Certificate of Deposit

Certificates of deposit provide the security of a savings account with higher interest.  You earn a guaranteed interest rate based on the time your money is in the Certificate of Deposit.


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Information about the Certificate of Deposit

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. Deposits into variable rate IRAs may be allowed.


Interest begins to accrue on the business day you deposit noncash items (for example, checks).


Penalty for early withdrawal


You cannot withdraw any principal from this account before a maturity date, other than noted in the exceptions below, without our consent. Any early withdrawal allowed will require redemption of the certificate and we WILL charge a penalty based upon the term of the certificate as outlined below:


For an account with a term of 31 days or less, the penalty will be the greatest of: (1) all of the Interest earned on the amount withdrawn from the most recent date of deposit or last renewal, (2) all the Interest that could have been earned on the amount withdrawn during a period equal to one-half of the maturity period, or (3) seven days' Interest on the amount withdrawn.


For an account with an original term of more than 31 days and up to and Including one year, the penalty will be one month's Interest on the amount withdrawn.


For an account with an original term of more than one year, the penalty will be three month's Interest on the amount withdrawn.


We will use the nominal (simple interest) rate in effect to calculate the penalty. We will charge the penalty first against any interest then in the account, and any excess will be deducted from the amount you withdraw.


Minimum Balance Account: If we require a minimum balance on this account, we may treat any withdrawal that reduces the balance below such minimum as a withdrawal of the entire balance and calculate the penalty accordingly.


EXCEPTIONS: We are permitted to allow an early withdrawal and waive the above penalty If:


(1) any account owner dies or Is declared Incompetent, or (2) this is an I.R.A. and you are at least 59 ½ years of age or disabled at the time of the withdrawal request, or (3) this I an I.R.A. and the request for withdrawal Is made within seven days of establishing the account. (The penalty In such case will be all Interest earned on the amount withdrawn.)


Renewal Policy - If your Certificate is SINGLE MATURITY and does not automatically renew, Present It PROMPTLY at maturity as no 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.


Method of Computation .................................................................................. Daily Balance*


*The Daily Balance is determined by the application by the application of a daily periodic rate to the full amount of principal in the account each day.