Term Share Certificates Sample Clauses

Term Share Certificates. Any Term Share Certificate, Certificate or Share Certificate Accounts offered by the Credit Union are subject to the terms of this Agreement, the Schedule, and any account receipt or certificate, which are incorporated herein by reference. IRA certificate accounts are also subject to the limitations imposed by federal law and regulations and to any limitations set forth in your Credit Union IRA Agreement, the terms of which are also incorporated herein by reference.

Term Share Certificates. Any term share certificate, certificate, or share certificate accounts offered by the Credit Union are subject to the terms of this Agreement, the Schedule, and any account receipt or certificate, which are incorporated herein by reference. Certificate APY is applied and quoted as of the date the account is opened and a deposit must be made to a certificate account within 14 days if the account was not opened in person, or the account will be closed.

Term Share Certificates. Rate Information - The dividend rate on your term share account is disclosed on your certificate and displayed for you on your periodic account statements. Compounding frequency - Unless otherwise paid, dividends will be compounded every month. Crediting frequency - Dividends will be credited to your account every month, quarterly or at maturity on the anniversary of the certificate. Alternatively, you may choose to have dividends paid to you or to another account every month rather than credited to this share account. Dividend period - For this account type, the dividend period is monthly or the same as the term beginning on the date the account is opened, and ending on the stated maturity date, unless renewed. Minimum balance requirements: Daily balance computation method – Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day. Accrual of dividends on noncash deposits - Dividends will begin to accrue on the business day you purchase a certificate. Transaction limitations: Time requirements - Your account will mature according to the term selected by you and the date will be disclosed on your certificate and displayed for you on your periodic account statements. Withdrawal of dividends prior to maturity - The annual percentage yield is based on an assumption that dividends will remain in the account until maturity. A withdrawal will reduce earnings. Automatically renewable account - This account will automatically renew at maturity. You will have a grace period of 10 business days after the maturity date to withdraw the funds in the account without being charged an early withdrawal penalty. Dividends will not be paid for the grace period if you do not renew the certificate. COMMON FEATURES Bylaw requirements: Transaction limitation - We reserve the right to at any time require not less than seven days notice in writing before each withdrawal from an interest-bearing account other than a time deposit, or from any other savings account as defined by Regulation D. Nature of dividends - Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period. (This disclosure further explains the dividend feature of your non-term share account(s).)