Truth-In-Savings Disclosure - 14 Month CD Promotion
Compounding and crediting of interest – Interest begins to accrue on the day you open or renew a CD; provided that the renewal is made during the applicable grace period, in which case interest on the renewed CD begins to accrue as of the maturity date. If an additional deposit of cash, check or any other noncash item is being made to the CD at maturity or within the grace period, this deposit will begin to accrue interest as of the date of that additional deposit. On all Fixed Rate and Instant Access CDs, interest will be compounded daily and credited monthly, with the final interest credited when your CD matures.
Withdrawal of interest prior to maturity – Interest on Fixed Rate CDS may be credited to another American Bank account monthly, quarterly, semi-annually, or annually and will be determined upon the term of the CD. Interest on Instant Access CDs may be credited to another American Bank account monthly. The annual percentage yield assumes interest will remain on deposit, in the CD, until maturity. A withdrawal will reduce earnings.
Minimum balance to open the accounts – The minimum balance to open this account is $500.00 ($250.00 for IRAs) in new money. New money is money that is not currently on deposit at American Bank; funds transferred from an existing American Bank account are not eligible.
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 plus accrued interest remaining in the account each day.
Accrual of interest on noncash deposits – Interest begins to accrue on the business day you deposit noncash items (for example, checks).
Transaction limitations – You may not make any additional deposits into your account before maturity. You may not make withdrawals of principal from your account before maturity without penalty. There is a 10-day grace period after each renewal date during which withdrawals are permitted without penalty. You may withdraw interest any time during the term after it is credited to your account without penalty. The annual percentage yield assumes interest will remain on deposit. A withdrawal will reduce earnings.
Account limitations – Trusts, Brokered Deposits, or Public Funds are not eligible to participate in this offer.
Time requirements – Your account will mature .
Early withdrawal penalties – A penalty may be imposed for withdrawal before maturity, whether such withdrawal occurs voluntarily (made by you) or involuntarily (such as by our set off against funds in the account or as a result of an attachment or other legal process). We may close your account and impose the early withdrawal penalty on the entire account balance in the event of a partial early withdrawal.
Renewal Policy – This 14-month CD is offered for the initial term only. At maturity, the CD will automatically renew for a 12 Month term at the then current non-promotional rate.
Rate information (fixed rate account) – The interest rate on your account is 3.44% with an annual percentage yield of 3.50%. You will be paid this rate until first maturity.
CERTIFICATE OF DEPOSIT - (See our Rate Sheets for more information)