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Disclosures of Account Terms, Interest and Fees


CERTIFICATE OF DEPOSIT

FIXED RATE ACCOUNT

The interest rate on this account is fixed until the maturity date of the certificate. The annual percentage yield assumes interest remains on deposit until maturity. A withdrawal will reduce earnings.

COMPUTING AND CREDITING INTEREST

At your option, interest will be computed daily and credited to your account on a monthly or annual basis. On accounts with the maturity of one year or less you will receive your interest at the maturity of your account.

MINIMUM BALANCE REQUIREMENTS

TO OPEN THE ACCOUNT- You must deposit $ 1,000.00 to open accounts with a maturity of 6 months. You must deposit $500.00 to open an account with a maturity of one year or more. IRA accounts require a $250.00 deposit to open the account. TO OBTAIN THE ANNUAL PERCENTAGE YIELD DISCLOSED- You must maintain the minimum opening balance in the account each day of the term to obtain the disclosed annual percentage yield. No interest will be earned on days the account balance falls below the minimum balance requirement.

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 full amount of principal in the account each day.

ACCRURAL OF INTEREST ON NONCASH DEPOSITS

Interest begins to accrue on the business day you deposit noncash items (for example, checks).

TRANSACTION LIMITATIONS

You may only make deposits into your account at the time of maturity and during the maturity grace period. You may make withdrawals of principal and/or interest from your account before maturity, subject to the early withdrawal penalties stated below.

WHEN YOUR ACCOUNT WILL MATURE

Your account will mature on the date listed at the beginning of this Certificate of Deposit Section.

EARLY WITHDRAWAL PENALTY

We may impose a penalty if you withdraw any of the principal or interest (if credited back to the account) before the maturity date. The amount of the penalty is as follows:

CERTIFICATE TERM

  • Less than twelve (12) Months
  • One (1) year to twenty three (23) months
  • Two (2) to five (5) years

WITHDRAWAL PENALTY

  • Ninety (90) days of interest
  • One hundred eighty two (182) days of interest
  • Three hundred sixty five (365) days of interest

The penalty is imposed whether or not the interest has been earned yet, against the amount withdrawn. If you reduce the balance in the account below the minimum balance requirement, you will be required to close the Certificate of Deposit and we may impose the penalty on the entire account balance. There are certain circumstances, such as the death or incompetence of an owner, where we may waive or reduce this penalty. For any time deposit, which earns an interest rate that may vary from time to time due to an automatic renewal, the interest rate we will use to calculate this early withdrawal penalty will be the interest rate in effect on the time deposit at the time of the withdrawal.

AUTOMATICALLY RENEWABLE TIME ACCOUNT

This account will automatically renew at maturity. You may prevent renewal if you withdraw the funds in the account at maturity (or within the grace period mentioned below). Or we receive written notice from you within any grace period mentioned below. Each renewal term will be the same as the original term, beginning on the maturity date. However, the 8 month Certificate of Deposit will have a renewal term of 6 months, and the 15 month Certificate of Deposit will have a renewal term of 1 year, beginning on the maturity date. The interest rate will be the same we offer on new time deposits on the maturity date which have the same term, minimum balance (if any) and other features as the original time deposit. YOU WILL HAVE 10 CALENDAR DAYS AFTER MATURITY TO WITHDRAW THE FUNDS WITHOUT BEING CHARGED A PENALTY.

SPECIAL IRA ACCOUNT PROVISIONS

The minimum amount required to open an IRA account is $250.00. If the funds deposited in a certificate account are to open an individual Retirement Account, no penalty will be imposed for any withdrawal that is made within 7 days of establishing the IRA account. We also will not impose a penalty if you are at least the age 59 1/2 when making a withdrawal. In addition to any penalty that we may impose for early withdrawal, under certain circumstances, there may be an additional IRS penalty. See your Retirement Account Documents for details.


PASSBOOKS SAVINGS ACCOUNTS

RATE INFORMATION

At our discretion, we may change the interest rate on your account at any time.

SIMPLE INTEREST AND CREDITING FREQUENCY

Interest will be computed daily (simple interest) and credited to your account semi-annually.

EFFECT OF CLOSING AN ACCOUNT

All accrued interest will be paid if you close your account before the interest is credited.

MINIMUM BALANCE REQUIREMENTS

TO OPEN THE ACCOUNT- You must deposit $100.00 to open this account and begin accruing interest.

MINIMUM BALANCE TO OBTAIN THE ANNUAL PERCENTAGE YIELD DISCLOSED- You must maintain a minimum balance of $100.00 each day to obtain the disclosed annual percentage yield. No interest will be earned on days the account balance falls below $100.00.

BALANCE COMPUTATION METHOD

We used 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.

ACCRUAL OF INTEREST ON NONCASH DEPOSITS

Interest begins to accrue on the business day you deposit noncash items (for example, checks).

POTENTIAL BONUS

Bonuses may be paid on passbook savings accounts at the discretion of the Board of Trustees of Tioga-Franklin Savings Bank (the “Board”) in amounts that are also at the discretion of the Board. If approved, bonuses will be calculated by applying an interest rate to the average daily balance of an account from April 1 to March 31 of the following year, and will be credited in May. Accounts closed prior to the crediting date are excluded from receiving a bonus.

TRANSACTION LIMITATIONS

You may make unlimited deposits and withdrawals from your account.

DEPOSITS

Even though we may credit your account immediately upon your making deposit, you understand that, except for cash deposits, we accept any other item as a collecting institution and we may handle the collection of any such item in accordance with our usual practices of granting provisional credit until collection for funds is final. In accepting these items for deposits or collection, we act only as your collecting agent and assume no responsibility beyond the exercise of due care. We will accept deposits subject to our final verification of cash and checks and may make adjustments for any errors.

We, or any of our correspondents, may send items subject to collection directly or indirectly to any institution, depository, payor or drawee in accordance with our usual practices and may accept checks, drafts or credits as conditional payment. We will not be liable for default or negligence of our correspondents or forwarding agents, or for losses in transit. Each correspondent or forwarding agent shall be liable only for its own negligence.

All deposits received by us after our daily cut-off time or on Saturdays, Sundays or holidays may be treated as having been received at the opening of the next business day we are open. We are not responsible for transactions by mail or night depository until we actually record them.

WITHDRAWALS

Unless otherwise indicated on the signature card, any accountholder that signs the card may withdraw or transfer any or all of the account balance at any time as long as the withdrawal request is to be processed on forms we approve of, and is by a method we specifically approve of. Each of you (the accountholders) authorizes each person who signed the signature card for this account, to endorse any item payable to you or your order, for deposit to this account or any other transaction with us.


STATEMENT SAVINGS ACCOUNTS

RATE INFORMATION

At our discretion, we may change the interest rate on your account at any time.

SIMPLE INTEREST AND CREDITING FREQUENCY

Interest will be computed daily (simple interest) and credited to your account semi-annually.

EFFECT OF CLOSING AN ACCOUNT

All accrued interest will be paid if you close your account before the interest is credited.

MINIMUM BALANCE REQUIREMENTS

TO OPEN THE ACCOUNT- You must deposit $100.00 to open this account and begin accruing interest.

MINIMUM BALANCE TO OBTAIN THE ANNUAL PERCENTAGE YIELD DISCLOSED- You must maintain minimum balance of $100.00 each day to obtain the disclosed annual percentage yield. No interest will be earned on days the account balance falls below $100.00.

BALANCE COMPUTATION METHOD

We used 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.

ACCRUAL OF INTEREST ON NONCASH DEPOSITS

Interest begins to accrue on the business day you deposit noncash items (for example, checks).

TRANSACTION LIMITATIONS

You may make unlimited deposits and withdrawals from your account.

DEPOSITS

Even though we may credit your account immediately upon your making deposit, you understand that, except for cash deposits, we accept any other item as a collecting institution and we may handle the collection of any such item in accordance with our usual practices of granting provisional credit until collection for funds is final. In accepting these items for deposits or collection, we act only as your collecting agent and assume no responsibility beyond the exercise of due care. We will accept deposits subject to our final verification of cash and checks and may make adjustments for any errors.

We, or any of our correspondents, may send items subject to collection directly or indirectly to any institution, depository, payor or drawee in accordance with our usual practices and may accept checks, drafts or credits as conditional payment. We will not be liable for default or negligence of our correspondents or forwarding agents, or for losses in transit. Each correspondent or forwarding agent shall be liable only for its own negligence.

All deposits received by us after our daily cut-off time or on Saturdays, Sundays or holidays may be treated as having been received at the opening of the next business day we are open. We are not responsible for transactions by mail or night depository until we actually record them.

WITHDRAWALS

Unless otherwise indicated on the signature card, any accountholder that signs the card may withdraw or transfer any or all of the account balance at any time as long as the withdrawal request is to be processed on forms we approve of, and is by a method we specifically approve of. Each of you (the accountholders) authorizes each person who signed the signature card for this account, to endorse any item payable to you or your order, for deposit to this account or any other transaction with us.