Common use of Time Deposits Clause in Contracts

Time Deposits. If your account is a time deposit, you have agreed to keep the funds on deposit until the maturity date of your account. If your account has not matured, any withdrawal of all or part of the funds from your account may result in an early withdrawal penalty. We will consider requests for early withdrawal and, if granted, the penalty provided in the Schedule will apply. Penalty. The early withdrawal penalty is calculated as a forfeiture of part of the interest that has or would be earned on the account. If your account has not yet earned enough interest so that the penalty can be deducted from earned interest, or if the interest already has been paid, the difference will be deducted from the principal amount of your account. Exceptions. We may let you withdraw money from your account before the maturity date without an early withdrawal penalty: (1) when one or more of you dies or is determined legally incompetent by a court or other administrative body of competent jurisdiction; or (2) when the account is an Individual Retirement Account (IRA) established in accordance with 26 USC 408 and the money is paid within seven days after the account is opened; or (3) when the account is a Xxxxx Plan (Xxxxx), if you forfeit at least the interest earned on the withdrawn funds; or (4) if the time deposit is an IRA or Xxxxx Plan established pursuant to 26 USC 408 or 26 USC 401, when you reach age 59-1/2 or become disabled; or

Time Deposits. If your account Account is a time deposit, you have agreed to keep the funds on deposit until the maturity date of your accountAccount. If your account Account has not matured, any withdrawal of all or part of the funds from your account Account may result in an early withdrawal penalty. We will consider requests for early withdrawal and, if granted, the penalty provided in the Schedule will apply. (A) Penalty. The early withdrawal penalty is calculated as a forfeiture of part of the accrued interest that has or would be earned on the accountAccount. If your account Account has not yet earned enough interest so that the penalty can be deducted from earned interest, or if the interest already has been paid, the difference will be deducted from the principal amount of your accountAccount. For fixed rate Accounts, we will use the rate in effect for your deposit. (B) Exceptions. We may let you withdraw money from your account Account before the maturity date without an early withdrawal penalty: (1) when one or more of you dies or is determined legally incompetent by a court or other administrative body of competent jurisdiction; or (2) when the account Account is an Individual Retirement Account (IRA) established in accordance with 26 USC 408 and the money is paid within seven (7) days after the account Account is opened; or (3) when the account Account is a Xxxxx Plan (Xxxxx), if you forfeit at least the interest earned on the withdrawn funds; or (4) if the time deposit is an IRA or Xxxxx Plan established pursuant to 26 USC 408 or 26 USC 401, when you reach age 59-59 1/2 or become disabled; or

Time Deposits. If your account Account is a time deposit, you have agreed to keep the funds on deposit until the maturity date of your accountAccount. If your account Account has not matured, any withdrawal of all or part of the funds from your account Account may result in an early withdrawal penalty. We will consider requests for early withdrawal and, if granted, the penalty provided in the Schedule will apply. (A) Penalty. The early withdrawal penalty is calculated as a forfeiture of part of the accrued interest that has or would be earned on the accountAccount. If your account Account has not yet earned enough interest so that the penalty can be deducted from earned interest, or if the interest already has been paid, the difference will be deducted from the principal amount of your accountAccount. For fixed rate Accounts, we will use the rate in effect for your deposit. (B) Exceptions. We may let you withdraw money from your account Account before the maturity date without an early withdrawal penalty: (1) when one or more of you dies or is determined legally incompetent by a court or other administrative body of competent jurisdiction; or (2) when the account Account is an Individual Retirement Account (IRAXXX) established in accordance with 26 USC 408 and the money is paid within seven (7) days after the account Account is opened; or (3) when the account Account is a Xxxxx Plan (Xxxxx), if you forfeit at least the interest earned on the withdrawn funds; or (4) if the time deposit is an IRA XXX or Xxxxx Plan established pursuant to 26 USC 408 or 26 USC 401, when you reach age 59-59 1/2 or become disabled; or