RATE INFORMATION
The disclosed interest rate and annual percentage yield may change. Frequency of rate changes: We may change the interest rate on your account at any time. Determination of the interest rate on your account will be equal to the interest rate on the Spring Valley City Bank 30-month certificate of deposit plus .25%.

The annual percentage yield assumes interest will remain on deposit. A withdrawal will reduce earnings.

COMPOUNDING FREQUENCY
Interest will be compounded every day.

CREDITING FREQUENCY
Interest will be credited to your account every year on December 31.

MINIMUM BALANCE TO OPEN THE ACCOUNT
You must deposit $1,000.00 to open this account.

DAILY BALANCE COMPUTATION METHOD
We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

ACCRUAL OF INTEREST ON NON-CASH DEPOSITS
Interest begins to accrue on the business day you deposit non-cash items (for example, checks).

TRANSACTION LIMITATIONS
The minimum amount you can deposit is $50.00.

You may make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal. Once you reach age 59 ½ you can withdraw anytime without a penalty.

You cannot withdraw interest from your account before maturity.

EARLY WITHDRAWAL PENALTIES
A penalty may be imposed for withdrawals before maturity.

The fee we may impose will equal 90 days interest on the amount withdrawn subject to penalty.

There are certain circumstances, such as the death or incompetence of an owner, where we may waive or reduce this penalty. See your plan disclosure if this account is part of an IRA or other tax qualified plan.

For any time deposit, which earns an interest rate that may vary from time to time during the term, the interest rate we will use to calculate this early withdrawal penalty will be the interest rate in effect at the time of the withdrawal.

AUTOMATICALLY RENEWABLE TIME ACCOUNT
This account will automatically renew at maturity. You may prevent renewal if you withdraw the funds in the account at maturity (or within any grace period mentioned below) or we receive written notice from you within any grace period mentioned below. We can prevent renewal if we mail notice to you at least 30 calendar days before maturity. If either you or we prevent renewal, interest will not accrue after final maturity. Each renewal term will be the same as the original term, beginning on the maturity date. Interest will be calculated on the same basis as during the original term.

You will have a grace period of ten calendar days after maturity to withdraw the finds without a penalty.

>> Back