03/25/2020 Page 1 of 1
You must notify us in writing before, or within a 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Interest earned during one term that is not withdrawn during or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.
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.
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 the 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. Further, the type of account you select
may determine how property passes on your death. Your will may not
control the disposition of funds held in some of the following accounts.
Single-Party Account Without P.O.D. Designation.
The party to the
account owns the account. On the death of the party, ownership of the
account passes as a part of the party' s estate under the party' s will or by
intestacy.
Single-Party Account With P.O.D. Designation.
The party to the
account owns the account. On the death of the party, ownership of the
account passes to the P.O.D. beneficiaries of the account. The account is
not a part of the party' s estate.
Multiple-Party Account Without Right of Survivorship.
The parties to
the account own the account in proportion to the parties' net contributions
to the account. We may pay any sum in the account to a party at any time.
On the death of a party, the party' s ownership of the account passes as a
part of the party' s estate under the party' s will or by intestacy.
Multiple-Party Account With Right of Survivorship. The parties to the
account own the account in proportion to the parties' net contributions to the
account. We may pay any sum in the account to a party at any time. On the
death of a party, the party' s ownership of the account passes to the surviving
parties.
Multiple-Party Account With Right of Survivorship and P.O.D.
Designation.
The parties to the account own the account in proportion to
the parties' net contributions to the account. We may pay any sum in the
account to a party at any time. On the death of the last surviving party, the
ownership of the account passes to the P.O.D. beneficiaries.
Trust Account.
The parties named as trustees to the account own the
account in proportion to the parties' net contributions to the account. A
trustee may withdraw funds from the account. A beneficiary may not
withdraw funds from the account before all trustees are deceased. On the
death of the last surviving trustee, the ownership of the account passes to the
beneficiary. The trust account is not a part of a trustee' s estate and does not
pass under the trustee' s will or by intestacy, unless the trustee survives all
of the beneficiaries and all other trustees.
Set-Off.
We may (without prior notice and when permitted by law) set off
the funds in this account against any due and payable debt you owe us
now or in the future, by any of you having the right of withdrawal, to the
extent of such persons' 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 setoff does not apply to this account if: (a) it is an IRA or
other tax-deferred retirement account, or (b) the debt is created by a
consumer credit transaction under a credit card plan (but this does not
affect our rights under any consensual security interest), (c) the debtor' s
right of withdrawal only arises in a representative capacity, or (d) the debt
is created by a home equity loan. You agree to hold us harmless from any
claim arising as a result of our exercise of our right of setoff.
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 - Texas
Cert if icate of Deposit/Account Agreement-TX
Bankers Sy st ems
*
VMP
,
Wolters Kluwer Financial Services
-
2015