Why are these saving instruments, called Share Certificates instead of Certificates of Deposit or CDs?

• Banks and other financial institutions call these saving instruments Certificates of Deposit or CDs.  Because OCFCU is a credit union and is member owned these saving instruments legally must be called Share Certificates.

How do I open a share certificate account?

• Come into any OCFCU branch location and a Member Service Representative will assist you in opening an account or log on to It’s Me 247.

Are accounts NCUA insured?

• All accounts are NCUA insured up to $250,000 per ownership category.

Is there an ATM card associated with this account type?

• No, Share Certificates cannot be accessed through the ATM network.

Are there any fees with this account type?

• No.  There are no monthly fees associated with this account

Can I take out the dividends earned before the maturity date?

• Yes.  Earned dividends can be withdrawn without penalties on monthly or quarterly basis.  You can have this automatically set-up.

Can I withdraw principal funds prior to the maturity date?

• If the length of the certificate is 1 year or less – the penalty for withdrawing a portion or all of your principal investment is 90 days of dividends earned on the amount withdrawn.
• If the length of the certificate is 1 year or more – the penalty for withdrawing a portion or all of your principal investment is 180 days of dividends earned on the amount withdrawn.

What happens when my certificate maturity date approaches?

• You will receive a notice approximately 15 days before your certificate matures.  At maturity money can be added or deducted from the certificate, the term of the certificate can be changed, or the certificate can be rolled over or closed.  The funds can also be mailed in the form of a check upon request.  There is a 10 day grace period after the maturity date to make any changes.

What happens to the fund on the maturity dates if I do nothing in the 10 day grace period?

• On the maturity date funds and dividends are automatically rolled over to a new Share Certificate with the same term length as the previous one.

Can I make deposits into my existing certificates?

• No.  Once the certificate is opened, you may not make additional deposits to that certificate account.  You may, however, make a deposit or a withdrawal during the 10-day grace period after the Share Certificate matures.

How do I keep track of my Share Certificate savings?

• OCFCU will send you a quarterly statement showing your account activity. Use our It’s Me 247 Online Banking or Mobile Web Banking to check on account balances and transactions.  You can also call CU*TALK, our automated account information line at 1-800-860-5704.