Certificates and IRAs
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 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withdrawn and not added to principal, you will not earn the projected
APY.
Compounding and Crediting: All Dividends on the certificates on
the opposite page 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 certificate.
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 all certificate account types.
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' dividends.
- 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' dividends.
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 not renew automatically.
You will receive a maturity notice at least 10 days before this account
matures. Your certificate balance will be transferred to your share
account upon maturity if we do not hear from you.
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.
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