Flex Share Certificates
What is a Flex CD?
This is a termed share certificate of deposit where a member can deposit any amount into the certificate at any time and make a conditional "Penalty-Free" withdrawal from the certificate.
What is the minimum amount to open a Flex CD?
The minimum amount to open a Flex CD is $5,000. Since these Flex CDs allow conditional "penalty free" withdrawals, the minimum to keep the Flex CD open is $2,500.
What are the "Penalty Free" Withdrawal conditions?
Members will be allowed to make one withdrawal every 12 months subject to: Any/All withdrawals may not exceed 50% of the balance and/or Any/All withdrawals may not allow the Flex CD balance to go below $2,500.
No exceptions will be made for multiple withdrawals within a 12 month period.
What will happen if the "Penalty Free" Withdrawal conditions are violated?
If a member requires a withdrawal greater than 50% of the balance, and/or requires a withdrawal that takes balance below $2,500, and/or requires a 2nd withdrawal request within a 12 month period, the Flex CD will be closed and assessed the early withdrawal penalty.
What is the Early Withdrawal Penalty?
The penalty is 365 days of interest.