Individual Retirement Account
- Fixed interest rate
- Interest can be credited to your account monthly, quarterly, semiannually, annually, at maturity, or as agreed upon. Alternatively, you may choose to have interest paid to you by check or to another account rather than credited to this account.
- Unless otherwise paid, interest will be compounded monthly
- 12 month term
- Minimum opening deposit is $100.00
See rate sheet and account disclosure for details
Rate Information – See rate sheet.
Compounding frequency - Unless otherwise paid, interest will be compounded monthly.
Crediting frequency - Interest will be credited to your account monthly, quarterly, semiannually, annually, at maturity, or as agreed upon. Alternatively, you may choose to have interest paid to you by check or to another account rather than credited to this account.
Minimum balance to open the account - You must deposit $100.00 to open this account.
Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum balance of $100.00 in the account each day to obtain the disclosed annual percentage yield.
Daily balance computation method - 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.
Accrual of interest on noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks).
You may make unlimited deposits into your account, subject to IRS limitations.
You may not make withdrawals of principal from your account before maturity.
You can only withdraw interest credited in the term before maturity of that term without penalty. You can withdraw interest any time during the term of crediting after it is credited to your account.
Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity) -
The fee we may impose will equal one month’s interest on the amount withdrawn subject to penalty.
In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. Other exceptions may also apply, for example, if this is part of an IRA or other tax-deferred savings plan.
Withdrawal of interest prior to maturity - The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.
Automatically renewable time account - This account will automatically renew at maturity. You may prevent renewal if you withdraw the funds in the account at maturity (or within the grace period mentioned below, if any) or we receive written notice from you within the grace period mentioned below, if any.
If you prevent renewal, interest will not accrue after final maturity.
Each renewal term will be the same as the original term, beginning on the maturity date. The interest rate will be the same we offer on new time deposits on the maturity date which have the same term, minimum balance (if any) and other features as the original time deposit.
You will have ten calendar days after maturity to withdraw the funds without a penalty.
Notice of negative information
Federal law requires us to provide the following notice to customers before any ''negative information" may be furnished to a nationwide consumer reporting agency. "Negative information" means information concerning delinquencies, late payments, insolvency, or any form of default.
This notice does not mean that we will be reporting such information about you, only that we may report such information about customers that have not done what they are required to do under our agreement.
After providing this notice, additional negative information may be submitted without providing another notice.
We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit report.