Certificates Of Deposit

Interest will be credited to your account or paid to you monthly, quarterly, semi-annually, annually, at maturity or as agreed upon.   The annual percentage yield (APY) assumes that interest remains on deposit until maturity.  A withdrawal will reduce earnings. After the account is opened, you may not make any deposits into or withdrawals from the principal in the account until the maturity date. Interest begins to accrue on the business day you deposit any noncash item (for example, checks).

Penalty For Early Withdrawal:

Maturity of 7 - 91 days - an amount at least equal to all interest that could have been earned on the account withdrawn during the term of the certificate. Maturity of 92 days or up to one year - an amount at least equal to three (3) months of interest earned or that could have been earned. Maturity of more than one year - an amount at least equal to six (6) months of interest earned or that could have been earned

Renewal Policy:

If your Certificate is SINGLE MATURITY and does not automatically renew, present it PROMPTLY at maturity as non interest is payable after the maturity date. If your Certificate will AUTOMATICALLY RENEW, you will have a grace period of 10 days from maturity date to present this certificate for payment without penalty.  If the Certificate automatically renews, IT WILL BE RENEWED AT THE RATE IN EFFECT AT THIS INSTITUTION ON THE DATE OF MATURITY.

Daily Balance:

The daily balance is determined by the application of a daily periodic rate to the full amount of principal in the account each day. See Rates Page for time increments on IRA Certificates of Deposit.