Annual Percentage Yield and Account Terms Disclosure
Effective March 23, 2023
East West Bank
Certificate of Deposit
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.
Interest Accrual / Payment Frequency
Interest begins to accrue on the day you make your 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 standard (non-promotional) posted interest rate that is in effect on the maturity date for that CD term.
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 and go to Explore Products on the Dashboard, or call our Customer Service Center at 1-888-895-5650 or 1-833-468-8356. (see “Grace Period”)
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 and go to Explore Products on the Dashboard, or call our Customer Service Center at 1-888-895-5650 or 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- Term of 1 Year or less – Penalty will be 90 days simple interest on the principal withdrawn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
Funding Deposit Requirements
Your CD must be funded at the time of opening by transferring available funds from your eligible East West Bank checking or savings account.
Promotional CD Offers - New Money Funding Requirements:
Promotional CD Offers - New Money Funding Requirements:
- As applicable, CDs opened under our current promotional CD offer must be funded with new funds received from an external source (including incoming wire transfer, ACH deposit, Zelle® credit, in-branch or ATM deposit), that were not on deposit in your eligible East West Bank checking or savings funding account prior to 10/29/2022.
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
Additional deposits to your CD are not allowed.
Withdrawals
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”)
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”)
Additional Terms and Conditions
Qualification Requirements
These terms and conditions apply to CD accounts opening via the East West Bank mobile app only. Limited to individuals 18 years of age or older. You must have an open eligible East West Bank checking or savings account that is in good standing, in order to qualify to open this CD account. (see “Funding Deposit Requirements” for additional qualification details)
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.
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.
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.
Additional CD Promotion Terms
On a limited basis, the Bank may make promotional CD offers available to select consumer customers in our consumer Mobile App and Online Banking services. Promotional offers are subject to discontinuance at any time, without notice.
As applicable, the current promotional CD Interest Rate and Annual Percentage Yield are effective as of 11/1/2022.
As applicable, the current promotional CD Interest Rate and Annual Percentage Yield are effective as of 11/1/2022.
CD
DEPOSIT AGREEMENT ADDENDUM
Effective June 1, 2020
This Deposit Agreement Addendum amends and supersedes, where applicable, the Bank’s Deposit Agreement dated 6/18/2015 and applies specifically to accounts opened using the East West Bank mobile banking application.
1. Holds for Uncollected Funds / Delayed Funds Availability
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.
Effective April 16, 2020
Ability to Withdrawal Funds - Our policy is to delay the availability of funds from your check deposits. During that delay, you may not withdraw the funds in cash and we will not use the funds to pay checks that you have written.
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 use our mobile banking remote deposit capture service to deposit a check before 9:00 p.m. (Pacific Time), we will consider that day to be the day of your deposit.
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.
The length of the delay varies depending on the type of deposit and is explained below.
Same-Day Availability
Funds from electronic direct deposits to your account will be available on the day we receive the deposit.
Next-Day Availability
Funds from the following deposits are available on the first business day after the day of your deposit:
- U.S. Treasury checks that are payable to you.
- Wire transfers.
- Checks drawn on East West Bank.
If you make the deposit in person to one of our employees, funds from the following deposits are also available on the first business day after the day of your deposit:
- Cash.
- State and local government checks that are payable to you.
- Cashier's, certified, and teller's checks that are payable to you.
- Federal Reserve Bank checks, Federal Home Loan Bank checks, and postal money orders, if these items are payable to you.
If you do not make your deposit in person to one of our employees (for example, if you mail the deposit or use our remote deposit capture service), funds from these deposits will be available on the second business day after the day we receive your deposit.
Other Check Deposits
Our policy is to make funds from local and nonlocal checks available as follows.
- The first $225 from a deposit of local checks will be available on the first business day after the day of your deposit. The remaining funds will be available on the second business day after the day of your deposit.
For example, if you deposit a local or nonlocal check of $700 on a Monday, $225 of the deposit is available on Tuesday. The remaining $475 is available on Wednesday.
Effective June 1, 2020
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. Depending on the type of check that you deposit, funds 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.
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 mail you the 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.
Effective June 1, 2020
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 banking application 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.
Printable Notice
Product Terms and Conditions - CD (English)
California Consumer Privacy Act
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