Common use of Automatically Renewable Account Clause in Contracts

Automatically Renewable 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 as stated on the Certificate, if any) or we receive written notice from you within the grace period as stated on Certificate, if any. We can prevent renewal if we mail notice to you at least 30 calendar days before maturity. If either you or we prevent renewal, your deposit will be placed in a dividend-bearing IRA Share Account. Each renewal term will be the same as the original term, beginning on the maturity date. The dividend rate for the renewal term will be the same we offer on new IRA Share Certificate Accounts on the maturity date which have the same term, minimum balance (if any) and other features as the original IRA Share Certificate Account. You will have a grace period of seven calendar days after maturity to withdraw the funds without being charged an early withdrawal penalty. Certain federal and state penalties apply to amounts withdrawn from Individual Retirement Accounts. These are set forth in applicable federal and state law and regulations which are incorporated by this reference.