Common use of Early Withdrawal Provisions Clause in Contracts

Early Withdrawal Provisions. We may impose a penalty if you withdraw any of the funds from your Share Certificate account before the maturity date. How the Penalty Works. The penalty is calculated as a forfeiture of part of the dividends that have been or would be earned at the nominal dividend rate on the account. It applies whether or not the dividend has been earned. In other words, if the account has not yet earned enough dividends or if the dividends have already been paid, the penalty will be deducted from the principal.

Early Withdrawal Provisions. We may impose a penalty if you withdraw any of the funds from your Share Certificate account before the maturity date. How the Penalty Works. The penalty is calculated as a forfeiture of part or all of the dividends that have been or would be earned at the nominal dividend rate on the account. It applies whether or not the dividend has been earned. In other words, if the account has not yet earned enough dividends or if the dividends have already been paid, the penalty will be deducted from the principal.