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Capital One® Certificate of Deposit Agreement TERM, MATURITY DATE, CURRENT INTEREST RATE AND ANNUAL PERCENTAGE YIELD (APY) INFORMATION. By accepting the Agreement on our Web site or by signing our Account Acceptance Form, you agree to be bound by the rules and regulations of this Agreement.The depository institution, term, maturity date, and APY are shown on your Certificate of Deposit. Capital One Bank and Capital One, F.S.B. are separate, FDIC-insured depository institutions and subsidiaries of Capital One Financial Corporation, a bank holding company that is not FDIC insured. If you have not yet purchased a Certificate of Deposit, the interest rates and annual percentage yields (APYs) currently being offered for each term can be found - by visiting our Web site at www.capitalone.com or by calling toll free . The APY is based on a 365-day year and assumes that all interest will remain on deposit until maturity. Any withdrawal of interest or principal, as well as the imposition of any fees, will reduce earnings. INTEREST INFORMATION Interest will be paid from the date of the deposit up to, but not including, the date of withdrawal and will be compounded daily. The daily-balance method will be used to calculate interest. This method applies a daily periodic rate to the collected balance in the account each day. Holders of Certificates of Deposit may elect to receive payments of interest on a monthly, quarterly, semi-annual or annual basis or may have the payments of interest added back to the balance of their account until maturity. If no interest payment option is selected for a Certificate of Deposit, interest payments will be added back to the balance of the account on a quarterly basis for terms of six months or more and on a monthly basis for terms of less than six months. BALANCE INFORMATION After an account is opened, you may not make additional deposits to the account until the maturity date. Individual Retirement Account ("IRA") Certificates of Deposit IRA Certificates of Deposits may only be opened in Capital One, F.S.B. A minimum of $1,000 is required to open an IRA Certificate of Deposit. Non-IRA Certificate of Deposit A minimum deposit of $5,000 is required to open a Capital One F.S.B., Certificate of Deposit account. A minimum of $100,000 is required to open a Capital One Bank Certificate of Deposit. After a Certificate of Deposit account is opened, you may not make additional deposits to the account until the maturity date. Capital One Bank only accepts Certificates of Deposits of $100,000 or more. Capital One, F.S.B. accepts Certificates of Deposits of any amount (subject to minimum deposit requirements for specified accounts); however, if over $100,000, your Certificate of Deposit will automatically be deposited in Capital One Bank unless you notify us otherwise. PAYMENTS OR TRANSFERRING FUNDS TO YOUR ACCOUNT IS A WARRANTY OF AUTHORIZATION By using any available payment or funds transfer service, you warrant that you are an authorized signer on the account from which the funds are being drawn to make such payment or transfer. CHANGE OF ADDRESS You must keep us informed of your current address. We may rely upon and will use the last address you or the U.S. Postal Service has given us. LEGAL PROCEEDINGS/DISPUTES If your account becomes involved in a legal proceeding or is likely to become involved in a legal proceeding due to a dispute, the entire balance of your account may be restricted until the matter has been resolved, even if only one person on the account is involved. You promise to repay us for any expenses we incur, including reasonable legal fees and costs, if your account is involved in a legal proceeding or dispute. ARBITRATION Any legal claim between you and us ("Claim") shall at your or our request be resolved by an arbitrator to be mutually agreed upon by the parties. A party who has asserted a Claim in a lawsuit in court may elect arbitration with respect to any Claim(s) subsequently asserted in that lawsuit by any other party or parties. IF ARBITRATION IS CHOSEN BY ANY PARTY WITH RESPECT TO A CLAIM,NEITHER YOU NOR WE WILL HAVE THE RIGHT TO LITIGATE THAT CLAIM IN COURT OR HAVE A JURY TRIAL ON THAT CLAIM. FURTHER, YOU WILL NOT HAVE THE RIGHT TO PARTICIPATE AS A REPRESENTATIVE OR MEMBER OF ANY CLASS OF CLAIMANTS PERTAINING TO ANY CLAIM SUBJECT TO ARBITRATION. THE ARBITRATOR’S DECISION WILL BE FINAL AND BINDING. NOTE THAT OTHER RIGHTS THAT YOU WOULD HAVE IF YOU WENT TO COURT MAY ALSO NOT BE AVAILABLE IN ARBITRATION. REDEMPTION/RENEWAL INFORMATION Certificates of Deposit will renew automatically at maturity for the same term as before. You may redeem a Certificate of Deposit on the maturity date by giving us notice on or within 30 days before the maturity date. Notice may be provided by i. telephone at or ii. mail at P. O. Box 5038, Glen Allen, VA 23058-5038; or iii. facsimile. The facsimile number may be obtained by calling . YOU MAY NOT PROVIDE NOTICE BY E-MAIL. In addition, you will have a grace period of ten (10) calendar days after the maturity date during which you may redeem a Certificate of Deposit without being charged a penalty. If a Certificate of Deposit is redeemed during the grace period, no interest will be earned after the maturity date. The interest rate paid on accounts that automatically renew will be the rate offered by Capital One Bank or Capital One, F.S.B. (as applicable) at the time of such renewal for a Certificate of Deposit of the same (or similar) type, amount and term as the account being renewed. In the event the Certificate of Deposit type is no longer offered at the time of maturity, your Certificate of Deposit will be automatically renewed to a fixed rate Certificate of Deposit available to the general public with the same (or similar) term. EARLY WITHDRAWAL PENALTY INFORMATION You may not withdraw principal from your account prior to the account’s maturity date. If we permit early withdrawal, the penalty for early withdrawal for Certificates of Deposit will be assessed as described below:
For example, if you have a 5-year CD and you withdraw $40,000 of principal 27 months early, and rates have risen such that a new CD has an APY 0.50% higher than your original CD, then the ERV will be $450.00.This represents an estimate of Capital One’s interest cost if it were to replace the money you withdrew with a comparable CD. The term offered by Capital One that is closest to (but not greater than) the remaining term of your CD would be 24 months or 2 years in this example. If your original 5-year CD had an APY of 2.00%, but rates have risen and the 24-month replacement CD offered by Capital One for new accounts of the same CD type had an APY of 2.50% at the time of your early withdrawal, Capital One interest cost in replacing the $40,000 principal you withdrew early would be an additional 0.50% APY. This would be an additional $200 per year on the $40,000 you withdrew early. Over 2.25 years (time left to maturity), this would add up to $450.00. The ERV is calculated in the following manner: EXAMPLE*
* Example provided is for illustrative purposes only. The terms in the example are not specific to your CD. The actual calculation of ERV will vary depending on the CD’s depository institution (Capital One Bank or Capital One F.S.B.), the APY offered on the date of withdrawal to new accounts for the same type of CD when early withdrawal is made and the APY, term, and principal amount of your CD as disclosed to you when you opened your CD. JOINT ACCOUNTS A joint account is one opened by two or more people and is payable to any of them. A joint account may be set up with right of survivorship or without right of survivorship. When one person on a joint account with right of survivorship dies, his or her share belongs equally to the other living people on the account. When one person on a joint account without right of survivorship dies, his or her share in the joint account belongs to his or her estate. A joint account between people married to each other belongs to them equally with right of survivorship unless there is clear and convincing evidence of a different intent. If the husband and wife get divorced, all survivorship rights between them in a multiple-party account end. LEGAL PROCEEDING/DISPUTE If your Account becomes involved in a legal proceeding or is likely to become involved in a legal proceeding due to a dispute, the entire balance of your Account may be restricted until the matter has been resolved, even if only one person on the Account is involved. You promise to repay us for any expenses we incur, including reasonable legal fees and costs, if your Account is involved in a legal proceeding or dispute. BALANCE OF ACCOUNT The amount shown on our records will be accepted as the balance of your account unless you can show differently. Your share in a joint account is not tracked, and you agree for yourself, your heirs, assigns and administrators that if you or any other person listed on the account receives more than his or her share, we will not be liable. FEE SCHEDULE Returned Deposit Item $5.00 Additional Statement $3.00 Outbound Wire Transfer (if applicable) $20.00 Expedited Mail Service $15.00 Verification of Deposit $10.00 We may change the fee amounts at any time. If we make a change, you will be notified in writing as required by applicable law. CREDIT REPORT For your protection, you agree that we may order a consumer credit report from a credit report agency. Upon your request, we will inform you of whether or not such a report was requested, and if so, the name and address of each agency which furnished this report. FACSIMILE SIGNATURES By agreeing to this agreement you authorize us to honor a facsimile signature or other form of signature ("facsimile signature"). You agree that you shall bear the entire risk of unauthorized use thereof whether or not you are negligent. You also agree that no facsimile signature that you have in fact used may be considered a forgery or an unauthorized signature and that such facsimile signature shall be effective as your signature or endorsement whether or not you have been negligent. POWER OF ATTORNEY We are authorized, but not required, to honor a Power of Attorney until we receive written notice from you that you have revoked the Power of Attorney or that the Power of Attorney has been revoked as a matter of state law. TRANSFER OF ACCOUNTS This account is not transferable or assignable. GOVERNING LAW This agreement, as well as the operation of your account, is governed by all federal laws and regulations and, to the extent applicable, the laws of the Commonwealth of Virginia. Deposits made by non-cash items must be in a form acceptable to Capital One. Deposits are only accepted from lawful U.S. citizens or resident aliens. BUSINESS ACCOUNTS Business Accounts are accepted on terms greater than six months; however, some restrictions may apply. BROKERED ACCOUNTS Under this program, we do not seek and are not prepared to accept brokered deposits. We require for any account to be valid that the actual owner (beneficial or otherwise) of the account be listed on the account. In addition, the Tax Identification Number of the actual owner must be listed on the account. IMPORTANT INFORMATION ABOUT PROCEDURES FOR APPLYING FOR OR OPENING A NEW ACCOUNT To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you apply for or open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. AMENDMENTS We have the right to change this Agreement, including the fees and charges applicable to the Certificate of Deposit, at any time. If we make changes, you will be notified as required by applicable law. | |