Laserfiche WebLink
40 <br /> <br />Additional Deposits. <br />Other than during the grace period, Company may not make additional <br />deposits to Company’s time Account, unless Bank otherwise agrees <br />in writing. <br /> <br />Withdrawal of Interest Prior to Maturity. <br />A withdrawal of interest prior to maturity will reduce earnings. <br /> <br />Renewal Policies. <br />If Company’s time Account is automatically renewable, at maturity it will <br />renew (i) for a like term; and (ii) at Bank’s interest rate in effect on the <br />maturity date for a new time deposit of the same term and amount, unless <br />Bank has notified Company that it will not renew Company’s Account. <br />Company may withdraw Company’s funds anytime during the grace period <br />without a fee. If Company does, Bank will not pay interest for that period on <br />the funds withdrawn. If Company’s time Account is not automatically <br />renewable and Company does not withdraw the funds on the maturity date, <br />the funds will no longer earn interest after the maturity date and will be <br />placed in a non-interest-bearing checking Account. <br /> <br />Early withdrawal fee. If Company withdraws funds from its time Account <br />before the maturity date, an early withdrawal <br />fee will be assessed: <br />• For terms less than three months (or less than 90 days), the fee is one <br />month’s interest <br />• For terms three months (or 90 days) through 12 months (or 365 days), <br />the fee is three months’ interest <br />• For terms over 12 months through 24 months, the fee is six months’ <br />interest <br />• For terms over 24 months, the fee is 12 months’ interest <br />• Minimum fee is $100 <br /> <br />The early withdrawal fee is based on the principal amount withdrawn, at the <br />interest rate on Company’s time account at the time of withdrawal. For <br />purposes of determining the amount of the early withdrawal fee, one month’s <br />interest is equal to one year’s interest, at the interest rate in effect at the time <br />of withdrawal, divided by 12. The amount of the early withdrawal fee is <br />deducted from earned interest. If the fee is greater than the earned interest, the <br />difference is deducted from the principal. In no event will the early <br />6.1.D. - Page 82