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Certificate
of Deposit terms & conditions » |
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"We" means Community
National Bank in Monmouth. "You" means the
depositor(s) named on the certificate of deposit. We will
pay the certificate to you when you present and deliver it
to us, properly endorsed (signed by you), on a maturity
date. If more than one of you is named on the certificate,
you will own the certificate as joint tenants with right of
survivorship (and not as tenants in common). (You may change
this ownership by written instruction.) We will treat any
one of you as owner for purposes of endorsement, payment of
principal and interest presentation (demanding payment of
amounts due), transfer and any notice to or from you. Each
of you appoints the other as your agent, for the purposes
described above. We will use the address on our records for
mailing notices to you. You cannot transfer or assign this
certificate or any rights under it without our written
consent.
By terms of the Time Deposit contract you have
completed with this bank, you have contracted to keep your
funds on deposit to the stated maturity. After the account
is opened, you may not make deposits into or withdrawals
from the deposit until the maturity date. If any of the
deposit is withdrawn before the maturity date, a penalty
will be imposed. Interest will be accrued daily and will be
credited to your account quarterly or if the term is less
than one year, at maturity. 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 no later than
the business day we receive credit of non-cash items (for
example, checks). The interest rate for your account is
fixed and will be paid until the maturity date of your
certificate. The maturity date of your certificate is listed
on your certificate of deposit. The annual percentage yield
assumes interest will remain on deposit until maturity. A
withdrawal will reduce earnings.
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Withdrawal
Penalties:
Where a time deposit with an original maturity or
required notice period of seven to 31 days is paid before
maturity, a depositor shall forfeit an amount equal to the
greater of (1) all interest earned on the amount withdrawn or
(2) all interest that could have been earned on the amount
withdrawn during a period equal to one-half the maturity
period.
Where a time deposit with an original maturity or required
notice period of 32 days to one year is paid before maturity,
a depositor shall forfeit an amount at least equal to 31 days
interest on the amount withdrawn at the interest rate being
paid on the deposit, regardless of the length of time the
funds withdrawn have remained on deposit.
Where a time deposit with an original maturity or required
notice period of more than one year is paid before maturity,
the depositor shall forfeit an amount at least equal to three
months interest on the amount withdrawn at the interest rate
being paid on the deposit, regardless of the length of time
the funds withdrawn have remained on deposit.
We will honor a request for early withdrawal and we will not
access any penalty if any owner of this deposit dies or is
judicially declared to be mentally incompetent.
Automatic Renewals:
Your certificate of deposit will be automatically
renewed unless otherwise stated for successive periods each
equal to the original term, at current interest rates in
effect at the time of renewal, unless payment is requested on
a maturity date or within 10 days thereafter or the bank
receives prior written notice of intention to request payment
on maturity date, or until the bank gives at least 30 days
written notice by mail of its intention to redeem this
certificate.
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© Community National Bank |
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