If we consent to an early withdrawal of principal (and we are not required to do so), the following penalty will be charged to your account.
For 1 to 3 month time deposits, the penalty equals 1 month of interest on the amount withdrawn.
For 4 to 12 month time deposits, the penalty equals 3 months of interest on the amount withdrawn.
For 13 to 24 month time deposits, the penalty equals 6 months of interest on the amount withdrawn.
For 25 month or over, the penalty equals 9 months of interest on the amount withdrawn.
If there is enough accrued interest to cover the penalty, we deduct the penalty from it. If not, we deduct the remainder of the penalty from the principal.
If the account is a variable rate account, we will calculate the penalty using the interest rate being applied at the time of the withdrawal.
If the account is an Individual Retirement Account, the early withdrawal penalty will be in addition to any penalty imposed under the Individual Retirement Account (IRA) disclosure statement.
The minimum early withdrawal penalty is seven days’ simple interest on any amount withdrawn
within the first six days after the account is opened,
within six days after a previous early withdrawal.