The member(s) listed on the account (is) (are) the owner(s) of this certificate in the amount requested. Issuance in the name of two or more owners indicates joint ownership with full rights of survivorship.
Dividends are calculated by the daily balance method which applies a daily periodic rate to the principle in the account each day and will be compounded and credited monthly, to the member's regular share account.
Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.
A SUBSTANTIAL PENALTY IS IMPOSED if certificate funds other than dividends are withdrawn before the maturity date of this certificate. If the term of the certificate is less than 24 months, the forfeiture of the dividends is the smaller of the following amount: Dividends since the date of issuance or renewal or 90 days dividends. If the term is 24 months or greater, the forfeiture of the dividends is the smaller of the following amount: Dividends since the date of issuance or renewal of 180 days dividends.
At maturity the funds will be transferred to the member's funding account in the Credit Union, or, if there is no such account at that time, the Credit Union will open a regular share account in the name of the member(s) and transfer the funds to that account.
Penalties as stated in 4 above will NOT be applied if:
Withdrawal is because of the death of any member.
Withdrawal is after the close of the dividend period in which the membership was terminated under Article II, Section 5 of the bylaws.
Withdrawal is a result of the voluntary or involuntary liquidation of the Credit Union.
The account is part of a qualified individual retirement or Keogh plan, withdrawal to effect distribution of funds upon the participant's disability or attainment of not less than 591/2 years of age.
The Credit Union will give the member(s) at least 10 days notice prior to maturity. The notice will inform the member(s) of the terms under which the Credit Union proposes to renew the certificate or otherwise make the funds available to the member(s). Certificate funds will be handled by the Credit Union in the manner set out in the notice unless the member(s) notifies the Credit Union to the contrary on or before the maturity date.
Each member account is insured up to $250,000 by the National Credit Union Administration, an agency of the United STates Government.
By accepting this certificate, the member(s) acknowledge receipt of this certificate and agrees to all of the above terms and conditions.
This certificate may not be pledged, transferred or assigned to any party other than the Credit Union.
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