Minimum Balance Requirement:
You must maintain a minimum balance of $1,000.00 on a daily
basis to earn the annual percentage yield disclosed on the
Current Rates schedule.
Maturity:
The maturity date for this account is based on the date the
account is opened plus the account term requested (3 months,
6 months, 12 months, 18 months, 24 months, 30 months, 36 months,
48 months, or 60 months).
Withdrawals of Interest: Interest credited during a term can
be withdrawn at any time with no penalty.
Early Withdrawal Penalty: If we consent to a request for a
withdrawal that is otherwise not permitted you may have to
pay a penalty. The penalty will be an amount equal to 180 days
interest on the amount withdrawn for terms greater than 12
months or 90 days interest for terms of 12 months or less.
Renewal Policy:
This account will automatically renew on the maturity day.
Interest will continue to accrue after final maturity. You
have 10 grace days after maturity to withdraw funds without
penalty.
DEFINITIONS:
“We,” “our,” and “us” mean
the issuer of this account and “you” and “your” mean
the depositor(s). “Account” means the original
certificate of deposit as well as the deposit it evidences.
TRANSFER:
“Transfer” means any change
in ownership, withdrawal rights, or survivorship rights,
including (but not limited to) any pledge or assignment of
this account as collateral. You cannot transfer this account
without our written consent.
PRIMARY AGREEMENT:
You agree to keep your funds with us in this account until
the maturity date. You may not transfer this account without
first obtaining our written consent. You must present the certificate
when you request a withdrawal or a transfer.
This account is void if the deposit is made by any method
requiring collection (such as a check) and the deposit is not
immediately collected in full. If the deposit is made or payable
in a foreign currency, the amount of the deposit will be adjusted
to reflect final exchange into U.S. dollars.
We may change any term of this agreement. Rules governing
changes in interest rates have been provided. For other changes
we will give you reasonable notice in writing or by any other
method permitted by law.
If any notice is necessary, you all agree that the notice
will be sufficient if we mail it to the address listed on the
account. You must notify us of any change.
WITHDRAWALS AND TRANSFERS:
Only those of you who sign the permanent
signature card may withdraw funds from this account. (In
appropriate cases, a court appointed representative, a beneficiary
of a trust or pay-on-death account whose right of withdrawal
has matured, or a newly appointed and authorized representative
of a legal entity may also withdraw from this account.) The
specific number of you who must agree to any withdrawal is
written on page one of the original agreement (provided when
the account is opened) in the section bearing the title “. . . Number
of Endorsements . . .” This means, for example, that
if two of you sign the signature card but only one endorsement
is necessary for withdrawal then either of you may request
withdrawal of the entire account at any time.
These same rules apply to define the names and the number
of you who can request our consent to a transfer.
PLEDGES:
Any pledge of this account (to which we
have agreed), must first be satisfied before the rights of
any joint account survivor, pay-on-death beneficiary or trust
account beneficiary become effective. For example, if one
joint tenant pledges the account for payment of a debt and
then dies, the surviving joint tenant’s
rights in this account are subject first to the payment of
the debt.
OWNERSHIP OF ACCOUNT AND BENEFICIARY DESIGNATION:
You intend these rules to apply to this account depending
on the form of ownership and beneficiary designation, if any,
specified in the original account agreement. We make no representations
as to the appropriateness or effect of the ownership and beneficiary
designations, except as they determine to whom we pay the account
funds.
Individual Account – Such an account is owned by one
person.
Joint Account with Survivorship (and Not
as Tenants in Common) – Such
an account is owned by two or more persons. Each of you intend
that upon your death the balance in the account (subject to
any previous pledge to which we have consented) will belong
to the survivor(s). If two or more of you survive, you will
own the balance in the account ownership as joint tenants with
survivorship and not as tenants in common.
Joint Account – No Survivorship (As
Tenants in Common) – Such an account is owned by two
or more persons but none of you intend (merely by opening this
account) to create any right of survivorship in any other person.
We encourage you to agree and tell us in writing of the percentage
of the deposit contributed by each of you. This information
will not, however, affect the “number of endorsements” necessary
for withdrawal.
Revocable Trust and Pay-on-Death Account (subject
to this agreement) – If two or more of you
create such an account, you own the account jointly with
survivorship. Beneficiaries cannot withdraw unless: (1) all
persons creating the account die, and (2) the beneficiary
is then living. If two or more beneficiaries are named and
survive the death of all persons creating the account, such
beneficiaries will own this account in equal shares, without
right of survivorship. Any such beneficiary may withdraw
all or any part of the account balance. The person(s) creating
either of these account types reserves the right to: (1)
change beneficiaries; (2) change account types; and (3) withdraw
all or part of the deposit at any time.
Trust Account Subject to Separate Agreement – We will
abide by the terms of any separate agreement which clearly
pertains to this account and which you file with us. Any additional
consistent terms stated on this disclosure will also apply.
SET-OFF:
You each agree that we may (without prior
notice and when permitted by law) set off the funds in this
account against any due and payable debt owed to us now or
in the future, by any of you having the right of withdrawal,
to the extent of such person’s or legal entity’s right to withdraw.
If the debt arises from a note, “any due and payable
debt” includes the total amount of which we are entitled
to demand payment under the terms of the note at the time we
set off, including any balance the due date for which we properly
accelerate under the note. This right of set-off does not apply
to the account if: (a) it is an Individual Retirement Account
or other tax-deferred retirement account, or (b) the debt is
created by a consumer credit transaction under a credit card
plan, or (c) the debtor’s right of withdrawal arises
only in a representative capacity. You agree to hold us harmless
from any claim arising as a result of our exercise of our right
of set-off.
BALANCE COMPUTATION METHOD:
We use the daily balance method to calculate the interest
on this account. This method applies a daily periodic rate
to the principal in the account each day.
TRANSACTION LIMITATIONS:
You cannot make additional deposits to this account during
a term (other than credited interest). You cannot withdraw
principal from this account without our consent except on or
after maturity. (For accounts that automatically renew, there
is a 10 day grace period after each renewal date during which
withdrawals are permitted without penalty).
In certain circumstances such as the death or incompetence
of an owner of this account, law permits, or in come cases
requires, the waiver of the early withdrawal penalty specified
in this agreement.
FOR ACCOUNTS THAT AUTOMATICALLY RENEW:
Interest earned during one term that is not withdrawn during
or immediately after that term is added to principal for the
renewal term.
The rate for each renewal term will be determined by us on
or just before the renewal date. You may call us on or shortly
before the maturity date and we can tell you what the interest
rate will be for the next renewal term. We will remind you
in advance of the renewal and tell you when the rate will be
known for the renewal period.
Revised 07/20/2005 Truth in Savings – Certificate
of Deposit
Truth in Savings
Certificate of Deposit
Revised 07/20/2005 Truth in Savings – Certificate
of Deposit |
