You will receive a maturity notice by mail prior to the maturity date of your Time Deposit. At this point, you can notify the bank, (by phone, in a branch, or by emailing [email protected]) if you decide to close the Time Deposit.
If you choose to close the Time Deposit you will receive the amount in your account upon maturity in one of the following methods:
- A check can be mailed to you
- Funds can be transferred into your other existing ConnectOne Bank checking, savings, or Money Market checking account
- Upon request, we can transfer the funds back to your original funding Financial Institution
If you don’t notify the bank that you’d like to close the Time Deposit, your account will automatically renew after 10 calendar days for the term indicated in your Time Deposit disclosure at the prevailing rate. More information can be found in the Time Deposit Truth-In-Savings disclosure.