First Federal Savings Bank of Frankfort
Truth in Savings Account Disclosure
2-Year Certificate of Deposit with Option to Increase Interest Rate
Deposits are insured by the FDIC up to applicable limits
Rates are subject to change
Disclosure of Interest and Charges
Minimum Balance Requirements
- You must deposit $500 to open this account.
- See previous page for current rate.
- You will be paid this rate until maturity.
Interest Rate Increase Option
- You have the option to increase your interest rate one time during the term of this
certificate of deposit.
- You may use this option at any time
- You may increase your rate to the rate the Bank offers on new 2-year Certificates
of Deposit at the time you exercise this option
- You will be paid the new rate for the remainder of the term of the Certificate of
- You may call the Bank at (502) 223-1638 or (888) 818-3372 to find the current Annual
Percentage Yield and interest rate offered.
- The Bank's interest rate on new 2-year Certificates of Deposit is set at the
Bank's discretion. There is the possibility that this rate may not increase
during the next two years and that you would not have the opportunity to increase
your interest rate.
Compounding and Crediting
- Interest will be compounded on a quarterly basis.
- The annual percentage yield assumes interest will remain on deposit until maturity.
A withdrawal will reduce earnings.
- Interest will be credited to your account on a quarterly basis and at maturity.
- Interest begins to accrue on the business day you deposit noncash items (for
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.
- You may not make deposits into this account until the maturity date.
- You will be provided with the maturity date in your written account disclosures.
Early Withdrawal Penalty
- We may impose a penalty if you withdraw any of the deposited funds before the maturity date.
- You will be penalized 6 months' interest if you withdraw funds before maturity.
- The penalty will be assessed only on the amount withdrawn.
- This account will automatically renew at maturity.
- You will have 10 calendar days after the maturity date to withdraw funds without penalty.
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