First National of Clarksdale amp; Bank of Oxford

TRUTH-IN-SAVINGS DISCLOSURE

Fixed Rate Time Deposits
Interest Rate and Accrual Information


The interest rate and annual percentage yield for your account will be determined on the current maturity date. You will be paid this rate until the next maturity date of the certificate. The annual percentage yield (APY) assumes interest remains on deposit until maturity. A withdrawal will reduce earnings. Non-compounded certificates will accrue interest at the stated simple interest rate. Interest will be credited to you as per your instructions. Compounded certificates will accrue interest at the stated interest rate with annual compounding. Interest will be paid to you annually unless you specify more frequent crediting of interest. Interest begins to accrue on the business day you deposit non cash items (for example, checks).

Minimum Balance Requirements

You must deposit $1000.00 to open this account.

Transaction Limitations

After the account is opened, you may not make deposits into or withdrawals from the account until maturity.

Renewal Policy

This certificate may be automatically renewed at maturity. You have a grace period of ten (10) calendar days after the maturity date to withdraw the funds without being charged a penalty.

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 principal in the account each day.

Early Withdrawal Penalties

If your account has an original maturity of one year or less, the penalty will be one month's interest.

If your account has a maturity of longer than one year, the penalty will be three months' interest.

There are certain circumstances such as the death or incompetence of an owner where we may waive or reduce this penalty.

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