What terms do you offer on your
savings certificates?
We offer the following terms: 6 month, 1 year, 18 months,
2 years, 3 years, and 5 years.
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Can I withdraw from my savings certificate
if I need some extra money?
Yes, but be aware you'll pay an early withdraw penalty
and may be required to close the account.
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What is the penalty for early withdraw?
For a savings certificate with a term of one year or less, the
penalty is equal to 90 days of interest. For a savings certificate with a term of more than one year, the penalty is equal
to 180 days of interest. Also, if the penalty exceeds the total interest earned, we will NOT take it from the principal - at Honda FCU,
you NEVER lose principal.
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Can the penalty cause my balance
to fall below the amount I initially deposited?
No, the penalty is only taken from the interest earned
on the certificate to date.
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When my savings certificate matures,
can I have it set up to automatically transfer to my other accounts?
Savings certificates are set up to autmatically renew, unless
you specifically request to transfer funds at the time of maturity into another Honda FCU account.
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Do I have an option of where I
want my interest sent every month?
Yes, interest can be compounded to the account, sent to
your home address by check, or posted to another Honda FCU account monthly.
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Can I add money to my certificate
at any time?
No, additional money cannot be deposited into the
account until maturity.
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How many days do I have to decide
what to do with my money once my certificate matures?
You have a 10-day grace period after automatic renewal
to either roll over the savings certificate, choose a different term, or close the account.
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How many certificates can I have?
There is no limit to the number of accounts you may have.
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What is the difference in opening
one large savings certificate versus several smaller ones?
Your earnings will be exactly the same. This simply
allows you to ladder your maturities to make it easier to plan for possible unexpected expenses.
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After opening a savings certificate,
will I receive a hardcopy certificate?
You will receive a certificate in the mail within two
weeks of opening. This certificate is non-negotiable but is sent only to acknowledge the opening of the new account.
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