Certificates of Deposit
Minimum balance to open is $2500.00. Interest is paid by adding to the balance semi-annually, but may be withdrawn by check or by transfer to another account monthly, quarterly or semi-annually.
Penalties apply if funds are withdrawn prior to maturity. On terms of less than one year the penalty is three month's loss of interest; one year or longer the penalty is six month's loss of interest. There is no penalty in case of death or mental incompetence.
Certificates of Deposit are opened in the Customer Service Department.
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