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Important information for our members

SHARE CERTIFICATE

 

Rate Information - The dividend rate on your term share account is dependent on the term chosen. You will be paid this rate until first maturity.

Compounding frequency - Unless otherwise paid, dividends will be compounded monthly.

Crediting frequency - Dividends will be credited to your account monthly. Alternatively, you may choose to have dividends paid to you or to another account monthly rather than credited to this account.

Dividend period - For this account type, the dividend period is monthly.

Minimum balance requirements:

The minimum balance required to open a share certificate or an IRA certificate is $1,000.00.

The minimum balance required to open a CU Succeed (teenagers up to age 18) share certificate or an IRA certificate account is $100.00.

You must maintain a minimum daily balance of $1,000.00 in a share certificate or an IRA certificate account each day to obtain the disclosed annual percentage yield.

You must maintain a minimum daily balance of $100.00 in a CU Succeed Teen Program share certificate or an IRA certificate account each day to obtain the disclosed annual percentage yield.

Daily balance computation method - Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.

Accrual of dividends on noncash deposits - Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.

Transaction limitations:

After the account is opened, you may not make additions into the account until the maturity date stated on the account.

CU Succeed additions - $25.00 or more.

You may make withdrawals of principal from your account before maturity. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty.

You can only withdraw dividends before maturity if you make arrangements with us for periodic payments of dividends in lieu of crediting.

Time requirements - Your account will mature at term chosen.

Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity) -

  • If your account has an original maturity of more than one year:

The penalty we may impose will equal three months dividends on the amount withdrawn subject to penalty.

  • If your account has an original maturity of 32 days to one year:

The penalty we may impose will equal one month’s dividends on the amount withdrawn subject to penalty.

  • If your account has an original maturity of 7 to 31 days:

The penalty we may impose is the greatest of:

  • seven days dividends, on the amount withdrawn subject to penalty, if the withdrawal is made within the first six days after the deposit,
  • all dividends that have been earned, or
  • one-half of all the dividends that could have been earned in the term.

In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. Other exceptions may also apply, for example, if this is part of an IRA or other tax-deferred savings plan.

 

Withdrawal of dividends prior to maturity - The annual percentage yield is based on an assumption that dividends will remain in the account until maturity. A withdrawal will reduce earnings.

Automatically renewable account - This account will automatically renew at maturity. You may prevent renewal if we receive written notice from you before maturity of your intention not to renew or you withdraw the funds in the account at maturity (or within the grace period mentioned below, if any). If you prevent renewal, your funds will be placed in a dividend-bearing account.

Each renewal term will be the same as original term, beginning on the maturity date. However, if on the maturity date your term is no longer being offered, we will renew to the closest term, not to exceed your existing term. The dividend rate will be the same we offer on new term share accounts on the maturity date which have the same term, minimum balance (if any) and other features.

You will have a grace period of ten calendar days after maturity to withdraw the funds without being charged an early withdrawal penalty.

Non-automatically renewable account - This account will not automatically renew at maturity. If you do not renew the account, your funds will be placed in a dividend-bearing account.

 

SUMMER PAY TERM SHARE CERTIFICATE

Rate Information - The dividend rate on your term share account is dependent on the term chosen. You will be paid this rate until first maturity.

Compounding frequency - Unless otherwise paid, dividends will be compounded every month.

Crediting frequency - Dividends will be credited to your account every month. Alternatively, you may choose to have dividends paid to you or to another account every month rather than credited to this account.

Dividend period - For this account type, the dividend period is monthly.

Minimum balance requirements:

(Teaching Staff: must be open with a minimum balance of $100.00; $50.00 minimum bi-weekly payroll deposit.)

(Educational Support Staff: must be open with a minimum balance of $50.00; $15.00 minimum bi-weekly payroll deposit.)

Daily balance computation method - Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.

Accrual of dividends on noncash deposits - Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.

Transaction limitations:

Regular deposits must be made through payroll deductions.

At maturity, funds will be available for withdrawal from your prime share account.

You can only withdraw dividends before maturity if you make arrangements with us for periodic payments or dividends in lieu of crediting.

Time requirements - Your account will mature July 1.

Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity) -

The penalty we may impose will equal 30 days dividends on the amount withdrawn subject to penalty.

In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. Other exceptions may also apply, for example, if this is part of an IRA or other tax-deferred savings plan.

 

Withdrawal of dividends prior to maturity - The annual percentage yield is based on an assumption that dividends will remain in the account until maturity. A withdrawal will reduce earnings.

Automatically renewable account - This account will automatically renew at maturity. You may prevent renewal if you withdraw the funds in the account at maturity (or within the grace period mentioned below, if any) or we receive written notice from you within the grace period mentioned below, if any. If you prevent renewal, your funds will be placed in a dividend-bearing account.

Each renewal term will be the same as the original term, beginning on the maturity date. The dividend rate will be the same we offer on new term share accounts on the maturity date which have the same term, minimum balance (if any) and other features as the original term share account.

You will have a grace period of ten calendar days after maturity to withdraw the funds without being charged an early withdrawal penalty.

Non-automatically renewable account - This account will not automatically renew at maturity. If you do not renew the account, your funds will be placed in a dividend- bearing account.

 

Bylaw requirements:

You must complete payment of one share ($5.00) in your Share Savings account as a condition of admission to membership.

National Credit Union Share Insurance Fund -

Member accounts in this credit union are federally insured by the National Credit Union Share Insurance Fund.

Please refer to our separate fee schedule for additional information about charges.