Deposit Products
| CHECKING | SAVINGS | MONEY MARKET | |
|---|---|---|---|
| Minimum to open | $500.00 | $500.00 | $5,000.00 |
| Minimum to obtain annual percentage yield disclosed | NONE | NONE | NONE |
| Interest | NONE | Variable, simple interest credited quarterly | Variable, simple interest credited monthly |
| Minimum Daily Balance | $500.00 | $500.00 | $5,000.00 |
| Transaction Limitations | NONE | Limitations per Regulation D (See disclosure) | Limitations per Regulation D (See disclosure) |
| Monthly Service Charge | $10.00 when minimum balance requirement is not met | $10.00 when minimum balance requirement is not met | $20.00 when minimum balance requirement is not met |
| Statement | Monthly | Monthly | Monthly |
CERTIFICATE OF DEPOSIT and SENIOR CERTFICATE OF DEPOSIT PRODUCTS
| TERMS UNDER 1 YEAR | TERMS 1 YEAR AND GREATER | |
|---|---|---|
| Minimum to open | $2,500.00 | $2,500.00 |
| Minimum balance to obtain annual percentage yield disclosed | $2,500.00 | $2,500.00 |
| Rate Information | You will be paid the disclosed rate until first maturity. | You will be paid the disclosed rate until first maturity. |
| Compounding and crediting frequency | Interest is compounded and credited monthly | Interest is compounded and credited monthly |
| Effect of closing an account | ||
| 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. | 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 noncash deposits | Interest begins to accrue on the business day you deposit noncash items (for example, checks). | Interest begins to accrue on the business day you deposit noncash items (for example, checks). |
| Transaction limitations |
You may not make any deposits into your account before maturity.You may not make withdrawals of principal from your account before maturity. You can only withdraw interest credited in the term before maturity of that term without penalty. You can withdraw interest only on the crediting dates. |
You may not make any deposits into your account before maturity.You may not make withdrawals of principal from your account before maturity. You can only withdraw interest credited in the term before maturity of that term without penalty. You can withdraw interest only on the crediting dates. |
| Early withdrawal penalties |
A penalty may be imposed for withdrawals before maturity. The fee we may impose will equal 30 days interest on the amount withdrawn subject to penalty. In certain circumstances, such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. |
A penalty may be imposed for withdrawals before maturity. The fee we may impose will equal 90 days interest for terms 1 to 3 years, and 180 interest for terms 3 years or more interest on the amount withdrawn subject to penalty. In certain circumstances, such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. |
| Withdrawal of interest prior to maturity | The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings. | 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 withdraw the funds in the account at maturity (or within the grace period mentioned below, if any) or we receive written notice from you within the grace period mentioned below, if any. We can prevent renewal if we mail notice to you at least 30 calendar days before maturity. Each renewal term will be the same as the original 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 original time deposit. If that term is no longer available, the Bank, at its discretion, will renew the CD for the nearest term and at the interest rate offered for that term on the relevant date. You will have ten calendar days after maturity to withdraw the funds without a penalty. |
This account will automatically renew at maturity. You may prevent renewal if you withdraw the funds in the account at maturity (or within the grace period mentioned below, if any) or we receive written notice from you within the grace period mentioned below, if any. We can prevent renewal if we mail notice to you at least 30 calendar days before maturity. Each renewal term will be the same as the original 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 or for a maximum period of one year (in case of CD with maturities greater than 1 year), minimum balance (if any) and other features as the original time deposit. If that term is no longer available, the Bank, at its discretion, will renew the CD for the nearest term and at the interest rate offered for that term on the relevant date. You will have ten calendar days after maturity to withdraw the funds without a penalty. |