A share certificate is similar to a certificate of deposit offered by other financial institutions, but uniquely named because members benefit from a “share” in our credit union, a not-for-profit financial cooperative. Here’s how our certificates work:

-Invest in a certain term.

-Earn a higher fixed rate of return than a regular savings or money market account.

-Save worry-free because share certificates are insured up to $250,000 by the National Credit Union Administration, an agency of the United States government.

So, they work like certificates from other financial institutions, with a significant advantage–better dividend rates. On average, credit unions pay more than banks on CDs, according to an analysis by the Consumer Federation of America.

*APY = Annual Percentage Yield.

** A penalty for early withdrawal applies.

• Rate Information. The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period. For all accounts, the Dividend Rate and Annual Percentage Yield are fixed and will be in effect for the initial term of the account. For accounts subject to dividend compounding, the Annual Percentage Yield is based on an assumption that dividends will remain on deposit until maturity. A withdrawal of dividends will reduce earnings. For Certificate accounts, dividends must be paid directly to you; dividends not be added to the account.
• Dividend Period. For each account the dividend period is the account’s term. The dividend period begins on the first day of the term and ends on the maturity date.
• Dividend Options. Dividends my either be deposited to regular savings (01) or added to the certificate balance.
• Dividend Compounding and Crediting. The compounding and crediting frequency of dividends are stated in the Rate Schedule. To receive the full Annual Percentage Yield (APY) dividends must be added to the certificate.
• Balance Information. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. To open any account you must deposit or already have on deposit at least the par value of one full share in any account. The par value amount is $5.00. Some accounts may have additional minimum opening deposit requirements. For Certificate accounts, dividends are calculated by the Daily Balance method, which applies a periodic rate to the balance in the account each day.
• Accrual of Dividends. For Certificate accounts, dividends will begin to accrue on non-cash deposits (e.g. checks) on the business day you make the deposit to your account. If you close your account before accrued dividends are credited, accrued dividends will not be paid.
• Transaction Limitations. For Certificate accounts, after your account is opened you may make withdrawals subject to the early withdrawal penalties stated below.
• Maturity. Your account will mature as stated on this Truth-in-Savings Disclosure or on your Account Receipt or Renewal Notice.
  • Early Withdrawal Penalty. We may impose a penalty if you withdraw from your account before the maturity date.
  • Amount of Penalty. For Certificate accounts, the amount of early withdrawal penalty for your account is the first ninety (90) days of dividend.
  • How the Penalty Works. The penalty is calculated as a forfeiture of all of the dividends that have been earned on the account through the first ninety (90) days from the date the certificate was opened.
• Exceptions to Early Withdrawal Penalties. At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances:
  • When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.
  • Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after the establishment; or where the account is a Keogh Plan (Keogh), provided that the depositor forfeits an amount at least equal to the simple dividends earned in the amount withdrawn; or where the account is an IRA or Keogh and the owner attains age 59 1/2 or becomes disabled.
• Renewal Policy. The renewal policy for your accounts is stated in the Rate Schedule. For Certificate accounts, your account will automatically renew for another term upon maturity. You have a grace period of ten (10) days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty.
• Non-transferable/Non-negotiable. Your account is non-transferable and non-negotiable.
• Additional Deposits: Additional deposits are not allowed.

The rates and fees appearing in this Schedule are accurate as of the Effective Date indicated on this Truth-in-Savings Disclosure. If you have any questions or require current rate and fee information on your accounts, please call the Credit Union.