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Share Certificate Disclosure
This disclosure and the documents referenced herein set forth certain conditions,
rates, and service charges that are applicable as of the effective date
indicated. These terms are incorporated as part of the Share Account Information
Agreement, Business Account Information Agreement and Share Certificate
Disclosure. The dividend rate and annual percentage yield may change at any
time, as determined by the Board of Directors. If you have any questions or
require current rate information on your Certificate(s), please call South Florida
Educational Federal Credit Union at (305) 270-5235.

  Share Certificates:
Regular
Jumbo
  Dividend Rate and
  Annual Percentage Yield (APY)
  Minimum Deposit
$1,000
$100,000
  Dividends Compounded
Daily
Daily
  Dividends Credited
Monthly
Monthly
  Dividend Period
Monthly
Monthly
  Additional Deposits
Not Allowed Until Maturity
Not Allowed Until Maturity
  Withdrawals
Not Allowed Without a
Penalty Except at Maturity
Not Allowed Without a
Penalty Except at Maturity
  Renewable
Automatic
Automatic

Except as specifically described, the following disclosures apply to all Certificates.

1. Rate Information. The dividend rate on your Share Certificate is _____% with an annual percentage yield (APY) of _____% for a term of _____. Your maturity date is _____. [For purposes of this disclosure, this rate and annual percentage yield is accurate and effective in accordance with our Rate Schedule with rates as of ___/___/___.] 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 Certificate. The annual percentage yield is based on the assumption that dividends will remain on deposit until maturity. A withdrawal of dividends will reduce earnings.

2. Compounding and Crediting. Dividends will be compounded and credited as set forth above. The dividend period begins on the first calendar day of the dividend period and ends on the last calendar day of the dividend period. If the dividend period is monthly, the beginning date of the first dividend period of the calendar year is January 1 and the ending date of such dividend period is January 31. All other dividend periods follow the same pattern of dates.

3. Balance Information. The minimum balance required to open each Certificate is set forth above. Dividends are calculated by the daily balance method which applies a daily periodic rate to the principal in the Certificate each day.

4. Accrual of Dividends. Dividends will begin to accrue on deposits on the day you make the deposit to your account. If you close your Certificate before accrued dividends are credited, accrued dividends will be credited at that time.

5. Maturity. Your Certificate will mature on the maturity date set forth on your Share Certificate or Renewal Notice.

6. Transaction Limitations. After your Share Certificate is opened, you may not make deposits into the Share Certificate until the maturity date stated on it. You may not make withdrawals of principal from your Certificate before maturity. You may only withdraw dividends credited in the current term without penalty.

7. Early Withdrawal Penalty. A penalty will be imposed if you withdraw any of the principal before the maturity date, or the renewal date, if this is a renewed Certificate.

8. Amount of Penalty. The amount of early withdrawal penalty varies based on the term of the Share Certificate. The penalties are as follows:
  1. 12 month or less term: 90 day dividend penalty
  2. 18 or 24 month term: 120 day dividend penalty
  3. 36 month term: 150 day dividend penalty
  4. 48 or 60 month term: 180 day dividend penalty
9. How the Penalty Works. The penalty is calculated as a forfeiture of part of the dividends that have been earned on the Certificate. If the dividend has already been withdrawn, the penalty will be deducted from the principal.

10. Renewal Policy. Your Certificate is automatically renewable. On each maturity date, the Share Certificate will be automatically renewed for an additional period of time equal to the original term unless you present to us the original Share Certificate for payment on the maturity date or within ten (10) days after the maturity date.

11. Non-transferable/Non-negotiable. Your Certificate is non-transferable and non-negotiable. The Certificate may not be pledged to secure any obligation of an owner, except obligations with the Credit Union.

12. Service Charges. Please refer to our separate Service Charges Schedule for additional information.


Last Updated: 7/13
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