10KI Certificates of Deposit Feb 6, 2019 1:14:11 GMT -5
Post by The Regional Reserve on Feb 6, 2019 1:14:11 GMT -5
Certificates of Deposit- General Guidelines and Rules
Who is eligible?
All nations signuped on the forums and all business accounts.
Types of CDs and Limitations
Small CDs are 100,000 or less
Large CDs are anything over 100,000.
A Large CD cannot be more than 250,000 tacos.
You must fill out the supplied application to obtain the CD.
A maximum of 3 CDs is allowed.
The minimum amount of a Small CD is 1000 tacos.
Maturity Terms can be continued once by the owner, meaning that if a CD reaches the end of its 10 years term then the owner may continue the CDs life for an a duration that was equal to the original term. This is renewable once. Only 1 CD may have a renewable option.
2 months (RL)
3 months (RL)
5 months (RL)
1 NS years
2 Ns years
5 Ns years
10 Ns years
NS years time will be decided based on this explanation: 10000islands.proboards.com/thread/5793/nationstates-relative-time
Rate of interest
3.5% for large CDs
2% for small CDs
The interest is compounded yearly by the Regional Reserve and a special calculation website is used to make sure amounts are correct.
So how do I get paid?
Your payment will come at the end of the term of maturity which is determined by your application. Once you chose a type of CD with the requisite interest rate you cannot change it. When you apply and are approved the Reserve will state in the acceptance your Maturity Date which will be the date you are given all funds, unless you picked the Renewable Option on one of the CDs.
Early Withdraw Penalty if withdraw occurs prior to maturity date.
Small CD = 25% of the CD value is forfeit to the Regional Reserve at withdraw
Large CD= 50% of the CD value is forfeit to the Regional Reserve at withdraw.
The individual must state in writing that they are withdrawing a CD. Private Message the Regional Reserve account in this scenario.
Payable on Death (Ceasing To Exist); May name one beneficiary; or two beneficiaries who will inherit equal amounts; if one CTEs before the other then the surviving beneficiary will inherit the full amount. You can choose not to have a beneficiary. Each individual CD MUST be clearly marked with a beneficiary OR with the option not to have one.
Here is the example of a 20k Certificate of Deposit at the rate of 2% because it is a Small CD:
Example of a 100k CD at the rate of 3.5 because it is a Large CD:
Cut and paste this application into a new post below and fill it out:
[center]Certificate of Deposit Application[/center]
1. Please list each type of CD you want (small or large). Only 3 CDs are allowed per person. List the term you want for each CD ( see above guidelines):
2.Are you applying as a business or individual? (Please state the name of the business if applying as one):
3. Do you want any of the CDs to have the renewable option? (Only 1 allowed):
4. Please describe any beneficiaries you want to receive your funds should you CTE (this is optional). Put an X by one option:
A. I have 1 beneficiary (put name here)
B. I have 2 beneficiaries (put names here)
C. I do not want to add a beneficiary (put X here)
Please note that you must send the appropriate amount of money for [i]each[/i] Certificate of Deposit to the Regional Reserve.
I, (name here), understand that there is a Early Penalty Withdraw Fee and that any early withdraw will significantly takeaway from the value of the Certificate of Deposit.
Submittal of this application will immediately notify: @sargonreman and @regionalreserveii
1.Sargon Reman 1 Large CD (250k), No ben., Maturity Date:Wednesday 8/21/2019
2. Baden-Wuerttemberg 1 Large CD (250k), 2 ben, Maturity Date: Wednesday 8/21/2019(1st date, renew opt.)
3. Taco Island Charities 3 Large CDs (750k), no ben., Maturity Date: 8/21/2019, 1 has renew opt.
4. Jabberwocky 1 large CD (101k), no ben., Maturity Date: July 6, 2019, no renewal
5. Paffnia 2 large CD (500k), 2 ben for both., Maturity Date: 9/10/19 and 10/1/19 respectively. Only one has a renewal option.
6. Woonsocket 3 large CDs (750k), 2 ben.,Maturity Date: 10/1/19 and 4/21/2020 respectively. Only one has a renewal option.
7. Mingulay Isle 1 Large(250,000 tacos) 10 NS years, (1 Large 100,00 tacos) 10 NS years. No renewal opt. 1 ben.,.Maturity Date: 10/1/2019