Certificate Questions

The early withdrawal fee is based on the length of your remaining term. The fee is equal to one-half of the remaining term’s dividends.  This means the penalty will decrease the longer you keep your funds in the account.

A Certificate is a type of savings account where your funds are locked in for a specific time period at a fixed earnings rate. They function much like a Certificate of Deposit (CD) at a bank.  For agreeing to keep your money on deposit for a specified time period, you earn more than you would in a regular savings account. Certificates typically have a minimum balance to open, and the maturity date is determined by the term length.  If you cash in your certificate before its maturity date, you may pay an early withdrawal penalty.