The minimum investment is $1,000 and the minimum term available is 90 days. Dividends are paid at a higher level than Money Market Share Accounts, but they have substantial penalties for early withdrawal.
EARLY WITHDRAWAL PENALTY
We may impose a penalty if you withdraw any of the principal before the maturity date.
AMOUNT OF PENALTY FOR SHARE CERTIFICATE ACCOUNTS
The amount of the early withdrawal penalty is based on the term of your account.
The penalty schedule is as follows:
Terms of up to one year – 30 days of dividends or $25.00, whichever is less
All share accounts earn dividends that compound daily.
Terms of greater than one year – 90 days of dividends
All share accounts are insured by the NCUA (National Credit Union Administration)
to at least $250,000 for each member. All IRA's (Individual Retirement Accounts) are insured for a separate $250,000.
NOTICE: Dividends are based on the credit union's earnings at the end of a dividend period and are not guaranteed.
Federal bylaws state: "The board shall have the right at any time to require members to give, in writing, not more than 60 days notice of intention to withdraw the whole or any part of the accounts paid in by them."
The credit union reserves the right to change the terms and conditions of accounts without obtaining account owners' approvals. Owners will be notified of the change or condition.