I sent an e-mail to The Trangroup and they sent me this reply.
Date: Tue, 11 Apr 2006 09:43:09 -0700
From: "James Hodson" <james.hodson@thetrangroup.com>
To: "Gavin" <gavinmccallister@yahoo.com>
Subject: Re: retail fixed deposit
Dear Gavin,
Minimum Balance Information
The minimum balance required to open a CD, earn interest and obtain the
disclosed Annual Percentage Yield is $1,000.
Interest Rate Information
Interest is compounded daily and paid from the day of deposit through
day of maturity, calculated on a
365-day basis (366 days in a leap year). You will earn the disclosed
rate until the first maturity date
of the CD. If the interest is not paid, it will be credited to your
certificate at maturity.
You may elect to have your interest paid quarterly, semi-annually,
annually or at maturity.
The Annual Percentage Yield assumes funds remain on deposit for a full
calendar year. Any withdrawal will reduce earnings.
Rates on CDs will vary based on the term requested. CDs are offered in
monthly increments in the following terms:
12 months, 24 months, 36 months and 60 months. The interest rate and
Annual Percentage Yield for a CD are determined
on the day we receive your deposit. Our current interest rate and
Annual Percentage Yield are included in the Interest Rate Schedule.
(
www.thetrangroup.com/savings.htm)
Renewals
Your CD will automatically renew with like terms on each succeeding
maturity date, unless otherwise indicated.
For each renewal term, we will pay interest based upon the interest
rate and Annual Percentage Yield disclosed
in the Interest Rate Schedule as of the maturity date.
You will have 10 calendar days after the maturity date to withdraw
funds without penalty.
The CD will not automatically renew if you ask for payment within 10
calendar days of the maturity date.
The interest that would accrue during the 10 day "grace period" will
not be paid out to you if the CD is redeemed.
Limitations on Transactions
You may not make additional deposits to a CD before the maturity date.
If you choose to withdraw principal funds
from a CD prior to maturity, the withdrawal is subject to penalty.
Early withdrawal penalties are as follows:
If the CD has a maturity length of 12 months the penalty will be one
month's interest.
If the CD has a maturity length of over 12 months the penalty will be
three month's interest.
Any premature withdrawal, which reduces the balance below the required
minimum balance, will be considered
a withdrawal of the entire account balance and will be subject to the
penalty prescribed in this section.
The penalties prescribed in this section will not be imposed for a
withdrawal of principal following the
death or adjudication of incompetence or incapacity of any account
owner.
If you might have any questions, do not hesitate to contact.
Best Regards,
James Hodson
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Tuesday, April 11, 2006, 8:47:50 AM, you wrote:
> I would like some more information on the retail fixed term deposits
> _______________________________
> The above message was sent when you were offline, via your Timpani
site.
> Message sent from IP: 63.19.174.11