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Board Regulations, the Credit Union may charge an early withdrawal penalty of seven (7) days dividends on amounts withdrawn within the first six (6) days after deposit or automatic renewal.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:
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withdrawal of the entire CD balance, in which event, the penalty shall be computed as if the entire CD balance had been withdrawn.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 account before the maturity date. Certificates 90 days-12 months are subject to a penalty of 90 days or all accrued divideds and certificates longer than 12 months are subject to a penalty of 180 days of dividends. The penalty is calculated as a forfeiture of part of the dividends that have been or would have been earned on the account, and applies whether or not the dividends have been earned. The penalty may be deducted from the principal amount of the deposit. The Annual Percentage Yield disclosed for your account is based on an assumption that dividends will remain in the account until maturity; a withdrawal will reduce earnings. Exceptions to Early Withdrawal Penalties: We may, at our option, pay the account before maturity without imposing an early withdrawal penalty under the following circumstances: (1) If an account owner dies or is determined to be legally incompetent by a court or other body of competent jurisdiction; (2) If the account is an IRA Account and any portion is paid within seven days after the establishment of the account; (3) If the account is a Xxxxx Plan, provided that the depositor forfeits an amount at least equal to the simple interest earned on the amount withdrawn; or (4) if the account is an IRA or Xxxxx Account and the owner attains the age of 59 1/2 or becomes disabled.
Early Withdrawal Penalties. All Certificate Accounts: You have agreed to leave the principal of this account on deposit for the full term stated in your Certificate. If all or part of the principal is withdrawn before the maturity date, the Credit Union may charge you a penalty. Withdrawal of the principal amount of your Certificate may be made only with the consent of the Credit Union. Unless stated otherwise, owners of accounts with a stated term of one year or less shall forfeit an amount equal to up to 90 days dividends on the amount withdrawn, or the length of the term, whichever is less, when any withdrawal is allowed. Unless stated otherwise, owners of accounts with a stated term of more than one year shall forfeit an amount equal to up to 180 days dividends on the amount withdrawn, or the length of the term, whichever is less, when any withdrawal is allowed. The penalty may be calculated at the rate paid on the deposit at the time of the withdrawal. The penalty will, if necessary, be taken from the principal amount of the deposit. The Credit Union may grant a premature withdrawal request without penalty or with a reduced penalty in the event of the owner's death or legal incompetence; or if your account is an IRA account and the account is revoked within seven (7) days after the IRA Disclosure Statement is received; or when the account is an IRA account and the owner qualifies pursuant to applicable law. Renewal Policy: Unless you instruct the Credit Union otherwise, your certificate account will automatically renew at maturity. You will have a grace period of ten (10) business days after the maturity date to withdraw the funds in the account without being charged an early withdrawal penalty. However, the Credit Union reserves the right to give the owner written notice that the account will not be renewed. In the latter case, upon maturity, the account will be converted to a regular share account and receive earnings at the rate then paid on regular share deposits. The rate of earnings for any renewal terms shall be at the rate the Credit Union is then offering on the same accounts in this class. If you instruct us not to renew your account, then no dividends will be paid after the stated maturity date. Partial Withdrawal: No partial withdrawal will be permitted at any time that would result in a principal balance of less than the required minimum opening deposit. Common Features of All Accounts
Early Withdrawal Penalties. You may make withdrawals of principal from your account before maturity. Principal withdrawal is included in the amount subject to early withdrawal penalty. The early withdrawal penalty will be as follows:
Early Withdrawal Penalties. We will impose a penalty if you withdraw any of the principal in your account before the maturity date. Certificates 90 days-12 months are subject to a penalty of 90 days or all accrued divideds and certificates longer than 12 months are subject to a penalty of 180 days
Early Withdrawal Penalties. We will impose a penalty if you withdraw any of the funds in your account before the maturity date. If your account has an original maturity of one year or less the penalty we may impose will equal 90 days dividends on the amount withdrawn. If your account has an original maturity of more than one year the penalty we may impose will equal 180 days dividends on the amount withdrawn. The penalty is calculated as a forfeiture of part of the dividend that has been or would have been earned on the account, and applies whether or not the dividend has been earned. The penalty may be deducted from the principal amount of the deposit. A withdrawal will reduce earnings. Exceptions to Early Withdrawal Penalties: We may grant a premature withdrawal request without penalty, or with a reduced penalty under the following circumstances: (1) If an account owner dies or is determined to be legally incompetent by a court or other body of competent jurisdiction; (2) if your account is an IRA Account and the account is revoked within seven days after the establishment of the account; (3) if the account is an IRA Account and the owner attains the age of 70 ½; becomes disabled; or the owner qualifies pursuant to applicable law. 8.
Early Withdrawal Penalties. The Certificate Account will mature on the Maturity Date set forth in the Certificate Receipt. The Credit Union will terminate the 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 Certificate has a term to maturity equal to or less than one (1) year, the penalty we may impose will equal three (3) months of dividends, whether or not earned. If the Certificate has a term to maturity greater than one (1) year through two (2) years, the penalty we may impose will equal six (6) months of dividends, whether or not earned. If the Certificate has a term to maturity greater than two (2) years through three (3) years, the penalty we may impose will equal nine (9) months of dividends, whether or not earned. If the Certificate has a term to maturity greater than three (3) years, the penalty we may impose will equal twelve (12) months 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. There arecertaincircumstances, suchasthe death or incompetence of an owner, where we may waive or reduce this penalty. See your plan disclosure if the applicable account is part of an IRAor other tax qualified plan. The annual percentage yield is based on an assumption that dividends will remain in the account until maturity. A withdrawal will reduce earnings.
Early Withdrawal Penalties. The Term Share Certificate Account will mature on the Maturity Date set forth in the Share Certificate. The Credit Union will terminate the Term Share 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 Share Certificate has a term to maturity equal to or less than one (1) year, the penalty imposed will equal thirty-one (31) days of dividends. If the Term Share Certificate has a term to maturity greater than one (1) year, the penalty imposed will equal ninety
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.
