Early Withdrawal Penalty. We will impose a penalty if you withdraw any of the funds in your account before the maturity date. That penalty will equal all of the dividends earned on the entire amount of the Certificate. The annual percentage yield is based on an assumption that dividends will remain in the account until maturity. A withdrawal will reduce earnings. 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.
Early Withdrawal Penalty. We may impose a penalty if you withdraw principal from your share certificate account at any time prior to maturity. If the maturity date on your share certificate account is 12 months or less, the penalty will equal the loss of 90 days of dividends. If the maturity date on your share certificate account is more than 12 months, the penalty will equal the loss of 180 days of dividends. If any funds are withdrawn within 6 days of the issue date of your share certificate account, a penalty equal to the loss of 7 days dividends will be charged. This will reduce principal. Early withdrawal penalties shall not apply for 1) accounts which are part of a pension plan which qualifies or qualified for specific tax treatment under Section 401(d) or 408 of the Internal Revenue Code and withdrawal is made to effect a lawful distribution of the funds evidenced by such account following the participant’s death or disability or upon attaining 70-1/2 years of age; or 2) in the event of death of the holder of the certificate or is made pursuant to law (a court order, for example); or 3) such withdrawal is made as a result of a voluntary or involuntary liquidation of this Credit Union.
Early Withdrawal Penalty. We may impose a penalty if you withdraw principal from your certificate account at any time prior to maturity. The penalty will equal the loss of 90 days of dividends.
Examples of Early Withdrawal Penalty in a sentence
Early Withdrawal Penalty: We may impose a penalty if you withdraw any portion of the principal before the maturity date.
Early Withdrawal Penalty — Shows interest or principal forfeited because of early withdrawal of time savings.
Early Withdrawal Penalty: In addition to closing the account, we may impose a penalty if you withdraw any portion of the principal before the maturity date.
Early withdrawal of any Certificate of Deposit will be assessed an early withdrawal penalty as stated in Early Withdrawal Penalty.
Early Withdrawal Penalty You have contracted to keep your funds on deposit for the agreed term.
More Definitions of Early Withdrawal Penalty
Early Withdrawal Penalty. An early withdrawal penalty will be imposed for withdrawals before maturity. Withdrawal of Interest Prior to Maturity: The annual percentage yield is based on the assumption that interest will remain in the account until maturity; any withdrawal of interest will reduce earnings.
Early Withdrawal Penalty means a fee charged by the Borrower to the Lender in the case of earlier termination of the Term in accordance with Section 5.3.
Early Withdrawal Penalty means a penalty for withdrawing all or part of a deposit before the maturity of the deposit;
Early Withdrawal Penalty. A penalty will be charged on principal withdrawn before the maturity date. The method for determining this penalty is described in the Disclosure provided to you at account opening. Renewal Policy: Your account will automatically renew on the stated maturity date. The renewal term and interest rate paid at time of renewal is described in the Disclosure provided to you at account opening. You will have a grace period of 10 calendar days xxxx the maturity date to withdraw the funds in the account without being charged an early withdrawal penalty.
Early Withdrawal Penalty. We will impose a penalty if you withdraw any of the deposited funds prior to the maturity date. We calculate the penalty using the same rate and computation method we disclosed on the Certificate of Deposit. The amount of the penalty depends on the current term of the Certificate, as follows: Term Interest Penalty One year or less 90 days Interest Exceed one year, up to four years 180 days Interest Four years or more 365 days Interest We will charge the full penalty regardless of the amount of time the funds actually have been on deposit. We will not impose a penalty to close or transfer the entire balance of the Certificate in the event of death or declaration of incompetency of any Account holder. 12 Personal Deposit Account Agreement & Disclosures APRIL 2020 Grace Period: During the Grace Period you may add or withdraw funds, subject to the minimum balance requirements, without interest penalty. We will pay interest on funds withdrawn during the Grace Period at the renewal term rate calculated on a simple interest basis. If you close your Account during the Grace Period, we will pay interest on the amount withdrawn calculated at the then current savings rate on a simple interest basis. You may only make changes during the Grace Period once and you must give us all instructions for changes at the same time. Once a change is made, the Certificate renews, the Grace Period expires and no additional changes are allowed. Additional Rules for IRA, SEP-IRA, ESA and Xxxxx Plans Minimum Balance: $100 if the term is 23 months or less. If the term of the certificate exceeds 23 months, the minimum balance is $1,000. Additions: If the term is 23 months or less, regular annual contributions are allowed during the term. Transfers within the plan, trustee transfers, and rollover contributions are allowed only during the Grace Period.
Early Withdrawal Penalty is an amount charged when a withdrawal, transfer or surrender is made from the Fixed Account at any time other than on the Renewal Date.
Early Withdrawal Penalty. We many impose a penalty if you withdraw funds from your account before the maturity date. Amount of Penalty. Certificates of all terms are subject to an early withdrawn penalty of 180 days of dividends, whether earned or not. If dividends have already been paid, the penalty will be deducted from the principle. Unearned dividends will be deducted from principle as a result of early withdrawal penalty. How the Penalty Works. The penalty is calculated as a forfeiture of part of the dividends that have been or would be earned on the account. It applies whether or not the dividends have been earned. In other words, if the account has not yet earned enough dividends or if the dividends have already been paid, the penalty will be deducted from the principal. Exception to Early Withdrawal Penalties. At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances,