SmartMoney Savings Certificate
(Certificates of Deposit)
Truth in Savings Disclosure
General Account Conditions:
- A SmartMoney Certificate is available to encourage savings of young members (age 17 or less) who have a SmartMoney account with USU Charter Federal Credit Union (Credit Union). These certificates are available for terms of either one or two years. The primary account owner must be under age 18 at the opening of the certificiate.
- The Credit Union's dividend rate and Annual Percentage Yield (APY) may change weekly, however, once your certificate is issued your dividend rate will remain fixed until maturity.
- Dividends are compounded and posted quarterly and at maturity to the certificate unless you request that the dividends be transferred to your savings account.
- The APY is based on the assumption that dividends will remain on deposit until maturity.
- Dividends begin to accrue no later than the day credit is received under the availability schedule established by Regulation CC.
- Dividends will begin to accrue on the business day you acquire your certificate. If your check is returned NSF the certificate will be redeemed and no dividends will be earned.
- Once a certificate is created, no withdrawals will be allowed.
- If your certificate is redeemed before maturity, dividends shall be payable from date of issuance to date of redemption at a rate of 1% below the current regular savings simple interest. The Credit Union may omit this penalty in case of death of owners, when the individual becomes legally incompetent.
- If this certificate is issued in the name of two or more individuals, as joint tenants, they shall hold the account with right of survivorship. The Credit Union can honor the withdrawal order of any joint owner.
- If the account is opened under the conditions of Payable on Death (POD), ownership of account shall vest in the POD payee(s) upon proof of death of all of the original payee(s).
- Your savings certificate will automatically be transferred into the designated savings account on the maturity date.
- Your certificate is not transferable and may not be pledged or assigned except to the Credit Union.
- SmartMoney Savings certificates require a minimum opening balance of $500. Additional deposits may be made to the certificate in amounts of $50 or more at any time prior to maturity and will earn the same initial rate disclosed when the certificate was opened unless the terms and conditions of the certificate state otherwise. A $25 membership share is required.