*APY = Annual Percentage Yield. APY and rates effective as of 09/13/11
Rate Information-The interest rate and annual percentage yield (APY) in effect at account opening will be paid during the term. Please refer to the Certificate of Deposit section of the Hanmi Bank Rate Sheet for details.
Compounding Frequency - Interest will be compounded daily.
Crediting Frequency – Interest will be credited to your account monthly.
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. Interest will be calculated on an Actual/365 day basis. The annual percentage yield assumes that interest remains on deposit until maturity. A withdrawal of interest will reduce earnings.
Accrual of Interest on Noncash Deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks).
Early withdrawal Penalties - A penalty may be imposed for withdrawal before maturity. If the deposit has an original maturity of more than one (1) year, an amount equal to three (3) months' interest earned, or that could have been earned, on the amount withdrawn must be forfeited. If the deposit has an original maturity of 32 days to one (1) year, an amount equal to one (1) month's interest earned, or that could have been earned, on the amount withdrawn must be forfeited. If the deposit has an original maturity of 7 to 31 days, the amount forfeited shall be the greatest of (1) all interest earned on the amount withdrawn, or (2) the amount of interest that could have been earned on the amount withdrawn over a seven day period, or (3) amount of interest that could have been earned on the amount withdrawn over one-half maturity period. Any withdrawal made during the first six (6) days after the account has been opened or during the first six (6) days following a partial withdrawal or deposit will be subject to an early withdrawal penalty of seven (7) days interest on the principal amount withdrawn at the interest rate then paid on your account at the time of withdrawal, whether earned or not. In certain circumstances such as the death or incompetence of an owner of the account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty.
Renewal - Your Certificate of Deposits account will automatically renew at maturity. You may prevent renewal if you withdraw the funds in the account at maturity (or within the grace period mentioned below, if any) or we receive written notice from you within the grace period mentioned below, if any. We can prevent renewal if we mail notice to you at least 30 calendar days before maturity. If either you or we 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 certificate of deposits on the maturity date which have the same term, minimum balance (if any) and other features as the original time deposit. You will have seven calendar days after maturity to withdraw the funds without a penalty.
Terms - 3 months, 6 months, 9 months, and 12 months.
Minimum Balance to Open the Account-$1,000.
Transaction Limitation- You may not make additional deposits into your account before maturity. You can only withdraw interest credited in the term before maturity of that term without penalty. You can withdraw interest only on the crediting date.