Credit Union of Colorado

Some important facts about your account:

• Interest Payments: By default, dividends will be credited quarterly to the certificate.

• Account Ownership: Account ownership will be Single Party unless otherwise elected. To add a joint owner(s), an Account Change Form must be completed and signed.

• Payable on Death (POD) Payees: The funds in this account will be paid equally to all surviving payable on-death payees at the time of the account holder’s death, as elected for all other Savings and Everyday (checking) Account(s) shares under this membership. To change or add PODs, an Account Change Form must be completed, signed, and notarized.

Certificate Policies (including IRA Certificates)

Maturity: Your account will mature as indicated on your request for Certificate Receipt or Renewal Notice.

Early Withdrawal Penalty: We may impose a penalty if you withdraw any of the principal before the maturity date.

Amount of Penalty: For all certificates, the amount of the early withdrawal penalty is based on the term of your certificate. 

The penalty schedule is as follows: 

• Terms of 90 days and 6 months: 30 days dividends or dividends earned, whichever is less.
• Terms of 1 year and 15 month Promo Certificate: 90 days dividends or dividends earned, whichever is less.
• Terms of 18 months, 2 and 3 years: 180 days dividends or dividends earned, whichever is less.
• Terms of 4 and 5 years: 365 days dividends or dividends earned, whichever is less.

How the Penalty Works: The penalty is calculated as a forfeiture of part of the dividends that have been earned on the certificate. If the dividends have already been paid, the penalty may be deducted from the principal of the certificate or your share account.

Exceptions to Early Withdrawal Penalties: At our option, we may pay the certificate before maturity without imposing an early withdrawal penalty under the following circumstances:

(i) When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.(ii) When the certificate is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after establishment. (iii) Members taking a required minimum distribution (RMD) from an IRA certificate, in accordance with the Internal Revenue Code and regulations, may withdraw their RMD without penalty.

Renewal Policy: The renewal policy on certificates is indicated above. All certificates will automatically renew for another term upon maturity. On all certificates, you have a grace period of ten (10) days after maturity in which to withdraw funds in the certificate without being charged an early withdrawal penalty.

Nontransferable/Nonnegotiable: Certificates are nontransferable and nonnegotiable. Certificates may not be pledged to secure any obligation of an owner, except obligations with Credit Union of Colorado. IRA certificates cannot be pledged.

If you have any questions or require further assistance, visit our contact page.