Common use of Required Minimum Deposit Clause in Contracts

Required Minimum Deposit. The minimum opening deposit for a share certificate is $1,000. Dividends are compounded and credited monthly. Outstanding dividends may not be paid for accounts closed before dividends are posted. Once opened, you cannot deposit or withdrawal funds from the share certificate without penalty. • 6 Months • 12 Months • 18 Months • 24 Months • 36 Months If funds held in a share certificate are withdrawn prior to the maturity date, the following fee schedule may be applied: • 6 Month Certificate: 60 Days of Dividends • 12 Month Certificate: 60 Days of Dividends • 18 Month Certificate: 90 Days of Dividends • 24 Month Certificate: 150 Days of Dividends • 36 Month Certificate: 180 Days of Dividends Upon maturity, all share certificates will have a 7-day grace period. Within that period the funds can be renewed at the current prevailing rate, transferred to another credit union account, or transferred to another institution. If the request to withdraw the funds from the share certificate is made after the grace period, a fee may be assessed.