A Share Account is an additional savings established under a member’s existing account relationship. The share is subject to the same terms and conditions set forth in the Discovery FCU’s Membership Disclosures and Agreement. Please refer to the applicable Truth in Savings Disclosure for dividend rates, fees, and account requirements. All terms, conditions, dividend provisions, fees, ownership rights, and account requirements applicable to savings accounts shall apply.
Goal Setting Savings is a Custom Savings account that enables members to create and track savings goals. The account is subject to the same terms and conditions as all Custom Savings accounts under the Discovery FCU’s Membership Disclosures and Agreement. Please refer to the applicable Truth in Savings Disclosure for dividend rates, fees, and account requirements. Savings goals are for tracking purposes only and do not guarantee achievement of any savings target.
It is agreed that:
- The person(s) named on the Investment Application is/are the owner(s) of the certificate number indicated on the application. A certificate issued in the name of two or more owners indicates joint ownership with full rights of survivorship.
- The certificate amount, maturity date, dividend rate and payment method are set forth on and governed by the face of the certificate. If returning via US Mail, the form must be completed, signed, and returned within 30 days from the date of issuance. Please note that the certificate start date will be effective on the date the signed form is received by our office. Failure to return the form within the 30-day period may result in changes to the rate or terms offered.
- A certificate may only be used as collateral for a loan with a maturity date earlier than or the same as the maturity date of the certificate. A certificate may not be pledged, transferred or assigned to any party other than Discovery Federal Credit Union. IRA certificates may not be pledged for loans.
- A certificate may be redeemed before its maturity date only upon presentation of the original certificate. If certificate funds other than dividends are withdrawn before the maturity date, a substantial penalty will be imposed. The penalty will be calculated as follows. For certificates purchased with a maturity term of 1 year or less, the penalty will be equal to 90 days dividends on your deposit. For certificates with a maturity term of over 1 year, the penalty will be equal to 180 days dividends on your deposit. In some instances, penalties may reduce the original amount of your deposit. The penalty does not apply to any of the following early withdrawals: withdrawals subsequent to the death of any owner; withdrawal after the close of a dividend period in which the owner’s credit union membership was terminated under Article XVI, Section 1 of the Bylaws.
- The credit union will give the owner(s) at least twenty (20) calendar days notice prior to the maturity of a certificate. You will have a grace period of five (5) business days after the maturity date to purchase a certificate with different terms, change the amount of your investment or withdraw the funds. Dividends will not be paid during the grace period if any funds are withdrawn from the credit union. Unless the credit union is notified to terminate a certificate prior to the expiration of the grace period, the certificate will automatically renew at the same term as the original certificate, beginning on the maturity date. The dividend rate will be the same as we offer on new certificates on the maturity date that have the same term, minimum balance and other features as this original certificate.
- Advertised yields on certificates assume interest is added to the principal until maturity.