Business Certificate Disclosure

Business Certificate Disclosure
Effective September 1, 2018

I. Type of Account

Business Share Certificates Account

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. Dividends earned may be posted to the certificate and compounded monthly, posted to the business’s regular or share draft account or monthly check withdrawal of dividends sent to the business. When certificates are purchased, the business 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.
  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 business 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 balance required: $1,000.00
  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 Penalty for early withdrawal for certificate terms less than 18 months is 90 day’s interest on amount withdrawn from certificate. Early withdrawal may impact the principal if less than 90 day's interest has been accrued.
  4. Penalty for early withdrawal for certificate terms of 18 months to 23 months is 180 day's interest on amount withdrawn from certificate. Early withdrawal may impact the principal if less than 180 day's interest has been accrued.
  5. Penalty for early withdrawal for certificate terms of 24 months and over is 365 day's interest on amount withdrawn from certificate. Early withdrawal may impact the principal if less than 365 day's interest has been accrued.

IV. Fees

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