Certificate Terms: Upon maturity, this certificate will automatically be renewed.  The renewal term will be the same as the initial term.  A notice will be sent prior to maturity, and you will have 7 days after each renewal date to notify the credit union if you wish to change your investment without incurring a penalty.  Except as otherwise stated here, the conditions applicable to the initial certificate will also apply to the renewal certificate.  Unless otherwise directed, the principal amount of the account for each renewal term will be the principal of the preceding term together with the interest credited or accrued but not paid or withdrawn during the preceding term.  The rate of interest for any renewal term will be the rate of interest the credit union is offering at the time of renewal on this type of certificate at the standard renewal term.  The credit union reserves the right to not renew this account by giving you written notice at your address as shown in the credit union’s records.


Certificate Interest: Your account will bear interest from the date of deposit, calculated on a 365/365 basis (366/366 in leap years), and paid in the manner indicated below.  Certificate interest is accrued daily, credited to the certificate balance quarterly, and paid to the certificate on the date of renewal.


FLEX Withdrawal Options: You can withdraw from the FLEX Certificate during the first 5 business days of each quarter (January, April, July, October) without incurring a withdraw penalty.  The $500 minimum balance will be returned when the certificate matures on its 1 year maturity date.  The Flex Certificate must always have at least the $500 minimum balance requirement.  If funds are withdrawn at any other time, you will be subject to an early withdrawal penalty, and the full amount may be accessed.   


Penalty for Early Withdrawal:  Any withdrawal that is made outside the FLEX withdrawal time frame will incur the following penalty.  All of the principal may be withdrawn prior to maturity, only with the credit union’s consent given at the time withdrawal is sought.  If such consent is given, the penalty is 90 days of interest earned on the principal amount for terms of 1 year.  If early withdrawal occurs within the first 90 days after date of issue, the penalty is the amount of the interest earned to the withdrawal date.


Withdrawal Without Penalty:  Early withdrawal without penalty may be made upon the death of the member.


Account insured up to $250,000 by NCUA