Certificate of Deposit
OVERVIEW
Western Nebraska Bank uses the daily balance method to calculate the interest on your certificate. This method applies a daily periodic rate to the principal balance of your certificate for each calendar day. This means that interest payments may vary in amount due to the number of calendar days in the interest period. Interest will be compounded and credited to your certificate each quarter, OR be paid quarterly by either deposit to your account or check, unless specified differently at time of purchase.
After your certificate is purchased, you may not make additional deposits to the certificate; however, you may make early withdrawals before the maturity of the certificate, but you will be subject to the early withdrawal penalty described below.
In the case of the depositor’s death or determination of legal incompetence by a court or other administrative body, we will honor a request for the early withdrawal prior to maturity without penalty. On all other early withdrawals, there will be an early withdrawal penalty equal to seven days simple interest at the contract rate on the amount withdrawn if the early withdrawal is within the first six calendar days, but before maturity. The early withdrawal penalty on the amount withdrawn will be as follows:
Refer to the table to compare terms and penalties
In the case of the depositor’s death or determination of legal incompetence by a court or other administrative body, we will honor a request for the early withdrawal prior to maturity without penalty. On all other early withdrawals, there will be an early withdrawal penalty equal to seven days simple interest at the contract rate on the amount withdrawn if the early withdrawal is within the first six calendar days, but before maturity. The early withdrawal penalty on the amount withdrawn will be as shown in the table.
TERM | PENALTY |
3 Month Term | 3 Months Interest |
6 Month Term | 6 Months Interest |
12 Month Term | 12 Months Interest |
15 Month Term | 12 Months Interest |
18 Month Term | 15 Months Interest |
24 Month Term | 21 Months Interest |
36 Month Term | 33 Months Interest |
48 Month Term | 45 Months Interest |
60 Month Term | 57 Months Interest |