Rate Information - The Interest/Dividend Rate and Annual Percentage Yield on your deposit accounts are stated on the applicable Deposit or CD Rate Sheet and may change at any time as determined by us. For all Certificates of Deposit, the Interest Rate and APY are fixed and will be in effect for the term of the Account. The APY is a percentage rate that reflects the total amount of interest/dividends to be paid on an account based on the interest/dividend rate and frequency of compounding for an annual period. The APY is based on the assumption that interest will remain on deposit until maturity. A withdrawal of interest will reduce earnings. The GO! Money membership is valid until the age of eighteen (18), at which time the GO! Savings account will be converted to a Regular Shares account and will earn the applicable Dividend Rate and APY for the Regular Shares account. For GO! Savings accounts, no interest will be paid on days the ending account balance falls below $5.
Nature of Dividends - Dividends on Regular Shares are based upon the Credit Union’s current income and available earnings after transfers for required reserves at the end of a dividend period. The Dividend Rate and APY stated on the Rate Sheet reflect the earnings the Credit Union anticipates having available for distribution.
Compounding and Crediting - The Rate Sheet describes the time frames for compounding and crediting interest/dividends.
Balance Information -The minimum balance required to open each account and earn the APY is stated on the Rate Sheet. For all accounts, interest/dividends are calculated by the daily balance method, which applies a daily periodic rate to the full amount of principal in the account each day. GO! Savings accounts will earn the APY stated on the Rate Sheet when you maintain a $5 or greater minimum balance; no interest will be paid on days the ending account balance falls below $5.
Accrual of Interest/Dividends - Interest/Dividends will begin to accrue on cash deposits and on non-cash deposits (e.g. checks) on the business day you make the deposit to your account.
Transaction Limitations - For GO! Certificates of Deposit, additional deposits may be made to the certificate until it matures. The Interest Rate will not change, but additional deposits may affect the APY disclosed at the time that the certificate was opened. For Certificates of Deposit, if the account falls below the minimum balance, it will be closed and the remaining funds will be transferred to your Regular Shares account.
Transfer Limitations - For GO! Savings accounts, you may make up to six preauthorized, automatic, overdraft, or telephone (including Telephone Teller and Online Banking) transfers from this account per month; of the six, no more than three transfers may be made to a third party by check or debit card purchase. A preauthorized transfer includes any arrangement with the credit union to pay a third party from your account upon written or oral orders (such as your automobile insurance company or health club), including orders received through the Automated Clearing House (ACH). There is no limit on the number of transactions you may make to another credit union account or withdrawals when such transfer or withdrawal is initiated in person, by mail or at an ATM. If a transfer request would exceed the transfer limitations set forth above, the credit union may refuse or reverse the transfer, or your checks may be returned.
Maturity - Your account will mature on the maturity date stated on your Certificate of Deposit Receipt.
Early Withdrawal Penalty - For Certificates of Deposit, we may impose a penalty if you withdraw any of the principal before the maturity date.
Amount of Penalty. For Certificates of Deposit, the early withdrawal penalty amount is based on the following schedule:
12 months term or less: 90 days interest on the withdrawn amount
More than 12 months term: 180 days interest on the withdrawn amount
How the Penalty Works. The penalty is calculated as a forfeiture of part of the interest that has been or would be earned at the Interest Rate on the account. It applies whether or not the interest has been earned. In other words, if the account has not yet earned enough interest or if the interest has already been paid, the penalty will be deducted from the principal.
Exceptions to Early Withdrawal Penalties. At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances:
when an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.
when an IRA account owner dies, reaches 70 and a half, becomes disabled or elects to take prearranged periodic payments from an IRA.
Renewal Policy – All Certificate of Deposit accounts are automatically renewable. Renewable accounts have a grace period of five (5) business days after maturity in which to withdraw funds from the account without being charged an early withdrawal penalty.
Nontransferable/Nonnegotiable - All accounts are nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation of an owner, except with the Credit Union.
