Automatically renewable cd an automatically renewable

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Automatically renewable CD: An automatically renewable CD will renew on the maturity date for the same term unless we notify you otherwise or you change or close the account. Once your CD renews, any reference to the maturity date means the last day of the new term. For the renewal term, your CD will earn interest for the term and amount at the CD standard rate unless you qualify for the CD relationship rate. If your CD is closed during the grace period, it will not earn interest on or after the maturity date. Single maturity CD: A single maturity CD will not automatically renew on the maturity date and won’t earn or be paid interest on or after that date. Interest: We use the daily balance method to calculate interest on your CD. This method applies a periodic rate each day to your balance. Interest begins to accrue on the business day of your deposit. Interest for CDs is calculated on a 365-day basis, although some business CDs may calculate interest on a 360-day basis. The Annual Percentage Yield (APY) disclosed on your deposit receipt or on the maturity notice assumes interest will remain on deposit until maturity. On maturities of more than one year, interest will be paid at least annually. You may withdraw any paid or credited interest without penalty during your CD’s term or at maturity. On the maturity date, interest will become principal of the renewed CD. A withdrawal will reduce earnings. Early withdrawal penalties: There is a penalty for withdrawing principal prior to the maturity date. Refer to the CD section in the Product Information. Waiving early withdrawal penalties. We will waive early withdrawal penalties in these circumstances: Death of a CD owner or a grantor of a revocable family/ living trust; Disability of a retirement CD owner; A court’s determination that a CD owner is incompetent; Re-titling of a CD (excluding a retirement CD) to transfer ownership of funds into a living trust without moving funds from the bank and where no change in term or rate occurs; and For retirement CDs, if the owner is 59½ or older and the funds are taken as an IRS-reportable distribution via cash, check, or deposit or transfer to a non-retirement account. This waiver does not apply if the transfer is to a retirement account at another financial institution. We will also waive early withdrawal penalties under the circumstances described below. However, if these withdrawals occur less than seven days after the account was opened or a previous withdrawal was made, the withdrawal penalty will apply. Disability of an owner of the CD (excluding a Retirement CD); For retirement CDs, if the owner is under age 59½ and one of the reasons defined by sections 72(t) and 530 of the Internal Revenue Code applies, such as payment of qualified education expenses or first-time home purchase expenses; and For retirement CDs, if the owner is withdrawing an excess annual retirement contribution amount and any corresponding earnings.
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Overdraft and Overdraft Fee Information for Your Chase Checking Account What You Need to Know About Overdrafts and Overdraft Fees An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can
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