Common use of Early Withdrawals Clause in Contracts

Early Withdrawals. There is a penalty for withdrawing principal from a time deposit Account prior to its maturity date: a. For deposits with a term of seven (7) calendar days up to and including thirty-one (31) calendar days, a penalty will be assessed equal to the greatest of: (1) the interest accrued to date; (2) half of the interest that would have accrued at maturity; or (3) seven (7) calendar days of accrued interest. b. For deposits with a term of thirty-two (32) days up to and including one (1) year, a penalty will be assessed in an amount equal to two (2) months of interest. c. For deposits with a term of more than one (1) year, but less than four (4) years, a penalty will be assessed in an amount equal to eight (8) months of interest. d. For deposits with a term of four (4) years or more, a penalty will be assessed in an amount equal to eleven (11) months of interest. If the penalty exceeds the amount of accrued interest at the time of withdrawal, we may deduct the difference from the principal. We will not impose a penalty if a withdrawal is made following the death or court-declared incompetence of any owner.

Early Withdrawals. There is a penalty for withdrawing principal from a time deposit Account prior to its maturity date: a. For deposits with a term of seven (7) calendar days up to and including thirty-one (31) 31 calendar days, a penalty will be assessed an amount equal to the greatest of: (1) the interest accrued to dateon the amount withdrawn from the date of deposit or most recent withdrawal; (2) half of the interest that would have accrued at maturityon the amount withdrawn for one-half of the term of your Account; or (3) an amount equal to seven (7) calendar days interest on the amount withdrawn, if within six (6) calendar days of accrued interest.opening deposit b. For deposits with a term of thirty-two (32) 32 calendar days up to and including one (1) year, a penalty will be assessed in an amount equal to two (2) months 60 calendar days of interestinterest on the amount withdrawn. c. For deposits with a term of more than one (1) year, but less than four (4) years, a penalty will be assessed in an amount equal to eight (8) months 240 calendar days of interestinterest on the amount withdrawn. d. For deposits with a term of four (4) years or more, a penalty will be assessed in an amount equal to eleven (11) months 330 calendar days of interestinterest on the amount withdrawn. If the penalty exceeds the amount of accrued interest at the time of withdrawal, we may deduct the difference from the principal. We will not impose a penalty if a withdrawal is made following the death or court-declared incompetence of any owner.