Common use of Early Withdrawals Clause in Contracts

Early Withdrawals. a. You do not have a right to make early or partial withdrawals from, or additional deposits to, an existing TDA. If we permit an early withdrawal from a TDA, we may impose the following penalty: For deposits with a term of seven (7) to 31 calendar days, an amount equal to the greatest of: (1) the interest accrued on the amount withdrawn from the date of deposit or most recent withdrawal; (2) the interest that would have accrued on the amount withdrawn for one-half of the term of your Account; or (3) an amount equal to seven (7) calendar days interest on the amount withdrawn, if within six (6) calendar days of opening deposit. b. For deposits with a term of 32 calendar days up to and including one (1) year, an amount equal to 60 calendar days of interest on the amount withdrawn. c. For deposits with a term of more than one (1) year, but less than four (4) years, an amount equal to 240 calendar days of interest on the amount withdrawn. d. For deposits with a term of four (4) years or more, an amount equal to 330 calendar days of interest on the amount withdrawn. If the penalty exceeds the amount of accrued interest at the time of withdrawal, we may deduct the difference from the principal. We will not impose a penalty if a withdrawal is made following the death or court-declared incompetence of any owner.