Interest Payments - The annual percentage yield assumes interest will remain on deposit for a 365-day period. An earlier interest payment will reduce the annual percentage yield.
Minimum Balance to Open the Account - You must deposit $500.00 to open this account.
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 Noncash Deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks).
Transaction Limitations:
If subsequent deposits are permitted under the terms of your certificate of deposit, additional deposits must be in the amount no less than $500.00. Additional deposits will earn the interest rate and annual percentage yield in effect for new accounts with terms equal to the original term of the account from the time the deposit is made until the maturity of the account.
If we consent to a request for a withdrawal that is otherwise not permitted, you may have to pay a penalty.
Early Withdrawal Penalties (a penalty may be imposed for withdrawal of principal before maturity) - If your certificate has an original maturity of 31 days or less, the penalty we may impose is the greater of: (a) 7 days interest, on the amount withdrawn subject to penalty, if the withdrawal is made within the first six days after the deposit (b) all interest on the amount withdrawn from the most recent date of deposit (c) all interest that could have been earned on the amount withdrawn during a period equal to one-half of the maturity period. If your certificate has an original maturity of 32 days to one year: the fee we may impose will equal 90 days interest on the amount withdrawn subject to penalty. If your certificate has an original maturity of more than one year: the fee we may impose will equal 180 days interest on the amount withdrawn subject to penalty. If additional deposits were made to the account, the blended rate applies to early withdrawal penalties. There are certain circumstances, such as the death or incompetence of an owner, where we may waive or reduce this penalty.
Automatically Renewable - This certificate will automatically renew at maturity. The renewal term will be the same as the original one, beginning on the maturity date. On accounts with terms of longer than one month we will remind you in advance of the renewal and tell you when the rate will be known for the renewal period. You may call Peoples Info Line on the maturity date and we can tell you what the interest rate will be for the next renewal term. You must notify us on maturity date, or within a ten day grace period after the maturity date if you do not want this account to automatically renew.
Single Maturity - This account will not automatically renew at maturity. Interest will not accrue after the maturity date.