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Farmers State Bank
Disclosure of Certificates
of Deposit Terms and Fees
- Rate Information
- The interest rate and annual percentage yield
(APY) for your certificate are noted on the enclosed maturity
notice. You must maintain a minimum daily balance of $500.00 to
obtain the disclosed annual percentage yield. The annual percentage
yield assumes interest remains on deposit until maturity. A withdrawal
will reduce earnings. For current rate and yield information,
please see our Deposit Rates.
- Minimum balance Requirements
- To open this account you must deposit $500.00.
- 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.
- Compounding and Crediting
- Interest will be compounded and credited
on a semi-annual basis on certificates with a maturity term of
12 months or more. Interest will be compounded and credited on
a 91 day basis on 91 Day Certificates and on a 182 day basis on
182 Day Certificates.
- Renewal Policy
- This account will be automatically renewed
at maturity. You have a grace period of ten (10) business days
after maturity to withdraw the funds without being charged a penalty.
Interest will not be earned during the grace period if funds are
withdrawn during the grace period.
- Transaction Limitations
- After the account is opened, you may not
make deposits into or withdrawals from the account until the maturity
date.
- Early Withdrawal Penalty
- If you withdraw any of the deposited funds
before the maturity date (except for death or emergency medical
purposes) you may be assessed a penalty equivalent to three (3)
months of accrued interest at the disclosed APY on certificates
with a maturity term of twelve (12) months or less and a penalty
equivalent to six (6) months of accrued interest at the disclosed
APY on certificates with a maturity term of over twelve (12) months.
- Accrual of Interest on Non-Cash Deposits
- Interest begins to accrue no later than the
business day we receive credit for the deposit of non-cash items
(for example, checks).
Call toll free 1-888-879-2183 or email
us to obtain further information.
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