Truth in Savings Disclosure
This disclosure contains the rules which govern your deposit account. Unless it would be inconsistent to do so, words and phrases used in this disclosure should be construed so that the singular includes the plural, and the plural includes the singular.
CERTIFICATES OF DEPOSIT
Automatically Renewable Account: Your account will automatically renew. Each renewal term will be the same as the original term, beginning on the maturity date. Unless we tell you in writing, the interest rate will be the same we offer on new certificate of deposit accounts on the maturity date which have the same term, minimum balance (if any) and other features as the renewed certificate of deposit. You will have a grace period of 10 calendar days after maturity to withdraw funds without being charged an early withdrawal penalty.
Compounding and crediting frequency: Interest will be compounded monthly and credited to your account monthly.
Rate Information: You will be paid this rate until first maturity.
Product Name: 6-Month CD Special
The interest rate for this account is 2.485% with an annual percentage yield of 2.50%.
Maturity Date: [Insert code for 6-months from current date]
Product Name: 1 Year CD
The interest rate for this account is 0.05% with an annual percentage yield of 0.05%.
Maturity Date: [Insert code for 1 year from current date]
Product Name: 2 Year CD
The interest rate for this account is 0.10% with an annual percentage yield of 0.10%.
Maturity Date: [Insert code for 2 years from current date]
Product Name: 3 Year CD
The interest rate for this account is 0.15% with an annual percentage yield of 0.15%.
Maturity Date: [Insert code for 3 years from current date]
Product Name: 4 Year CD
The interest rate for this account is 0.20% with an annual percentage yield of 0.20%.
Maturity Date: [Insert code for 4 years from current date]
Early Withdrawal Penalties (A penalty will be imposed for withdrawals before maturity): The penalty will equal three months interest on the amount withdrawn subject to penalty. In certain circumstances, such as the death or incompetence of an account owner, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. Other exceptions may also apply, for example, if this is part of an IRA or other tax-deferred savings plan. You may prevent renewal if you withdraw the funds in the account at maturity (or within the grace period, if any) or we receive written or telephone notice from you before maturity of your intention not to renew.
Withdrawal of Interest Prior to Maturity: The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.
Final Maturity: If your account is not renewed, the funds in the account will be paid directly to you.
Daily Balance Computation Method: The interest is calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.
Accrual of Interest on Non-Cash Deposits: The interest will begin to accrue on the first business day after the banking day you deposit noncash items (for example, checks) into your account.
Minimum Balance to Open: The Minimum balance required to open this account is $1,000.00.
Minimum Balance to Obtain the Disclosed Annual Percentage Yield: You must maintain a minimum daily balance of $500.00 in your account each day to obtain the disclosed annual percentage yield.
Deposit Limitations: At Maturity
Effect on Maturity: The maturity date for this account will remain the same after additional deposits.
Withdrawal Limitations: You may make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty.
MONEY MARKET
Interest Rate: The interest rate and annual percentage yield stated below are accurate as of the date printed. If you would like more current rate and yield information, please call us at 888.426.2253. At our discretion, we may change the interest rate(s) and annual percentage yield at any time.
Frequency of Rate Changes: At our discretion we may change the interest rate on your account at any time after account opening.
Compounding and Crediting Frequency: Interest will be compounded monthly. Interest will be credited to your account every month.
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 Non-Cash Deposits: Interest begins to accrue no later than the first business day we receive credit for the deposit of the non-cash items (for example, checks).
Withdrawal Limitations: $25,000 per day when the transaction is originated with ableBanking.
MONEY MARKET PRODUCTS
Money Market Savings
Interest Earning Product
Type of Product: Personal
Minimum Balance to Open This Account: You must deposit $250.00 to open this account.
Minimum Balance to Obtain the Disclosed Annual Percentage Yield. You must maintain a minimum daily balance of $0.01 in your account each day to obtain the disclosed annual percentage yield.
The Interest Rate for your account is 0.100% with an annual percentage yield of 0.10%. Your interest rate and annual percentage yield may change.
Complaint Resolution Procedure
If you have a dispute with your Financial Institution regarding your account, contact the Financial Institution and attempt to resolve the problem directly. If the Financial Institution fails to resolve the problem, communicate the problem and the resolution you are seeking to:
Maine Bureau of Financial Institutions
36 State House Station
Augusta, ME 04333-0036
To file a complaint electronically, you may contact the Maine Bureau of Financial Institutions at the following Internet address: http://www.maine.gov/pfr/financialinstitutions/complaint.htm
When your complaint involves a federal-chartered Financial Institution, the Maine Bureau of Financial Institutions will refer it to the appropriate federal supervisory agency.