Certificate Account, IRA Certificate Account
We may change the dividend rate and annual percentage yield on Wednesday of each week. The dividend rate and annual percentage yield may change based on credit union earnings. We may change the dividend rate for your account weekly based on market conditions and rates.
Compounding and Crediting
Dividends will be compounded on a calendar month and will be credited monthly and at maturity. If you close your certificate account before dividends are credited you will receive accrued dividends.
The dividend period is monthly. For example, if you open your account on January 1, the dividend period will be January 31. All other dividend periods follow this same pattern of dates until maturity.
If you close your account prior to maturity there will be a dividend penalty assessed, which at no time will exceed dividends accrued or paid. Penalty would be assessed at the following rate:
Up to 12 Months - 30 Days Dividend
Over 12 Months - 90 Days Dividend
Minimum Balance Requirement
You must maintain a minimum balance of $500 in your account to obtain the disclosed annual percentage yield. The Share Par (Participating) in this credit union is $5.00
Accrual of Dividends on Non Cash Deposits
Dividends will begin to accrue on the business day that you deposit non-cash items (checks are non cash items) to your account.
After the account is opened you may not make deposits into or withdrawals other than earnings from this account until the maturity date stated on the certificate. See early withdrawal restrictions above.
Your Certificate Account will automatically renew at maturity at the then current rate for a like term certificate. The credit union will mail you a written notice 30 -days prior to maturity of Certificate Accounts. You will have a 10 day grace period following maturity date to withdraw funds in the account without a penalty.