Certificates of Deposit > Disclosure
THIS ACCOUNT IS NOT TRANSFERABLE EXCEPT ON THE BOOKS OF THIS CREDIT UNION. Aventa Credit Union resilient rate certificate of deposit accounts are subject to the following items:
| Interest rates and their Annual Percentage Yield (APY) are disclosed in the Schedule of Rates and Fees separate from this booklet. The interest rate and APY are accurate as of the stated date. For the most current information call (719) 482-7600 or click here. The interest rate can adjust monthly and is calculated by averaging the previous four weeks’ rates on the 90 Day Treasury Bill. This is a variable rate certificate with a ceiling rate of not more then 10% and floor not less than 2%. |
 |
| Interest will be computed daily and compounded and credited monthly. For this account type, the interest period is monthly. For example, the beginning date of the first interest period of the calendar year is January 1 and the ending date of such interest period is January 31. All other interest periods follow this same pattern of dates. If the certificate of deposit account is closed before interest is credited, accrued interest will not be paid. The APY assumes interest remains in the account until maturity. Withdrawal of interest will reduce earnings. |
|
| The minimum balance for a Resilient certificate of deposit is $5,000. The required minimum balance for the savings account must also be maintained. (See Bylaw Requirements) |
|
| Interest is calculated by the daily balance method which applies a daily periodic rate to the principal balance in the account each day. |
|
| Interest begins to accrue on the business day cash and non-cash items (e.g. checks) are deposited to the account. |
|
| The fees and charges which may be assessed against the account are found in the Schedule of Rates and Fees separate from this booklet. |
|
| Any fees and charges which may be assessed against the account until the maturity date is slated on the certificate of deposit. Early withdrawal may result in penalties disclosed in the Certificate of Deposit (CD) Account disclosure sections. |
|
| The certificate of deposit account will mature in the number of months from the date of purchase or on the date designed by the member at opening. Example: A 6-moth CD will mature 6 months after the date of purchase. A 1-year CD will mature 1 year from the date of purchase and so on. Funds will be available the next business day after. |
|
| Certificates of deposit will automatically renew at maturity for the same term and the current stated rate. Current rate information can be obtained by calling (719) 482-7666 or visiting our web-site at www.aventa.com. There is a grace period of 10 business days after maturity date to withdraw funds without being charged an early withdrawal penalty. |
|
| A member whose share account balance falls below the par value of one share and is not increased to at least the par value of one share within 6 months of the reduction may be transferred only from one member to another, by written instrument in such forms as Aventa Credit Union may prescribe. The credit union reserves the right, at any time, to require members to give, in writing, not more than 30 days notice of intention to withdraw the whole or any part of the amounts paid in by them. No member may withdraw savings that are pledged as required security on loans without the written approval of the loan officer, except to the extend that such savings exceed the member’s total primary and contingent liability to Aventa Credit Union. |
|
| The par value of a share in Aventa Credit Union is $5. The interest period on this account is monthly. |
|
| Member accounts at Aventa Credit Union are federally insured up to $100,000 by the National Credit Union Share Insurance Fund. Individual Retirement Accounts are insured separately. |
|
Terms and conditions of this account are subject to change by Aventa Credit Union at any time.
THIS ACCOUNT IS NOT TRANSFERABLE EXCEPT ON THE BOOKS OF THIS CREDIT UNION. Aventa Credit Union CD accounts are subject to the following items:
| Issuance in two or more names indicates joint ownership and right of survivorship. Joint ownership of the certificate is limited to the owner and any and all joint owners named on the owner’s primary savings account. The member and joint owners of a certificate agree that the certificate and accumulated dividends are subject to withdrawal or receipt by any of them and any payment to any one of them or to the survivor shall be valid and discharge Aventa Credit Union from any liability for such payment. Joint owners of the member’s savings account will be considered as joint owners of the certificate, except IRA account cannot be issued with a joint owner. |
|
| Interest rates and their Annual Percentage Yield (APY) are disclosed in the Schedule of Rates and Fees separate from this booklet. The interest rate and APY are accurate as of the stated date. For the most current rate information call (719) 482-7600 or click here. The interest rate is fixed for the term of the certificate of deposit. The term is disclosed on the certificate of deposit issued at the time of opening or the maturity notice sent to you. The interest rates are determined by the Aventa Credit Union Board of Directors. |
|
| Interest will be computed daily and compounded and credited monthly. For this account type, the interest period is monthly. For example, the beginning date of the first interest period of the calendar year is January 1 and the ending date of such interest period is January 31. All other interest periods follow this same pattern of dates. If the certificate of deposit account is closed before interest is credited, accrued interest will not be paid. The APY assumes interest remains in the account until maturity. Withdrawal of interest will reduce earnings. |
|
| The minimum balance of a certificate of deposit is $1,000. The minimum balance of a Mini Jumbo certificate of deposit is $10,000. The minimum balance of a Jumbo certificate of deposit is $50,000. The required minimum balance for the savings account must also be maintained. (See Bylaw Requirements) |
|
| Interest is calculated by the daily method which applies a daily periodic rate to the principal balance in the account each day. |
|
| Interest begins to accrue on the business day cash and non-cash items (e.g. checks) are deposited to the account. |
|
| The fees and changes which may be assessed against the account booklet. |
|
| After the account is opened, you may not make deposits into the account until maturity date as stated on the certificate of deposit unless otherwise specified. *Exception is the Two-Step Certificate. Early withdrawal may result in penalties later in this section. |
|
| The certificate of deposit account will mature in the number of months from the date of purchase or on the date designed by the member at opening. Example: A 6-month CD will mature 6 months after the date of purchase. A 1-year CD will mature 1 year from the date pf purchase, and so on. Funds will be available the day following the maturity date. |
|
| Certificates of deposit will automatically renew at maturity for the same term and the current stated rate. Current rate information can be obtained by calling (719) 482-7600 or by clicking here. There is a grace period of 10 business days after the maturity date to withdraw funds without being charged an early withdrawal penalty. |
|
| A member whose share account balance falls below the par value of one share and is not increased to at least the par value of one share within 6 months of the reduction may be terminated from membership at the end of a dividend period. Savings may be transferred only from one member to another, by written instrument in such forms as Aventa Credit Union may prescribe. The credit union reserves the right, at any time, to require members to give, in writing, not more then 30 days notice of intention to withdraw the whole or any part of the amounts paid in by them. No member may withdraw savings that are pledged as required security on loans without the written approval of the loan officer, except to the extend that such savings exceed the member’s total primary and contingent liability to Aventa Credit Union. |
|
| The par value of a share in Aventa Credit Union is $5. The interest period on this account is monthly. |
|
| Member accounts at Aventa Credit Union are federally insured up to $100,000 by the National Credit Union Share Insurance Fund. Individual Retirement Accounts are insured separately. |
|
| Terms and conditions of this account are subject to change by Aventa Credit Union at any time. |
|
If certificate funds other than interest are withdrawn prior to maturity, a substantial penalty is imposed on the amount withdrawn.
Previously paid certificate interest may be withdrawn without penalty.
For withdrawals exceeding previously paid interest, early withdrawal penalties will be assessed on the principal amounts withdrawn. The penalty will be a figure equal to 30 days of interest at the rate the certificate is earning.
On certificates with terms less than 90 days, a forfeiture of 30 days interest penalty or all interest earned whichever is less.
On certificates with terms 90 days to 365 days, a forfeiture of 90 days interest penalty or all interest earned whichever is less.
On certificates with terms 366 days or a term greater then one year, a forfeiture 180 days interest penalty or all interest earned whichever is less. |
|
The interest to be forfeited are those attributable to the amount withdrawn unless the withdrawal reduces the account below the minimum balance. In that case, the forfeited interest would be on the entire account and the certificate would be cancelled.
All penalties must be imposed on interest earned, not on the principal amount in the account. An exception to this rule applies if the earned interest has been withdrawn.
The penalty does not apply to any of the following early withdrawals:
- Withdrawal subsequent to the death of any owner.
- If the account is part of a qualified Individual Retirement Account, withdrawal to effect distribution of funds upon the participant’s disability or for mandatory distributions as required when the depositor attains the age of 70 1/2 as contained in the IRA Agreement.
- Penalty for early withdrawal will be waived for partial distributions (distributions of 10% or less of the certificate balance annually) after the depositor attains the age of 59 1/2.
|
|
At least 10 days prior to the maturity date of each savings certificate, Aventa Credit Union will provide the owner with a notice of the maturity date of the certificate and will advise that the certificate will be automatically renewed, at a then authorized interest rate unless the certificate is redeemed by maturity.
Certificates presented for redemption within 10 days after the maturity date will earn dividends for those days at the new rollover rate determined at the date of maturity.
Upon redemption, share certificate funds will be placed into the member’s primary savings account and made available to the member or joint owner. |
|
All savings certificates purchase must be by U.S. currency.
Certificates are not transferable except on the books of the credit union, but may be pledged as collateral for a loan by any of the owners. Aventa Credit Union reserves the right to discontinue or change the terms of the certificate offerings without prior notice, however, once issued, the terms of a certificate may not be charged without the owner’s consent. |
|
|
