What is the penalty for early withdrawals from a Term-Savings Certificate or IRA Certificate?

A penalty will be imposed for withdrawals before maturity of your certificate or IRA certificate. The penalty applies to the amount withdrawn each time you make a withdrawal.

• If your account has an original maturity of 3 months through 11 months, the penalty we may impose will equal 90 days’ dividends on the amount withdrawn subject to penalty.
• If your account has an original maturity of 12 months or greater, the penalty we may impose will equal 180 days’ dividends on the amount withdrawn subject to penalty. 
• 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. Other exceptions may also apply, for example, if this is part of an IRA or other tax-deferred savings plan.

Please refer to the Disclosure of Account Information (C-36) for additional information.