Certificates & IRAs

Certificates

  • Lock in a rate and term for premium interest rates.
  • Low minimum deposit of $500. A penalty will be imposed for early withdrawal.
  • Various options for payment of dividends. Certificates may be automatically renewed.
  • Many different rates and terms are available. Check with your local office for  current information and specials 

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Minimum Balance

The minimum balance for a term share certificate is $500. Any amount above the minimum may be deposited.

Additional  Deposits

No additional deposit to the same term share certificate can be made (unless previously disclosed, such as the youth certificate special.)

Dividends

Dividends will begin to accrue on the date of deposit. Dividends are calculated using the daily balance method which applies a periodic rate to your daily balance for the dividend period.

Payments of Dividends

Dividends will be paid on the last day of each calendar quarter and at maturity. You may have your dividends paid by check, transferred to another account or compounded to the certificate  balance.  Payment of accrued dividends at  maturity may only be compounded or transferred to another account, unless the maturity falls on the normal dividend payment date. Once compounded, the dividend becomes a part of the certificate and would be subject to penalty if withdrawn other than during the grace period of maturity. You may change the payment method for any  dividends not yet paid. The annual percentage yield is based on the assumption that dividends remain on deposit until maturity. Payment of dividends rather than compounding will reduce earnings. Dividends are paid from current income and available earnings.

Renewal Policy

At inception you may choose either a renewable or a non-renewable term share certificate.

Renewal Certificate

Your certificate account will automatically renew, at maturity, for the same term and at the rate then paid for a similar, new term share certificate.  If you choose to withdraw or change the terms of your certificate you may do so during the 10 calendar day grace  period without penalty. If the terms are changed or the amount is withdrawn during the grace period, no accrued dividends will be paid after the maturity date. We will provide you advance written notice if we choose not to renew the class of term share certificate you own.

Non-Renewable Certificate

To satisfy your special needs or  to allow special offerings by the credit union, a non-renewable certificate may be chosen. At maturity the dividends due and principle balance will be transferred to your share account.

Other Offerings

Periodically we may offer special term share certificates not covered by this disclosure. The terms and conditions of those special offerings will be presented at the time of offerings.

Early Withdrawal Penalties

We may impose a penalty if you withdraw any of the funds before the maturity date. If the original maturity or like renewal period is one year or less the penalty will be equal to three months earnings. If the tern is more than one year the penalty will  be six months earnings. We may reduce or waive  the penalty in a case of death or permanent disability. Special consideration may be given time share certificates associated with IRA plans.

IRAs (Individual Retirement Accounts)

  • Tax deferred investment opportunity for your retirement.
  • Many different rates and terms are available. Check with your local office for current information.

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Minimum Balance

No minimum balance requirement applies to this account.

Dividends

Dividends will begin to accrue on the date of deposit. Dividends are calculated using the daily balance method which applies a periodic rate to your  daily balance for the dividend period. If you close your account before dividends are credited, you will be paid accrued dividends to the date of closure.

Minimum Balance to Receive Dividends

Dividends will be paid on your entire balance for any day you maintain a minimum balance of $100 or more (with the exception of members under age 18, who will receive dividends on their actual daily balance regardless of amount.)

Payment of Dividends

Dividends are declared and credited on the last day of each quarter. The dividend paid on these accounts will be equal to the rate payable for new one year term share certificates on the dividend payment date. Dividends are paid from current income and available earnings.

Transaction Limitations

This account is not available for overdraft protection, other pre-authorized payments or telephone transfer.