Certificate of Deposit

Certificate of Deposit

Minimum Balance Requirement:
The minimum balance required to open a certificate of deposit varies with the term. The minimum balance required to have interest paid monthly by check is $10,000.

Interest Rate:
The interest rate and annual percentage yield for a CD is detailed on the insert included with this disclosure. The annual percentage yield we disclose to you assumes that interest remains on deposit until maturity. A withdrawal reduces earnings.

Balance Computation Method:
We use the daily balance method to calculate the interest on a CD. This method applies a daily periodic rate to the principal in the account each day. Interest begins to accrue on the same day you deposit noncash items (i.e. checks).

Automatic Renewal:
Most CDs will automatically renew at maturity. You will have ten calendar days from the maturity to withdraw your funds without being charged a penalty. Some CDs do not renew automatically at maturity. If a CD is not automatically (or otherwise) renewed, then interest will not accrue after maturity.

Early Withdrawal Penalty:
We may impose a penalty if you withdraw any portion of your account before the maturity date. The amount of this penalty will be:

CD Term Penalty:
91 days or less = 30 days interest
92 days to 12 months = 90 days interest
Greater than 12 months = 180 days interest

Transaction Limitations:
You cannot make any additions to principal to a CD during a term. Interest that is credited to the account during a term, if not withdrawn during the term it is earned or during the 10-day grace period following maturity, becomes part of the principal for the next renewal term.