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IRA's - Individual Retirement Accounts for Branch Customers
Types of IRA's offered: Certificates of deposits with 1-Year, 2-Year and 5-Year maturities.
Minimum Deposit to open: $1,000 for all IRA accounts
Interest paid: Yes
Interest credited: Monthly, on last day of month
ATM privileges: None
Checking Privileges: None
Checks Returned: N/A
Tax Consequences of Withdrawals: Federal income tax will normally be payable on amounts withdrawn from an IRA account. Withdrawals before age 59 1/2 may also be subject to an additional penalty tax. Consult you tax adviser before withdrawing money from an IRA.
Penalty for early withdrawal: Yes; early withdrawal penalty equals the amount of interest that would be earned during the number of penalty months shown below at the CD interest rate, on the CD principal amount that is withdrawn before maturity (whether or not such interest has actually been earned).
CD Maturity Penalty Up to 1 year
3 months
Over 1 year, up to 2 years
6 months
Over 2 years, up to 3 years
12 months
Over 3 years, up to 4 years
18 months
Over 4 years, up to 5 years
24 months
Compounding Frequency: Monthly
Transaction Limits: See following table:
CDs
No withdrawals of principal or additional deposits after the account is opened.
Special Features: CDs - Renews automatically at maturity. You have a seven calendar day grace period, beginning on the day of maturity, to withdraw funds without penalty. Interest can be withdrawn at any time once it is credited.
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last updated 05/05/2008 lmm
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