Early Withdrawal Penalties. The Term Certificate Account will mature on the Maturity Date set forth in the Certificate. The Credit Union will terminate the Term Certificate Account and impose a penalty on the entire balance of the account if a withdrawal of principal is made prior to the Maturity Date. If the Term Certificate has a term to maturity equal to or less than one (1) year, the penalty imposed will equal ninety (90) days of dividends, whether or not earned. If the Term Certificate has a term to maturity greater than one (1) year, the penalty imposed will equal 180 days of dividends, whether or not earned. In accordance with Federal Reserve Board Regulations, the Credit Union may charge an early withdrawal penalty of seven (7) days dividends on amounts withdrawn within the first six (6) days after deposit or automatic renewal. Early withdrawal penalties will not apply to: a. Withdrawals of credited dividends. b. Withdrawals of certificate funds during the seven (7) day grace period following the automatic renewal of the certificate. c. Xxxxxxxxxxx made subsequent to the death or disability of any owner of any Term Certificate Account. d. Withdrawals made subsequent to termination of membership. e. Withdrawals made as a result of the voluntary or involuntary liquidation of this Credit Union. f. Withdrawal made to effect a required distribution of funds from accounts which are part of a pension plan that qualifies or qualified for specific tax treatment under Section 401 or from accounts qualifying under Section 408 of the Internal Revenue Service code. g. Withdrawal in accordance with any special terms contained in the Certificate.
Appears in 7 contracts
Samples: Account Agreement, Account Agreement, Account Agreement
Early Withdrawal Penalties. The Term Share Certificate Account will mature on the Maturity Date set forth in the Certificate. The Credit Union will terminate the Term Share Certificate Account and impose a penalty on the entire balance amount of withdrawal from the account if a withdrawal of principal is made prior to the Maturity Date. If the Term Share Certificate has a term to maturity equal to or less than one (1) year, the penalty imposed will equal ninety (90) days of dividends, whether or not earned. If the Term Share Certificate has a term to maturity greater than one (1) year, the penalty imposed will equal 180 one-hundred eighty (180) days of dividends, whether or not earned. In accordance with Federal Reserve Board Regulations, the Credit Union may charge an early withdrawal penalty of seven (7) days dividends on amounts withdrawn within the first six (6) days after deposit or automatic renewaldeposit. Early withdrawal penalties will not apply to:
a. Withdrawals of credited dividends.
b. Withdrawals of certificate funds during the seven (7) day grace period following the automatic renewal of the certificate.
c. Xxxxxxxxxxx made subsequent to the death or disability of any owner of any Term Share Certificate Account. We may limit the number of waivers per account at our discretion.
d. Withdrawals made subsequent to account closure and termination of membershipmembership by Kinecta.
e. Withdrawals made as a result of the voluntary or involuntary liquidation of this Credit Union.
f. Withdrawal made to effect affect a required distribution of funds from accounts which are part of a pension plan that qualifies or qualified for specific tax treatment under Section 401 or from accounts qualifying under Section 408 of the Internal Revenue Service code.
g. Withdrawal in accordance with any special terms contained in the Certificate.
Appears in 2 contracts
Early Withdrawal Penalties. The Term Share Certificate Account will mature on the Maturity Date set forth in the Certificate. The Credit Union will terminate the Term Share Certificate Account and impose a penalty on the entire balance amount of withdrawal from the account if a withdrawal of principal is made prior to the Maturity Date. If the Term Share Certificate has a term to maturity equal to or less than one (1) year, the penalty imposed will equal ninety (90) days of dividends, whether or not earned. If the Term Share Certificate has a term to maturity greater than one (1) year, the penalty imposed will equal 180 one-hundred eighty (180) days of dividends, whether or not earned. In accordance with Federal Reserve Board Regulations, the Credit Union may charge an early withdrawal penalty of seven (7) days dividends on amounts withdrawn within the first six (6) days after deposit or automatic renewaldeposit. Early withdrawal penalties will not apply to:
a. Withdrawals of credited dividends.
b. Withdrawals of certificate funds during the seven (7) day grace period following the automatic renewal of the certificate.
c. Xxxxxxxxxxx made subsequent to the death or disability of any owner of any Term Share Certificate Account. We may limit the number of waivers per account at our discretion.
d. Withdrawals made subsequent to account closure and termination of membershipmembership by Kinecta.
e. Withdrawals made as a result of the voluntary or involuntary liquidation of this Credit Union.
f. Withdrawal made to effect affect a required distribution of funds from accounts which are part of a pension plan that qualifies or qualified for specific tax treatment under Section 401 or from accounts qualifying under Section 408 of the Internal Revenue Service code.
g. Withdrawal in accordance with any special terms contained in the Certificate.the
Appears in 1 contract
Samples: Share Account Agreement
