Additional CD Information


Opening Account 

  • A $1,000 minimum deposit is required to open a Smart Step CD.
  •  A $500 minimum deposit is required to open a Conventional CD.
  • These accounts are available for any type of ownership.

Rate Information 

  • Interest accrues on a daily balance.
  • Interest is paid to the balance at the end of the term or to the customer as requested.
  • Interest rates are subject to change daily.
  • Rate information is available:  please call us at 456-1400 for information
  •  After account opening, deposits may be made at any time in any dollar amount to our Smart Step CDs. 
  •  Deposits become subject to the terms and conditions of the original CD.

Coupon Redemption  
  • Coupons are issued on Smart Step CDs according to their terms and will expire with the maturity of the CD:

    ◊12 month CD = one coupon
    ◊18 and 24 month CDs = two coupons
  • New coupons will be issued at each CD renewal and will be mailed to the customer with their renewal notification.
  • Coupons may be exercised at the customer’s discretion.
  • When coupons are redeemed, the CD rate will be increased to the current rate being offered by the Bank and will remain in effect for the remainder of the existing term.
  • Presentment of the coupon is mandatory to exercise this option.

Renewal  

  • CDs are issued on an automatic renewal basis and will renew at maturity for a consecutive term, unless the Bank is notified by you.
  • Prior to maturity, a renewal reminder will be sent.
  • Reminder notices will not be sent on terms of 30 days or less.
  • At maturity, a renewal notification will be sent.
  • A 10 business day grace period after maturity is offered on all CD terms.

Smart Step CD Withdrawals  

  • Accrued interest will not be affected by partial withdrawals.
  • Withdrawals made at renewal periods or during grace periods will not incur a penalty.
  • Withdrawals made during the term, will be subject to a penalty.  The penalty is based on the amount withdrawn, the current rate and the CD term.  The amount is as follows:
    • 12 month term, penalty is equal to 90 days of interest
    • 18 and 24 month terms, penalty is equal to 182 days of interest
  • If funds from the original purchase amount are requested, the entire CD would be redeemed.  Redemption rules would apply.

Redemption  

  • CDs may be redeemed at renewal or during the grace period without penalty.
  • If redeemed during the grace period, accrued interest is forfeited.
  • The original copy of the CD is needed for redemption.

Penalties for Early Redemption  

Term

Penalty

14 to 90 days     Equal to amount of earnings for CD term   
182 days to 12 months  Equal to 90 days of interest  
18 months to 5 years     Equal to 182 days of interest 

There is a ten business day grace period after maturity, in which changes or withdrawals may be made without penalty. 

Some exceptions may apply to Individual Retirement Accounts

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