- How safe are my CDs?
Your CD deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $100,000 per depositor. To learn more about FDIC, visit them online at: www.fdic.gov.
- How is interest calculated on my CD?
There are a variety of interest payment options available. Generally, interest compounds on a daily basis and is credited to your account quarterly based on your statement cycle. If you have any questions, please feel free to contact an Online Representative at (402) 426-2111 for assistance.
- What if I need to withdraw my funds early?
You can withdraw your funds at any time prior to the maturity of the CD, but your withdrawal is then subject to an early withdrawal penalty. This may result in a loss of accumulated interest and possibly principal. You do have a 10-day grace period at the maturity of the CD, in which you have the option to withdraw funds without a penalty.
- What happens when my CD matures?
At the maturity of the CD, you have the option to either renew or withdraw the CD proceeds. Washington County Bank sends you a reminder notice at maturity that provides you with options and maturity information. Your CD is automatically set to renew for the same term if we do not hear from you.
- What is a grace period?
The CD grace period is the 10 calendar days after the maturity date of your CD in which you can either withdraw funds without penalty or add additional funds to your account. We ask that you notify us by phone or in writing, if you do not wish to renew your CD.
- Do I have to renew my CD?
No. If your CD is not renewed after the 10-day grace period, it will automatically renew for the same term and interest rate applicable at the time.
- How do I cash in my CD?
Before your CD matures, Washington County Bank will send you a reminder letter. You then have a 10-day grace period after the maturity of the CD in which you have the option to withdraw your funds without a penalty. You will need to send the CD along with a letter of instruction, informing us that you would like to redeem your CD. If you have any questions, please feel free to contact an Online Representative at (402) 426-2111 for assistance.
