Personal Banking

Individual Retirement Account Disclosure – 6 Month

  • Interest will be compounded and credited to your account quarterly and at maturity unless you receive interest periodically
  • 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 an account is $100
  • 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you withdraw any of the principal before the maturity date, we will impose an interest penalty of 91 days on the amount withdrawn. This early withdrawal penalty may invade principal.
  • Individual Retirement Accounts (IRAs) are subject to limitations and/or penalties imposed by the Internal Revenue Service. Please see your IRA Agreement or your tax advisor for additional information.
  • Your account 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 The principal amount and all paid earned interest that has not been withdrawn will automatically renew on each maturity date for the term of the IRA. Interest on renewed accounts will be calculated at the interest then in effect for the term on the IRA. Interest will not be paid during the 10-day grace period if the Time Deposit is not renewed.

Individual Retirement Account Disclosure – 18 Month

  • Interest will be compounded and credited to your account quarterly and at maturity unless you receive interest periodically
  • 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 an account is $100
  • 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 make deposits of $100 or more into this product during the length of the term. No deposits will be accepted during the last 7 days of the term
  • You may not make withdrawals from this account until the maturity date
  • If you withdraw any of the principal before the maturity date, we will impose an interest penalty of 182 days on the amount withdrawn. This early withdrawal penalty may invade principal.
  • Individual Retirement Accounts (IRAs) are subject to limitations and/or penalties imposed by the Internal Revenue Service. Please see your IRA Agreement or your tax advisor for additional information.
  • Your account 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 IRA. Interest on renewed accounts will be calculated at the interest then in effect for the term on the IRA. Interest will not be paid during the 10-day grace period if the Time Deposit is not renewed.
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