Common use of Early Withdrawal Penalties Clause in Contracts

Early Withdrawal Penalties. We will impose a penalty if you withdraw any of the principal in your CD before the maturity date. The penalty will equal one hundred-eighty (180) days of interest. The penalty will be imposed whether interest representing the penalty has been earned or not. No penalty will be imposed if withdrawal of principal is made following your death or your total and permanent adjudicated disability. Any withdrawal which reduces the CD balance below the minimum required balance to open the CD shall be considered a withdrawal of the entire CD balance, in which event, the penalty shall be computed as if the entire CD balance had been withdrawn. The entire CD balance shall be distributed to you and your CD will be closed.

Early Withdrawal Penalties. We will impose a penalty if you withdraw any of the principal in your CD before the maturity date. The penalty will equal one hundred-eighty (180) days of interest. The penalty will be imposed whether interest representing the penalty has been earned or not. No penalty will be imposed if withdrawal of principal is made following your death or your total and permanent adjudicated disability. Any withdrawal which reduces the CD balance below the minimum required balance to open the CD shall be considered a withdrawal of the entire CD balance, in which event, the penalty shall be computed as if the entire CD balance had been withdrawn. The entire CD balance shall be distributed to you you, and your CD will be closed.