ONLINE CERTIFICATES OF DEPOSIT TERMS AND CONDITIONS
You are receiving this disclosure as part of your online application for the opening of a Certificate of Deposit (“CD Account”) with Amerant Bank, N.A. The following terms and conditions apply to your CD Account. Please read carefully before continuing with your application.
Minimum Investment: $10,000
Interest
• Interest rate will be paid until maturity of your CD Account which is reflected on the Certificate of Deposit Confirmation. • Interest begins to accrue on the business day we receive credit for the deposit of non-cash items (for example, checks). • We use the daily balance method to calculate the interest on the CD Account. This method applies a daily periodic rate to the principal in the CD Account each day. • You must maintain a minimum balance of $10,000 in the CD Account each day to obtain the disclosed Annual Percentage Yield (APY). • The Annual Percentage Yield (APY) assumes interest remains on deposit until maturity. • A withdrawal will reduce earnings. • If you close the CD Account before interest is credited, you will not receive the accrued interest. • Interest compounded and paid monthly.
Renewal • The CD Account will be automatically renewed at the maturity date for the same term unless we notify you otherwise or you change or close the CD Account before its maturity date. • At the maturity date the interest rate applicable to the renewed CD Account will be adjusted to the rate in effect at that time. • You also will have a grace period of ten (10) calendar days following the maturity date to withdraw funds from the CD Account without penalties. • Once the CD Account renews, any reference to the maturity date means the last day of the new term.
Withdrawal • You may not make deposits into or withdrawals from the CD Account until the maturity date.
Certificate of Deposit Closing You authorize Amerant Bank to automatically transfer any amount withdrawn from the CD Account to the same account from which the funds came from at the moment that you opened the CD Account. In the event that you decide to cancel or revoke this authorization you shall notify Amerant Bank before any amount is withdrawn from the CD Account by calling the numbers below and providing instructions to Amerant Bank for the delivery of the amount withdrawn to a different account than the one you authorize hereby. For the avoidance of doubt, any instruction that you provide to transfer the amount withdrawn to another account different to that from which the funds came from when the CD Account was opened shall be in accordance with the security procedures that Amerant Bank may implement from time to time.
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AMTB-03/2019 1 of 2 Early Withdrawal Penalty
We calculate all early withdrawal penalties on the principal amount withdrawn at the interest rate in effect on the account on the withdrawal date. The early withdrawal penalty is determined as follows:
• For CDs with terms of less than 3 months, all interest earned on the amount withdrawn, at the simple interest rate applicable to the Time Deposit, had the funds remained on deposit until maturity;
• For CDs with terms of 3 months up to 12 months, the penalty is an amount equal to 90 days interest on the amount withdrawn, at the simple interest rate applicable to the Time Deposit, regardless of whether the funds withdrawn have remained on deposit for more or less than the 90 days;
• For CDs with terms over 12 months up to 60 months, the penalty is an amount equal to 180 days interest on the amount withdrawn, at the simple interest rate applicable to the Time Deposit, regardless of whether the funds withdrawn have remained on deposit for more or less than the 180 days; and
• For CDs with terms over 60 months or longer, the penalty is an amount equal to 365 days interest on the amount withdrawn, at the simple interest rate applicable to the Time Deposit, regardless of whether the funds withdrawn have remained on deposit for more or less than the 365 days.
These penalties are waived upon death or legal incompetence of any owner of the certificate
Applicable Law and Jurisdiction
These Terms & Conditions, your CD Account and the services we provide will be governed by federal laws and regulations, applicable clearinghouse rules and such additional rules and policies as we may establish from time to time. To the extent, if any, that state law is applicable to these Terms and Conditions, Florida state law (excluding conflict of law principles) shall apply. Any actions arising out of or related to these Terms & Conditions shall be commenced and maintained solely and exclusively in the federal or state courts located in Miami-Dade County, Florida. IN ANY SUCH ACTION OR PROCEEDING, YOU HEREBY VOLUNTARILY WAIVE ANY RIGHT WHICH YOU MAY HAVE TO A TRIAL BY JURY.
Miscellaneous
If any provision of these Terms & Conditions shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other term hereof. To the extent these Terms & Conditions conflict with theUnderstanding Your Deposit Agreement, these Terms & Conditions shall prevail. No waiver of terms of these Terms & Conditions by us wil be effective unless signed by one of our authorized officers.
Online Account Opening Support Team 1-855-846-4622 Monday - Friday: 7:00 am - 8:00 pm EST Saturday: 8:00 am - 5:00 pm EST Sunday: Closed
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