Penalty for Early Withdrawal of CDs Sample Clauses

Penalty for Early Withdrawal of CDs. If Depositor is a natural person operating as a sole proprietor or partnership, we will allow withdrawal from Depositor's CD account before maturity without penalty in the following events: (1) a court's declaration of Depositor's mental incompetence, and (2) Xxxxxxxxx's death. In all other cases, Depositor cannot withdraw all or any part of your deposit without Bank's consent. We can only give our consent at the time you ask to make a withdrawal. If we consent to a withdrawal, there is a penalty on the amount that you withdraw. For CDs with an originally scheduled term of three months or less, the penalty will be an amount equal to 30 days interest on the amount withdrawn at the rate being paid on the deposit. For CDs with an originally scheduled term of more than three months but not more than seven months, the penalty will be an amount equal to 90 days interest on the amount withdrawn at the rate being paid on the deposit. For CDs with an originally scheduled term of more seven months but less than thirteen months, the penalty will be an amount equal to 180 days interest on the amount withdrawn at the rate being paid on the deposit. For CDs with an originally scheduled term of thirteen months up to and including twenty-four months, the penalty will be an amount equal to 270 days interest on the amount being withdrawn at the rate being paid on the deposit. For CDs with an originally scheduled term greater than twenty-four months up to and including sixty months, the penalty will be an amount equal to 360 days interest on the amount being withdrawn. We may take all or part of the penalty from the original deposit, if necessary.