Certificate of Deposit
- The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings. This account will automatically renew at maturity. You will have ten (10) calendar days after the maturity date to withdraw funds without being charged a penalty. The renewal rate will be subject to market rates.
- If the original term of your certificate was more than 12 months, you will be charged an early withdrawal penalty of 6 months interest if you redeem your certificate prior to maturity.
- If the original term of your certificate was less than 12 months, you will be charged an early withdrawal penalty of 3 months interest if you redeem your certificate prior to maturity.
- Interest will be compounded quarterly on all certificates except the 182 day certificate and the Ready Access certificate on which interest will be paid at maturity.
- Interest begins to accrue on the business day you deposit cash or non-cash items (for example, checks). After the certificate of deposit account is opened, you may not make deposits into this account.
- 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.
- If you withdraw funds during the ten days after the maturity date, you will not receive the accrued interest since the maturity date.
Last updated on Sep 26, 2014