Early Withdrawals. Deposits may not be withdrawn prior to the original maturity date, or any renewal maturity date, except with our consent. When withdrawal of the entire account is permitted, we will pay accrued interest less any penalty. The penalty is calculated under the interest method indicated above and deducted from interest first and then principal if necessary. Both voluntary and involuntary withdrawals (such as for garnishments or setoff) are subject to early withdrawal penalties. Early withdrawals (except as in the case of the death or incompetence of any owner of this account, or the law permits, or in some cases requires, the waiver of the early withdrawal penalty) will be subject to a penalty equal to: a. For deposits with a term of 1 to 182 days, the penalty is 30 days’ interest. b. For deposits with a term of 183 days to less than 13 months, the penalty is 60 days’ interest. c. For deposits with a term of 13 months or more, the penalty is 90 days’ interest. d. Promotional rate and term deposits may be subject to different penalties that will be disclosed separately at account opening.
Appears in 5 contracts
Samples: Depositor Agreement, Deposit Account Agreement, Depositor Agreement
