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Money_Market___Certificates

Share Certificate FAQs

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Share Certificates Questions

Questions & Answers

How do I apply for a share certificate? Can I apply on-line?

Yes, you may open a Share Certificate online here.  You will be prompted through a series of screens that allow you to open a Share Certificate.  You may also open a Share Certificate by visiting any of our branch locations or calling our Member Service Department at 202-479-2270 or 800-368-3552.

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How do I open a CD?

A Share Certificate can be opened online here, at any branch location, by mail or fax, or simply by calling the Credit Union at 202-479-2270 or 800-368-3552.

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How often do your interest rates change for your Share Certificates? What are the different terms?

We do not have a set rate change schedule. Our rates are subject to change without notice.

Our Share Certificates Terms are 6, 12, 24, 36, 48, & 60 months.  We occasionally offer special certificates for different terms.  The information about any special certificates will always appear on our website. 

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What is a share certificate?

A share certificate is an account with the Credit Union that a member opens for a specific period of time and is guaranteed a fixed rate for that period.  Funds may not be withdrawn for the agreed upon period of the certificate without incurring a penalty.

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How many days do I have once my Certificate matures to make a decision regarding what I want to do with my money in that account?

You have 10 calendar days from the maturity date.

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Is there a penalty for early withdrawal from a Share Certificate?

Yes.  If Certificate funds other than dividends are withdrawn prior to maturity, the penalty is as follows:

If certificate funds other than dividends are withdrawn prior to maturity, a substantial penalty is imposed as follows: If the qualifying period is 11 months or less the member shall forfeit an amount equal to the lesser of: (A) All dividends for 90 days on the amount withdrawn, or (B) All dividends on the amount withdrawn since the date of issuance or renewal.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 11 months but less than 60 months, the member shall forfeit an amount equal to the lesser of: (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.  If the qualifying period is 60 months or greater, the member shall forfeit an amount equal to the less of: (A) All dividends for 365 days on the amount withdrawn, or (B) All dividends on the amount withdrawn since the date of issuance or renewal.

These penalties will not be applied if the withdrawal is made subsequent to the death of the owner(s). 

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