Additional Certificate Information

Early Withdrawal Penalty

We may impose a penalty if you withdraw any of the principal before the maturity date. However, after your certificate is opened, you may make withdrawals of dividends from you account.

Amount Penalty

For Certificates and IRA Certificates, the amount of the early withdrawal penalty on your account is 15 days dividends on the amount withdrawn for each month of the original term of the certificate. 
 
For example:
A six month certificate will have a 90 penalty (6x15days) 
A 12 month certificate will have a 180 day penalty (12x15days) 
A 5 year certificate will have a 900 day penalty (60x15days)

How the Penalty Works

The penalty is calculated as a forfeiture of the part of the dividend that has been or would be earned on the account. It applies whether or not the dividends have been earned. In other words, if the account has not yet earned enough dividends, or if the dividend has already been paid, the penalty will be deducted from the principal.

Exceptions to Early Withdrawal Penalties

At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances:

  • Classic Service Plan (CSP) members are allowed a one-time withdrawal up to 50% of the Certificate amount.
  • When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.
  • Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after establishment , provided that the depositor forfeits an amount at least equal to the simple dividend earned on the amount withdrawn or where the account is an IRA and the owner attains age 70 ½ or becomes disabled.

Nontransferable / Nonnegotiable

Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure an obligation of an owner, except obligations with ABNB Federal Credit Union.

Better Than A Bank

Phone

Local:
(757) 523-5300
Out-of-Town:
(800) 443-1141
Member Service
Center Hours:
8 AM - 7 PM Monday - Friday 9 AM - 1 PM on Saturdays

 

 

Your savings are federally insured up to $250,000 by The National Credit Union Administration (NCUA), a U.S. Government agency. Non-dividend bearing transaction accounts have unlimited coverage, e.g. checking accounts that do not earn interest. ABNB FCU is an equal housing lender and does business in accordance with the Equal Credit Opportunity Act. Some links on our website are external and are not operated by the credit union. Please be aware that ABNB is not responsible for the content of the alternate websites and privacy and security may differ from those on ABNB’s website.

ABNB Federal Credit Union’s Routing Number is 251481627. Please contact us with any questions. © Copyright 2010 - ABNB Federal Credit Union. 830 Greenbrier Circle, Chesapeake, VA 23320. All Rights Reserved.

Disclosures | ABNB Staff | BOD