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Truth in Share Certificates Disclosure

Rate Information

Dividend Rates and APY’s subject to change without notice. The rates appearing in this schedule are accurate and effective for accounts as of the Effective Date indicated on this Rate schedule. If you have any questions or require current Dividend Rates and APY’s, call 267-6373 or 1-800-248-2328.

The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period. When you purchase a Certificate, the Dividend Rate and Annual Percentage Yield are fixed and will be in effect until the Certificate reaches maturity. The Annual Percentage Yield is based on an assumption that dividends will remain on deposit until maturity. A withdrawal of dividends will reduce earnings.

Nature of Dividends

Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.

Compounding and Crediting

Dividends on Certificate Accounts are compounded and credited monthly. The dividend period begins on the first calendar day of the period and ends on the last calendar day of the period. Dividends will be credited to the Certificate Account by default. Dividends may be credited to another Citizens Federal Credit Union account upon request. Dividend checks may be issued upon request, but only for Mini Jumbo or Jumbo Certificate Accounts.

Balance Information

The minimum balance requirements applicable to each Certificate Account are set forth in the Rate Schedule. Dividends are calculated on the daily balance method which applies a daily periodic rate to the principal balance in the account for the period.

Accrual of Dividends

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

Transaction Limitations

After the account is opened, you may not make deposits into the account until the maturity date stated on the Certificate.


A stated maturity will be printed on the Certificate you receive when you open this account.

Early Withdrawal Penalty

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

Early withdrawal will result in the loss of dividends, whether earned or not, on amounts withdrawn equal to dividends that would have accrued over 50% of the dividend you would have earned in the remaining term, or $25 whichever is greater. The penalty may result in a reduction of the principal.

At our option, we may pay the account before maturity without imposing an early withdrawal penalty when an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.


We will give you at least twenty (20) days’ notice prior to maturity. Your Certificate Account will automatically renew at maturity. You will have a grace period of ten (10) business days after the maturity date to withdraw funds in the Certificate Account without being charged an early withdrawal penalty.


Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation of an owner, except obligations with this Credit Union.