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Certificate of Deposit Disclosure

Details about the Certificate of Deposit: Our Certificate of Deposit are opened for a specific amount of time at a fixed rate of interest. When you open a Certificate of Deposit, you agree to keep your funds on deposit for a stated amount of time.

Initial Deposit Requirement: There is a deposit requirement $1,000.00 minimum deposit required to open or maintain a Certificate of Deposit account.

Fixed Rate Annual Percentage Yields (APY): Effective as of 05/18/2024.

See our current rates.

Rate Information and Interest: You will be paid the disclosed rate until first maturity.

Compounding and crediting:  Interest will be compounded every month. Interest will be credited to your account every month.

Withdrawals:  You may make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty.

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.

Payments of Interest:  You will be paid the disclosed rate until first maturity.

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).

Deposits: You may not make any deposit into your account before maturity.

Early Withdrawal Penalty:   If you redeem a Certificate of Deposit (CD) prior to maturity, you will incur an early withdrawal penalty.

  • 1 year and less – the fee we may impose will equal 30 days interest on the amount withdrawn subject to penalty.
  • Greater than 1 year– the fee we may impose will equal 90 days interest on the amount withdrawn subject to penalty.

Renewal Policy: Accounts will automatically renew at maturity. You may prevent renewal if we receive written notice from you before maturity of your intention not to renew or you withdraw the funds in the account at maturity (or 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.

Grace Period:  You will have 10 calendar days after maturity to withdrawal the funds without penalty.

Effect of  closing an account:  If you close your account before interest is credited, you will receive the accrued interest.