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Home : InfoCenter : Terms and Disclosures : CD Truth In Savings Disclosure

CD Truth-In-Savings Disclosure

Non-Negotiable Certificate of Deposit

Compounding frequency – Interest will be compounded every day.

Crediting frequency Interest will be credited to your account every month, quarter, six months, or year as determined at account opening.  The option of interest paid to you by check is only available if the certificate amount is $10,000.00 or more.

Minimum balance to open the account You must deposit $1,000.00 to open this account.

Minimum balance to obtain the annual percentage yield disclosed – You must maintain a minimum balance of $1,000.00 in the account each day to obtain the disclosed annual percentage yield.

Daily 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.

Accrual of interest on noncash deposits – Interest begins to accrue on the business day you deposit noncash item (for example, checks).

Transaction limitations:

  • You may not make any deposits into your account before maturity.
  • You make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal.
  • You can only withdraw interest credited in the term before maturity of that term without penalty.
  • You can withdraw interest any time during the term of crediting after it is credited to your account.
Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity) –
  • The penalty we may impose will equal interest for twenty-five percent (25%) of the term.
  • Example: six (6) month certificate, penalty equals interest for twenty five percent (25%)of six (6) months or 1.5 months.
In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. See your plan disclosure if this account is part of an IRA or other tax qualified plan.

For any time deposit which earns an interest rate that may vary from time to time during the term, the interest rate we will use to calculate this early withdrawal penalty will be the interest rate in effect at the time of the withdrawal.

Withdrawal of interest prior to maturity – The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.

Automatic renewable time account – This account will automatically renew at maturity. You may prevent renewal if you withdraw the funds in the account at maturity (or within any grace period mentioned below) or we receive written notice from you within any grace period mentioned below. We can prevent renewal if we mail notice to you at least 30 calendar days before maturity. If either you or we prevent renewal, interest will not accrue after final maturity.

Each renewal term will be the same as the original term, beginning on the maturity date. Interest will be calculated on the same basis as during the original term. The interest rate will be the same we offer on new time deposits on the maturity date which have the same term and minimum balance (if any).

You have ten calendar days after maturity to withdraw the funds without a penalty.

Negotiable Certificate of Deposit

Compounding frequency – Interest will be not be compounded.

Crediting frequency Interest will be credited to your account every month, quarter, six months, or year as determined at account opening.
 
Minimum balance to open the account You must deposit $100,000.00 to open this account.


Daily 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.

Accrual of interest on noncash deposits – Interest begins to accrue on the business day you deposit noncash item (for example, checks).

Transaction limitations:

  • You may not make any deposits into your account before maturity.
  • You may make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal.
  • You can only withdraw interest credited in the term before maturity of that term without penalty.
  • You can withdraw interest any time during the term of crediting after it is credited to your account.
Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity)
  • The penalty we may impose will equal interest for twenty-five percent (25%) of the term.
  • Example: six (6) month certificate penalty equals interest for twenty five percent (25%)of six (6) months or 1.5 months.
In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. See your plan disclosure if this account is part of an IRA or other tax qualified plan.

Withdrawal of interest prior to maturity – The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.

Non-automatically renewable time account – This account will not automatically renew at maturity. If you do not renew the account, interest will not accrue after maturity. 

18-Month IRA Variable Certificate of Deposit

Frequency of rate changes – We may change the interest rate on your account every day. Determination of rate – At our discretion, we may change the interest rate on your account. Compounding frequency – Interest will be compounded every day. Crediting frequency Interest will be credited to your account every month, quarter, six months, or year as determined at account opening. Minimum balance to open the account You must deposit $100.00 to open this account. Daily 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. 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 make unlimited deposits into your account.
  • You may make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal.
  • You cannot withdraw interest from your account before maturity.
Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity) –
  • The penalty we may impose will equal interest for twenty-five percent (25%) of the term.
  • Example: six (6) month certificate penalty equals interest for twenty five percent (25%)of six (6) months or 1.5 months.
In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. See your plan disclosure if this account is part of an IRA or other tax qualified plan. For any time deposit which earns an interest rate that may vary from time to time during the term, the interest rate we will use to calculate this early withdrawal penalty will be the interest rate in effect at the time of the withdrawal.

 Withdrawal of interest prior to maturity – The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.

Automatic renewable time account – This account will automatically renew at maturity. You may prevent renewal if you withdraw the funds in the account at maturity (or within any grace period mentioned below) or we receive written notice from you within any grace period mentioned below. We can prevent renewal if we mail notice to you at least 30 calendar days before maturity.

If either you or we prevent renewal, interest will not accrue after final maturity. Each renewal term will be the same as the original term, beginning on the maturity date. Interest will be calculated on the same basis as during the original term.

The interest rate will be the same we offer on new time deposits on the maturity date which have the same term and minimum balance (if any) and other features as the original time deposit.

You will have ten calendar days after maturity to withdraw the funds without a penalty.

If you have any questions, please call Standard Bank toll-free at 866-499-BANK (2265).

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