EURODOLLAR TIME DEPOSITS
Time Deposits* with Wachovia's Cayman Islands Branch are unconditional obligations of Wachovia Bank, National Association ("Wachovia"), which are repaid at maturity. They are payable solely at the Cayman Islands Branch and are subject to the laws and regulations of the Cayman Islands, including any restrictions on withdrawals that may be imposed by the country. Payment of deposits is not guaranteed by any domestic office of Wachovia if the Cayman Islands Branch is precluded from making payment due to restrictions imposed by the Cayman Islands government. Time deposits in all major currencies are also accepted at the Cayman Islands Branch. The provisions also apply to maturities, denominations, security, tax status, marketability, and fees. The rates paid will be the appropriate Eurocurrency rate for the specific currency deposit.
Terms and Structures
- Maturity
Eurodollar time deposits normally have maturities from overnight to six months, but may be as long as five years
- Issued
Quoted on a yield basis
- Rate Structure
Yields vary according to money market conditions, maturities, and size of deposits
- Interest
Paid at maturity
- Denominations
Minimum investment of $100,000
- Security
Eurodollar time deposits carry no FDIC coverage
- Tax Status
Income from time deposits is treated as ordinary income (for specifics on intangibles tax, consult your tax advisor)
- Marketability
Eurodollars time deposits are not marketable
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