Certificate Disclosure

Certificate Disclosure
Effective March 1, 2018

I. Type of Account:

Share and IRA Certificates of Deposit

II. Terms of Dividends:

  1. The dividend is computed on the actual dollar amount from day of deposit.
  2. A dividend is paid at the close of the dividend period (month end) and upon maturity.
  3. Share certificate dividends earned may be posted to the certificate and compounded monthly, posted to the members' regular or share draft account or monthly check withdrawal of dividends sent to the member. When certificates are purchased, the member must elect the dividend posting option. Dividend posting options may be changed during the certificate term but the request must be in writing.
  4. Withdrawal of dividends prior to certificate maturity will result in a forfeiture of compounding or accrual of dividends. Early withdrawals from IRA certificates may also result in adverse tax consequences.
  5. Dividend rates are fixed for the certificate's term.
  6. Dividend rates are determined by the Jersey Shore Federal Credit Union’s Asset Liability Committee and subject to change without notice.
  7. Maturity notice will be sent at least thirty (30) days prior to certificate maturity. There will be a seven (7) day grace period from the anniversary date. If the Credit Union is not notified by the member within the seven (7) day grace period, the certificate will automatically renew for the same term at the current rate.
  8. Payment of dividends is based on the availability of funds, not guaranteed, and subject to change without notice.

III. Conditions

  1. Minimum deposit and minimum balance required: $1000.00 for share and $250.00 for IRA certificates.
  2. The account may not fall below the minimum balance required above. If it does fall below the minimum balance, a check may be drawn on all open balances and the account closed.
  3. Penalty for early withdrawal for certificate terms less than 18 months is 90 days interest on amount withdrawn from certificate. Early withdrawal may impact the principal if less than 90 days interest has been accrued.
  4. Penalty for early withdrawal for certificate terms of 18 months to 23 months is 180 days interest on amount withdrawn from certificate. Early withdrawal may impact the principal if less than 180 days interest has been accrued.
  5. Penalty for early withdrawal for certificate terms of 24 months and over is 365 days interest on amount withdrawn from certificate. Early withdrawal may impact the principal if less than 365 days interest has been accrued.

IV. Fees:

Fees for a returned item, stop payment and other fees and charges: Per fee schedule