What Is A Share Certificate?
A Share Certificate is, in essence, a Certificate of Deposit (CD). So, a Share Certificate has a fixed maturity date, specified fixed interest rate, and can be issued in any denomination at or above the minimum investment requirements. A Share Certificate restricts access to the funds until the maturity date of the investment. WCCU offers investment terms of 6 months, 12 months, and 24 months. There is a 180-day interest penalty for early withdrawal from a Share Certificate.
FREQUENTLY ASKED QUESTIONS
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+ What terms are available for a Share Certificate?
Share certificates are available in 6 months, 12 months and 24 months terms. Members have the options to receive a monthly dividend or allow the dividends to be deposited into the Share Certificate to earn interest.
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+ What is the minimum deposit?
WCCU has a Regular Share Certificate with a minimum deposit of $1,000. Also, Jumbo Share Certificates are available and the minimum balance is $100,000. Jumbo Share Certificates earn a higher interest rate than Regular Share Certificates.
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+ Are Share Certificates federally insured?
Yes, Share Certificates are federally insured up to $250,000 by the National Credit Union Administration and backed by the full faith and credit of the United States Government.
Benefits of Share Certificates
Higher interest rates. Share Certificates typically pay higher interest rates than other deposit products. Higher rates may be available for longer terms or larger balances.
Guaranteed return. The interest rate of a fixed rate Share Certificate is fixed when opened and does not change until the Share Certificate matures. The renewal rate of the Share Certificate will be based on market conditions on the date of maturity.
Security. Your funds are insured by the NCUA up to $250,000 by the National Credit Union Administration and backed by the full faith and credit of the United States Government.
If you need your funds before the maturity date, there are two options: 1) Members may borrow using the Share Certificate as collateral. The loan interest rate is very competitive; 2) Members may withdraw their funds early, but there will be an early withdrawal penalty equal to thirty (30) days of interest.
What happens when your Share Certificate matures?
Approximately one month before your Share Certificate matures, a notice will be sent reminding you of the maturity date. At maturity, you will have a seven-day grace period to renew or make any of the following changes:
Change the term
Make additional deposits
Make withdrawals (as long as the remaining balance in the Share Certificate meets the minimum balance requirements)
Close the Share Certificate
Share Certificates renew automatically at maturity. Interest is paid during the grace period at the renewal rate
Useful Links:
Forms must be printed and delivered to WCCU staff.
Change of Address Form
ACH Form
Wire Request Form
Savings Calculators
Current Share Certificate Rates
Or Call Us At: (912) 356-9225