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DISCLOSURE FOR CHECKING AND SAVINGS ACCOUNTS
Farmers and Mechanics Federal Savings and Loan Association
| 225 East Main Street |
3535 West Third Street |
Bloomfield, IN 47424
Phone: (812) 384-4473 |
Bloomington, IN 47404
Phone: (812) 332-4473 |
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FUNDS AVAILABILITY POLICY DISCLOSURE
YOUR ABILITY TO WITHDRAW FUNDS AT FARMERS AND MECHANICS FEDERAL SAVINGS AND LOAN ASSOCIATION.
Our policy is to make funds from your cash and check deposits available to you on the first business day after the day we receive your deposit. However, funds from electronic direct deposits will be available on the day we receive the deposit. Once they are available, you can withdraw the funds in cash and/or we will use the funds to pay checks that you have written. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit before 4:00 p.m. on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after 4:00 p.m. or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
Reservation of Right to Hold
In some cases, we will not make all of the funds that you deposit by check available to you on the first business day after the day of your deposit. Depending on the type of check that you deposit, funds may not be available until the fifth business day after the day of your deposit. However, the first $100 of your deposit will be available on the first business day after the day of your deposit. If we are not going to make all of the funds from your deposit available on the first business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the business day after we receive your deposit. If you need the funds from a deposit right away, you should ask us when the funds will be available.
Longer Delays May Apply
We may delay your ability to withdraw funds deposited by check into your account an additional number of days for these reasons:
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You deposit checks totaling more than $5,000 on any one day. |
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You redeposit a check that has been returned unpaid. |
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You have overdrawn your account repeatedly in the last six month. |
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We believe a check you deposit will not be paid. |
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There is an emergency, such as failure of communications or computer equipment. |
We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later then the eleventh business day after the day of your deposit.
Holds On Other Funds
If we cash a check for you that is drawn on another financial institution, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it. If we accept for deposit a check that is drawn on another financial institution, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited.
Deposits at Automated Teller Machines
Funds from any deposits (cash or checks) made at automated teller machines (ATMs) we do not own or operate will not be available until the fifth business day after the day of your deposit. This rule does not apply at ATMs that we own or operate. All ATMs that we own or operate are identified as our machines.
Special Rules for New Accounts
If you are a new customer, the following special rules will apply during the first 30 days your account is open:
Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,000 of a day's total deposits of cashier's, certified, teller's, traveler's and federal, state and local government checks will be available on the first business day after the day of your deposit providing the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,000 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U. S. Treasury check) is not made in person to one of our employees, the first $5,000 will not be available until the second business day after the day of your deposit.
Funds from deposits of checks drawn on FARMERS AND MECHANICS FEDERAL SAVINGS AND LOAN ASSOCIATION will be available on the same business day as the day of your deposit. Funds from all other check deposits will be available not later than the fifth business day after the day of your deposit.
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CHECKING AND SAVINGS ACCOUNT DISCLOSURE
This disclosure contains information about terms, fees, and interest rates for some of the accounts we offer. If you received this disclosure at the time you opened an account with us, a checkmark will appear beside the title of the account or accounts you have opened.
Now Checking
This is an interest-earning checking account.
Rate Information: This account is an interest bearing account. The interest rate and annual percentage yield are included in the Rate Chart. The interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on the account monthly. Interest begins to accrue on the business day you deposit non-cash items (for example, checks). Interest will be compounded daily. Interest will be credited to the account monthly.
Balance Information: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. You must maintain a minimum daily balance of $1.00 to obtain the disclosed annual percentage yield.
Limitations: You must deposit $250.00 to open this account. We reserve the right to limit or refuse any deposit.
Account Fees: Each month you will be assessed a service charge of $5.00. You may avoid this fee if, for the month, you have an average daily balance of at least $500.00. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.
Super Now Checking
This is an interest-earning checking account that earns a higher annual percentage yield that requires a higher minimum balance.
Rate Information: This account is an interest bearing account. The interest rate and annual percentage yield will depend upon the daily balance in the account as shown on the Rate chart. The interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on the account daily. Interest begins to accrue on the business day you deposit non-cash items (for example, checks). Interest will be compounded daily. Interest will be credited to the account monthly.
Balance Information: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. You must maintain a minimum daily balance of $1.00 to obtain the disclosed annual percentage yield.
Limitations: You must deposit $2,500.00 to open this account. We reserve the right to limit or refuse any deposit.
Account Fees: Each month you will be assessed a service charge of $5.00. You may avoid this fee if you maintain during the month an average daily balance of at least $500.00. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.
Christmas Club
This is an interest earning account withdrawn for winter holidays. Your funds will be paid out at the end of October.
Rate Information: This account is an interest bearing account. The interest rate and annual percentage yield are included in the Rate Chart. The interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on the account monthly. Interest begins to accrue on the business day you deposit non-cash items (for example, checks). Interest will be compounded and credited to the account quarterly.
Balance Information: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. You must maintain a minimum daily balance of $1.00 to obtain the disclosed annual percentage yield.
Limitations: You must deposit $1.00 to open this account. Only one withdrawal for the full balance is allowed annually.
Passbook Savings
This is an interest-earning savings account that requires a passbook to transact deposits and withdrawals.
Rate Information: This account is an interest bearing account. The interest rate and annual percentage yield are included in the Rate Chart. The interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on the account monthly. Interest begins to accrue on the business day you deposit non-cash items (for example, checks). Interest will be compounded and credited to the account quarterly.
Balance Information: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. You must maintain a minimum daily balance of $1.00 to obtain the disclosed annual percentage yield.
Limitations: You must deposit $10.00 to open this account. You may make six (6) transfers from your account each four (4) week period.
Account Fees: Each year you may be assessed a service charge of $2.00. You may avoid this fee if you maintain, during the year, an average daily balance of at least $250.00. Additionally, we will charge you $2.00 if there is no activity in your account for three years. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.
Money Market Deposit Account
This is an interest-earning savings account that receives a monthly statement.
Rate Information: This account is an interest bearing account. The interest rate and annual percentage yield will depend upon the daily balance in the account as shown on the Rate Chart. The interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on the account daily. Interest begins to accrue on the business day you deposit non-cash items (for example, checks). Interest will be compounded daily. Interest will be credited to the account monthly.
Balance Information: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. You must maintain a minimum daily balance of $1.00 to obtain the disclosed annual percentage yield.
Limitations: You must deposit $250.00 to open this account. You must maintain an average daily balance of
$250.00 to avoid incurring a $2.50 monthly service fee. A balance of $2,500.00 must be maintained to obtain the higher interest rate. There is no limit to the number of withdrawals made in person, by mail, or by internet banking transfers. Preauthorized transfers are limited to no more than six per month or statement cycle, of which only three may be by check to third parties. We reserve the right to limit or refuse any deposit.
18 Month IRA Certificate of Deposit
This is an interest earning account that matures in 18 months. Additional deposits are accepted at any time.
Rate Information: This account is an interest bearing account. The interest rate and annual percentage yield are included in the Rate Chart. The interest rate and annual percentage yield will not change, and will be in effect until this account matures. Interest begins to accrue on the business day you deposit non-cash items (for example, checks). Interest will be compounded and credited to the account quarterly.
Balance Information: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. You must maintain a minimum daily balance of $100.00 to obtain the disclosed annual percentage yield.
Limitations: You must deposit $100.00 to open this account. Deposits are subject to IRA contribution limitations. Withdrawals are subject to IRA rules and regulations.
Time Account Information: Your account will mature in 18 months. If you withdraw any of the principal before the maturity date we may impose a penalty of six (6) month's interest, whether earned or not, on the amount withdrawn. The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings. This account will automatically renew. You will have seven days after the maturity date to withdraw funds without penalty.
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ELECTRONIC FUNDS TRANSFER AGREEMENT AND DISCLOSURES
This Agreement and Disclosure is made in compliance with federal law regulating electronic funds transfer (EFT) services. Electronic fund transfers are electronically initiated transfers of money involving a deposit account at the Financial Institution. The following disclosures set forth your and our rights and responsibilities concerning the electronic funds transfer. In this Agreement, the words "you" and "your" mean those who sign in as applicants or any authorized user(s). The words "we", "us" and "our" mean the Financial Institution.
ATM Card Services
Types of Transfers: You may use the ATM card and personal identification number (PIN) issued to you to initiate transactions at ATMs of ours, ATMS within the networks identified on your card and such other facilities as we may designate from time to time. At present you may use your card to (some of these services may not be available at all ATMs):
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Deposit funds to your checking accounts. |
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Withdraw cash from your checking account. |
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Deposit funds to your savings account. |
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Withdraw cash from your savings account. |
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Transfer funds between your checking and savings accounts. |
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Obtain balance information on your deposit accounts. |
Limitations on Frequency and Amount: You may withdraw up to a maximum of $200.00 (if there are sufficient funds in your account) per day. For security purposes, there are limits on the frequency and amount of transfers you may make at ATMs.
Fees and Charges for ATM Transactions: There is no charge for ATM withdrawals at machines owned by us. There is a $1.00 charge for each ATM withdrawal at machines we do not own. Balance inquiry $1.00.
Electronic Funds Transfers
Types of Preauthorized Transfers: You may arrange for us to complete the following preauthorized transfers to your deposit accounts:
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Accept direct deposits from your employer, U.S. Treasury Department or other financial institutions to your checking or savings account. |
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Pay certain recurring bills from your checking or savings account. |
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Transfer funds between your applicable accounts via internet banking. |
Fees and Charges: We do not charge for any preauthorized EFTs. We will charge $10.00 for each stop-payment order for preauthorized transfers.
In addition to the limitations set forth above, the following limitations may be applicable to your accounts.
Liability for Unauthorized Transfers: Tell us at once if you believe your card, or ATM PIN has been lost or stolen. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account (plus your maximum line of credit). If you tell us within two (2) business days after you learn of the loss or theft of your card or code, you can lose a maximum of $50.00 if someone uses your card or code without your permission. If you do NOT tell us within two (2) business days after you learn of the loss or theft of your card or code, and we can prove that we could have stopped someone from using your card or code without your permission if you had told us, you could lose as much as $500. Also, if your statement shows any transfer that you did not make, tell us at once. If you do not tell us within sixty (60) days after the statement was mailed to you, you may not get back any money lost after the sixty (60) days if we can prove that we could have stopped someone from making the transfers if you had told us in time. If you believe that your card or code has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, call or write to us at the telephone number or address set forth below. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods.
Business Days: Our regular business days are Monday through Friday. Holidays are not included.
Right To Documentation
Periodic Statement: The frequency with which you receive account statements depends on whether or not your account is capable of: a) only preauthorized direct deposits; or b) any other electronic funds transfers listed in this disclosure.
- Accounts with only preauthorized direct deposits to them. If the only available electronic transfers to or from your account are preauthorized direct deposits, then you will receive statements at least quarterly. However, if your account is a passbook account you will not necessarily receive a statement, and any direct deposits will be documented when you bring your passbook in to us.
- Accounts capable of other electronic funds transfers. You will get at least a quarterly account statement from us. You will receive a monthly account statement each month that an electronic funds transfer occurs.
Terminal Receipt: You will receive a terminal receipt at the time you make any transaction at an ATM or purchase at a POS terminal. Internet banking customers will be able to view the results of the transaction online. This may be printed out for a written copy of the transaction.
Direct Deposits: If you have arranged to have direct deposits made to your account at least once every sixty (60) days from the same person or company, you can call us at (812) 384-4473 to find out whether or not the deposit has been made.
Our Liability for Failure to Make Transfers: If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will NOT be liable for instance:
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If, through no fault of ours, you do not have enough money in your account to make the transfer. |
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If you used the wrong ATM PIN, or you used an ATM/POS in an incorrect manner. |
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If the ATM where you are making the transfer does not have enough cash. |
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If the ATM was not working properly and you knew about the problem when you started the transaction. |
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If the circumstances beyond our control (such as fire, flood or power failure) prevent the transaction. |
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If the money in your account is subject to legal process or other claim. |
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If your account is frozen because of a delinquent loan. |
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If the error was caused by a system of an ATM network or POS network. |
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If there are other exceptions as established by us. |
In Case of Error or Questions About Your Electronic Transfers: Telephone us a (812) 384-4473 or write us at FARMERS & MECHANICS FEDERAL SAVINGS AND LOAN, 225 East Main Street, Bloomfield, IN 47424 as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you not later than sixty (60) days after we sent you the FIRST statement on which the problem or error appeared.
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Tell us your name and account number (if any). |
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Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information. |
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Tell us the dollar amount of the suspected error. |
If you tell us orally, we may require that you send us your complaint in writing within ten (10) business days. We will tell you the results of our investigation within 10 business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to forty-five (45) days to investigate your complaint or question. If we decide to do this, we will reaccredit your account within ten (10) business days for the amount you think is in error so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within ten (10 business days, we may not reaccredit your account.
If we decide that there was no error, we will send you a written explanation of our findings within three (3) business days after we finish our investigation. You may ask for copies of the documents that we used in our investigation. If a notice of error involves an electronic fund transfer that was initiated in a foreign location, or is a point of sale debit card transaction, the applicable time periods for action shall be twenty (20) business days in place of ten (10) business days, and ninety (90) calendar days in place of forth-five (45) calendar days.
Account Information Disclosure: We will disclose information to third parties about your account or the transfers you make:
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To complete transfers as necessary; |
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To verify the existence of sufficient funds to cover specific transactions upon the request of a third party, such as a credit bureau or merchant; |
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To comply with government agency or court orders; or |
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If you give us your written permission. |
Personal Identification Number (PIN): The ATM PIN issued to you is for your security purposes. The numbers are confidential and should not be disclosed to third parties or recorded on the card. You are responsible for safekeeping your PIN(s). You agree not to disclose or otherwise make your ATM PIN available to anyone not authorized to sign on your accounts.
Notices: All notices from us will be effective when we have mailed them or delivered them to your last known address on our records. Notices from you will be effective when received by us at the address specified in this Agreement. We reserve the right to change the terms and conditions upon which this service is offered. We will mail notice to you at least twenty-one (21) days before the effective date of any change, as required by law. Use of this service is subject to existing regulations governing your account and any future changes to those regulations.
Enforcement: In the event either party brings a legal action to enforce this Agreement or collect amounts owing as a result of any Account transactions, the prevailing party shall be entitled to reasonable attorneys' fees and costs, including fees on any appeal, subject to any limits under applicable law.
Termination of ATM and POS Services: You agree that we may terminate this Agreement and your use of the ATM Card or POS services, if:
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You, or any authorized user of your ATM PIN breach this or any other agreement with us; |
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We have reason to believe that there has been an unauthorized use of your ATM PIN; |
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We notify you or any other party to your account that we have canceled or will cancel this Agreement. You or any other party to your account can terminate this Agreement by notifying us in writing. |
Termination of service will be effective the first business day following receipt of your written notice. Termination of this Agreement will not affect the rights and responsibilities of the parties under this Agreement for transactions initiated before termination.
Preauthorized Electronic Fund Transfers
Stop Payment Rights: If you have arranged in advance to make regular electronic fund transfer out of your account(s) for money you owe others, you may stop payment of preauthorized transfer from your account. You must notify us orally or in writing at any time up to three (3) business days before the scheduled date of the transfer. We may require written confirmation of the stop payment order to be made within fourteen (14) days of any oral notification. If we do require the written confirmation, the oral stop payment order shall cease to be binding fourteen (14) days after it has been made.
Notice of Varying Amounts: If these regular payments may vary in amount, the person you are going to pay is required to tell you ten (10) days before each payment when it will be made and how much it will be. You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment or when the account would fall outside certain limits that you set.
Liability for Failure to Stop Payment of Preauthorized Transfers: If you order us to stop one of these payments three (3) business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.
Other Provisions: There may be a delay between the time a deposit is made and when it will be available for withdrawal. You should review our Funds Availability Policy to determine the availability of the funds deposited at ATMs. We reserve the right to refuse any transaction which would draw upon insufficient funds, exceed a credit limit, lower an account below a required balance, or otherwise require us to increase your required reserve on the account.
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DISCLOSURE FOR CERTIFICATES OF DEPOSIT
Account Disclosure and Rate and Fee Schedule
This disclosure contains information about terms, fees, and interest rates for some of the account we offer. If you received this disclosure at the time you opened an account with us, a checkmark will appear beside the title of the account or accounts you have opened.
91 Day Certificate of Deposit
This is an interest earning account with a fixed rate and a fixed term.
Rate Information: This account is an interest bearing account. The interest rate and annual percentage yield are included in the Rate Chart. The interest rate and annual percentage yield will not change, and will be in effect until this account matures. Interest begins to accrue on the business day you deposit non-cash items (for example, checks). Interest will be credited to the account at maturity or you may elect to receive your interest by check at maturity.
Balance Information: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. You must maintain a minimum daily balance of $7,500.00 in the account each day to obtain the disclosed annual percentage yield.
Limitations: You must deposit $7,500.00 to open this account. You may not make additional deposits into this account during the term of the certificate. You may not make withdrawals from your account until the maturity date.
Time Account Information: Your account will mature in 91 days. If you withdraw any of the principal before the maturity date, we may impose a penalty of 45 days' interest, whether earned or not, on the amount withdrawn. This account will automatically renew. You will have seven days after the maturity date to withdraw funds without penalty.
182 Day Certificate of Deposit
This is an interest earning account with a fixed rate and a fixed term with the option of receiving interest monthly or at maturity.
Rate Information: This account is an interest bearing account. The interest rate and annual percentage yield are included in the Rate Chart. The interest rate and annual percentage yield will not change, and will be in effect until this account matures. Interest begins to accrue on the business day you deposit non-cash items (for example, checks). Interest will be credited to the account at maturity. Interest may also be withdrawn automatically after posting, by interest check or credited to another deposit account monthly or quarterly, as agreed upon at account opening.
Balance Information: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. You must maintain a minimum daily balance of $5,000.00 in the account each day to obtain the disclosed annual percentage yield.
Limitations: You must deposit $5,000.00 to open this account. You may not make additional deposits into this account during the term of the certificate. You may not make withdrawals from your account until the maturity date.
Time Account Information: Your account will mature in 182 days. If you withdraw any of the principal before the maturity date, we may impose a penalty of three months' interest, whether earned or not, on the amount withdrawn. This account will automatically renew. You will have seven days after the maturity date to withdraw funds without penalty.
One-Year Certificate of Deposit
This is an interest earning account with a fixed rate and a fixed term.
Rate Information: This account is an interest bearing account. The interest rate and annual percentage yield are included in the Rate Chart. The interest rate and annual percentage yield will not change, and will be in effect until this account matures. Interest begins to accrue on the business day you deposit non-cash items (for example, checks). Interest will be compounded and credited to the account either monthly or quarterly as agreed to at account opening. Interest may also be withdrawn automatically after posting, by interest check or credited to another deposit account.
Balance Information: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. You must maintain a minimum daily balance of $2,500.00 in the account each day to obtain the disclosed annual percentage yield.
Limitations: You must deposit $2,500.00 to open this account. You may not make additional deposits to this account during the term of the certificate. You may not make withdrawals from your account until the maturity date.
Time Account Information: Your account will mature in one year. If you withdraw any of the principal before the maturity date, we may impose a penalty of six months' interest, whether earned or not, on the amount withdrawn. The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings. This account will automatically renew. You will have seven days after the maturity date to withdraw funds without penalty.
30 Month Certificate of Deposit
This is an interest earning account with a fixed rate and a fixed term.
Rate Information: This account is an interest bearing account. The interest rate and annual percentage yield are included in the Rate Chart. The interest rate and annual percentage yield will not change, and will be in effect until this account matures. Interest begins to accrue on the business day you deposit non-cash items (for example, checks). Interest will be compounded and credited to the account either monthly or quarterly as agreed to at account opening. Interest may also be withdrawn automatically after posting, by interest check or credited to another deposit account.
Balance Information: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. You must maintain a minimum daily balance of $500.00 in the account each day to obtain the disclosed annual percentage yield.
Limitations: You must deposit $500.00 to open this account. You may not make additional deposits to this account during the term of the certificate. You may not make withdrawals from your account until the maturity date.
Time Account Information: Your account will mature in 30 months. If you withdraw any of the principal before the maturity date, we may impose a penalty of six months' interest, whether earned or not, on the amount withdrawn. The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings. This account will automatically renew. You will have seven days after the maturity date to withdraw funds without penalty.
Four Year Certificate of Deposit
This is an interest earning account with a fixed rate and a fixed term.
Rate Information: This account is an interest bearing account. The interest rate and annual percentage yield will not change, and will be in effect until this account matures. Interest begins to accrue on the business day you deposit non-cash items (for example, checks). Interest will be compounded and credited to the account either monthly or quarterly as agreed to at account opening. Interest may also be withdrawn automatically after posting, by interest check or credited to another deposit account.
Balance Information: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. You must maintain a minimum daily balance of $500.00 in the account each day to obtain the disclosed annual percentage yield.
Limitations: You must deposit $500.00 to open this account. You may not make additional deposits to this account during the term of the certificate. You may not make withdrawals from your account until the maturity date.
Time Account Information: Your account will mature in four years. If you withdraw any of the principal before the maturity date, we may impose a penalty of six months' interest, whether earned or not, on the amount withdrawn. The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings. This account will automatically renew. You will have seven days after the maturity date to withdraw funds without penalty.
Six Year Certificate of Deposit
This is an interest earning account with a fixed rate and a fixed term.
Rate Information: This account is an interest bearing account. The interest rate and annual percentage yield are included in the Rate Chart. The interest rate and annual percentage yield will not change, and will be in effect until this account matures. Interest begins to accrue on the business day you deposit non-cash items (for example, checks). Interest will be compounded and credited to the account either monthly or quarterly as agreed to at account opening. Interest may also be withdrawn automatically after posting, by interest check or credited to another deposit account.
Balance Information: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. You must maintain a minimum daily balance of $500.00 in the account each day to obtain the disclosed annual percentage yield.
Limitations: You must deposit $500.00 to open this account. You may not make additional deposits into this account during the term of the certificate. You may not make withdrawals from your account until the maturity date.
Time Account Information: Your account will mature in six years. If you withdraw any of the principal before the maturity date, we may impose a penalty of 12 months' interest, whether earned or not, on the amount withdrawn. The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings. This account will automatically renew. You will have seven days after the maturity date to withdraw funds without penalty.
10 Year Certificate of Deposit
This is an interest earning account with affixed rate and a fixed term.
Rate Information: This account is an interest bearing account. The interest rate and annual percentage yield are included in the Rate Chart. The interest rate and annual percentage yield will not change, and will be in effect until this account matures. Interest begins to accrue on the business day you deposit non-cash items (for example, checks). Interest will be compounded and credited to the account either monthly or quarterly as agreed to at account opening. Interest may also be withdrawn automatically after posting, by interest check or credited to another deposit account.
Balance Information: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. You must maintain a minimum daily balance of $500.00 in the account each day to obtain the disclosed annual percentage yield.
Limitations: You must deposit $500.00 to open this account. You may not make additional deposits into this account during the term of the certificate. You may not make withdrawals from your account until the maturity date.
Time Account Information: Your account will mature in ten years. If you withdraw any of the principal before the maturity date, we may impose a penalty of 12 months' interest, whether earned or not, on the amount withdrawn. The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings. This account will automatically renew. You will have seven days after the maturity date to withdraw funds without penalty.
Jumbo Certificate of Deposit
This is an interest earning account with affixed rate and a fixed term.
Rate Information: This account is an interest bearing account. The interest rate and annual percentage yield are included in the Rate Chart. The interest rate and annual percentage yield will not change, and will be in effect until this account matures. Interest begins to accrue on the business day you deposit non-cash items (for example, checks). Interest will be compounded quarterly. Interest will be paid to an account monthly or at maturity by check or credited to another deposit account as agreed upon at account opening.
Balance Information: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate the principal in the account each day. You must maintain a minimum daily balance of $100,000.00 in the account each day to obtain the disclosed annual percentage yield.
Limitations: You must deposit $100,000.00 to open this account. You may not make additional deposits into this account. You may not make withdrawals from your account until the maturity date.
Time Account Information: Your account will mature in the length of time selected at account opening. If you withdraw any of the principal before the maturity date, we may impose a penalty on the amount withdrawn, as described below:
| Term of Account |
Early Withdrawal Penalty |
| 14 Days to 3 Months |
One months' interest, whether earned or not. |
| Over 3 Months to 1 Year |
Three months' interest, whether earned or not. |
| Over 1 Year to 3 Years |
Six months' interest, whether earned or not. |
| Over 3 Years |
Twelve months' interest, whether earned or not. |
Early withdrawal penalties may result in a reduction in the principal balance of an account. An early withdrawal penalty will not be imposed for any withdrawal of principal following the death or adjudication of incompetence of any Account holder. Should a withdrawal occur which reduces the balance in the account below the minimum balance requirement; the bank will consider it as a withdrawal of the entire account balance and will be subject to the early withdrawal penalty indicated above. The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings. This account will not automatically renew. There is no grace period following the maturity of the account. If you do not renew the account, your deposit will be converted and earn interest, to either a Money Market Deposit Account or a Super NOW account as determined by your eligibility to hold such an account by Federal Regulations.
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