In other words, a Share Term Certificate is a contract between the Credit Union and a member. The Credit Union agrees to pay a set dividend rate on a specific sum for a particular period of time.
Certificates have an established minimum investment amount and a predetermined maturity period.
No additional deposits can be added to a Certificate after it has been opened and no partial withdrawal of principal is allowed. The dividend rate is fixed for the duration of the Certificate and will not fluctuate. These accounts mature at the indicated number of calendar months from the date of issuance. If the maturity date falls on a weekend or holiday, the maturity date will be the following business day. Certificates may be opened in any amount greater than the minimum.