SHARE CERTIFICATE ACCOUNT Sample Clauses

SHARE CERTIFICATE ACCOUNT. Downey Federal Credit Union offers a Share Certificate Account which allows you to save with higher rates.
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SHARE CERTIFICATE ACCOUNT. ▇▇▇▇▇▇ Federal Credit Union offers a Share Certificate Account which allows you to save with higher rates.
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SHARE CERTIFICATE ACCOUNT. A share certificate deposit is more commonly known as a certificate of deposit or a “CD”. With a CD, you agree to keep your deposit with us for a specific period of time and we agree to pay you interest at an agreed upon dividend rate for that period of time. We are not required to permit an early withdrawal from a CD, and if we do, it will be on condition that you pay an early withdrawal penalty. The minimum balance to open a Certificate and IRA Certificate and yield dividends is $1,000. The minimum balance to open a Jumbo Certificate and yield dividends is $100,000. The minimum balance to open a ▇▇▇▇▇▇▇▇▇ Certificate and yield dividends is $500. Please refer to your Rate Sheet for current terms and yields. The annual percentage yield disclosed on your Rate Sheet assumes interest remains on deposit until maturity and any withdrawal will reduce earnings. Early withdrawal penalties will apply as follows: If closed within 6 days of establishment a 7 day interest penalty will be charged regardless of term; if closed after 6 days of establishment terms equal to or less than one year will incur a 90 day interest penalty; terms greater than 1 year but less than two years will incur a 180 day interest penalty; and terms equal to or greater than two years will incur a 270 day interest penalty. Early withdrawal penalties may reduce principal. There are certain circumstances where we may waive or reduce this penalty, such as death or incompetence of an owner, withdrawal after the close of the dividend period in which the owner’s credit union membership was terminated under Article II, Section 5 of the bylaws and withdrawal as a result of liquidation of the credit union. If the account is an IRA, at this Credit Union’s option, penalties may also be waived for those who have attained the age of 59 1⁄2 (please see your IRA plan disclosure). Inherited IRA accounts will not be charged a withdrawal penalty. For Certificates not closed in person, we may request documentation such as Identification in order to process the withdrawal. Any requested documentation will generally be reviewed within two business days of receipt. Upon maturity, your certificate will renew automatically with the same term or a similar term if the original term is no longer available. You will have a grace period of seven calendar days upon maturity to withdraw or add funds or change investment terms. There are no account maintenance fees for Share Certificate Accounts. Please refer to the Schedule...
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Related to SHARE CERTIFICATE ACCOUNT

  • Certificate Account (a) The Master Servicer on behalf of the Trustee shall establish and maintain a Certificate Account in which the Master Servicer shall cause to be deposited on behalf of the Trustee on or before 2:00 P.M. New York time on each Certificate Account Deposit Date by wire transfer of immediately available funds an amount equal to the sum of (i) any Advance for the immediately succeeding Distribution Date, (ii) any amount required to be deposited in the Certificate Account pursuant to Section 3.12(a), (iii) any amount required to be deposited in the Certificate Account pursuant to Section 3.16(e) or Section 4.07, (iv) any amount required to be paid pursuant to Section 9.01 and (v) all other amounts constituting the Available Distribution Amount for the immediately succeeding Distribution Date. (b) The Trustee shall, upon written request from the Master Servicer, invest or cause the institution maintaining the Certificate Account to invest the funds in the Certificate Account in Permitted Investments designated in the name of the Trustee for the benefit of the Certificateholders, which shall mature or be payable on demand not later than the Business Day next preceding the Distribution Date next following the date of such investment (except that (i) any investment in the institution with which the Certificate Account is maintained may mature or be payable on demand on such Distribution Date and (ii) any other investment may mature or be payable on demand on such Distribution Date if the Trustee shall advance funds on such Distribution Date to the Certificate Account in the amount payable on such investment on such Distribution Date, pending receipt thereof to the extent necessary to make distributions on the Certificates) and shall not be sold or disposed of prior to maturity. Subject to Section 3.16(e), all income and gain realized from any such investment shall be for the benefit of the Master Servicer and shall be subject to its withdrawal or order from time to time. The amount of any losses incurred in respect of any such investments shall be deposited in the Certificate Account by the Master Servicer out of its own funds immediately as realized without any right of reimbursement. The Trustee or its Affiliates are permitted to receive compensation that could be deemed to be in the Trustee's economic self-interest for (i) serving as investment adviser (with respect to investments made through its Affiliates), administrator, shareholder servicing agent, custodian or sub-custodian with respect to certain of the Permitted Investments, (ii) using Affiliates to effect transactions in certain Permitted Investments and (iii) effecting transactions in certain Permitted Investments.