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.
Interest earned during one term that is not withdrawn during or
immediately after that term is added to principal for the renewal term.
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See your plan disclosure if this account is part of an IRA or Keogh.
day grace
You must notify us in writing before, or within a
period after, the maturity date if you do not want this account to
automatically renew.
If two or more parties survive and none is the spouse of the deceased
party, the amount to which the deceased party, immediately before death,
was beneficially entitled by law belongs to the surviving parties in equal
shares, and augments the proportion to which each surviving party,
immediately before the deceased party' s death, was beneficially entitled
under law, and the right of survivorship continues between the surviving
parties.
Multiple Party Account Without Right of Survivorship.
At death of
party, deceased party' s ownership passes as part of deceased party' s estate.
Single Party Account With POD (Pay-on-Death) Designation.
At death
of party, ownership passes to POD beneficiaries and is not part of the
party' s estate.
Multiple Party Accounts With Right of Survivorship and POD
(Pay-on-Death) Designation.
At death of last surviving party, ownership
passes to POD beneficiaries and is not part of last surviving party' s estate.
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, to the extent of such person' s or legal entity' s right to
withdraw. 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 from 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
original term
, beginning on the maturity date
(unless we notify you, in writing, before a maturity date, of a different
term for renewal).
10
Additional Terms and Conditions - Alabama
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.
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.
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 you provided in your application. You must notify
us of any change.
Withdrawals and Transfers.
Only those of you who sign the Terms and
Conditions of Your Account 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.) 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.
Account Ownership.
You intend these rules to apply to this account
depending on the form of ownership and beneficiary designation, if any.
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.
Single Party Account.
Such an account is owned by one party.
Multiple Party Account.
Parties own account during the lifetime of all
parties in proportion to their net contributions, unless there is clear and
convincing evidence of a different intent.
Trust Account Subject to Separate Agreement.
We will abide by the
terms of any separate agreement which clearly pertains to this certificate and
which you file with us. Any additional consistent terms stated on this form
will also apply.
Rights at Death
Single Party Account.
At death of party, ownership passes as part of
party' s estate.
Multiple Party Account With Right of Survivorship.
At death of party,
ownership passes to surviving parties. If two or more parties survive and
one is the surviving spouse of the deceased party, the amount to which
the deceased party, immediately before death, was beneficially entitled by
law belongs to the surviving spouse.
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Certificate of Deposit/Account Agreement-AL
Bankers Systems