IRA

TRUTH IN SAVINGS DISCLOSURE
Traditional & Roth Individual Retirement Accounts

  • The interest rate on your account will be paid until the anniversary date of the account.
  • 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 quarterly.  If you close your account prior to the maturity you will not receive the accrued but un-credited interest.
  • The annual percentage yield assumes interest will remain on deposit until maturity.  If you close your account or make a withdrawal prior to maturity, a three month penalty may be applied.  A withdrawal will reduce earning.
  • This account will automatically renew at maturity.  You will have ten (10) calendar days after the maturity date to withdraw the funds without being charged a 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.
  • Additional deposits made to your IRA prior to your maturity date will earn the same interest rate and annual percentage yield in effect on the date of that deposit until the anniversary date. On the anniversary date the entire balance in your IRA will renew at the interest rate and annual percentage yield in effect on the anniversary date.
  • Your interest rate and annual percentage yield may change.  At our discretion, we may change the interest rate on deposits made prior to maturity.

 

 
 
Last updated on May 22, 2013

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