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 Interest will not be earned during the grace period if funds are withdrawn during the grace period.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 us at (785) 543-5199 or email us to obtain further information.
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