Certificate of Deposit FAQs (#4056)
Last Modified: 3/04/2014 9:29 AM

How do I open a CD?
You can open a CD from your Home Banking Account, as long as the CD will have the same joint owner(s) and beneficiciaries as the primary savings account. Once you have logged in select "Add an Account" located in the Tools & Services box.
If you are not a Home Banking User or the CD joint owner/beneficiaries will not mirror your savings account, you may use the Certificate of Deposit Application. This application requires signatures from primary and joint owners (if applicable).


Can a joint owner open a CD?
No. The signature of the primary member is required to open a CD. A joint owner of the CD is authorized however to request the closing of a CD.


What is the difference between the savings rates and a CD rate?
Rates offered on CDs are higher than rates offered on regular share accounts. However, once a CD is purchased, the rate at the time of purchase is fixed for the term of the CD, whereas the rates on regular shares are not fixed, and can fluctuate monthly based on market demands.


Are CDs insured?

Yes. CDs are insured through
How do I open a CD?
You can open a CD from your Home Banking Account, as long as the CD will have the same joint owner(s) and beneficiciaries as the primary savings account. Once you have logged in select "Add an Account" located in the Tools & Services box.
If you are not a Home Banking User or the CD joint owner/beneficiaries will not mirror your savings account, you may use the
Certificate of Deposit Application
. This application requires signatures from primary and joint owners (if applicable).


Can a joint owner open a CD?
No. The signature of the primary member is required to open a CD. A joint owner of the CD is authorized however to request the closing of a CD.


What is the difference between the savings rates and a CD rate?
Rates offered on CDs are higher than rates offered on regular share accounts. However, once a CD is purchased, the rate at the time of purchase is fixed for the term of the CD, whereas the rates on regular shares are not fixed, and can fluctuate monthly based on market demands.


Are CDs insured?

Yes. CDs are insured through NCUA. Existing titling requirements/guidelines apply.


What terms are offered for CDs?

We offer 6, 12, 24, 36 and 60 month terms. Click here for more information and complete details.


What is the minimum deposit to open a CD?

The minimum deposit is $1,000.


Can I open up the CD today and deposit the money later?
You may choose to take up to 14 days to fund your CD using a variety of payment methods including: Online Banking transfer and Account to Account (A2A) transfer from another financial institution. As a benefit to our members, you ll be guaranteed the best available rate between the day you open the CD and the date you fund it.

What fees and penalties are involved with a CD?
There is no monthly charge or fee for maintaining a CD. An early withdrawal penalty is incurred when a CD is closed prior to maturity. Early withdrawal penalties are as follows:
6 month CD - Penalty is equal to 31 days of interest
12 and 24 month CDs - Penalty is equal to 90 days of interest
36 and 60 month CDs - Penalty is equal to 180 days of interest

Partial withdrawals are not allowed with CDs



What is a maturity date? Why is it important?

The maturity date is the date on which the term of the CD expires. At this time the CD is either renewed for another term at the current rate, or the funds are transferred into any share and the CD is closed. It is important because the rate remains fixed up to this point.


Can I change my renewal selection I made when opening my CD?
You may change your renewal selection at any time before your CD has reached its maturity date. You can contact us via online banking from your Message Center, by phone or by visiting one of our branches. Please provide your instructions to either renew or deposit the funds into the selected account.
After the maturity date of your CD you will
have a 10-day grace period following the renewal date. A CD application is required if changes to the term or the amount are requested during this 10-day grace period.


Can I discontinue my CD before the maturity date?

Yes. CDs can be discontinued before maturity, although funds will be penalized based on the term of the CD (see fees above).


Can I extend my CD term once opened?

No. After your CD matures you may use your funds and open a new CD with a different term.


How do I receive my interest? Can I make a change on how the interest is disbursed before the CD matures?

Your interest may be posted monthly back into your CD, into another share, or a check may be issued for the monthly dividend amount. You may change how your interest is disbursed at any time before your CD reaches maturity. Contact us via online banking from your Message Center, by phone, or come into one of our branches to request the change.



When is interest posted for CDs?

The interest is posted on the last day of the month, just as they are with Savings and Checking Accounts.


Are partial withdrawals allowed for CDs?

Partial withdrawals are not allowed. The funds must remain in the CD for the entire term. If a withdrawal is made it must be for the complete balance and the CD will be closed (and penalties will be assessed if closed prior to maturity date).


Are CDs allowed on a minor's account?

Yes. A CD can be opened on a minor's account with a qualified joint owner.
 
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