CERTIFICATE ACCOUNTS

This Rate and Fee Schedule sets forth current conditions, rates, fees, and charges applicable to your Certificate accounts at RGFCU at this time.  The Credit Union may offer other rates and fees or amend the rates and fees contained in this Schedule from time to time.  Each account holder agrees to the terms set forth on this Rate and Fee Schedule and acknowledges that it is a part of the applicable Membership and Account Agreement.

EFFECTIVE DATE: April 1, 2017

TermMinimum Opening DepositDividends CompoundedDividends CreditedDividend PeriodDividend RateAnnual Percentage Yield
6-Month Certificate$1,000.00At MaturityAt MaturityAt Maturity.15% - .35%.15% - .35%
Add-On 1 Year Certificate$1,000.00QuarterlyQuarterlyQuarterly.30% - .50%.30% - .50%
One Year Certificate$1,000.00QuarterlyQuarterlyQuarterly.30% - .50%.30% - .50%
2-Year Bump-It-Up Certificate$1,000.00QuarterlyQuarterlyQuarterly.50% - .70%.50% - .70%
3-Year Bump-It-Up Certificate$1,000.00QuarterlyQuarterlyQuarterly.70% - .90%.70% - .90%
Traditional IRA or Roth IRA 1-Year Certificate$1,000.00QuarterlyQuarterlyQuarterly.35% - .45%.35% - .45%
Add .10% to any Certificate for 2 Financial Partner ~ Add .20% to any Certificate for 4 Financial Partner. New Money Only - For Certificates of balances greater than $100,000 an additional .10% may be added.

TRUTH IN SAVINGS ACCOUNT DISCLOSURE

  1. Rate Information.  The Dividend Rate and Annual Percentage Yield on your accounts are listed above.  These rates are fixed and will be in effect for the term of the account.  The Annual Percentage Yield is a percentage rate that reflects the total amount of the dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period.  The Annual Percentage Yield is based on an assumption that dividends will remain on deposit until maturity.  Premature withdrawals or withdrawal of dividends will reduce earnings.
  2. Nature of Dividends.  Credit unions are unique financial institutions.  You are an owner of this credit union.  The money you put into your credit union represents an equity interest.  That’s why credit unions call the returns you earn on your account dividends instead of interest.  Our Board of Directors declares dividends based on current income and earnings after providing for the required reserves at the end of the month.  The Dividend Rates and Annual Percentage Yield are the last declared rates and yields, which the RGFCU is currently paying.
  3. Compounding and Crediting.  Dividends will be compounded and credited as listed above.  The Dividend Period for each account is also listed.  The Dividend Period begins on the first calendar day of the quarter and ends on the last calendar day of the quarter except the Dividend Period for a six-month certificate, which begins on the date of issue and ends on the maturity date.
  4. Accrual of Dividends.  Dividends will begin to accrue on both cash deposits and non-cash (e.g. checks) deposits on the business day you make the deposit to your account.
  5. Balance Information.  The minimum balance required to open each certificate is listed above.  Dividends are calculated by the Daily Balance method that applies a daily periodic rate to the principal in the account each day.
  6. Transaction Limitations.  Additional deposits or withdrawals of principal are not allowed without penalty.  Dividends may be withdrawn as earned but withdrawals will reduce earnings.  For 1-year Add-On Certificates, deposits may be made without a penalty.
  7. Early Withdrawal Penalty. If certificate funds other than dividends are withdrawn prior to maturity, a substantial penalty is imposed as follows:
    a. Amount of Penalty.  The amount of the early withdrawal penalty is determined as follows:  For accounts with terms one year or less, withdrawals are subject to a penalty of 30 days of dividends.  For accounts with terms of more than one year, withdrawals are subject to a penalty of 60 days dividends.
    b. How the Penalty Works.  The penalty is calculated as a forfeiture of part of the dividends that have been earned.  In other words, if the account has not yet earned enough dividends or if the dividend has already been paid, the penalty will be deducted from the principal.
    c. Exceptions to Early Withdrawal Penalty: At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances: (1) When an account owner dies or is determined incompetent by a court order or other body of competent jurisdiction.  (2) When you withdraw funds to purchase financial products from Credit Union Associated Businesses, Inc.
  8. Maturity.
    a. Regular certificates will automatically renew at maturity unless you give us specific instructions.
    b.    IRA certificates will be credited to your IRA share account at maturity
  9. Renewal Policy.  Your account will automatically renew for another term upon maturity.  You have a grace period of ten (10) days after maturity to withdraw funds in the account without being charged an early withdrawal penalty.  The Credit Union reserves the right not to renew the account and will provide written notice of non-renewal thirty days prior to the scheduled renewal date.
  10. Nontransferable/Nonnegotiable. Your account is    nontransferable and nonnegotiable.  The funds in your account may not be pledged to secure any obligation of an owner, except obligations to the Credit Union.
  11. Financial Partners.  The RGFCU recognizes the importance of members having their financial business with us.  When you use the credit union, it strengthens your well being as well as that of your credit union.  As a Financial Partner you can earn an additional .10% by having 2-3 qualified services and an additional .20% for having 4 or more qualified services.  Qualified services include: Checking account, Share account with a balance of $2,500 or more, an IRA, CHEF, Money Market Account or a Certificate of Deposit with a balance of $5,000 or more,  Home Banking, Member of 7 plus years with an active checking account or direct deposit into an RGFCU account, Electronic bill payment and Direct Deposit.
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