I. TYPE OF ACCOUNT:
Regular
Share Certificate, IRA Share Certificate, and Business Share Certificate Special 6-Month Term
II. TERM OF DIVIDENDS
- The dividend is
computed on the actual dollar amount from day of deposit.
- A
dividend is paid at the close of the dividend period (month end) and upon
maturity.
- 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.
- Withdrawal
of dividends prior to certificate maturity will result in a forfeiture of
compounding or accrual of dividends.
- Dividend
rates are fixed for the certificate's term.
- Dividend
rates are determined by the Jersey Shore Federal Credit Union’s Asset Liability
Committee and subject to change without notice.
- Maturity notice will
be sent at least thirty (30) days prior to certificate maturity. This certificate will not automatically
renew.
III.CONDITIONS
- Minimum
deposit and balance required are $500.
- 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.
- Penalty for early
withdrawal for certificate terms less than 18 month certificate is 90 days interest on amount withdrawn
from certificate. Early withdrawal may impact the principal if less than 90
days interest has been accrued.
- Penalty for early
withdrawal for 18 month certificate is
180 days interest on amount withdrawn from certificate. Early withdrawal may
impact the principal if less than 180 days interest has been accrued.
IV. FEES:
Fees for a returned item, stop payment and
other fees and charges: Per fee schedule.