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Certificates

Certificates are a safe way to earn a guaranteed rate of return which is higher than a regular Savings account yields.

A minimum deposit of $500.00 is required when opening a Certificate. A member may select terms ranging from six months to five years. Members with a Premium Checking account are offered a special Certificate term.

Maturity

GVFCU will notify a member 30 days before a Certificate comes up for maturity. The member will have ten calendar days after the date of maturity to make changes to their Certificate or it will automatically renew.

Dividends

Dividends are compounded monthly on a Certificate. Earned Dividends may be deposited into an account monthly.

Facts

  • All GVFCU members are eligible for Certificates
  • Compare Annual Percentage Yield, not Annual Percentage Rate, when shopping for Certificates
  • All of these features are also available to IRA Certificates

Certificates Withdrawls & Penalties

Government regulations require a substantial penalty for failure to comply with Certificate requirements. Should you withdraw funds prior to maturity, the penalty will be as follows: If the qualifying period is one year or less, you will forfeit an amount equal to the lesser of (a) all dividends for 90 days on the amount withdrawn, or (b) all dividends on the amount withdrawn since the date of issuance or renewal. If the qualifying period is greater than one year, you will forfeit an amount equal to the lesser or (a) all dividends for 180 days on the amount withdrawn, or (b) all dividends on the amount withdrawn since the date of issuance or renewal. Penalties will not be applied if withdrawal is because of death of an owner of the Certificate. Should the balance of the Certificate fall below the required minimum, penalties will be imposed and the Certificate will be closed. A penalty may result in a loss of part of the principal.

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