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Common use of Penalty for Early Withdrawal Clause in Contracts

Penalty for Early Withdrawal. We will allow withdrawal of principal from Your share certificate account before the Maturity Date without penalty in the following events: (1) the required minimum distribution from an IRA (2) a court’s declaration of Your mental incompetence, or (3) Your death. In all other cases You cannot withdraw all or any part of the deposit before the Maturity Date without our consent. We can only give our consent at the time You ask to make a withdrawal. If We consent to an early withdrawal, there may be a penalty on the amount of principal that You withdraw. Early withdrawal from and IRA Certificate is subject to IRS penalties, if applicable, in addition to the penalty structure described below. i. Certificates opened after June 4,th 2021. The penalty structure for Certificates opened after June 4, 2021, will have the following new penalty structure: • Less Than a year 🡪 90 days of dividends • Greater than a year 🡪 180 days of dividends

Appears in 4 contracts

Samples: Member Share Account Contract, Member Share Account Contract, Member Share Account Contract

Penalty for Early Withdrawal. We will allow withdrawal of principal from Your share certificate account before the Maturity Date without penalty in the following events: (1) the required minimum distribution from an IRA (2) a court’s declaration of Your mental incompetence, or (3) Your death. In all other cases You cannot withdraw all or any part of the deposit before the Maturity Date without our consent. We can only give our consent at the time You ask to make a withdrawal. If We consent to an early withdrawal, there may be a penalty on the amount of principal that You withdraw. Early withdrawal from and IRA Certificate is subject to IRS penalties, if applicable, in addition to the penalty structure described below. i. Certificates opened after June 4,th 4th, 2021. The penalty structure for Certificates opened after June 4, 2021, will have the following new penalty structure: • Less Than than a year 🡪 90 days of dividends • Greater than a year 🡪 180 days of dividends

Appears in 1 contract

Samples: Member Share Account Contract

Penalty for Early Withdrawal. We will allow withdrawal of principal from Your share certificate account before the Maturity Date without penalty in the following events: (1) the required minimum distribution from an IRA (2) a court’s declaration of Your mental incompetence, or (3) Your death. In all other cases You cannot withdraw all or any part of the deposit before the Maturity Date without our consent. We can only give our consent at the time You ask to make a withdrawal. If We consent to an early withdrawal, there may be a penalty on the amount of principal that You withdraw. Early withdrawal from and IRA Certificate is subject to IRS penalties, if applicable, in addition to the penalty structure described below. i. Certificates opened after June 4,th 2021. The penalty structure for Certificates opened after June 4, 2021, will have the following new penalty structure: • Less Than a year 🡪 90 days of dividends • Greater than a year� 180 days of dividends

Appears in 1 contract

Samples: Member Share Account Contract