Common use of Early Withdrawal Penalties Clause in Contracts

Early Withdrawal Penalties. The funds in your TD must remain on deposit until the maturity date. There is a penalty for withdrawing principal prior to the maturity date. ALTHOUGH THE BANK GENERALLY PERMITS WITHDRAWAL OF PART OR ALL OF THE FUNDS IN A TD BEFORE MATURITY, THE BANK RESERVES THE RIGHT TO REFUSE EARLY WITHDRAWALS. FUTHERMORE, IF YOU MAKE A WITHDRAWAL OF ANY OF THE DEPOSITED FUNDS FROM YOUR TD BEFORE THE MATURITY DATE, THE BANK WILL IMPOSE A PENALTY AND YOU WILL FORFEIT SOME OR ALL OF THE INTEREST YOU HAVE EARNED ON THE AMOUNT WITHDRAWN. IF THE AMOUNT OF THE PENALTY IS GREATER THAN THE AMOUNT OF INTEREST EARNED, OR IF YOU HAVE WITHDRAWN INTEREST, ANY AMOUNT NECESSARY TO SATISFY THE PENALTY AMOUNT WILL BE DEDUCTED FROM THE PRINCIPAL AMOUNT OF THE TD. The amount of the Early Withdrawal Penalty will be as follows: • For all terms of maturity, we will impose a penalty of seven (7) days simple interest on the total deposit if the withdrawal is made within the first six (6) days after the deposit. • TDs with a term of three (3) months or less – You will forfeit an amount equal to one (1) month of simple interest on amount withdrawn, subject to a minimum of $250. • TDs with a term of greater than three (3) months up to and including twelve (12) months – You will forfeit an amount equal to three (3) months of simple interest on amount withdrawn, subject to a minimum of$250. • TDs with a term of greater than twelve (12) months – You will forfeit an amount equal to six (6) months of simple interest on amount withdrawn, subject to a minimum of $250. If the amount of accrued and unpaid interest on the deposit is less than the penalty, the difference will be deducted from principal.

Early Withdrawal Penalties. The funds in your TD must remain on deposit until the maturity date. There is a penalty for withdrawing principal prior to the maturity date. ALTHOUGH THE BANK GENERALLY PERMITS WITHDRAWAL OF PART OR ALL OF THE FUNDS IN A TD BEFORE MATURITY, THE BANK RESERVES THE RIGHT TO REFUSE EARLY WITHDRAWALS. FUTHERMORE, IF YOU MAKE A WITHDRAWAL OF ANY OF THE DEPOSITED FUNDS FROM YOUR TD BEFORE THE MATURITY DATE, THE BANK WILL IMPOSE A PENALTY AND YOU WILL FORFEIT SOME OR ALL OF THE INTEREST YOU HAVE EARNED ON THE AMOUNT WITHDRAWN. IF THE AMOUNT OF THE PENALTY IS GREATER THAN THE AMOUNT OF INTEREST EARNED, OR IF YOU HAVE WITHDRAWN INTEREST, ANY AMOUNT NECESSARY TO SATISFY THE PENALTY AMOUNT WILL BE DEDUCTED FROM THE PRINCIPAL AMOUNT OF THE TD. The amount of the Early Withdrawal Penalty will be as follows: • For all terms of maturity, we will impose a penalty of seven (7) days simple interest on the total deposit if the withdrawal is made within the first six (6) days after the deposit. • TDs with a term of three (3) months or less – You will forfeit an amount equal to one (1) month of simple interest on amount withdrawn, subject to a minimum of $250. • TDs with a term of greater than three (3) months up to and including twelve (12) months – You will forfeit an amount equal to three (3) months of simple interest on amount withdrawn, subject to a minimum of$250of $250. • TDs with a term of greater than twelve (12) months – You will forfeit an amount equal to six (6) months of simple interest on amount withdrawn, subject to a minimum of $250. If the amount of accrued and unpaid interest on the deposit is less than the penalty, the difference will be deducted from principal.

Early Withdrawal Penalties. ‌ The funds in your TD must remain on deposit until the maturity date. There is a penalty for withdrawing principal prior to the maturity date. ALTHOUGH THE BANK GENERALLY PERMITS WITHDRAWAL OF PART OR ALL OF THE FUNDS IN A TD BEFORE MATURITY, THE BANK RESERVES THE RIGHT TO REFUSE EARLY WITHDRAWALS. FUTHERMORE, IF YOU MAKE A WITHDRAWAL OF ANY OF THE DEPOSITED FUNDS FROM YOUR TD BEFORE THE MATURITY DATE, THE BANK WILL IMPOSE A PENALTY AND YOU WILL FORFEIT SOME OR ALL OF THE INTEREST YOU HAVE EARNED ON THE AMOUNT WITHDRAWN. IF THE AMOUNT OF THE PENALTY IS GREATER THAN THE AMOUNT OF INTEREST EARNED, OR IF YOU HAVE WITHDRAWN INTEREST, ANY AMOUNT NECESSARY TO SATISFY THE PENALTY AMOUNT WILL BE DEDUCTED FROM THE PRINCIPAL AMOUNT OF THE TD. The amount of the Early Withdrawal Penalty will be as follows: • For all terms of maturity, we will impose a penalty of seven (7) days simple interest on the total deposit if the withdrawal is made within the first six (6) days after the deposit. • TDs with a term of three (3) months or less – You will forfeit an amount equal to one (1) month of simple interest on amount withdrawn, subject to a minimum of $250. • TDs with a term of greater than three (3) months up to and including twelve (12) months – You will forfeit an amount equal to three (3) months of simple interest on amount withdrawn, subject to a minimum of$250of $250. • TDs with a term of greater than twelve (12) months – You will forfeit an amount equal to six (6) months of simple interest on amount withdrawn, subject to a minimum of $250. If the amount of accrued and unpaid interest on the deposit is less than the penalty, the difference will be deducted from principal.

Early Withdrawal Penalties. The funds in your TD must remain on deposit until the maturity date. There is a penalty for withdrawing principal prior to the maturity date. ALTHOUGH THE BANK GENERALLY PERMITS WITHDRAWAL OF PART OR ALL OF THE FUNDS IN A TD BEFORE MATURITY, THE BANK RESERVES THE RIGHT TO REFUSE EARLY WITHDRAWALS. FUTHERMORE, IF YOU MAKE A WITHDRAWAL OF ANY OF THE DEPOSITED FUNDS FROM YOUR TD BEFORE THE MATURITY DATE, THE BANK WILL IMPOSE A PENALTY AND YOU WILL FORFEIT SOME OR ALL OF THE INTEREST YOU HAVE EARNED ON THE AMOUNT WITHDRAWN. IF THE AMOUNT OF THE PENALTY IS GREATER THAN THE AMOUNT OF INTEREST EARNED, OR IF YOU HAVE WITHDRAWN INTEREST, ANY AMOUNT NECESSARY TO SATISFY THE PENALTY AMOUNT WILL BE DEDUCTED FROM THE PRINCIPAL AMOUNT OF THE TD. The amount of the Early Withdrawal Penalty will be as follows: • For all terms of maturity, we will impose a penalty of seven (7) days simple interest on the total deposit if the withdrawal is made within the withinthe first six (6) days after the deposit. • TDs with a term of three (3) months or less – You will forfeit an amount anamount equal to one (1) month of simple interest on amount withdrawn, subject to a minimum of $250. • TDs with a term of greater than three (3) months up to and including twelve (12) months – You will forfeit an amount equal to three (3) months of simple interest on amount withdrawn, subject to a minimum of$250of $250. • TDs with a term of greater than twelve (12) months – You will forfeit an amount equal to six (6) months of simple interest on amount withdrawn, subject to a minimum of $250. If the amount of accrued and unpaid interest on the deposit is less than the penalty, the difference will be deducted from principal.