Savings Certificate Application

Applicant Information

Account Application

I confirm that I would like to purchase a savings certificate.

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 to owner(s).