Common use of Exceptions to Early Withdrawal Penalties Clause in Contracts

Exceptions to Early Withdrawal Penalties. At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances:  When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.  Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after the establishment; or where the account is a Xxxxx Plan (Xxxxx) provided that the depositor forfeits an amount of at least equal to the simple dividends earned in the amount withdrawn; or where the account is an IRA or Xxxxx and the owner attains age 59 ½ or becomes disabled.  After the close of the dividend period in which the owner’s membership was terminated in accordance with the Bylaws of the Credit Union.  Withdrawal as a result of liquidation of the Credit Union.

Exceptions to Early Withdrawal Penalties. At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances:  ❖ When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.  ❖ Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after the establishment; or where the account is a Xxxxx Plan (Xxxxx) provided that the depositor forfeits an amount of at least equal to the simple dividends earned in the amount withdrawn; or where the account is an IRA or Xxxxx and the owner attains age 59 ½ or becomes disabled.  ❖ After the close of the dividend period in which the owner’s membership was terminated in accordance with the Bylaws of the Credit Union.  ❖ Withdrawal as a result of liquidation of the Credit Union.

Exceptions to Early Withdrawal Penalties. At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances:  When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.  Where the account is an Individual Retirement Account (IRAXXX) and any portion is paid within seven (7) days after the establishment; or where the account is a Xxxxx Plan (Xxxxx) provided that the depositor forfeits an amount of at least equal to the simple dividends earned in the amount withdrawn; or where the account is an IRA XXX or Xxxxx and the owner attains age 59 ½ or becomes disabled.  After the close of the dividend period in which the owner’s membership was terminated in accordance with the Bylaws of the Credit Union.  Withdrawal as a result of liquidation of the Credit Union.

Exceptions to Early Withdrawal Penalties. At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances:  When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.  Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after the establishment; or where the account is a Xxxxx Plan (Xxxxx) ), provided that the depositor forfeits an amount of at least equal to the simple dividends earned in the amount withdrawn; or where the account is an IRA or Xxxxx and the owner attains age 59 ½ 59½ or becomes disabled.  After the close of the dividend period in which the owner’s membership was terminated in accordance with the Bylaws of the Credit Union.  Withdrawal as a result of liquidation of the Credit Union.

Exceptions to Early Withdrawal Penalties. At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances:  When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.  Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after the establishment; or where the account is a Xxxxx Plan (Xxxxx) provided that the depositor forfeits an amount of at least equal to the simple dividends earned in the amount withdrawn; or where the account is an IRA or Xxxxx and the owner attains age 59 ½ or becomes disabled.  After the close of the dividend period in which the owner’s membership was terminated in accordance with the Bylaws of the Credit Union.  Withdrawal as a result of liquidation of the Credit Union.

Exceptions to Early Withdrawal Penalties. At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances:  ❖ When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.  ❖ Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after the establishment; or where the account is a Xxxxx Plan (Xxxxx) provided that the depositor forfeits an amount of at least equal to the simple dividends earned in the amount withdrawn; or where the account is an IRA or Xxxxx and the owner attains age 59 ½ or becomes disabled.  After the close of the dividend period in which the owner’s membership was terminated in accordance with the Bylaws of the Credit Union.  Withdrawal as a result of liquidation of the Credit Union.