First Federal Savings Bank of Frankfort

Any First Federal CD or Passbook Savings may be used for an Individual Retirement Account. First Federal offers this special account designed to allow deposits for frequent contributions and to allow withdrawals for those taking distributions. Please call us with questions about your I.R.A. planning.

Truth in Savings Account Disclosure

Individual Retirement Account Certificate of Deposit

Deposits are insured by the FDIC up to applicable limits

Rates are subject to change

Note: This account is subject to regulations governing Individual Retirement Accounts. Please consult your I.R.A. Custodial Agreement.

Disclosure of Interest and Charges

Minimum Balance Requirements


• You must deposit $100 to open this account.

Transaction Limitations


• You may make deposits into this account.

Fees


• Click here for Fee Schedule

Rate Information


• See previous page for current rate.
• Your interest rate and annual percentage yield may change.
• At our discretion, we may raise the interest rate on your account.

Frequency of Rate Changes


• We may change the interest rate on your account every week.
• The interest rate will never be less than the interest rate initially disclosed to you.

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 example, checks).

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.

Time Requirements


• This Certificate of Deposit has a term of one year
• 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• The penalty will be assessed only on the amount withdrawn.
• No penalty will be assessed for eligible IRA distributions (please see Custodial Agreement)

Renewal Policy


• This account will automatically renew at maturity.
• You will have 10 calendar days after the maturity date to withdraw funds without penalty.