Common use of Certificate of Deposit Clause in Contracts

Certificate of Deposit. A certificate of deposit account is not payable, in whole or in part, before maturity date and no interest accrues after date of maturity. There are additional terms and conditions that apply to certificates of deposit accounts and to other segregated interest bearing accounts which are set forth in Bank disclosure documents and/or in certificate of deposit receipts. To the extent that any conflict exists between the additional terms set forth in Bank’s disclosures and/or receipts and this Agreement, the terms of this Agreement (together with its Addendums and Amendments) will control. A certificate of deposit is a segregated account and is represented only by bookkeeping entry on Bank’s records, but distinguished from other types of deposits by a single global account number. A single Deposit Account Agreement (booklet)/Depositor’s Agreement (signature card), together with a single global account number, may control all certificate of deposit accounts of the same Depositor(s) and no additional agreements will be required to establish such additional certificate of deposit accounts. Any certificate of deposit that is automatically renewable will receive the then prevailing rate of interest paid by Bank on certificates of deposit of similar amounts and term for an additional term equal to or substantially similar to the previous term of the certificate of deposit, unless otherwise agreed in writing by the Bank and Depositor, notwithstanding anything contained herein or in Bank’s disclosures and/or certificate of deposit receipt to the contrary.