Penalty for Early Withdrawal of CDs Sample Clauses

Penalty for Early Withdrawal of CDs. If Depositor is a natural person operating as a sole proprietor or partnership, we will allow withdrawal from Depositor's CD account before maturity without penalty in the following events: (1) a court's declaration of Depositor's mental incompetence, and (2) Xxxxxxxxx's death. In all other cases, Depositor cannot withdraw all or any part of your deposit without Bank's consent. We can only give our consent at the time you ask to make a withdrawal. If we consent to a withdrawal, there is a penalty on the amount that you withdraw. For CDs with an originally scheduled term of three months or less, the penalty will be an amount equal to 30 days interest on the amount withdrawn at the rate being paid on the deposit. For CDs with an originally scheduled term of more than three months but not more than seven months, the penalty will be an amount equal to 90 days interest on the amount withdrawn at the rate being paid on the deposit. For CDs with an originally scheduled term of more seven months but less than thirteen months, the penalty will be an amount equal to 180 days interest on the amount withdrawn at the rate being paid on the deposit. For CDs with an originally scheduled term of thirteen months up to and including twenty-four months, the penalty will be an amount equal to 270 days interest on the amount being withdrawn at the rate being paid on the deposit. For CDs with an originally scheduled term greater than twenty-four months up to and including sixty months, the penalty will be an amount equal to 360 days interest on the amount being withdrawn. We may take all or part of the penalty from the original deposit, if necessary.
Sample 1
AutoNDA by SimpleDocs

Related to Penalty for Early Withdrawal of CDs

  • Early Withdrawal Penalty When you open a CD, you agree to keep the principal on deposit with us for the term that you have selected. We will impose a substantial penalty if we permit you to withdraw any principal before the maturity date. The early withdrawal penalty will be one-half (½) the interest that would be due on the CD over the entire term of the CD, regardless of the length of time the funds remained on deposit, subject to the following limits. The minimum penalty is 7 days simple interest. The maximum penalty is 270 days of compound interest. It is possible that all or part of the penalty will be deducted from principal. No early withdrawal penalty will be assessed if the withdrawal is made because of your death or a court determination of your legal incompetence. We require proof of death or incompetence before an early withdrawal penalty is waived.

  • Early Withdrawal Provisions We will impose a penalty if You withdraw any of the principal funds before the maturity date. The penalty imposed will equal the sum of the $25.00 administrative fee plus 180 days of dividends on the amount withdrawn. Renewal Policies. Your Account will renew automatically upon maturity and You will have a seven-calendar-day grace period immediately following the maturity of Your Account during which You may make withdrawals from Your Account without penalty.

  • Early Withdrawal Penalties The Term Certificate Account will mature on the Maturity Date set forth in the Certificate. The Credit Union will terminate the Term Certificate Account and impose a penalty on the entire balance of the account if a withdrawal of principal is made prior to the Maturity Date. If the Term Certificate has a term to maturity equal to or less than one (1) year, the penalty imposed will equal ninety (90) days of dividends, whether or not earned. If the Term Certificate has a term to maturity greater than one (1) year, the penalty imposed will equal 180 days of dividends, whether or not earned. In accordance with Federal Reserve Board Regulations, the Credit Union may charge an early withdrawal penalty of seven (7) days dividends on amounts withdrawn within the first six (6) days after deposit or automatic renewal. Early withdrawal penalties will not apply to:

  • Withdrawal of Services 50.1 Notwithstanding anything contained in this Agreement, except as otherwise required by Applicable Law, Verizon may terminate its offering and/or provision of any Service under this Agreement upon thirty (30) days prior written notice to PNG.

  • Withdrawal of Bid Any bidder who makes a bid but withdraws the same before the fall of the hammer, shall have his/her deposit equal to 10% of reserve price forfeited as agreed liquidated damages for payment to the Assignee/Bank. The Auctioneer reserves the right to put the property again for sale at the last undisputed bid, or otherwise to adjourn the auction to another date.

  • Modification and Withdrawal of Tenders 2.19.1 The tenderer may modify or withdraw its tender after the tender’s submission, provided that written notice of the modification, including substitution or withdrawal of the tenders, is received by the Procuring Entity prior to the deadline prescribed for submission of tenders.

  • Modification and Withdrawal of Bids 22.1 Bidders may modify or withdraw their bids by giving notice in writing before the deadline prescribed in Clause 20.

  • Withdrawal of Grievance A grievance may be withdrawn at any level without establishing a precedent.

  • WITHDRAWAL OF BIDS Bids may be withdrawn by bidders prior to the time set for official opening. After time has been called, no bid may be withdrawn for a period of thirty-five days after the time and date of opening except as provided in O.C.G.A Section 13-10-22 (appreciable error in calculation of bid). Negligence or error on the part of any bidder in preparing his bid confers no right of withdrawal or modification of his bid after time has been called except as provided by Georgia law.

  • Withdrawal of Resignation An Employee who has terminated her employment through resignation, may withdraw her resignation within three (3) days of the time it was submitted to the Employer.

Time is Money Join Law Insider Premium to draft better contracts faster.