Certificate of Deposit (CD) Disclosure

Truth-In-Savings for Certificate of Deposit Accounts 

Term: 7 days to less than 5 years
 

Rate Information: The interest rate on your account is __________________% with an annual percentage yield of _______________________%. You will be paid this rate until first maturity.

Compounding frequency: Interest will be compounded daily.

Crediting frequency: Interest will be credited to your account:
___ Monthly ___ Quarterly ___ Annually ___ At Maturity (one year or less)
 

And will be paid (disposition):
___ Capitalize ___ Credited to Account _________________________________
 

Minimum Balance to open account:
___ You must deposit a minimum of $1,000.00 to open a Certificate of Deposit for less than $100,000.00.
___ You must deposit a minimum of $100,000.00 to open a Certificate of Deposit with a balance of $100,000.00 or greater.
 

Minimum balance required to obtain the annual percentage yield disclosed:
___ You must maintain a minimum balance of $1,000.00 each day to obtain the annual percentage yield disclosed for Certificates of Deposit with balances less than $100,000.00
___ You must maintain a minimum balance of $100,000.00 each day to obtain the annual percentage yield disclosed for Certificates of Deposit with balances $100,000.00 or greater.
 

Daily balance computation method: We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
 

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)
 

Transaction limitations: You may not make any deposits into your account before maturity. You may not make partial withdrawals of principal from your account. You can withdraw interest credited in the term before maturity of that term without penalty. You can withdraw interest any time during
the term of crediting after it is credited to your account.
 

Time requirements: Your account will mature on __________________________________
 

Early withdrawal penalties: A penalty may be imposed for withdrawals before maturity as follows:

• If your account has an original maturity date of 31 days or less the penalty we will impose will be all interest earned on the amount withdrawn, from the most recent date of deposit or last
  renewal.
• If your account has an original maturity of more than 31 days but less than 3 months, the penalty we will impose will be one month’s interest.
• If your account has an original maturity of 3 months but less than one year we will impose a penalty equivalent of 3 month’s interest.
• If your account has an original maturity of one year but less than two years we will impose a penalty equivalent of 6 month’s interest.
• If your account has an original maturity of two years or greater than we will impose a penalty equivalent of one year’s interest.

Withdrawal of interest prior to maturity: The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.
___ Automatically renewable time account: This account will automatically renew at maturity. You may prevent renewal if you withdrawal the funds at maturity (or within grace period mentioned below) or we receive written notice from you within the grace period mentioned below. We can prevent renewal if we mail notice to you at least 30 calendar days before maturity. If either you or we prevent renewal, interest will not accrue after final maturity. Each renewal term will be the same as the current term, beginning on the maturity date. The interest rate will be the same we offer on new time deposits on the maturity date which have the same term, minimum balance (if any) and other features as the current time deposit. You will have ten (10) calendar days after maturity to withdraw the funds without penalty. However, funds withdrawn during this time period will not earn interest from the most recent maturity date to the date of the withdrawal.

___ Non-automatically renewable time account - This account will not automatically renew at maturity. If you do not renew the account, interest will not accrue after maturity.