Pacific Advantage Federal Credit Union's share certificate accounts let you deposit your money for a specified period of time. Our Share Certificate Accounts are designated as fixed rate accounts on the Rate Schedule. You will be paid this rate and yield until maturity.
Dividends will be credited monthly to your Regular Share Account. Dividends are not compounded.The minimum deposit required for you to open a Share Certificate Account is indicated on the Rate Schedule. You must maintain the minimum daily balance to obtain the annual percentage yield stated on the Rate Schedule.
Your account will automatically renew at maturity for the same time period as the original term unless you prevent renewal by withdrawing all of the funds in your account at maturity or informinng us in writing prior to the maturity of the certificate.
There is no grace period following maturity of this account You can prevent renewal if you mail notice to us at least 10 days before maturity. If you receive this notice and you do not withdraw all of the funds in your account at maturity your funds will continue to earn a dividend at the Regular Share Account rate.
Account Limitations You may not make deposits into or withdrawals from this account until the maturity date. See early withdrawal penalties.
Early Withdrawal Penalty We may impose a penalty if you withdraw any of the funds from your account before the maturity date. The penalty imposed shall be as follows:
If the qualifying period is one year or less, the member shall forfeit an amount equal to:
for 6 month CDs, all dividends for 90 days on the amount withdrawn, for 12 month CDs, all dividends for 180 days on the amount withdrawn, or
all dividends on the amount withdrawn since the date of issuance or renewal, whichever is less, or
if a withdrawal reduces the balance below the required minimum, the account shall be closed and a loss of dividends as in a. or b. above, whichever is less, will be assessed on the entire amount in the account.
Exceptions to Penalties The penalties stated above will not apply if:
The withdrawal is made subsequent to the death of any owner of the share account or the share certiflcate account, or is made pursuant to the Credit Union's bylaws, or
Such withdrawal is made as a result of the voluntary or involuntary liquidation of the Credit Union issuing account.
