Retirement IRAs Fees & Disclosures

FENB offers fixed rate time deposits for retirement accounts with terms of 18 months. Whether you are starting to plan for retirement or receiving a retirement plan distribution, you'll find our retirement time deposit the perfect place for your funds.

Rate information: The interest rate and annual percentage yield on your account will be confirmed by mail. You will be paid this rate until first maturity.

Compounding frequency: Interest is not compounded on this account.

Crediting frequency: Interest will be credited monthly, quarterly, semiannually, annually, or at maturity, depending on the term you select and the crediting frequency that best suits your needs.

Minimum balance to open the account: You must deposit $100.00 to open this account.

Minimum balance to obtain the annual percentage yield disclosed: You must maintain a minimum balance of $100.00 in the account each day to obtain the disclosed annual percentage yield.

Daily 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.

Accrual of interest on noncash deposits: Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks.)

Transaction limitations: Deposits can be made to this account before maturity. Withdrawals of principal may be made before maturity, however, withdrawals of principal are included in the amount subject to early withdrawal penalty.

Time requirements: The account term will be confirmed by mail.

Early withdrawal penalties: A penalty may be imposed if funds are withdrawn prior to maturity:

• If your account has an original maturity of more than one year, the fee we may impose will equal three months interest on the amount subject to penalty.

In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdraw penalty. Other exceptions may also apply, for example, if this is part of IRA or other tax-deferred savings plan.

Withdrawal of interest prior to maturity: The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.

Automatic renewable time account: If this account is automatically renewable at maturity, you may prevent renewal if you withdraw the funds in the account at maturity (or within the specified grace period for the account, if any) or we receive written notice from you within the grace period, if any. If you prevent renewal, interest will not accrue after final maturity. Each renewal term will be the same as the original term, beginning on the maturity date. The interest rate will be the same we offer on new time deposits on the maturity date which have the same term, minimum balance (if any) and other features as the original deposit.

You may have ten calendar days after maturity to withdraw the funds from an automatically renewable account without a penalty.