Share Certificates

Parameters 

• Fixed-rate, short-term investment account that has a higher dividend rate than a regular Share Savings Account.
• Rates vary based on term.
• Terms range from 91 days to six months.
• Portico Suffix — varies based on certificate.
• $500 minimum opening deposit.

Features 

• Four different Certificate options available
  • Share Certificates 
    • Minimum investment of $500.
    • Terms ranging from 91 days to 60 months. 
    • Some investment levels may not be available for all terms.
       
  • IRA Share Certificates
    • The rate of return on IRA Share Certificates is significantly higher than the IRA Share rate.
    • Dividends being paid back into the IRA account, which can be a tax advantage. 
    • 12-month terms; automatically renewed upon maturity.
    • Minimum opening deposit of $2,500.
    • Early withdrawal penalty is equal to 90 days dividends.
    • May not be used as collateral for a loan.
    • Joint owners are not allowed.
    • Policy — IRA Share Certificate Policy | January 2006
       
  • Youth Share Certificates
    • Available in the amounts of $50 and $100 only.
    • 60-months terms; non-renewable.
    • Members are limited to a maximum of $1,000 in Youth Share Certificates at any one time.
    • Member must have a Long John Saver or Pipeline account to qualify.
    • A maximum of two new Youth Share Certificates may be purchased per 30-day period. 
    • Funds used to purchase the Youth Share Certificates must be new money deposits or money already on deposit in the member's Long John Saver or Pipeline account.
    • Early withdrawal penalty is equal to 180 days dividends.
    • Only a parent or legal guardian may be named as a joint owner; not required.
    • Policy — Youth Share Certificate Policy | September 2021
       
  • Me Too Share Certificates
    • Parent/guardian purchases a $50 Me Too Share Certificate before their child is six months old.
    • Beach Municipal FCU will purchase the child an additional $50 Me Too Plus Share Certificate on their first birthday and make additional $50 deposits when they turn 5 years old, 13 years old and 16 years old.
    • Child must have a LJS account to qualify.
    • Policy — Me Too Share Certificate Program | September 2008
       
• Can’t access money without penalty, typically 90 days paid dividends, except in the following situations:
  • Using Certificate as collateral for a loan.
  • May withdraw paid dividends

Benefits

• Guaranteed return on your investment.
• Earn the higher rate for the entire term of the investment, even if rates drop.
• Low minimum opening deposits make it easier to invest. 
• Potential tax advantages; members should consult their tax advisor for details.
• Federally insured by NCUA.

Cross Sell 

• Talking Points — Share certificates are a great way to make your savings grow as long as you know you won’t need to access the funds before the maturity date (If they are not sure, suggest a Money Market Account).  The more money you deposit, the more money you’ll earn. 
• Opportunity Box Code/Name: Certificates | All Certificates
• Referrals — assign to Member Services at applicable branch

Contact Manager

• Share Certificate Instructions — Angela; copy Tricia and Jennifer

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