Limitations
Limitations on Money Market and Savings Accounts: Unlimited withdrawals may be made directly, in person, at ATMs and through the mail. Federal regulation limits the number of preauthorized transfers, automatic transfers, including ACH transactions and transfers using E-Revere Online Banking to six per calendar month. Only three of the total number of six transfers may be by check, draft, debit card or point of sale transaction to third parties. Excess transactions will result in a Regulation D Violation Fee. (See Special Services listing for more information.)
Early Redemption Penalties for Certificates of Deposit: The Bank may impose a penalty if you redeem your CD prior to its maturity. The penalties are three months' interest for CDs with terms of one year or less or six months' interest for CDs with terms of more than one year. In some situations, early redemption of a CD may result in a loss of principal. Early redemption of IRA CDs may require an interest penalty plus a 10% tax penalty imposed by the Internal Revenue Service.