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Certificate Account Disclosure


Certificate Account rates

Wednesday, November 30th, 2022, 10:04:56 AM Pacific Time

2-year Certificate Rate



APY (2.47% rate)

1-year Certificate Rate



APY (2.23% rate)

6-month Certificate Rate



APY (1.74% rate)

1. Rate Information

The Dividend Rate and Annual Percentage Yield on your accounts are stated on the rates page. The Annual Percentage Yield is the percentage rate that reflects the total of dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period. The Dividend Rate and Annual Percentage Yield are fixed and will be in effect for the term of the account. The Annual Percentage Yield is based on an assumption that dividends will remain on deposit until maturity. A withdrawal will reduce earnings.

2. Compounding and Crediting

Dividends will be compounded and credited as stated on the rates page. The Dividend Period for each account is also stated on the rates page. The Dividend Period begins on the first calendar day of the period and ends on the last day of the period.

3. Balance Information

The minimum balance required to open each account is stated on the rates page. Dividends are calculated by the daily balance method, which applies a daily periodic rate to the balance in the account each day.

4. Accrual of Dividends

Dividends will begin to accrue on cash deposits and non-cash (e.g. checks) on the business day you make the deposit to your account.

5. Transaction Limitations

You may not make subsequent deposits to your certificate account. You may make partial withdrawals of principal from your account before maturity. Principal withdrawn before maturity is subject to a premature withdrawal penalty. The account may not be taken below the minimum balance requirements for the certificate account without redeeming the entire account.

6. Maturity

Your account will mature within the term or at the maturity date set forth on the rates page or the maturity date set on your Renewal Notice.


Premature Withdrawal Penalty

We may impose a penalty if you withdraw any of the principal before the maturity date or the renewal date.

Amount of Penalty

Premature withdrawal penalties are:

6-month term90 days' dividends
1-year term180 days' dividends
2-year term180 days' dividends

How the Penalty Works

The penalty is calculated as a forfeiture of part of the dividends that have been or would be earned on the account. It applies whether or not the dividends 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.

Exceptions to Premature Withdrawal Penalties

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 legally incompetent or disabled by a court or other body of competent jurisdiction.
  2. When a withdrawal is made within ten (10) calendar days beginning on a specified maturity date.

Renewal Policy

Your account is an automatically renewable account. Your account will automatically renew unless you instruct the Credit Union otherwise in writing. You have a ten (10)-calendar-day grace period beginning on the maturity date in which to withdraw funds from or change the terms of the account without being charged a premature withdrawal penalty.


Your account is nontransferable/nonnegotiable. Ownership of a certificate account is governed by the terms of the Membership and Account Agreement and the Account Card. If there is an inconsistency between the ownership on a certificate receipt and on the Account Card, the Account Card will govern. The funds in your account may not be pledged to secure any obligations of an owner, except obligations with the Credit Union.

The rates appearing on our rates page are for Certificate Accounts as of the date indicated on the rates page. If you have any questions or require current rate information on your accounts, please call the Credit Union at (408) 543-5202 or (866) 543-5202.