Term Share Accounts. Any term share (referred to also as “Certificates”) account allowed by state law (Time Account), whichever is offered by the Credit Union, is subject to the terms of this Agreement and the specific terms and disclosures set forth in the Truth-In-Savings Disclosure applicable to these accounts which is incorporated herein by reference. The Credit Union will not honor a pledge of a Term Share Account as collateral security to secure a loan in favor of another financial institution other than this Credit Union.
Term Share Accounts. If your Account is a term share account, you have agreed to keep the funds on deposit until the maturity of your Account. If your Account has not matured, any withdrawal of all or part of the funds from your Account may result in an early withdrawal penalty. We will consider requests for early withdrawal and, if granted, the penalty provided in the Schedule will apply.
Term Share Accounts. Term Share Accounts are accounts that have a stated term or expiration date. Share Certificates, Club Accounts such as Christmas Clubs, and XXX Accounts structured as Share Certificates fall into this category. These accounts generally provide for no withdrawals of principal until the maturity of the Account, unless there is a substantial penalty for doing so. Term Share Accounts generally provide for automatic renewal of the Account for a like term at the currently prevailing rate for new Accounts based on term, balances and potentially other factors. Account holders are provided a notice of the new terms being offered approximately 30 days prior to maturity. Account holders wishing to accept the renewal terms offered need do nothing, but if the Account holder wishes not to renew, they may notify the Credit Union in advance of the maturity and provide us direction which will be followed on the maturity date. Account holders may void the automatic renewal on the maturity date and the nine calendar days which follow without penalty. The Truth-in-Savings Rate Disclosure and Truth-in-Savings Fee Disclosure in combination with this Disclosure will provide all the required regulatory disclosures along with features and limitations on individual products. Share Draft (Checking) Accounts. These Accounts are designed to facilitate commerce by their transaction capabilities. These Accounts may or may not earn dividends depending on the nature of the Account. Some Accounts are designed for use by individuals, others for businesses and still others for associations. The type of account offered is defined by the nature of the Account Owner. The Truth-in-Savings Rate Disclosure and Truth-in-Savings Fee Disclosure in combination with this Disclosure will provide all the required regulatory disclosures along with features and limitations on individual products. Nature and Payment of Dividends Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period. Dividends are credited to non-term shares and Club Accounts at the end of each calendar month. Dividends are generally credited to term share accounts which are not certificates on the same day of each month which coincides with the day of the month the share account was opened unless the month does not have a day that coincides with the opening day of the month, such as a share account opened on May 31, would not have a day in June which coincides wit...
Term Share Accounts. If your Account is a term share account, you have agreed to keep the funds on deposit until the maturity of your Account. If your Account has not matured, any withdrawal of all or part of the funds from your Account may result in an early withdrawal penalty. We will consider requests for early withdrawal and, if granted, the penalty provided in the Schedule will apply. (A) Penalty. The early withdrawal penalty is calculated as a forfeiture of part of the accrued dividends that have or would be earned on the Account. If your Account has not yet earned enough dividend so that the penalty can be deducted from earned dividend, or if the dividends already have been paid, the difference will be deducted from the principal amount of your Account. For fixed
Term Share Accounts. The Daily Balance Method applies a daily periodic rate to the balance in the account each day. For all other Accounts: The Average Daily Balance Method applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period.
