Certificates of Deposit

• How safe are my CDs?

  Your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor, per insured bank, for each account ownership category. To learn more about the FDIC, visit them online at: www.fdic.gov.

• How is interest calculated on my CD?

  There are a variety of interest payment options available. Generally, interest compounds on a daily basis and is credited to your account quarterly based on your statement cycle. If you have any questions, please Contact Us.

• What if I need to withdraw my funds early?

  You can withdraw your funds at any time prior to the maturity of the CD, but your withdrawal is then subject to an early withdrawal penalty. This may result in a loss of accumulated interest and possibly principal. You do have a 10-day grace period at the maturity of the CD, in which you have the option to withdraw funds without a penalty.

• What happens when my CD matures?

  At the maturity of the CD, you have the option to either renew or withdraw the CD proceeds. York State Bank will send you a reminder notice prior to maturity that provides you with options and maturity information. Your CD is automatically set to renew for the same term and current rate at renewal time, if we do not hear from you.

• What is a grace period?

  The CD grace period is the 10 calendar days after the maturity date of your CD in which you can either withdraw funds without penalty or add additional funds to your account.

• How do I cash in my CD?

  Before your CD matures, York State Bank will send you a reminder notice. You have a 10-day grace period after the maturity of the CD in which you can withdraw your funds without a penalty. To cash the CD, mail us the original certificate along with a letter of instruction before the end of the grace period informing us that you would like to redeem your CD. If you have any questions, please Contact Us. 

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