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Truth-in-Savings Disclosures on Certificate of Deposit Accounts

Interest Rate/Annual Percentage Yield-The interest rate and annual percentage yield that you receive is based on the date your account is funded. Interest rate and annual percentage yield information can be found on our web site and is regularly updated.

Certificate of Deposits

Rate information - The interest rate and annual percentage yield (APY) on your account are stated on the certificate of deposit (CD) confirmation slip. The rate you receive for the term of the CD is guaranteed for 10 days after the account is opened online. The rate and term will be in effect on the day your deposit is received by us. You will be paid this rate until the first maturity.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             The rate applicable to your account upon renewal will be the rate then in effect, on the renewal date, for the certificates of deposit of like term and amount. Annual percentage yield is based on quarterly compounding. Based on a 365/366 day calculation.

Compounding and credit frequency - Interest will be compounded quarterly. Interest will be credited quarterly to your account.

Minimum balance to open account - you must deposit at least $500 to open this account.

Effect of closing an account - If you close your account before interest is credited, you will not receive the accrued interest.

Withdrawal of interest before maturity - The annual percentage yield assumes interest remains on deposit for one year. Early withdrawal of interest will reduce earnings. Interest can remain in account for compounding or be withdrawn by interest check or transferred to another account on deposit at Citizens National Bank; however, the stated annual percentage yield on the Certificate of Deposit assumes the interest will remain in the Certificate of Deposit until maturity. A transfer of interest will reduce the stated annual percentage yield.$5,000 minimum balance required to receive monthly interest check. $2,500 minimum balance to receive quarterly interest check.

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 non-cash deposits - Interest begins to accrue on the first business day you deposit non-cash items.

Time deposit withdrawal limitations and additions to account – After the account is opened, you may not make deposits into or withdrawals from this account until the maturity date. We reserve the right to require seven days written notice of intent to withdraw funds.

Early withdrawal penalty - If any of the deposit is withdrawn before the maturity date a penalty may be imposed which could result in partial loss of principal. The penalty will be an amount equal to: twelve months or less will be charged 90 days of interest (3 months), longer than twelve months will be charged 180 days interest (6 months). The interest rate we use to calculate the interest forfeiture will be interest rate in effect on early withdrawal date. A reduction in principal will be necessary if the penalty exceeds interest accrued or paid.

Automatic renewal - This account will automatically renew at maturity. You will have ten calendar days from the maturity date to withdraw your funds without being charged a penalty. Accounts closed during the ten day grace period will lose the interest for these days.

Renewal terms - Same term as original. Each renewal term will be the same as the original term, beginning on the maturity date.

Renewal interest calculation - different interest rate calculation. The interest rate will be the effective rate at the time of renewal.

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Citizens National Bank | 7305 Manchester Road, Maplewood, Missouri 63143

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