ANNUAL PERCENTAGE YIELD AND ACCOUNT TERMS DISCLOSURE
Effective May 4, 2023
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Upon maturity, your CD will automatically renew into our standard 180 day term CD product, at the standard (non-promotional) posted interest rate that is in effect for that product on the your 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 at 1-888-895-5650 or 1-833-468-8356. (see "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”)
If you close your CD at any time other than during the “Grace Period” you will be assessed an early withdrawal penalty.
Your CD must be funded at the time of opening by transferring available funds from your eligible East West Bank checking or savings account.
To qualify for the promotional Interest Rate and Annual Percentage Yield, the CD must be funded with a minimum opening deposit of $100,000, which includes a minimal $50,000 in new funds that have been received from an external source (including incoming wire transfer, ACH deposit, Zelle® credit, in-branch or ATM deposit) and that were not on deposit in your eligible East West Bank checking or savings funding account prior to 04/01/2023.
New money eligibility and qualification requirements will be determined solely on the records of East West Bank. The dollar amount of any deduction (debit) of funds from your funding account during the promotion period will be off-set against the dollar amount of incoming new funds to determine the net amount of new funds that will be eligible for CD account funding.
Additional deposits to your CD are not allowed.
Withdrawals are only allowed during the “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. The closing balance must be transferred to your eligible East West Bank checking or savings account.
If you close your CD before the maturity date, you will be assessed an early withdrawal penalty. To request an early withdrawal closure, you must call our Customer Service Center at 1-888-895-5650 or 1-833-468-8356. (see “Penalty for Early Withdrawal”)
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.
This promotional offer is made available on a limited basis to select consumer customers in our consumer Mobile App and Online Banking services, and may not be available to all customers. Promotional offers are subject to discontinuance at any time, without notice.
The promotion Interest Rate and Annual Percentage Yield are effective as of 5/4/2023.
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.
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:
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 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.).
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.
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