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Product Terms and Conditions - 6 Month Add-On CD

ANNUAL PERCENTAGE YIELD AND ACCOUNT TERMS DISCLOSURE
Last Updated: May 16, 2024
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Term and Interest Rate

Term Maturity Date Minimum Opening Balance Interest Rate Annual Percentage Yield
6 Months Maturity date will be 6 months from the date the CD is approved and opened. You may view the CD maturity date under 'View Details' in our Mobile App or Online Banking service. $1,000 2.96% 3.00%
Term 6 Months
Maturity Date Maturity date will be 6 months from the date the CD is approved and opened. You may view the CD maturity date under 'View Details' in our Mobile App or Online Banking service.
Minimum Opening Balance $1,000
Interest Rate 2.96%
Annual Percentage Yield 3.00%
Interest Rate and Annual Percentage Yield
Interest Rate and Annual Percentage Yield will be determined by your opening balance. Annual Percentage Yield assumes that your accrued interest remains in the CD until maturity. A withdrawal during the term will reduce your earnings.
Fixed Rate Account
Fixed rate account. The interest rate will apply through the maturity of the account.
Funding Deposit Requirements
Existing East West Bank customers must open the CD through our Mobile App or Online Banking service and immediately fund the CD with an internal transfer from an eligible East West Bank checking or savings account.

Qualifying applicants that are not an East West Bank customer must open the CD through our Mobile App or Online Banking service using the new customer application feature, and the required Minimum Opening Balance must be deposited to the CD by Wire Transfer, ACH or in-branch deposit within 60 days of the account opening date.
  • CDs that are not funded with the required Minimum Opening Balance amount within 60 days are subject to automatic closure. Any partial funding amount is subject to return, without interest.

(see “Qualification Requirements” for additional details)

Interest Accrual /Payment Frequency
Interest begins to accrue on the day you make your Minimum Opening Balance deposit. For CD accounts with a term of 90 days or greater, interest will be credited to the account quarterly and at maturity, otherwise at maturity only.
Interest Compounding / Computation
Your interest is compounded daily on an actual/365 day basis. We use the daily balance method, which applies a daily periodic rate to the principal in the account each day.
Terms and Conditions
Renewal

Upon maturity, your CD will automatically renew for the same term, at the interest rate that is in effect on the maturity date.

The renewal Interest Rate and Annual Percentage Yield will be determined by the principal balance in your CD at maturity.

To obtain information about our current CD rates, you can login to the East West Bank Mobile App or Online Banking service and go to the CD Product tile on the Dashboard, or call our Customer Service Center during normal business hours at (CN) +86.400.080.529 or (U.S) +1.833.468.8356. (see "Grace Period")

Grace Period

You have a grace period of 7 calendar days after the maturity date to close your CD by withdrawing the full balance plus any accrued interest. If you do not close your CD, the principal balance and accrued interest will automatically renew for a new term. (see “Renewal” and “Dates and Cutoff Times”)

Penalty for Early Withdrawal

If you close your CD at any time other than during the “Grace Period” you will be assessed an early withdrawal penalty.

  • Term of 1 Year or less – Penalty will be 90 days simple interest on the principal withdrawn
  • Term over 1 Year – Penalty will be 180 days simple interest on the principal withdrawn
(see “Withdrawals”)
Additional Terms and Conditions
Additional Deposits

Additional deposits are allowed during the CD term.

Customers that have an eligible East West Bank checking or savings account may have the option to make additional deposits to their CD by using the internal transfer feature in our Mobile App or Online Banking service.

Customers can also make additional deposits to their CD by Wire Transfer, ACH, or in-branch deposit.

Withdrawals / CD Closure

Withdrawals are only allowed during the CD “Grace Period” and must be for the full principal balance plus any accrued interest, and will result in the closure of the CD account. Partial withdrawals are not allowed.

  • CDs that are closed before the maturity date or after the CD has renewed for a new term, will be assessed an early withdrawal penalty. (see “Penalty for Early Withdrawal”)
During the CD “Grace Period”, customers with an eligible checking or savings account can use the Close CD feature in our Mobile App or Online Banking service to transfer the CD closing balance to their eligible East West Bank checking or savings account.

Customers that do not have an eligible checking or savings account, must contact the Bank to request a CD closure.

For assistance with closing a CD (including early withdrawal closures) call our Customer Service Center during our normal business hours at (CN) +86.400.080.529 or (U.S) +1.833.468.8356.

Additional Qualification Requirements
These terms and conditions apply to CD accounts opened using the East West Bank Mobile App and Online Banking service only. Limited to individuals 18 years of age or older.

Existing East West Bank customers must have an open eligible East West Bank checking or savings account that is in good standing, in order to qualify to open and fund the CD account.

Qualifying applicants that are not currently an East West Bank customer, must open the CD using the new customer application feature through our Mobile App or Online Banking service
Subject to Bank Approval
CD applications are subject to verification and approval. Submission of an application does not guarantee that East West Bank will open a CD account for you.

Additionally, for non-customer applicants, we may conduct fraud risk assessments both at the time of application, and upon receipt of your initial funding deposit, which may result in your initial funding deposit being subject to certain access and usage limitations until the fraud risk assessments are completed. If you have questions regarding your initial funding deposit after account opening, you can contact us at (CN) +86.400.080.5290 or (U.S.) +1.833.468.8356.

East West Bank reserves the right to close the CD account without prior notice and return the initial funding deposit, without interest, to the sender, based on the results of our risk assessment findings.
Account Title and Contact Information
By submitting an application you are requesting to open a CD account at East West Bank, a United States financial institution. If approved, a CD account will be opened in your name, as sole owner with the same contact information, mailing address, and taxpayer information as is currently applicable to the eligible East West Bank checking or savings account you used to fund the CD, or as submitted in your new customer application.
Dates and Cutoff Times
Dates are based on U.S. calendar days, with an end-of-day cutoff time of 10:00 PM CST.
Other Fees and Services

Other service fees may apply. Please refer to the East West Bank Fee Schedule, which has been provided with this disclosure, for additional fee information.

CD Offer Limitations

This CD offer is made available on a limited basis to select consumer customers and qualifying new customer applicants via our consumer Mobile App and Online Banking services and may not be available to all customers or consumers. CD offers are subject to discontinuance at any time, without notice.

 

 
 
CD
DEPOSIT AGREEMENT ADDENDUM

July 12, 2024

This Deposit Agreement Addendum amends and supersedes, where applicable, the Bank’s Deposit Agreement dated 6/1/2024 and applies specifically to accounts opened using the East West Bank Mobile App or Online Banking services.

 

  1. Holds for Uncollected Funds / Delayed Funds Availability
    Effective September 23, 2023 

    The below revised information amends the “Ability to Withdrawal Funds”, “Longer Delays May Apply” and “Special Rules for New Accounts” information contained in the Holds for Uncollected Funds / Delayed Funds Availability section of the Bank’s Deposit Agreement. All other information contained in the Holds for Uncollected Funds / Delayed Funds Availability section of the Deposit Agreement remains the same.

    Ability to Withdrawal Funds - Generally, our policy is to make funds from your deposits available to you on the first business day after the day we receive your deposit, although specific account types, check types or deposit methods may be subject to delayed funds availability. Electronic direct deposits will be available on the day we receive the deposit. Once they are available, you can withdraw the funds in cash and we will use the funds to pay checks that you have written.

    In many cases we will make the funds from your deposited checks available to you sooner than we are able to collect the funds from the paying bank, and it is possible for a check or other item to be returned to us as unpaid days, weeks or months after we have made the funds available to you. Please remember that even after we have made funds available to you, and you have withdrawn the funds, we have the right to reverse the credit for the deposited checks and/or you are still responsible for repaying us for any checks or other items you deposit or transmit to your account that are returned unpaid to us for any reason.

    For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit in person at one of our branch locations before the close of business on a business day that we are open, we will consider that day to be the day of your deposit. If you deposit a check by Mobile Deposit on a business day before the Mobile Deposit service cutoff time, we will consider that day to be the day of your deposit. . (For Mobile Deposit Business Day cutoff time information, please refer to the Mobile Deposit information in the applicable Online Banking Agreement.)

    NOTE:
    Generally, our close of business is 5:00 p.m. (local time zone), Monday – Friday, however most of our locations close at 6:00 p.m. (local time zone) on Friday. (Note: These times may vary by location.)

    If you make a deposit into one of our automated teller machines before 3:00 p.m. (local time zone) on a business day we are open, we may consider that day to be the day of deposit. However, if you make any of the above-mentioned deposits after the cut-of time or on a day we are not open, we will consider that the deposit was made on the next business day we are open.

    Longer Delays May Apply - In some cases, we will not make  all of the funds that you deposit by check available to you on the first business day after the day of your deposit, including:

    • Mobile Deposits -Generally, funds from Mobile Deposits made using our Consumer or BusinessExpress Mobile App will be made available the third business day after the day of deposit; however, the first $225 of your Mobile Deposits will be available on the first business day after the day of deposit. In certain circumstances longer delays may apply, such as when your Mobile Deposits total more than $5,525 on any one day, in which case the amount over $5,525 will generally be available no later than the seventh business day after the day of deposit.
    • Other Check Deposits (on a case-by-case basis) - On a case-by-case basis funds from certain checks that you deposit may not be available until the second business day after the day of your deposit; however, the first $225 of your deposit will be available on the first business day after the date of deposit.

    If we are not going to make all of the funds from your deposit available on the first business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will send you a notice by the day after we receive your deposit.

    If you will need the funds from a deposit right away, you should ask us when the funds will be available.

    In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:

    • We believe a check you deposit will not be paid.
    • You deposit checks totaling more than $5,525 on any one day.
    • You redeposit a check that has been returned unpaid.
    • You have overdrawn your account repeatedly in the last six months.
    • There is an emergency, such as failure of communications or computer equipment.
       

    We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the seventh business day after the day of your deposit.

    Special Rules for New Accounts – If you are a new customer, the following special rules will apply during the first 30 days your account is open.

    Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers and the first $5,525 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s and federal, state and local government checks, will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,525 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,525 will not be available until the second business day after the day of your deposit.

    Funds from all other check deposits will be available on the ninth business day after the day of your deposit.

    NOTE:
    The forgoing rules do not apply to deposits of foreign items (items drawn on or payable through or at an office of a depository institution not located in the U.S.).

  2. State Law Applicability for Digitally Acquired Consumer Customers
    Effective April 16, 2020

    Accounts opened by consumers that become a Bank customer using the East West Bank Mobile App or Online Banking service will be established at a California location and be subject to California state specific laws, unless they used or entered an “invite link” provided by an East West Bank branch located in another state, in which case their account(s) will be established at that branch location and subject, where applicable, to that state’s specific laws as defined in the Bank’s Deposit Agreement.