INTEREST RATE INFORMATION: Disclosed interest rate will be paid until first maturity.
MINIMUM BALANCE REQUIREMENT: The minimum deposit to open a time deposit is $1,000 and $500 for an IRA.
COMPOUNDING AND CREDITING: Time Deposits 12 months or less, interest will not be compounded, but will be paid at maturity. Time Deposit terms greater than 12 months or longer, interest will be compounded daily and will be paid to your account annually.
BALANCE COMPUTATION METHOD: We use the daily balance method to calculate interest on your account. This method applies a daily periodic rate to the principal in the account each day. Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example, checks).
TIME REQUIREMENTS:
- 1 Month Term Maturity date is 1 month from date of purchase
- 3 Month Term Maturity date is 3 months from date of purchase
- 6 Month Term Maturity date is 6 months from date of purchase
- 12 Month Term Maturity date is 12 months from date of purchase
- 15 Month Term Maturity date is 15 months from date of purchase
- 18 Month Term Maturity date is 18 months from date of purchase
- 24 Month Term Maturity date is 24 months from date of purchase
- 30 Month Term Maturity date is 30 months from date of purchase
- 36 Month Term Maturity date is 36 months from date of purchase
- 48 Month Term Maturity date is 48 months from date of purchase
- 60 Month Term Maturity date is 60 months from date of purchase
EARLY WITHDRAWAL PENALTIES: We will impose a penalty if you withdraw any of the balance before the maturity date. The imposed will equal 3 months of interest if the Time Deposit term is less than 12 months or 6 months of interest if the Time Deposit term is 12 months or longer. The interest rate we will use to calculate the interest forfeiture will be a simple interest rate in effect on the date of early withdrawal. There are certain circumstances, such as the death or incompetence of an owner, where we may waive or reduce this penalty. See you plan disclosure.
WITHDRAWAL OF INTEREST: The annual percentage yield (APY) assumes interest remains on deposit until maturity. A withdrawal will reduce earnings.
AUTOMATICALLY RENEWABLE: This account will automatically renew at maturity. Each renewal term will be the same as the original term, beginning on the maturity date. The interest rate will be the same we offer on new certificate of deposits on the maturity date which have the same term, minimum balance (if any) and other features as the original certificate of deposit. You must notify us within a 10 day grace period after the maturity date if you do not want this account to automatically renew.