Earn more with a Limited-Time Certificate of Deposit Special with only $100 minimum deposit!
Except as specifically described, the following disclosures apply to all the accounts:
1) Rate Information. The Dividend Rate and Annual Percentage Yield on your Certificate accounts are set forth above. The Dividend Rate and Annual Percentage Yield are fixed and will be in effect for the term of the Certificate. The Annual Percentage Yield is based on an assumption that interest will remain on deposit until maturity. A withdrawal of dividends will reduce earnings.
2) Nature of Dividends. The Dividend Rate and Annual Percentage Yield set forth above are the prospective rates that the Credit Union anticipates paying for the applicable dividend period.
3) Compounding and Crediting. Dividends will be compounded and credited as set forth above.
4) Balance Information. The minimum balance required is $100.00. Dividends are calculated by the average daily balance method. Dividends are calculated by applying a periodic rate to the average daily balance in the account for the dividend period. Adding the full amount of principal in the account for each day of the period and dividing that figure by the number of days in the period determine the average daily balance.
5) Add-on Feature. No add-on deposits are allowed.
6) Early Withdrawal Penalty: We may impose a penalty if you withdraw any of the principal of your Certificate or IRA account before maturity date.
a. Amount of Penalty: For Certificate and IRA Certificate accounts, the amount of the withdrawal penalty is based on the penalty schedule: Terms of 6 month or less - 90 days dividends, Terms of 12-18 months – 120 days dividends, Terms of 24-36 months – 180 days dividends, Terms of 48 months – 270 days dividends and Terms of 60 months or more - 365 days dividends
b. 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 stated 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. The penalty will be based on the amount of the withdrawal.
c. 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:
i. When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.
ii. Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after establishment; provided that the depositor forfeits an amount of at least equal to the simple interest earned in the amount withdrawn.
iii. When an Required Minimum Distribution applies
7) Renewal Policy. At maturity, your CD will automatically renew to the standard 12 month certificate rate.
8) Renewal Notice. You may contact the Credit Union at maturity to obtain the Dividend Rate and Annual Percentage Yield for renewal term. You have a grace period of ten (10) business days after maturity in which to withdraw funds from the account without being charged an early withdrawal penalty.
The Credit Union may offer other rates and fees, and this is a limited time offer. Each account holder agrees to the terms set forth on the Rate and Fee Schedule and acknowledges that it is a part of the Account Agreement.
*Savings Certificate: Annual Percentage Yield (APY) is effective as of 11/05/2018. Promotional limited-time offer. Offer and rates are subject to change without notice. This offer cannot be redeemed with any other Savings Certificate promotional specials. A $100 minimum deposit is required for consumer and IRA certificates. A penalty may be imposed for early withdrawal and may reduce earnings. HAPO retains the right to validate all offers. Ask for complete rate & term information at any HAPO financial center. Federally Insured by NCUA.