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A Certificate of Deposit (CD) is a product that pays a fixed interest rate for a set period of time. It is intended that the CD be held until maturity, at which time the money may be withdrawn together with the accrued interest.
You will need to bring in the original Certificate of Deposit. If you are not able to locate your original, you will need to complete an Affidavit of Indemnity Bond.
You have a 10 day grace period to cash in your Certificate of Deposit without a penalty.
1 month’s interest 91 days or less
3 month’s interest 182 days up to and including 12 months
6 month’s interest All terms over 12 months
If accrued interest is not enough at time penalty is imposed, some principal may be forefeited.
Your Certificate of Deposit will be covered by FDIC insurance up to the maximum allowable limits.
Northwoods Bank will mail you a notice about 10 days prior to the maturity.