This disclosure contains the rules which govern our deposit account. Unless it would be inconsistent to do so, words and phrases used in this disclosure should be construed so that the singular includes the plural and the plural includes the singular.
Compounding and Crediting
Interest will be compounded monthly. You have the choice of having your interest credited to the account monthly or having the interest paid monthly to your Legacy checking account. The annual percentage yield assumes interest remains on deposit until maturity. A withdrawal will reduce earnings. If you choose to have interest paid at maturity, it will not be compounded and earnings will be reduced.
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.
Principal: You may make withdrawals of Principal from your account before maturity only if we agree at the time you request the withdrawal. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty.
Interest: You can withdraw interest credited in the term before maturity of that term without penalty. Interest can be withdrawn anytime after it is credited to your account.
Interest will be paid by direct deposit to the account of your choice. If you choose to receive an interest check, a $5.00 fee per check will be assessed.
Early Withdrawal Penalty: A penalty may be imposed for withdrawals before maturity. The penalty will be an amount equal to:
This account will automatically renew at maturity. You will have ten (10) days after the maturity date to withdraw funds without penalty.
The account will not renew if you withdraw the funds on the maturity date or if we receive written notice from you, on or before the maturity date, of your intention not to renew.