Certificate of Deposit

  • The interest rate for your account will be paid until the maturity date of your certificate.
  • The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.
  • This account will automatically renew at maturity. You will have ten (10) calendar days after the maturity date to withdraw funds without being charged a penalty.
  • Interest begins to accrue on the business day you deposit non cash items (for example, checks)
  • Interest will be compounded and credited to your account according to the terms of your certificate. You may receive interest by check or deposit to a checking or savings account if requested when opening the account.
  • If you close your account before interest is credited, you will not receive the accrued interest.
  • After the account is opened, you may not make deposits into the account and you cannot make withdrawals other than accrued interest once it has been credited to the account.
  • We may impose a penalty if you withdraw any or all of the deposited funds before the maturity date. Certificates with a 12 month or less maturity will receive a 3 month interest penalty; between 13 months and 60 months will receive a 6 month interest penalty; and a 60 month maturity date will receive a 12 month interest penalty.
  • We use the daily balance method to calculate interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Last updated on Apr 22, 2018

© 2021, Meade County Bank