Truth in Savings Certificate Disclosure

Account Disclosures

The rates, fees and terms applicable to your account at the Credit Union are provided with this Truth-in-Savings Disclosure. The Credit Union may offer other rates for these accounts from time to time.

Term Share Certificate

  • Rate Type: Fixed Rate
  • Minimum Opening Deposit: $1,000.00
  • Minimum Balance to Avoid a Service Fee: —
  • Minimum Balance to Earn the Stated APY: $1,000.00
  • Dividends Compounded: Monthly
  • Dividends Credited: Monthly
  • Dividend Period: Account's Term
  • Additional Deposits: Not Allowed
  • Withdrawals: Allowed - See Transaction Limitations section
  • Renewable: Automatic

 

IRA Term Share Certificate

  • Rate Type: Fixed Rate
  • Minimum Opening Deposit: $250.00
  • Minimum Balance to Avoid a Service Fee: —
  • Minimum Balance to Earn the Stated APY: $500.00
  • Dividends Compounded: Monthly
  • Dividends Credited: Monthly
  • Dividend Period: Account's Term
  • Additional Deposits: Not Allowed
  • Withdrawals: Allowed - See Transaction Limitations section
  • Renewable: Automatic

 

Mini Jumbo Certificate

  • Rate Type: Fixed Rate
  • Minimum Opening Deposit: $50,000.00
  • Minimum Balance to Avoid a Service Fee: —
  • Minimum Balance to Earn the Stated APY: $50,000.00
  • Dividends Compounded: Monthly
  • Dividends Credited: Monthly
  • Dividend Period: Account's Term
  • Additional Deposits: Not Allowed
  • Withdrawals: Allowed - See Transaction Limitations section
  • Renewable: Automatic

 

IRA Mini Jumbo Certificate

  • Rate Type: Fixed Rate
  • Minimum Opening Deposit: $50,000.00
  • Minimum Balance to Avoid a Service Fee: —
  • Minimum Balance to Earn the Stated APY: $50,000.00
  • Dividends Compounded: Monthly
  • Dividends Credited: Monthly
  • Dividend Period: Account's Term
  • Additional Deposits: Not Allowed
  • Withdrawals: Allowed - See Transaction Limitations section
  • Renewable: Automatic

 

Jumbo Certificate

  • Rate Type: Fixed Rate
  • Minimum Opening Deposit: $99,000.00
  • Minimum Balance to Avoid a Service Fee: —
  • Minimum Balance to Earn the Stated APY: $99,000.00
  • Dividends Compounded: Monthly
  • Dividends Credited: Monthly
  • Dividend Period: Account's Term
  • Additional Deposits: Not Allowed
  • Withdrawals: Allowed - See Transaction Limitations section
  • Renewable: Automatic

 

IRA Jumbo Certificate

  • Rate Type: Fixed Rate
  • Minimum Opening Deposit: $99,000.00
  • Minimum Balance to Avoid a Service Fee: —
  • Minimum Balance to Earn the Stated APY: $99,000.00
  • Dividends Compounded: Monthly
  • Dividends Credited: Monthly
  • Dividend Period: Account's Term
  • Additional Deposits: Not Allowed
  • Withdrawals: Allowed - See Transaction Limitations section
  • Renewable: Automatic

Super Jumbo Certificate 

This addendendum applies only to the following Promotion Term Share Certificates issued by GO Federal Credit Union and are effective as of May 1, 2019

12-month Super Jumbo Certificate - $250,000 minimum at 2.55% APY**

18-month Super Jumbo Certificate - $250,000 minimum at 2.75% APY**

  • Rate Type: The annual percentage yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the assumption that dividends will remain on deposit until maturity.  A withdrawal of dividends will reduce earnings. 
  • Minimum Opening Deposit: $250,000.00
  • Minimum Balance to Avoid a Service Fee: —
  • Minimum Balance to Earn the Stated APY: $250,000.00
  • Dividends Compounded: Monthly
  • Dividends Credited: Monthly
  • Dividend Period: Account's Term
  • Additional Deposits: Not Allowed
  • Withdrawals: Allowed.  Earnings accrued and paid to the Certificate during the current term may be withdrawn without penatly at any time during the present term.  
  • Renewable: Automatic at the normal rate offered at the time of maturity.  You have a grace period of ten days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty.
  • Early Withdrawal Penalty - The penalty is calculated as a forfeiture of part of the dividends that have been or would have been earned on the account. The penalty for early withdrawal is one half (50%) of the term of your account and applies whether or not the dividends have been earned. If the account has not yet earned enough dividends or if the dividends have already been paid, the penalty will be deducted from the principal balance.
  • The Penalty Schedule Is As Follows:  

    Terms 12 months                        180 days of dividends

    Terms 18 months                        270 days of dividends

    NONTRANSFERABLE/NONNEGOTIABLE — Your account is nontransferable and nonnegotiable.

    Please refer to the Truth in Savings Disclosure for all other account terms

    *GO Federal Credit Union reserves the right to discontinue any and all Promotional Certificates at any time without notice. All rates are subject to change without notice.

    **Indiates rates are for New Money


 

Except as specifically described, the following disclosures apply to all of the accounts. All accounts described in this Truth-in-Savings Disclosure are share accounts.

1. RATE INFORMATION — The annual percentage yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period. For all accounts, the dividend rate and annual percentage yield are fixed and will be in effect for the initial term of the account. For accounts subject to dividend compounding, the annual percentage yield is based on an assumption that dividends will remain on deposit until maturity. A withdrawal of dividends will reduce earnings.

2. DIVIDEND PERIOD — For each account, the dividend period is the account’s term. The dividend period begins on the first day of the term and ends on the maturity date.

3. DIVIDEND COMPOUNDING AND CREDITING — The compounding and crediting frequency of dividends are stated in the Rate Schedule. For all accounts, at your option, you may choose to have dividends credited to your certificate account or paid to you by check. If you elect to have dividends paid to you by check, compounding will not apply.

4. BALANCE INFORMATION — To open any account, you must deposit or already have on deposit the minimum required share(s) in a Share Savings account. Some accounts may have additional minimum opening deposit requirements. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For all accounts, there is a minimum average daily balance required to earn the annual percentage yield disclosed for the dividend period. If the minimum average daily balance is not met, you will not earn the annual percentage yield stated in the Rate Schedule. For all accounts, dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the dividend period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.

5. ACCRUAL OF DIVIDENDS — For all accounts, dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account.

6. TRANSACTION LIMITATIONS — For all accounts, your ability to make deposits to your account and any limitations on such transactions are stated in the Rate Schedule. After your account is opened, you may make withdrawals subject to the early withdrawal penalties stated below.

7. MATURITY — Your account will mature as stated on this Truth-in-Savings Disclosure or on your Account Receipt or Renewal Notice.

8. EARLY WITHDRAWAL PENALTY — We may impose a penalty if you withdraw funds from your account before the maturity date.

a. Amount of Penalty. For all accounts, the amount of the early withdrawal penalty is based on the term of your account. The penalty schedule is as follows:

  • Terms 1 year or less                        90 days’ dividends
  • Terms 18 months or longer    180 days’ dividends

b. How the Penalty Works. The penalty is calculated as a forfeiture of part of the dividends that have been or would be earned on the account. It applies whether or not the dividends have been earned. In other words, if the account has not yet earned enough dividends or if the dividends have already been paid, the penalty will be deducted from the principal.

c. Exceptions to Early Withdrawal Penalties. At our option, we may pay the account 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) Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after the establishment of the account; or where the account is a Keogh Plan (Keogh), provided that the depositor forfeits an amount at least equal to the simple dividends earned in the amount withdrawn; or where the account is an IRA or Keogh and the owner attains age 59½ or becomes disabled.

9. RENEWAL POLICY — The renewal policy for your accounts is stated in the Rate Schedule. For accounts that automatically renew for another term, you have a grace period of ten (10) days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty.

10. NONTRANSFERABLE/NONNEGOTIABLE — Your account is nontransferable and nonnegotiable.

11. MEMBERSHIP — As a condition of membership, you must purchase and maintain the minimum required share(s) as set forth below.

  • Par Value of One Share                        $25.00
  • Number of Shares Required                          1