Certificates, IRAs and ESAs
The rates and conditions below are applicable to all of our
certificates at the Credit Union. Rates and Fees are accurate as of
the effective date. The Credit Union reserves the right to amend
conditions. Each applicant agrees to these terms at the time he or
she opens a certificate. Potential members or current members may
receive disclosure forms at any time upon request.
Click here for current interest rates.
Rate Information and Nature of Dividends: Rates are fixed
for the Regular Share Certificates and IRA and ESA Certificates.
Dividends are paid from available earnings. The APY (annual
percentage yield) is a projected rate that takes into consideration
the effect monthly compounding has on the dividend rate. If dividends
are withdrawn and not added to principal, you will not earn the
Compounding and Crediting: All Dividends on the certificates
will be compounded monthly. The dividend period will be from the 16th
of each month to the 15th of the next month. Dividends are calculated
and posted to your account on the night of the 15th. An option exists
for dividends to be credited monthly or at maturity on a six-month
certificate. The dividend period for this option is the term of the
Accrual of Dividends: Dividends begin to accrue on the day
deposits are received. If you close an account, dividends will be paid
as of that date.
Daily Balance Computation Method: DEXSTA FCU uses the daily
balance method to calculate dividends, which takes a daily periodic rate
multiplied by your account balance for each day.
Additional Deposits: You may not add deposits during certificate
terms for regular certificate account types. IRA and ESA certificates allow
additional deposits during the certificate term. IRA and ESA deposits may
include annual contributions, rollovers, and transfers.
Early Withdrawal Penalties: You may be assessed a penalty if you
withdraw any of the principal before the maturity date. If dividends have
already been paid, the penalty will be deducted from principal. Penalties
are as follows:
- 6-Months: 6-Month Certificates have a penalty equal to the lesser
of two amounts: Dividends since the date of issuance or 90 days'
- 12-Months or more: Regular Share Certificates and IRA Certificates
with a term of 12 months or more have a penalty equal to the lesser of
two amounts: Dividends since the date of issuance, or 180 days'
Exceptions for Early Withdrawal Penalties: At our option, we may
pay the account before maturity without imposing an early withdrawal penalty
under the following circumstances: (1) when an account owner dies or is
determined incompetent by a court or other body of competent jurisdiction.
(2) Where the account is an Individual Retirement Account and any portion is
paid within 7 days after establishment; or where the account is an IRA and
the owner attains age 59 ½ or becomes disabled.
Maturity Notices: Your certificate will renew automatically unless
we hear from you. You will receive a maturity notice at least 10 days before
this account matures. Your certificate balance will automatically renew at
the same term and at the current interest rate per our Rate and Fee Schedule.
Nontransferable/Nonnegotiable: Your account is nontransferable and
nonnegotiable. The funds in your account may not be pledged to secure any
obligation of an owner, except obligations with the credit union.