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Flexibility
Ohio Valley Community Credit Union understands that members have different savings needs. Some prefer short-term maturity with investment flexibility while others prefer to deposit their funds for a longer term to optimize dividends. Ohio Valley Community Credit Union Certificates provide an excellent way to maximize dividends while investing funds for a fixed period of time.
Choose The Term and Maturity
You can select an OVCCU Certificate with the rate and term that will meet your individual needs and earn a competitive dividend rate. OVCCU offers flexible terms from 3 months to 5 years, with a minimum deposit of $1000.00.
Certificates are the perfect way to save for an education, special vacation, or as part of your long-term financial planning. An OVCCU Certificate allows you to invest the dividends earned during the term of the certificate - so you actually earn dividends on your dividends. Or, if you prefer, you may choose to have the dividends transferred to your savings account on a monthly basis or at maturity.
Convenience
An OVCCU Certificate may be opened in minutes by calling a CD Representative. OVCCU mails you a maturity notice when your certificate is about to mature and you could have it automatically renew at the rate in effect at renewal. There is no need to worry about new paperwork or signatures, everything is completed for you.
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Disclosure
Rate information: The dividend rate on your term share account will be disclosed to you at the opening of your Certificate. You will be paid this rate until first maturity.
Compounding Frequency: Unless otherwise paid, dividends will be compounded every month
Crediting Frequency: Dividends will be credited to your account every month. Alternatively, you may choose to have dividends paid to you or to another account every month rather than credited to this account.
Dividend Period: For this account type, the dividend period is monthly.
Minimum balance requirements: The minimum balance requirement it open this account will be disclosed at opening. You must maintain a minimum daily balance to be disclosed at account opening to obtain the disclosed annual percentage yield.
Daily balance computations method: Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of dividends on noncash deposits: Dividends will begin to accrue on the business day you place noncash items to your account.
Transaction limitations: After the account is opened, you may not make additions into the account until the maturity date stated on the account. You may not make withdrawals of principal from your account before maturity. You can only withdraw dividends before maturity if you make arrangements with us for periodic payments of dividends in lieu of crediting. Maturity dates will be disclosed at time of purchase
Early withdrawal penalties: (a penalty may be imposed for withdrawals before maturity)
- If your account has an original maturity of less than one year: The penalty we may impose will equal 30 days dividends on the amount withdrawn subject to penalty.
- If your account has an original maturity of one year to three years: The penalty we may impose will equal 90 days dividends on the amount withdrawn subject to penalty.
- If your account has an original maturity of more than three years: The penalty we may impose will equal 182 days dividends on the amount withdrawn subject to penalty.
In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. Other exceptions may also apply, for example, if this is part of an IRA or other tax-deferred savings plan.
Withdrawal of dividends prior to maturity - The annual percentage yield is based on an assumption that dividends will remain in the account until maturity. A withdrawal will reduce earnings.
Automatically renewable account - This account will automatically renew at maturity. You may prevent renewal if you withdraw the funds in the account at maturity (or within the grace period mentioned below, if any) or we receive written notice from you within the grace period mentioned below, if any. We can prevent renewal if we mail notice to you at least 30 calendar days before maturity. If either you or we prevent renewal, your funds will be place in a dividend-bearing account. Each renewal term will be the same as the original term, beginning on the maturity date. The dividend rate will be the same we offer on new term share accounts on the maturity date which have the same term, minimum balance (if any) and other features as the original term share account. You will have a grace period of ten calendar days after maturity to withdraw the funds without being charged an early withdrawal penalty.
Common Features: By law requirements: You must complete payment of one share in your Share Savings account as a condition of admission to membership.
Transaction limitation - We reserve the right to at any time require not less than seven days notice in writing before each withdrawal from an interest-bearing account other than a time deposit, or from any other savings account as defined by Regulation D.
Nature of dividends - Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.
NCUA - National Credit Union Share Insurance Fund - Member accounts in this credit union are federally insured by the National Credit Union Share Insurance Fund.
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