposit $500.00 to open this type of account. You are required to maintain a $500.00 minimum daily balance or the account will be considered matured and converted to a non-interest-bearing account.
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.
Interest begins to accrue on the business day you deposit noncash items (for example, checks).
After the account is opened for fourteen (14) days, you may make deposits into or withdrawals from this account in amounts of at least $50.00.
You cannot withdraw interest from your account before maturity.
Early Withdrawal Penalties (a penalty may be imposed for withdrawals before maturity) –
The penalty we may impose is the greater of:
- 7 days interest, on the amount withdrawn subject to penalty, if the withdrawal is made within the first six days after the deposit.
- All accrued interest not to exceed 14 days interest on the amount withdrawn.
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. See your plan disclosure if the account is part of an IRA or other tax qualified plan.
For any time deposit which earns an interest rate that may vary from time to time during the term, the interest rate we will use to calculate this early withdrawal penalty will be the interest rate in effect at the time of the withdrawal.
Automatically renewable time account – This account will automatically renew at maturity. You may prevent renewal if we receive written notice from you before maturity of your intention not to renew or you withdraw the funds in the account at maturity. If you prevent renewal, interest will not accrue after final maturity.
Each renewal term will be the same as the original term, beginning on the maturity date. Interest will be calculated on the same basis as during the original term.
You have ten calendar days after maturity to withdraw the funds without a penalty.
