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Individual
Retirement Account terms & conditions » |
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"We" means Community
National Bank in Monmouth. "You" means the
depositor(s) named on the Individual Retirement Account (IRA
or certificate). 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deposit is withdrawn before the maturity date, a penalty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 IRA. 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greater of (1) all interest earned on the amount withdrawn or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withdrawn during a period equal to one-half the maturity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 IRA 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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2003
© Community National Bank |
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