Certificate of Deposit Account. (“CD Account”): A CD Account allows you to make deposits by check, ACH transfer or wire transfer from an account in a financial institution that is chartered by the United States of America or a state thereof. With a CD Account, while a physical certificate is not issued, you will receive a funding letter with all the pertinent information about the certificate of deposit. If you withdraw funds before the end of the term, your CD Account is subject to a penalty as described in the Truth in Savings Disclosure.
Certificate of Deposit Account. Minimum balance requirements. The minimum balance required to open this account is $1,000.00.
Certificate of Deposit Account. Nothing contained in this Agreement shall be construed so as to make a Certificate Account a demand deposit, and we reserve the right to require at least seven days written notice of an intention to withdraw any funds in a Certificate Account. This notice time may be increased according to our Bylaws or under applicable law. You will receive a receipt for the funds you deposit into a Certificate Account, which receipt is merely evidence of your Certificate Account established with us. The receipt is non-negotiable and non-transferable. A Certificate Account shall be automatically renewed. Upon Maturity of a Certificate Account, if you do not present the receipt for payment or for renewal, we may at our option, either transfer the balance of all funds in said Certificate Account to any regular share account or other Account of yours, or pay all said funds directly to you. If we pay any of the funds in a Certificate Account before the Maturity Date, you shall forfeit the early withdrawal penalty shown on an appropriate Fee Schedule. If said account has not yet earned enough interest or if the interest has already been paid, the penalty will be deducted from the principal. To the extent necessary to comply with this penalty provision, deductions may be made from the amount withdrawn or the remaining Certificate balance. Withdrawals within the first six days of the initial deposit will incur a seven day simple interest penalty on the amount withdrawn. All interest credited to a Certificate Account may be withdrawn at any time without penalty. Certificates may not be pledged, transferred or assigned to any party other than this Credit Union. Money Mint Account: Money Mint Account(s) may be established with us according to the terms of this section and other applicable provisions of this Agreement. All general and specific provisions of this Agreement that relate to share draft accounts, including but not limited to Overdraft Protection, apply to your Money Mint Account(s). In accordance with the terms of this Agreement, you authorize us to honor your withdrawals and transfer requests and to pay your share drafts and charge all such payments against the funds of your Money Mint Account. You agree that funds in your Money Mint Account will earn dividends from the date your account has deposits totaling $1,000 or more to the date of withdrawal and shall be paid directly to said Account at the end of each calendar month. The dividend rate for your Money Mint Accoun...
Certificate of Deposit Account. Establishing a Certificate Account. The Credit Union offers a variety of Certificate of Deposit Accounts including Jumbo Certificate Accounts, Xxxxx Panda Certificate Accounts, Cyber Savers Certificate Accounts and Share Certificate Accounts and XXX Certificate Accounts. The Credit Union offers Certificate of Deposit Accounts with terms ranging from six (6) months to sixty (60) months. Please refer to our Rate Schedule for the types of Certificate of Deposit Accounts offered. Rate Information: Your Certificate of Deposit Account will earn what are known as dividends. Dividends are like interest, except that the rate of dividends is set by the Credit Union's Board of Directors (the "Board") from time to time, and dividends are not guaranteed. The Credit Union estimates a prospective dividend rate and corresponding annual percentage yield (APY) on your Certificate of Deposit Accounts for each dividend period. The dividend rate and APY may change every calendar month as determined by the Credit Union. This is a variable rate account. The Credit Union’s current dividend rates will be available each business day at our office. Refer to our current Rate Schedule for our current dividend rates and APYs applicable to your Certificate of Deposit Account. Compounding and Crediting. We compound your dividends, even though that isn't required by law. Compounding is more favorable to you, because once dividends have been credited to your account they are added to the balance on which you will earn future dividends. Because we compound dividends, the APY on your account will be somewhat higher than the dividend rate although for lower rates the percentage figures shown on your disclosures and statements may be the same due to rounding. The APY will be posted along with the dividend rate. For this account type, dividends will be compounded monthly and credited monthly. Dividends can be credited to your Primary Savings Account or Checking Account, however a withdrawal of dividends will reduce earnings. If you close your Primary Savings Account before dividends ae credited, you will also be required to close your Certificate Account, and you may not receive accrued dividends on any of the Accounts closed. Minimum balance requirements: The minimum balance required to open a Certificate of Deposit Account is set forth in our Rate Schedule. You must maintain a minimum daily balance equal to the minimum balance required to open the Certificate of Deposit Account each day to ob...
Certificate of Deposit Account. (a) The Credit-Linked Deposits shall be held by the Administrative Agent in the Certificate of Deposit Account, and no party other than the Administrative Agent shall have a right of withdrawal from the Certificate of Deposit Account or any other right or power with respect to the Credit-Linked Deposits, except as expressly set forth in Section 2.05, 2.08 or 2.11. Notwithstanding any provision in this Agreement to the contrary, the sole funding obligation of each Synthetic LC Lender in respect of its participation in Synthetic Letters of Credit shall be satisfied in full upon the funding of its Credit-Linked Deposit on the Effective Date.
