You will be paid this rate until the maturity date of your account. The annual percentage yield assumes interest remains on deposit until maturity. A withdrawal will reduce earnings. Interest on your account will be compounded quarterly and credited to your account on the last day of each quarter.
Interest begins to accrue on the business day you deposit any non cash items (for example, checks).
Minimum Balance Requirements
You must deposit $ 100 to open this account. You must maintain a minimum balance of $100 in your account every day of the month to obtain the “APY” listed above. You may make additional deposits into this account, but each deposit must be at least of $100.00, up to the maximum amount allowed by law and subject that no changes occur in the interest rate paid by the Bank on this type of deposits. If a change in interests rates occur, you can not make additional deposits into this account.
Balance Computation Method
We use the daily balance method to calculate the interest in your account. This method applies a daily periodic rate to the principal in the account each day.
Early Withdrawal Penalty
If you withdraw any amount from your account before the maturity date, the following penalty will be imposed:
- If the term is one (1) year, a penalty of ninety (90) days of interest will be imposed on the balance of your account.
- If the term is over one (1) year, a penalty of one hundred eighty (180) days of interest will be imposed on the balance of your account.
If the amount of interest to be penalized exceeds the accrued interest, then it will be deducted from the principal.
In addition to the Bank’s penalty, an additional penalty of 10% will be imposed paid to the order of " PR Treasury Department".
Renewal Policy
This account will be automatically renewed at maturity, at the same time period, and at the current interest rate at the time of the renewal. You have a grace period of ten (10) calendar days after the maturity date to withdraw the funds without being charged a penalty.
This information is correct as of 12/31/2008. To obtain current information on fees, rates, and account terms, you may contact us 751-7340.
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