Chadron Federal Credit Union Account Disclosure
Effective Date 7/21/2015
Bump Up – 48 or 60 Month Certificate
The interest rate and annual percentage yield (APY) for this account is based on the term and opening deposit amount. See the TIS Disclosure.
This information is accurate for the effective date listed above. The current interest rate and
APY for this product is available by calling 308-432-2588. The rate at opening will be paid until
the certificate maturity date unless you invoke the Bump Up Option as explained below. The certificate will mature in 48 or 60 months, based on term chosen at opening. The annual percentage yield assumes interest remains on deposit until maturity. A withdrawal will reduce earnings and you may be charged an early withdrawal penalty.
Bump Up Option: During the term of your Bump Up Certificate, you are permitted to make a one time request to adjust your interest rate at your discretion. Your request to adjust your interest rate is limited to the rate in effect for the same term certificate at the time of your request. You must make such a request in writing on the form below. These forms are also available in our office. When you elect to exercise the Bump Up Option, the new interest rate will be paid for the remaining term of your account. A one time interest rate increase will not extend the original maturity date of your account. Interest rates are not tied to any index. They are established at the discretion of Chadron Federal Credit Union’s Pricing Committee. Chadron Federal Credit Union has no way of predicting future rates. Therefore, it is entirely at your discretion as to if and when you use this Bump Up Option.
For example, if the rate on your Bump Up CD, at the time you opened the account is 1.75%, and
the rate on that product rises to 2.00% at some point prior to maturity of the account, you may
request the interest rate on your account be increased to the then current rate. If you choose to wait and the current rate for this product increases again during the term of your account to 2.25%, you may request the interest rate on your account be increased to the current rate at the time, based on the certificate term. You may only exercise this option once during the term of your account. Rates quoted above are examples ONLY. Call or stop in for current rates.
Minimum balance requirements
You must deposit a minimum of $500 to open this account. You must maintain a minimum
balance of $500 in your account every day to obtain the annual percentage yield listed above. If
you open the account with a higher amount, you must maintain that balance throughout the term
of the account. Refer to the TIS disclosure.
At maturity, the Bump Up CD will automatically renew at the going rate for our fixed rate 48 or 60 month term, based on your term at opening. The Bump Up option will not be available for any renewal period.
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