Business certificate rates, fees and disclosure

Certificate account disclosure

Each certificate account holder agrees to the terms set forth in this certificate account rates and disclosure and the Business Truth in Savings disclosure and acknowledges that it is part of the Business Membership and Account Agreement.

Member Merits do not apply to business/organization accounts, excluding trust accounts.

IRA Certificates are not eligible for 15-month October 2023 Certificate. The 15-month October 2023 Certificate rates are for new money only. New money is defined as funds that have not been on deposit with Oregon State Credit Union at any time during the Certificate promotion period, unless deposited in the 30 days prior to Certificate opening. New money must originate from another financial institution or source and cannot be transferred from an existing Oregon State Credit Union account.

1. Rate information: The dividend rates and annual percentage yields are based upon the balance ranges as set forth in the Certificate account rates chart. 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. The dividend rate and annual percentage yield are fixed and will be in effect for the term of the account.

2. Compounding and crediting: The minimum balance required to open and maintain each account is $500. Dividends are calculated by the daily balance method, which applies a daily periodic rate to the principal in the account each day.

3. Balance information: The minimum balance required to open and maintain each account is $500. Dividends are calculated by the daily balance method, which applies a daily periodic rate to the principal in the account each day.

4. Accrual of dividends: Dividends begin to accrue on cash and non-cash (e.g., check) deposits on the business day you make the deposit into your account.

5. Transaction limitations: After your account is opened, you may not make additional deposits to your Certificate account, unless the account is an add-on Certificate. You may make additional deposits to your add-on Certificate’s principal balance after the account is open, until maturity. If your add-on Certificate rate is for new money only, any additional deposits must also be new money. You may make dividend withdrawals from all Certificate accounts. A withdrawal of dividends will reduce earnings.

6. Maturity: Your account will mature within the term set forth at the time of opening your Certificate.

7. Early withdrawal penalty: We may impose a penalty if you withdraw any of the principal before the maturity date.

   • How the penalty works: If Certificate funds other than dividends are withdrawn prior to maturity, a penalty is imposed. The penalty assessed may reduce the remaining balance after the withdrawal. If the amount withdrawn reduces the balance below the minimum balance required, the Certificate will be canceled, and the penalty will be taken from the entire principal balance.

   • Amount of penalty: The amount of the early withdrawal penalty is based on the term of your account. Term of 365 days or more = $25, plus 3 percent of the amount withdrawn. Term of 364 days or fewer = $25, plus 1 percent of the amount withdrawn. Earned dividends will not be subject to a penalty.

   • Exceptions to early withdrawal penalty: We may pay the account before maturity without imposing an early withdrawal penalty when an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.

8. Renewal Policy: Your Certificate account will automatically renew for another term upon maturity if we do not receive other instructions from you. There is no grace period. Any changes to the Certificate account after the maturity date will result in withdrawal penalties. You may not make additional deposits to a Certificate account after it automatically renews to a non-promotional rate and term at maturity.

   • The 8-month February 2023, May 2023 and 5-month add-on 2023 Special Certificate offers will renew at maturity for a non-promotional rate with a 6-month term.

   • The 15-month February 2023, May 2023, add-on 2023, and October 2023 special Certificate offers will renew at maturity for a non-promotional rate with a 12-month term.

9. Nontransferable/nonnegotiable: Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation of an owner, except obligations with the credit union. The par value of a regular share in the credit union is $5.

10. Flexible terms: Flexible terms range from 182 days - 5 years. Flexible terms do not apply to special Certificate offer.

11. Earned interest: Earned interest may be withdrawn without penalty before the Certificate matures.

12. Federally insured: Accounts are federally insured up to $250,000.