Authorization To Issue Share Certificate Account

Please complete the form below:

*Indicates a required field.
 

Share Certificates Available

6 MONTHS:

Mininum Deposit: $500
Frequency of Compounding: Quarterly
Penalty: 3 months (90 days) interest whether earned or not

ALL OTHER TERMS:

Minimum Deposit: $500
Frequency of Compounding: Quarterly
Penalty: 6 months (180 days) interest whether earned or not
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A) SHARE CERTIFICATE REGULATIONS

INTEREST RATE – The account and Annual Percentage Yield will vary depending upon the term of the Share Certificate

FREQUENCY OF COMPOUNDING – The Compounding period will be Quarterly

ADDITIONAL DEPOSITS – No additional deposits may be made except at renewal

COMPUTING DIVIDENDS – A Share Certificate begins earning interest the day it is issued, but it does not earn interest on the day it matures. If maturity date falls on a Saturday, Sunday or Holiday, the Share Certificate will be payable the next business day.

PAYING DIVIDENDS – Dividends are credited quarterly and on the Maturity Date. Dividends may be: left in the account, transferred to any other deposit account belonging to the member or may be withdrawn without penalty prior to the maturity and upon maturity of the Share Certificate will become part of the principal balance.

EARLY WITHDRAWALS & PENALITIES – The Credit Union will allow withdrawals of the principal from Share Certificate Accounts prior to maturity, but will apply a penalty based on the terms of the Certificate.

PENALTIES – Terms of Less Than One Year – The penalty will be amount equal to three months (90 days) simple interest on the amount withdrawn, whether earned or not.

PENALTIES – Terms of One Year or More – The penalty will be an amount equal to six months (180 days) simple interest on the amount withdrawn, whether earned or not. (If the penalty exceeds the amount of interest available, the difference will be taken from the principal)

RENEWAL – Accounts will automatically be renewed on the maturity date unless the Credit Union is notified in writing or the account is withdrawn within seven calendar days after the maturity date. The renewal rate is the rate paid on new Share Certificates of that class

ACCOUNT MATURITY – Members with maturing share certificates will be notified in writing within 15 to 45 days of the maturity date of the Share Certificate

B)ELECTRONIC FORM SUBMISSION AGREEMENT:

By submitting this form I am verifying the following:
1)The above information entered has indeed been entered by myself, the account owner or joint owner, and that submission of this form gives full authority to conduct the transaction requested above.
2)I understand that I do have the option or right to submit this form in the paper form, which is available either through our website at www.fafcuny.org and/or upon request by contacting the credit union.
3)I understand that I exercise the right to withdraw consent to have records provided electronically, including any conditions, consequences, or fees associated with doing so. To withdraw consent I must submit written documentation with my request and verify receipt of its retrieval.
4)By entering my first and last name next to the Electronic Signature field, this stands as the equivalent of a handwritten signature. Therefore, the same laws and regulations regarding forgery apply.
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Primary Account Owner
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Secondary Account Owner
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