Online Certificates of Deposit Account Disclosure

Important Account Information for Our Members

A Certificate of Deposit Account (CD) can be opened through Workers Online at www.wcu.com.

Rate Information – Rates subject to change at any time without notice unless otherwise noted. Offers may be withdrawn at any time. Subject to membership eligibility. Workers Federal Credit Union membership required; minimum balance to open membership account is $5, unless otherwise noted. $5 will be held in account until the account is terminated, at which time it will be returned to the account owner. Fees may reduce earnings. See our fee schedule for specifics. For fixed rate CDs, you will be paid the disclosed rate until first maturity.  All rate information will be posted online at www.wcu.com. 

Crediting frequency - For terms less than 12 months, dividends will be paid at maturity. For terms 12 months or more, dividends will be paid monthly.

Dividend period - For this account type, the dividend period is the same as the term, beginning on the date the account is opened, and ending on the stated maturity date.

Time requirements - Your account will mature ——————————————— .

Minimum balance requirements: The minimum balance required to open this account is $——————————— .

Daily balance computation 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 (for example, checks) 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 make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty. You can withdraw credited dividends anytime before maturity without penalty.

Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity) -

• For Certificates of Deposit greater than 18 months: The penalty we may impose will be equal to fifty percent (50%) of the dividends that the withdrawn amount (that is subject to penalty) would have earned for the remaining term of the certificate.
• For Certificates of Deposit 18 months or less: The penalty we may impose will be equal to twenty-five percent (25%) of the dividends that the withdrawn amount (that is subject to penalty) would have earned for the remaining term of the certificate.

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, unless we receive written notice from you within the grace period mentioned below, if any. (Note: If your account is a Special term certificate account, your account will renew at the next regular term account and term offered.) We can prevent renewal if we mail notice to you at least 30 calendar days before maturity. If either you or we prevent renewal, dividends will accrue after final maturity. If this certificate is withdrawn during the grace period, the dividend rate will be the same dividend rate that would have been paid on this certificate if renewed. Each renewal term, if applicable, 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.