Kidicate

Eligibility for the Kidicate is based on the child's age at account opening and are available for Youth and Teen Accounts. If the child turns 13 during the 24-month term, the existing Kidicate will mature as expected. If the child turns 18 during the 24-month term, the existing Kidicate will mature as expected, however, automatic renewal will default to our regular 24-month share certificate.

The account(s) you have with us is/are nontransferable and nonnegotiable. This means that an account, and the funds in the account, may not be pledged to secure any obligation of an owner, except obligations with the Credit Union.

Certificate accounts are automatically renewable accounts. Automatically renewable accounts will renew for another term upon maturity at the then-current rate. There is a 10-day grace period following the maturity of this account to withdraw the funds without penalty.

You can, but we may impose a penalty if you withdraw any of the principal of the Certificate Account before the maturity date.

1) Amount of Penalty. For certificates with a term of one year or less, the amount of the early withdrawal penalty is 30 days of dividends calculated on the amount withdrawn. For certificates with a term of more than one year, the amount of the early withdrawal penalty is 90 days of dividends calculated on the amount withdrawn.

2) How the Penalty Works. The penalty is calculated as a forfeiture of part of the interest that has been or would be earned at the nominal interest rate on the account. It applies whether or not the interest has been earned. In other words, if the account has not yet earned enough interest or if the interest has already been paid, the penalty will be deducted from the principal.

3) Exceptions to Early Withdrawal Penalties. At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances: when an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.