Agreement to terms and conditions
I hereby agree to all the by-laws and any amendments thereof in
Student Federal Credit Union and have already subscribed to the
par value of one share ($5) in my Savings Account. I acknowledge
the receipt of the Account Disclosure Statements of the Credit
Union, available at https://www.upennsfcu.org/disclosure.pdf.
I agree to the following terms and conditions: This certificate
may not be pledged, transferred, or assigned to any party other
than the University of Pennsylvania Students Federal Credit
Union. Dividends are posted to the member’s account each month.
Dividends are calculated as simple interest on the principal and
do not compound (interest is paid out each month). This
certificate may be redeemed, at any time before maturity, for
the complete principal balance less an early withdrawal penalty.
The withdrawal penalty depends on the term of the certificate
and is calculated in months of simple interest on the principal.
Note that the penalty will always be the lesser of interest paid
out so far or the listed months of simple interest below. For a
3 month certificate, the penalty is 2 months of simple interest;
for a 6 month certificate, the penalty is 4 months of simple
interest; for a 1 year CD, the penalty is 6 months of simple
interest; for a 2 year certificate, the penalty is 8 months of
simple interest for a 3 year certificate, the penalty is 12
months of simple interest; for a 4 year certificate, the penalty
is 12 months of simple interest; for a 5 year certificate, the
penalty is 12 months of simple interest. In accordance with
Federal Reserve Regulation D, which notes that withdrawals made
within the first six days of opening a new certificate (not
renewed) are subject to to a seven-day early withdrawal dividend
penalty. If the certificate is not renewed at maturity the
credit union will transfer all certificate funds to the regular
share account of owner(s) or pay all certificate funds directly