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HomeMy Public PortalAbout20160210105738498Date Opened: Tax 09/25/15 Term: 24 Month(s) ID: 82-6000223 Number: 2808 Certificate of 1 eposit Dollar Amount of Deposit Two hundred forty thousand & no/100 This Time Deposit is Issued to: City of McCall, McCall Public Library 216 E Park Street McCall ID 83638 Not Negotiable - Not Transferable - Additional terms are below. Issuer: • • Account Number: 2808 IDAHO FIRST BANK MAIN OFFICE P O Box 2950 MCCALL, ID 83638 By $ 240,000.00 Additional Terms and Disclosures This form contains the terms for your time deposit. It is also the Truth -in -Savings disclosure for those depositors entitled to one. There are additional terms and disclosures on page two of this form, some of which explain or expand on those below. You should keep one copy of this form Maturity Date: This account matures 0 9 / 2 5 / 17 (See below for renewal information.) Rate Information: The interest rate for this account is 1. 05 with an annual percentage yield of 1. 05 %, This rate will be paid until the maturity date specified above. Interest begins to accrue on the business day you deposit any noncash item (for example, a check). Interest will be compounded quarterly Interest will be credited quarterly added back to the certificate The annual percentage yield assumes that interest remains on deposit until maturity. A withdrawal of interest will reduce earnings. If you close your account before interest is credited, you will not receive the accrued interest. The NUMBER OF ENDORSEMENTS needed for withdrawal or any other purpose is: 1 Ix Minimum Balance Requirement: You must make a minimum deposit to open this account of $ ❑ You must maintain this minimum balance on a daily basis to earn the annual percentage yield disclosed. 500.00 • Withdrawals of Interest: Interest ■ accrued ❑ credited during a term can be withdrawn: Early Withdrawal Penalty: If we consent to a request for a withdrawal that is otherwise not permitted you may have to pay a penalty. The penalty will be an amount equal to: Six Months Renewal Policy. ❑ Single Maturity If checked, this account will not automatically renew. Interest ❑ will ❑ will not accrue after maturity. Automatic Renewal: If checked, this account will automatically renew on the maturity date. (see page two for terms,) Interest ❑ will n will not accrue after final maturity. interest on the amount withdrawn. ACCOUNT OWNERSHIP: You have requested and intend the type of account marked below. n Individual (and not as tenants Joint Account - With Survivorship munin comtymonproperty) or com- Joint Account - No Survivorship (as tenants in common) n Community Property Account - No Survivorship ❑ Trust Separate Agreement Dated Vi Public Funds ■ n Revocable Trust or ❑ Pay on Death Designation as defined m this agreement (Beneficiaries' names and addresses) BACKUP WITHHOLDING CERTIFICATIONS TIN: 82-6000223 Taxpayer I.D Number - The Taxpayer Identification Number shown above (TIN) is my correct taxpayer identification number Backup Withholding - I am not subject to backup withholding either because I have not been notified that I am subject to backup withholding as a result of a failure to report all mterest or dividends, or the Internal Revenue Service has notified me that I am no longer subject to backup withholding. n Exempt Recipients - I am an exempt recipient under the Internal Revenue Service Regulations. A provision for my signature, certifying under penalty of perjury the statements checked in this section and that I am a U.S. person (including a U S. resident alien), is contained on the first copy of this certificate. ENDORSEMENTS - SIGN ONLY WHEN YOU REQUEST WITHDRAWAL X X Pef ®8 1993 Bankers Systems, Inc., St. Cloud, MN Form CD-AA-LAZ-ID (1) 6/10/2005 X READ PAGE TWO FOR ADDITIONAL TERMS (page 1 of 2) DEFINITIONS: "We," "our," and "us" mean the issuer of this account and "you" and "your" mean the depositor(s) "Account" means the original certificate of deposit as well as the deposit it evidences. "Party" means a person who, by the terms of the account, has a present right, subject to request, to payment from a multiple -party account. TRANSFER: "Transfer" means any change in ownership, withdrawal rights, or survivorship rights, including (but not limited to) any pledge or assignment of this account as collateral. You cannot transfer this account without our written consent. PRIMARY AGREEMENT: You agree to keep your funds with us in this account until the maturity date. (An automatically renewable account matures at regular intervals.) You may not transfer this account without first obtaining our written consent. You must present this certificate when you request a withdrawal or a transfer. This account is void if the deposit is made by any method requiring collection (such as a check) and the deposit is not immediately collected in full. If the deposit is made or payable in a foreign currency, the amount of the deposit will be adjusted to reflect final exchange into U.S. dollars. We may change any term of this agreement: Rules governing changes in interest rates have been provided. For other changes we will give you reasonable notice in writing or by any other method permitted by law If any notice is necessary, you all agree that the notice will be sufficient if we mail it to the address listed on page one of this form. You must notify us of any change. WITHDRAWALS AND TRANSFERS: Only those of you who sign the permanent signature card may withdraw funds from this account. (In appropriate cases, a court appointed representative, a beneficiary of a trust or pay -on -death account whose right of withdrawal has matured, or a newly appointed and authorized representative of a legal entity may also withdraw from this account.) The specific number of you who must agree to any withdrawal is written on page one in the section bearing the title NUMBER OF ENDORSEMENTS. This means, for example, that if two of you sign the signature card but only one endorsement is necessary for withdrawal then either of you may request withdrawal of the entire account at any tune. Unless otherwise specified in writing only one endorsement is required to withdraw funds from this account. These same rules apply to define the names and the number of you who can request our consent to a transfer. PLEDGES: Any pledge of this account (to which we have agreed), must first be satisfied before the rights of any joint account survivor, pay -on -death beneficiary or trust account beneficiary become effective. For example, if one joint tenant pledges the account for payment of a debt and then dies, the surviving joint tenant's rights in this account are subject first to the payment of the debt. OWNERSHIP OF ACCOUNT AND BENEFICIARY DESIGNATION: You intend these rules to apply to this account depending on the form of ownership and beneficiary designation, if any specified on page 1. We make no representations as to the appropriateness or effect of the ownership and beneficiary designations, except as they determine to whom we pay the account funds. Individual Account - Such an account is owned by one person. Joint Account - With Survivorship (And Not As Tenants In Common or Community Properly) - is an account m the name of two or more persons. Each of you intend that when you die the balance in the account (subject to any previous pledge to which we have agreed) will belong to the survivor(s). If two or more of you survive you will own the balance in the account as joint tenants with survivorship and not as tenants in common. If the account is issued to a husband and wife, they intend that any community property in the account be transmuted (changed) into separate property and that all property in the account, including earnings, be held jointly with the right of survivorship. Upon the death of either spouse the property will vest in and belong to the surviving spouse. Joint Account - No Survivorship (As Tenants In Common) - Such an account is owned by two or more persons but none of you intend (merely by opening this account) to create any right of survivorship in any other person. We encourage you to agree and tell us in writing of the percentage of the deposit contributed by each of you. This information will not, however, affect the "number of endorsements" necessary for withdrawal. Community Property Account - No Survivorship - Such an account is issued to a husband and wife who intend that all of the property in the account including earnings, be held as community property without right of survivorship. Revocable Trust and Pay -on -Death Account (subject to this agreement) - If two or more of you create such an account, you own the . account jointly with survivorship. Beneficiaries acquire the right to withdraw only if: (1) all persons creating the account die, and (2) the beneficiary is then living. If two or more beneficiaries are named and survive the death of all persons creating the account, such beneficiaries will own this account in equal shares, without right of survivorship Any such beneficiary may withdraw all or any part of the account balance. The person(s) creating either of these account types reserves the right to: (1) change beneficiaries; (2) change account types; and (3) withdraw all or part of the deposit at any time. Trust Account Subject to Separate Agreement - We will abide by the terms of any separate agreement which clearly pertains to this account and which you file with us Any additional consistent terms stated on this form will also apply. SET-OFF: You each agree that we may (without prior notice and when permitted by law) set off the funds in this account against any due and payable debt owed to us now or in the future, by any of you having the right of withdrawal. The amount subject to set-off is that proportion to which you are of immediately prior to your death were beneficially entitled, and m the absence of proof of net contributions, to an equal share with all parties having present rights of withdrawal. If the debt arises from a note ' any due and payable debt" includes the total amount of which we are entitled to demand payment under the terms of the note at the time we set off, including any balance the due date for which we properly accelerate under the note. This right of set-off does not apply to this account if: (a) it is an Individual Retirement Account or other tax -deferred retirement account, or (b) the debt is created by a consumer credit transaction under a credit card plan, or (c) the debtor's right of withdrawal arises only in a representative capacity. You agree to hold us harmless from any claim arising as a result of our exercise of our right of set-off. BALANCE COMPUTATION METHOD: We use the daily balance method to calculate the interest on this account This method applies a daily periodic rate to the principal in the account each day. TRANSACTION LIMITATIONS: You cannot make additional deposits to this account during a term (other than credited interest). You cannot withdraw principal fiom this account without our consent except on or after maturity. (For accounts that automatically renew, there is a grace period after each renewal date during which withdrawals are permitted without 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. FOR ACCOUNTS THAT AUTOMATICALLY RENEW: Each renewal term will be 24 Months , beginning on the maturity date (unless we notify you, in writing, before a maturity date, of a different term for renewal). calendar You must notify us in writmg before, or within a 10 day grace period after, the maturity date if you do not want this account to automatically renew. Interest earned during one term that is not withdrawn during or immediately after that term is added to principal for the renewal term. The rate for each renewal term will be determined by us on or just before the renewal date. You may call us on or shortly before the maturity date and we can tell you what the interest rate will be for the next renewal term. On accounts with terms of longer than one month we will remind you in advance of the renewal and tell you when the rate will be known for the renewal period. See your plan disclosure if this account is part of an IRA or Keogh. ®® 1993 Bankers Systems, Inc., St. Cloud, MN Form CD-AA-LAZ-ID 6/10/2005 /page 2 of 2/ 98 Terms following a g apply only if checked. Acct: PUB >100 24-35M Acct #: 2808 Date: September 251 2015 Ix) The interest rate and annual percentage yield stated below are accurate as of the date printed above. If you would like more current rate and yield information please call us at (208) 634-1000 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. FIXED RATE: E The interest rate for your account is an annual percentage yield of 1.05 this rate until first maturity 1.05 % with %. We will pay LJ The interest rate and annual percentage yield for your account depend upon the applicable rate tier. We will pay these rates VARIABLE RATE: ❑ The interest rate for your account is with an annual percentage yield of %. Your interest rate and annual percentage yield may change. ❑ The interest rate and annual percentage yield for your account depend upon the applicable rate tier. The interest rate and annual percentage yield for these tiers may change. Determination of Rate: ❑ At our discretion, we may change the interest rate on your account ❑ The interest rate for your account LJ The fixed initial rate is not determined by this rule. ❑ The Initial interest rate on your account Subsequent rates Frequency of Rate Change: We may change the interest rate on your account IDAHO FIRST BANK P O Box 2950 MCCALL, ID 83638 TRUTH IN SAVINGS DISCLOSURE FOR TIME ACCOUNTS The interest rate will not be less than or more than %. ❑ The interest rate will not the interest rate initially disclosed to you. COMPOUNDING AND CREDITING: FR Frequency- Interest will be compounded quarterly Interest will be paid quarterly added back to the certificate Withdrawal of interest Before Maturity. The annual percentage yield assumes that interest remains on deposit until maturity. A withdrawal of interest will reduce earnings: ❑ Required interest Distribution. This account requires the distribution of interest and does not allow interest to remain in the account. FR Effect on Closing an Account. If you close your account before interest is credited, you will receive the accrued interest. MINIMUM BALANCE REQUIREMENTS: rm To Open the Account. You must deposit at least $ 500.00 • to open this account. To Obtain the Annual Percentage Yield Disclosed. ❑ You must maintain a minimum balance of $ 500.00 in the account each day to obtain the disclosed annual percentage yield. ❑ You must maintain a minimum average daily balance of S to obtain the disclosed annual percentage yield. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period The period we use is 365/365 BALANCE COMPUTATION METHOD: P4 Daily Balance 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. ❑ Average Daily Balance Method. We use the average daily balance method to calculate interest on your account. This method applies a periodic rate to the average daily balance in the account for the period The average daily balance is calculated by adding the principal in the account for each day of the period • and dividing that figure by the number of days in the period. The period we use is 365/365 ACCRUAL OF INTEREST ON NONCASH DEPOSITS: • L Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, • checks). ❑ Interest begins to accrue • Your initial interest rate will not change until maturity • We may change the interest rate on your account at that time and thereafter. Limitations on Rate Changes: ❑ The interest rate for your account will not by more than each Exra® 01992 Bankers Systems, Inc., St. Cloud, MN Form TSD-TIME 6/17/2005 you deposit noncash items (for example, checks). MATURITY DATE: Your account will mature on ❑ Your account will mature in 09/25/17 • LJ We may accelerate the maturity or call this account, at our option, !page 1 of 21 • n Your account has no definite maturity date. To withdraw any or part of this deposit without penalty, we must receive at least written notice from you of your intention to make a withdrawal. The notice must specify the exact amount and date of the intended withdrawal. Interest will no longer accrue after the withdrawal date specified in your notice on the amount specified in your notice. We may terminate this account by mailing a notice to you of our intention to terminate at least ten days before the termination date. The date of intended withdrawal of the last funds in the account, or the termination date, is considered to be the maturity date. TIME DEPOSIT WITHDRAWAL LIMITATIONS: n Principal: • Interest: • ❑ Interest Timing: You can withdraw interest • EARLY WITHDRAWAL PENALTY: A penalty ❑ may n will be imposed for withdrawals before maturity. The penalty will be an amount equal to: ❑ Seven days' interest on the amount withdrawn if the withdrawal is made within the first six days after the deposit. ❑ 180 days' interest on the amount withdrawn ❑ 90 days' interest on the amount withdrawn ❑ 30 days' interest on the amount withdrawn xn 6 mos interest on amt withdrawn ❑ The interest rate we will use to calculate the interest forfeiture will be: • We will charge the penalty first against any interest then in the account, and any excess will be deducted from the amount you withdraw. ❑ If you withdraw some of your funds before maturity, the interest rate for the remaining funds in your account will be % with an annual percentage yield of ❑ Minimum Balance Accounts, We reserve the right to treat any withdrawal which would reduce the balance remaining in the account below the required minimum in'tial deposit or minimum balance as a withdrawal of the entire account balance and calculate the amount of the penalty accordingly. 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. ADDITIONS TO ACCOUNT: ❑ You may make no more than deposits into your account each _ ❑ You may only make deposits into your account U You may make unlimited deposits into your account. You may not make any deposits into your account until maturity. ❑ The minimum amount you can deposit is $ ❑ The maximum amount you can deposit is $ • • RENEWAL POLICY: ❑ Single Maturity: This account will not renew automatically at maturity. If you do not renew the account, • • Automatic Renewal: This account will automatically renew at maturity. x You will have 10 days after the maturity date to withdraw funds without penalty. Exceptions to Automatic Renewal: This account will not renew if you withdraw the funds on the maturity date or if we receive written notice from you on or before the maturity date of your intention not to renew. ❑ There is no grace period following the maturity of this account to withdraw funds without penalty. RENEWAL TERMS • Same Term As Original: Each renewal term will be the same as the original term, beginning on the maturity date n Different Term: Each renewal term will be beginning on the maturity date. RENEWAL INTEREST CALCULATION: n Same Interest Calculation: Interest will be calculated on the same basis as during the original term. Different Interest Calculation: The interest rate will be the market rate at the time of renewal • BONUSES. ❑ You will as a bonus ❑ You must maintain a minimum of $ to obtain the bonus, n To earn the bonus, • LJ PRE -MATURITY NOTICE: Your account will mature on . If the account renews, the new maturity date will be n The interest rate for the renewed account will be % with an annual percentage yield of %. ❑ The interest rate and annual percentage yield have not yet been determined. They will be available on • Please call to learn the interest rate and annual percentage yield for your new account. ❑ ADDITIONAL TERMS: • Pei ® 01992 Bankers Systems, Inc., St. Cloud, MN Form TSD-TIME 6/17/2005 (page 2 of 21