Business Banking

Business Time Deposit (CD) Disclosure

  • The interest rate will be paid until maturity.
  • Interest on Time Deposits with an original maturity of less than six months will be compounded and credited to your account at maturity
  • Interest on Time Deposit with an original maturity of six months or more will be compounded and credited to your Time Deposit quarterly and at maturity.
  • The annual percentage yield assumes interest will remain on deposit until maturity.
  • A withdrawal will reduce earnings
  • If interest is credited to another account or paid to you by check, this may reduce earnings and may negate the effect of interest compounding
  • The minimum balance to open a Time Deposit and to earn the annual percentage yield is as follows:

Maturity term of less than 6 months with a $10,000 minimum to open
Maturity term of 6 months or longer with a $1,000 minimum to open

  • We use the daily balance method to calculate the interest on your account – This method applies a daily periodic rate to the principal in the account each day.
  • Interest begins to accrue on the business day you deposit noncash items (for example, checks)
  • You may not make deposits into or withdrawals from your account until the maturity date. If you withdraw any of the principal before the maturity date, we will impose an interest penalty on the amount withdrawn. This early withdrawal penalty may invade principal. The amount of the penalty is as follows:

Maturity term of less than 6 months – 30 days interest
Maturity term of 6 months – 91 days interest
Maturity term of 1 year or longer – 182 days interest

  • Your Time Deposit will automatically renew at maturity. You will have a grace period of 10 days after the maturity date to withdraw the funds in the account without being charged an early withdrawal penalty. The principal amount and all paid earned interest that has not been withdrawn will automatically renew on each maturity date for the term of the Time Deposit. Interest on renewed accounts will be calculated at the interest then in effect for the term on the Time Deposit. Interest will not be paid during the 10-day grace period if the Time Deposit is not renewed.
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