Callable CD Accounts Clause Samples

Callable CD Accounts. Additional terms apply to Callable CD Accounts. A minimum of $10,000 is required to open the account. Callable CD Accounts pay a premium rate of interest in return for our right to “call” the CD account at any time after one year from the date of deposit. If the account were not called, the initial interest rate and APY apply for the thirty-six (36) month term. If the account were called, you would choose from the following three options: • Funds may be reinvested in any other Wachovia deposit account at the current interest rate and APY in effect at the time. • Funds may remain in the CD for the remainder of the term and earn no less than the minimum interest rate and APY disclosed at account opening. • Funds may be withdrawn without penalty. If the CD were called, a notice indicating the call date would be mailed to you. You have ten (10) calendar days from the call date to reinvest or withdraw the funds without penalty. If no action were taken, the funds would remain in the account for the remainder of the term, earning interest at a rate that is no less than the minimum rate disclosed at the time the account was opened. At its maturity the Callable CD automatically renews as a standard thirty-six (36) month CD.