Common use of Early Withdrawals Clause in Contracts

Early Withdrawals. Your CD has a maturity date. Any withdrawals before the maturity date require FSB’s consent. Unless otherwise noted in the Account Schedule, there is a penalty for withdrawing funds from your CD before the maturity date. Early withdrawal penalties are shown in the Service Fee Schedule. FSB, in its sole discretion, may waive an early withdrawal penalty as permitted by law. If FSB consents to an early withdrawal, FSB will withdraw interest before principal. If your account has not earned enough interest to cover the early withdrawal penalty, FSB will deduct any interest first and take the remainder of the penalty from your principal. If the withdrawal, including the penalty, will reduce the account below the required minimum balance, FSB may treat the request as a request to close the account and the penalty will be calculated based on the full account balance. For fixed rate and adjustable rate CDs, FSB will use the interest rate in effect to calculate the amount of the penalty. For variable rate CDs, FSB will use a weighted average of the interest rates paid on the account during the current CD term. FSB adds the amount of any cash bonuses paid to you when you opened or reinvested the account to the early withdrawal penalty.

Early Withdrawals. Your CD has a maturity date. Any withdrawals before the maturity date require FSB’s consent. Unless otherwise noted in the Account Schedule, there is a penalty for withdrawing funds from your CD before the maturity date. Early withdrawal penalties are shown in the Service Fee Schedule. FSB, in its sole discretion, may waive an early withdrawal penalty as permitted by law. If FSB consents to an early withdrawal, FSB will withdraw interest before principal. If your account has not earned enough interest to cover the early withdrawal penalty, FSB will deduct any interest first first and take the remainder of the penalty from your principal. If the withdrawal, including the penalty, will reduce the account below the required minimum balance, FSB may treat the request as a request to close the account and the penalty will be calculated based on the full account balance. For fixed fixed rate and adjustable rate CDs, FSB will use the interest rate in effect to calculate the amount of the penalty. For variable rate CDs, FSB will use a weighted average of the interest rates paid on the account during the current CD term. FSB adds the amount of any cash bonuses paid to you when you opened or reinvested the account to the early withdrawal penalty.