Deposits
Certificate of Deposit Account Disclosure
This disclosure contains the rules which govern your deposit account. Unless it would be inconsistent to do so, words and phrases used in this disclosures should be construed so that the singular includes the plural and the plural includes the singular.
Fixed Rate:
The interest rate for your account is fixed until maturity. Your interest rate and annual percentage yield correspond to the term you chose from the current rate chart shown below. To confirm our current rates, you may call Shelter Bank at 800-251-7115.
Regular Certificates of Deposit, Less than $95,000
Effective as of: 04/21/2008
| TERM | INTEREST RATE | ANNUAL PERCENTAGE YIELD | MINIMUM BALANCE REQUIRED TO OPEN ACCOUNT |
| 6 Months | 0.70% | 0.70% | $1,000.00 |
| 12 Months | 1.09% | 1.10% | $1,000.00 |
| 18 Months | 1.19% | 1.20% | $1,000.00 |
| 22 Month Special* | 1.69% | 1.70% | $1,000.00 |
| 24 Months | 1.29% | 1.30% | $1,000.00 |
| 30 Months | 1.39% | 1.40% | $1,000.00 |
| 36 Months | 1.54% | 1.55% | $1,000.00 |
| 48 Months | 2.03% | 2.05% | $1,000.00 |
| 60 Months | 2.52% | 2.55% | $1,000.00 |
| 72 Months | 2.86% | 2.90% | $1,000.00 |
| 84 Months | 2.20% | 3.25% | $1,000.00 |
JUMBO Certificates of Deposit, $95,000 and greater
| Term | Interest Rate | ANNUAL PERCENTAGE YIELD | MINIMUM BALANCE REQUIRED TO OPEN ACCOUNT |
| 6 Months | 0.80% | 0.80% | $95,000.00 |
| 12 Months | 1.19% | 1.20% | $95,000.00 |
| 18 Months | 1.29% | 1.30% | $95,000.00 |
| 22 Month Special* | 1.78% | 1.80% | $95,000.00 |
| 24 Months | 1.39% | 1.40% | $95,000.00 |
| 30 Months | 1.49% | 1.50% | $95,000.00 |
| 36 Months | 1.64% | 1.65% | $95,000.00 |
| 48 Months | 2.13% | 2.15% | $95,000.00 |
| 60 Months | 2.62% | 2.65% | $95,000.00 |
| 72 Months | 2.96% | 3.00% | $95,000.00 |
| 84 Months | 3.30% | 3.35% | $95,000.00 |
Compounding and Crediting:
Frequency: Interest will be compounded daily and credited to the account monthly, quarterly, semi-annually, or annually, according to the instructions we receive from you on the application form.
Withdrawal of Interest Before Maturity: The annual percentage yield assumes that interest remains on deposit until maturity. A withdrawal of interest will reduce earnings.
Effect of Closing an Account. If you close your account before interest is credited, you will receive the accrued interest.
Minimum Balance Requirements:
To Open the Account: You must deposit at least $1000 to open this account.
To Obtain the Annual Percentage Yield Disclosed: You must maintain a minimum balance of $.01 in the account each day to obtain the disclosed annual percentage yield.
Balance Computation Method:
Daily Balance 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.
Accrual of Interest on Noncash Items: Interest begins to accrue on the business day you deposit noncash items (for example, checks.)
Maturity Date:
Your maturity date will be determined at the time your account is opened and funds are received using the term you chose from the rate chart above.
Certificate of Deposit Withdrawal Limitations:
Principal: We may allow withdrawals of Principal from your account before maturity. Principal withdrawn before maturity is subject to early withdrawal penalty.
Interest Timing: Interest credited during a term can be withdrawn any time during that same term without penalty.
Early Withdrawal Penalty:
A penalty will be imposed for withdrawals before maturity. The penalties are displayed in the table below.
| On accounts with terms of less than 24 months | 90 days interest |
| On accounts with terms of 24 months to less than 36 months | 180 days interest |
| On accounts with terms of 36 months to less than 48 months | 270 days interest |
| On accounts with terms of 48 months to less than 60 months | 365 days interest |
| On accounts with terms of 60 months or greater | 730 days interest |
The interest rate we will use to calculate the interest forfeiture will be the interest rate being earned on this account at the time of withdrawal.
Additions to the Account: You may not make deposits into your account until maturity, unless the bank agrees to accept such deposits.
Renewal Policy:
Automatic Renewal: This account will automatically renew at maturity. You will have 10 days after the maturity date to withdraw funds without penalty.
Exceptions to Automatic Renewal: This account will not renew if you withdraw the funds on the maturity date or if we receive written notice from you on or before the maturity date of your intention not to renew.
Renewal Terms:
Same Term as Original: Each renewal will be the same as the original term, beginning on the maturity date.
Renewal Interest Calculation:
Different Interest Calculation: The interest rate will be determined by the interest rate in place at the time of the renewal.
Fees:
- Return Item Fee (charged if a check you give us as a deposit is returned - $5
- Wire Transfer Fees (outgoing) - $25
- Account research fee - $15 per hour
- Garnishment Fee - $25 per occurrence
- Overnight Mail Fee - $15
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