 |
| Term of the Certificate |
24 months |
| Minimum Investment |
$1,000 |
| Add to Feature |
The "add to" feature will allow the customer to add to the certificate in increments of $500 (500,1,000, 1,500, etc.) but the total of the CD will not be allowed to exceed $100,000. At the time the customer wants to "add to" the CD, a deposit ticket will be completed. The customer must keep the deposit receipt with their CD. Additional documentation will not be provided. When the account is closed the balance on the account will be verified. |
| Floor Rate |
The floor rate refers to the rate given at the time the CD is opened and will be guaranteed until maturity date. |
| Rate Change |
The customer will be allowed to change the rate one time during the term of the CD to the published rate established by the bank for the current 24 month period. The rate change will be for the remaining term of the CD. |
| Renewal |
The CD will have an automatic renewal feature that will renew the CD at the regular 24 month CD rate established by the bank. |
| Penalties |
Withdrawals will be subject to the standard penalty if funds are taken out during the term of the CD. |
| FDIC Insurance |
FDIC Insurance coverage to $100,000. |
| CD |
Certificates of Deposit |
