|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
 |
 |
 |
 |
 |
 |
| •Today's Specials | •CD Rate Lock Request | •Types of Savings | •Types of CDs | •Types of IRAs |
 |
Home >> Savings & CDs Savings Accounts and Certificates of Deposit Disclosures
Interest Rate and Annual Percentage Yield. All savings accounts ("account(s)") are variable-rate accounts. At our discretion, we may change the interest rates and annual percentage yields on the accounts (including your account) at any time, and as many times after the accounts (including your account) are opened, without giving you any prior notice. The initial interest rate and annual percentage yield for each account are the interest rate and annual percentage yield in effect on the date the account is opened, for that type of account and for the amount deposited. The annual percentage yield measures the total amount of interest paid on an account based on the initial interest rate in effect when the account is opened and the frequency of compounding, for a one (1) year (365-day period). The annual percentage yield is expressed as an annualized rate and assumes that the interest rate will not change, that interest will remain on deposit, and that no other transactions (deposits or withdrawals) occur, during the first year (365-day period). Any withdrawals will reduce earnings. For the current interest rates and annual percentage yields, refer to our current rate schedule or call us at the telephone number shown on our rate schedule during our normal business hours or visit our website at www.financefactors.com. Minimum Balance. You must maintain at least the minimum balance amount in the account each day, in order to obtain the disclosed annual percentage yield. However, for those types of accounts which contain the tiered-rate feature, for any tier level, you must maintain at least the minimum balance amount for that tier level in the account each day, in order to obtain the disclosed annual percentage yield for that tier level. A tier level is a range of account balances. Different interest rates and annual percentage yields may apply to different tier levels. Interest Calculation. Interest is computed on the basis of a 365-day year. Interest is calculated daily. We use the daily balance method to calculate the interest on each account. This method applies a daily periodic rate (based on the interest rate in effect for your account for that day) to the full amount of principal in the account at the end of each day. Interest Accrual. Interest begins to accrue on cash and non-cash deposits (for example, checks) on the date of your deposit if made in person, or on the first business day after our receipt of your cash or non-cash deposit if not made in person. If you withdraw funds or close your account before any accrued interest is credited, you will receive the accrued interest on the withdrawn funds, up to the day prior to the day you withdraw the funds or close your account. Deposits. You can make deposits at any of our branches or by mail addressed to the branch where your account is maintained. If you deposit a check or other item by mail, you should endorse it "for deposit" followed by the signature of all payees and your account number. We may set a maximum permitted balance for your account. If we do so, we will provide you notice thirty (30) days before we impose this limitation. Withdrawals. You may make withdrawals of available funds from your account at any of our branches. You can do so by giving us a completed and signed withdrawal request on the form we have provided. We reserve the right to require at least seven (7) days written notice prior to any withdrawal from your account. Also, you may not make more than six (6) transfers and/or withdrawals during any calendar month to another account with us or to a third party by means of a preauthorized or automatic transfer, or telephonic (including data transmission) agreement, order or instruction. In addition, in certain situations, your right to withdraw may be affected by our hold policy. Fees. A $25 fee will be charged if an account is closed within 30 days of its opening. A $10 per check fee will be charged on checks returned for insufficient or uncollected funds and for stop payment of checks.
(NOTE: EFFECTIVE OCTOBER 1, 2000, New Regular Savings Accounts Will No Longer Be Offered) Minimum Opening Deposit. A minimum opening deposit of $100 is required. If, however, you are opening this type of account for the purpose of receiving and automatically depositing interest payments from a Finance Factors, Limited time certificate account, a minimum opening deposit of only $10 is required. Interest Crediting and Compounding. Interest is credited to your account and compounded on a quarterly basis (each calendar quarter). Fees. A $5 fee will be charged each quarter if, during any day within that quarter, the end-of-day account balance is below the minimum balance amount (the minimum balance amount will be equal to the required minimum opening deposit amount of $100 or $10, as applicable.
Minimum Opening Deposit. A minimum opening deposit of $100 is required. If, however, you are opening this type of account for the purpose of receiving and automatically depositing interest payments from a Finance Factors, Limited time certificate account, a minimum opening deposit of only $10 is required. Interest Crediting and Compounding. Interest is credited to your account and compounded on a monthly basis (each calendar month). Tiered-Rates. This type of account has a tiered-rate feature. This means that the interest rate and annual percentage yield for your account will depend on the tier level in which the end-of-day balance of your account falls. For example, if the end-of-day balance in the account is $2,600, the interest rate paid on the entire balance in your account for that day will be the interest rate for the tier level for balances between $2,500 and $14,999. Fees. A $5 fee will be charged each month if, during any day within that month, the end-of-day account balance is below the minimum balance amount (the minimum balance amount will be equal to the required minimum opening deposit amount of $100 or $10, as applicable).
Special Conditions. You must be under 18 years of age to qualify for this type of account. Minimum Opening Deposit. A minimum opening deposit of $5 is required. Interest Crediting and Compounding. Interest is credited to your account and compounded on a monthly basis (each calendar month). Tiered-Rates. This type of account has a tiered-rate feature. This means that the interest rate and annual percentage yield for your account will depend on the tier level in which the end-of-day balance of your account falls. For example, if the end-of-day balance in the account is $2,600, the interest rate paid on the entire balance in your account for that day will be the interest rate for the tier level for balances between $2,500 and $14,999.
Minimum Opening Deposit. A minimum opening deposit of $50,000 is required. Interest Crediting and Compounding. Interest is credited to your account and compounded on a monthly basis (each calendar month). Tiered-Rates. This type of account has a tiered-rate feature. This means that the interest rate and annual percentage yield for your account will depend on the tier level in which the end-of-day balance of your account falls. For example, if the end-of-day balance in the account is $45,000, the interest rate paid on the entire balance in your account for that day will be the interest rate for the tier level for balances between $25,000 and $49,999. Fees. A $5 fee will be charged each month if, during any day within that month, the end-of-day account balance is below $100.
Frequency of rate changes - We may change the interest rate on your account at any time. Determination of rate - At our discretion, we may change the interest rate on your account at any time, without limit. Compounding and crediting frequency - Interest will be compounded monthly. Interest will be credited to your account every month. Minimum balance to open the account - You must deposit at least $10,000 at all Oahu branches or $5,000 at the Hilo, Kahului, Keauhou-Kona, and Lihue branches to open this account. 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. You will receive the MMSA base interest rate (0.30% APY) when your account daily balance drops below the minimum balance until your account meets the minimum balance. Accrual of interest on non-cash deposits - Interest begins to accrue on the business day that we receive your deposit of non-cash items (for example, checks). Transaction limitations – All withdrawals and transfers are subject to availability of funds in your account and to any special limitations for the particular type of account described elsewhere in this Money Market Savings Account Additional Disclosures or in other disclosures you receive. Federal regulations limit the number of transfers you may make from a Money Market Savings Account. You may make no more than six (6) transfers or withdrawals during each thirty (30)–day statement cycle by pre-authorized transfer or automatic transfer to another account of yours or to a third party. Of these six (6), only three (3) can be made by check or similar order to a third party. A preauthorized transfer includes any arrangement with us to pay a third party from your account at: (1) a predetermined time; (2) on a fixed schedule; or (3) upon written orders including orders received through the Automated Clearing House (ACH). If the transfer or withdrawal is initiated in person., then there is no limit on the number of payments that may be paid directly to you, directly to us for amounts you owe us, or transfers to other accounts you have with us. If you exceed these restrictions three (3) times in a twelve (12)-month period, you may incur service charges, and federal law requires us to close or convert your account for repeated violations. We may refuse any withdrawal or transfer request that is greater in number than the frequency permitted, or that is for an amount greater or less than any withdrawal limitations. We will use the date the transaction is completed by us (as opposed to the date you initiate it) to apply the frequency limitations. If we honor a nonconforming request, we are not required to do so later. We may treat continued abuse of the stated limitations (if any) as your act of closing the account. If we close your account, we will send you a check for the balance of your account plus any accrued interest. You may make an unlimited number of withdrawals from your account when made in person. See Fee Schedule for applicable transaction limitations and fees. Fees - Please refer to our separate Fee Schedule for additional information about fees and charges. A $35 early closing fee will be assessed if you close the Money Market Saving Account within 90 days of account opening. Other restrictions – The Money Market Savings Account is available for Hawaii residents and businesses only. Special rates may be available for customers who have Finance Factors real estate secured loans.
Rate information – Your interest rate and annual percentage yield (“APY”) may change. Frequency of rate changes – We may change the interest rate on your account at any time. Determination of rate – At our discretion, we may change the interest rate on your account at any time, without limit. Compounding and crediting frequency – Interest will be compounded quarterly. Interest will be credited to your account every quarter. Minimum balance to open the account – You must deposit at least $1,000 in funds drawn on a financial institution other than Finance Factors, in order to open this account. 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. The minimum daily balance is $1,000. Accrual of interest on non-cash deposits – Interest begins to accrue on the business day that we receive your deposit of non-cash items (for example, checks). Transaction limitations – All withdrawals and transfers are subject to availability of funds in your account and to any special limitations for the particular type of account described elsewhere in this addendum or in other disclosures you receive. Federal regulations limit the number of transfers you may make from this type of account. You may make no more than six (6) transfers or withdrawals during each thirty (30) – day statement cycle by pre-authorized transfer or automatic transfer to another account of yours or to a third party. Of these six (6), only (3) can be made by check or similar order to a third party. A preauthorized transfer includes any arrangement with us to pay a third party from your account at: (1) a predetermined time; (2) on a fixed schedule; or (3) upon written orders including orders received through the Automated Clearing House (ACH). If the transfer or withdrawal is initiated in person, then there is no limit on the number of payments that may be paid directly to you, directly to us for amounts you owe us, or transfers to other accounts you have with us. If you exceed these restrictions three (3) times in a twelve (12) – month period, you may incur service charges, and federal law requires us to close or convert your account for repeated violations. We may refuse any withdrawal or transfer request that is greater in number than the frequency permitted, or that is for an amount greater or less than any withdrawal limitations. We will use the date the transaction is completed by us (as opposed to the date you initiate it) to apply the frequency limitations. If we honor a nonconforming request, we are not required to do so later. We may treat continued abuse of the stated limitations (if any) as your act of closing the account. If we close your account, we will send you a check for the balance of your account plus any accrued interest. You may make an unlimited number of withdrawals from your account when made in person. See Fee Schedule for applicable transaction limitations and fees. Fees –A $15 fee will be charged each quarter if, during any day within that quarter, the end-of-day balance is below the minimum balance requirement of $1,000. A $50 early closing fee will be assessed if you close your account within 90 days of account opening. Please refer to our separate Fee Schedule for additional information about fees and charges. Other Restrictions – This account is available for Hawaii residents and businesses only. Special rates may be available for customers who have Finance Factors real estate secured loans.
Rate information – Your interest rate and annual percentage yield (“APY”) may change. Frequency of rate changes – We may change the interest rate on your account at any time. Determination of rate – At our discretion, we may change the interest rate on your account at any time, without limit. Compounding and crediting frequency – Interest will be compounded monthly. Interest will be credited to your account every month. Minimum balance to open the account – You must deposit at least $50,000 in funds drawn on a financial institution other than Finance Factors, in order to open this account. 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. The daily minimum balance is $50,000. You will earn .40% APY for each day the balance is below the minimum balance until your account meets the minimum balance. Accrual of interest on non-cash deposits – Interest begins to accrue on the business day that we receive your deposit of non-cash items (for example, checks). Transaction limitations – All withdrawals and transfers are subject to availability of funds in your account and to any special limitations for the particular type of account described elsewhere in this addendum or in other disclosures you receive. Federal regulations limit the number of transfers you may make from this type of account. You may make no more than six (6) transfers or withdrawals during each thirty (30) – day statement cycle by pre-authorized transfer or automatic transfer to another account of yours or to a third party. Of these six (6), only (3) can be made by check or similar order to a third party. A preauthorized transfer includes any arrangement with us to pay a third party from your account at: (1) a predetermined time; (2) on a fixed schedule; or (3) upon written orders including orders received through the Automated Clearing House (ACH). If the transfer or withdrawal is initiated in person, then there is no limit on the number of payments that may be paid directly to you, directly to us for amounts you owe us, or transfers to other accounts you have with us. If you exceed these restrictions three (3) times in a twelve (12) – month period, you may incur service charges, and federal law requires us to close or convert your account for repeated violations. We may refuse any withdrawal or transfer request that is greater in number than the frequency permitted, or that is for an amount greater or less than any withdrawal limitations. We will use the date the transaction is completed by us (as opposed to the date you initiate it) to apply the frequency limitations. If we honor a nonconforming request, we are not required to do so later. We may treat continued abuse of the stated limitations (if any) as your act of closing the account. If we close your account, we will send you a check for the balance of your account plus any accrued interest. You may make an unlimited number of withdrawals from your account when made in person. See Fee Schedule for applicable transaction limitations and fees. Fees – Please refer to our separate Fee Schedule for additional information about fees and charges. A $50 early closing fee will be assessed if you close your account within 90 days of account opening. Other Restrictions – This account is available for Hawaii residents and businesses only. Ali`i Savings accounts may not be secured as collateral on a loan.
Minimum Opening Deposit. The following minimum opening deposits are required: $500 to open an Incentive Time Certificate Account; $5,000 to open a Heritage Time Certificate Account ($1,000 minimum opening deposits at Finance Factors' Hilo, Kahului, Keauhou-Kona and Lihue branches only); $100,000 to open a Jumbo Time Certificate Account; and, $250,000 to open a Variable Jumbo Time Certificate Account. In addition, you must be 55 years of age or older to qualify for the Heritage Time Certificate Account. Certificate of Deposit. When you open a time certificate account ("account") we will give you a Certificate of Deposit ("certificate"). The certificate will show the amount of deposit, date of deposit, term, maturity date, interest rate and annual percentage yield for that account. Interest Rate and Annual Percentage Yield. The interest rate and annual percentage yield for each account, are the interest rate and annual percentage yield in effect on the date the account is opened or renewed, for that type of account and for the amount deposited and the term chosen. The interest rate and annual percentage yield are fixed as of the date the account is opened or renewed, and remain in effect until the maturity date of the initial term or any renewed term as may be the case. For accounts where interest is compounded during the term, the annual percentage yield assumes that interest will remain on deposit until the maturity date, and thus any withdrawals will reduce earnings. For the current interest rates and annual percentage yields, refer to our current rate schedules or call us at the telephone number shown on our rate schedules during our normal business hours or visit our website at www.financefactors.com. Minimum Balance. In order to obtain the disclosed annual percentage yield you must maintain at least the minimum balance amount in the account each day throughout the entire term. If you withdraw any principal on deposit in your account before the maturity date, the remaining principal left on deposit must meet the minimum balance requirements (being the minimum opening deposit amount for your type of account) or your account will be closed. Interest Calculation. Interest is computed on the basis of a 365-day year. Interest is calculated daily. We use the daily balance method to calculate the interest on each account. This method applies a daily periodic rate (based on the interest rate in effect at the time you opened or renewed the account) to the full amount of principal in the account at the end of each day. Interest Accrual. Interest begins to accrue on cash and non-cash deposits (for example, checks) on the date of your deposit if made in person, or on the first business day after our receipt of your cash or non-cash deposit if not made in person. If you withdraw principal and/or close your account before any accrued interest is credited, you will not receive the accrued interest on the withdrawn principal. Interest Crediting. For Incentive Time Certificate Accounts and Variable Jumbo Time Certificate Accounts, interest is credited on a quarterly basis (as of the account opening date). For Heritage Time Certificate Accounts and Jumbo Time Certificate Accounts, interest is credited on a monthly basis (as of the account opening date). Interest Compounding. For Incentive Time Certificate Accounts, interest will be compounded quarterly (as of the account opening date), unless you choose to have the interest paid into a Finance Factors, Limited savings account or paid directly to you by check. For Heritage Time Certificate Accounts, interest will be compounded monthly (as of the account opening date), unless you choose to have the interest paid into a Finance Factors, Limited savings account or paid directly to you by check. For Jumbo Time Certificate Accounts and Variable Jumbo Time Certificate Accounts, interest will not be allowed to remain in the account and will not be compounded. Interest will be paid to you. You may elect to either have the interest paid into a Finance Factors, Limited savings account or paid directly to you by check. Transaction Limitations. Unless specifically permitted by the type of account, you may not make additional deposits into an account after it is opened. Also, we may, but shall not be required to, allow you to withdraw principal from the account, prior to the maturity date. Automatic Renewal. All accounts will renew automatically at maturity. If, however, you do not wish to renew your account, you must provide us with written instructions not to renew and must withdraw your funds by no later than: two (2) business days (ie. days on which our offices are open for business) after the maturity date, for accounts with a term of one (1) month (31 days) or less; or, ten (10) calendar days after the maturity date, for accounts with a term longer than one (1) month (31 days), in order to avoid being charged a penalty. The term of the renewed certificate begins on the maturity date of your expired certificate. The term of the renewed certificate will be as follows:
The interest rate and annual percentage yield on the renewed certificate will be that offered by us on the maturity date of your expired certificate for a time certificate with an equivalent amount and term as your renewed certificate. We will give you written notice as required by law before your certificate matures. Early Withdrawal Penalties. If you withdraw any portion of your principal in the account before the maturity date, a penalty as shown below may be imposed:
The amount of the early withdrawal penalty depends upon the type and term of the certificate, the amount of principal withdrawn, and the interest rate in effect for the certificate. The penalty is calculated on a simple interest basis and is equal to the amount of interest (based on the amount of principal withdrawn at the interest rate then in effect) for the designated penalty period. If you withdraw principal before the maturity date of your certificate, the penalty may be more than the interest you have earned. This means you will not receive the full amount of principal you deposited. No early withdrawal penalty will be assessed if the withdrawal is made as a result of an account owner's death or medically or judicially declared incompetency, and if the account is in the account owner's individual name and capacity. Fees. A $20 per check fee will be charged on checks returned for insufficient or uncollected funds and for stop payment of checks. A $10 fee will be charged for issuing a replacement certificate.
RULES AND REGULATIONS: The following rules apply to our “This Week’s CD Specials” Certificate of Deposit accounts. Except as changed by these additional disclosures, the normal Certificate of Deposit Disclosure Terms and Conditions will apply to Finance Factors Ltd.'s Certificate of Deposit accounts. MINIMUM AND MAXIMUM DEPOSIT: Your maturity date is reflected on your Certificate of Deposit that you received at the time you opened your Account. INTEREST RATE: The initial Interest Rate(s) quoted and the corresponding Annual Percentage Yield(s) (“APY”) are those which were in effect on the day the Account was opened as provided in the “This Week’s CD Special” notice. The applicable Interest Rate applies to the entire balance in the Account. The initial Interest rate and the APY are reflected on the “This Week’s CD Specials” notice. The initial Interest Rate is the rate in effect on the day the Account is opened and the APY quoted is the yield which would result if the initial Interest Rate were to remain in effect for an entire year. The APY assumes interest remains on deposit until maturity. A withdrawal of interest (including by check or by deposit to another Finance Factors, Ltd. account) prior to maturity will reduce earnings. The initial Interest Rate will be in effect for the length of the term of your Account until its maturity date. MINIMUM AND MAXIMUM DEPOSIT: You must deposit at least $2,500 to open the Certificate of Deposit account on “This Week’s CD Specials” notice. The maximum deposit is $100,000. We reserve the right not to renew or reinvest a Certificate of Deposit Account.
RULES AND REGULATIONS: The following rules apply to
our 4-Year Callable Certificate of Deposit (4-Year Callable CD). Except
as changed by these special rules, the normal Certificate of Deposit
Disclosure Terms and Conditions will apply to Finance Factors Ltd.'s
Four Year Callable CD. If we call your 4-Year Callable CD, it will automatically renew into our ITC 6-Month Certificate of Deposit at book rate on the call date. You may withdraw your funds without penalty up to 10 calendar days after the call date. You do not have the right to call your 4-Year Callable CD before its
stated maturity date. Any early withdrawals that you make will be subject
to the early withdrawal penalty provisions of our normal Certificate
of Deposit Disclosure Terms and Conditions.  ADDITIONAL DISCLOSURES FOR TRADEUPSM CD: 1. The maturity dates for time certificate accounts are stated on the certificate issued for each account. 2. The interest rates and annual percentage yields on all time certificate accounts are fixed as of the date the account is opened or the effective date of renewal of the account. The interest rate and annual percentage yield remains in effect throughout the term of the account. 3. We use the daily balance method to calculate the interest on all time certificate accounts. This method applies a daily periodic rate to the full amount of principal in the account at the end of each day. 4. For Incentive Time Certificate Accounts and Heritage Time Certificate Accounts, interest will be compounded in the manner disclosed in the Deposit Account Agreement. If you exercise the TradeUpSM option, the TradeUpSM interest rate will be calculated from the business day you exercise the TradeUpSM option to the end of the term of your time certificate. 5. All time certificates renew automatically at maturity. On certificates of one (1) month (31 days or less), you will have a grace period of two (2) business days to withdraw your funds without being charged a penalty. On certificates of more than (1) month, you will have ten (10) calendar days from the maturity date to withdraw your funds without being charged a penalty. 6. After a time certificate account is opened, you may not make additional deposits into the account until the maturity date. 7. If you withdraw any portion of your funds in a time certificate account before the maturity date, a penalty as shown below may be imposed: Heritage & Incentive 8. All time certificate accounts may be assessed certain fees and
charges. See the Fees and Charges Schedule for the amount of fees and
charges, and the conditions under which they may be imposed. INCENTIVE TIME CERTIFICATE ACCOUNTS:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Community
Relations • Real Estate
for Sale • Career Opportunities
• Contact Us Home • Residential Loans • Commercial Loans • Savings & CDs • IRAs |
|
Finance Factors,
Ltd. • 1164 Bishop Street, Ste. 300 • Honolulu, Hawaii 96813-2810 Oahu 522-2000 • Neighbor Islands 800-648-7136 • Fax 808-548-5148 • E-mail ©2004 Finance Factors, Ltd. All rights reserved Guam contacts: Finance Factors, Ltd. • 339 Chalan San Antonio, Ste. 100• Tamuning, Guam 96913 671-649-5751 • Fax 671-649-5745 • E-mail |
