Wisconsin Administrative Code
Department of Financial Institutions
DFI-CU 51-75 - Department of Financial Institutions-Credit Unions
Chapter DFI-CU 60 - Savings, dividend periods and early withdrawal penalties
Section DFI-CU 60.01 - Definitions
Universal Citation: WI Admin Code ยง DFI-CU 60.01
Current through February 26, 2024
(1) "Certificate of deposit" means a savings deposit evidenced by a non-negotiable instrument which provides, either on its face or in an accompanying clear and conspicuous disclosure:
(a) The name or names of the
depositor;
(b) The principal amount
of the deposit or initial deposit;
(c) The dividend rate applicable to the
certificate of deposit or initial deposit;
(d) The expiration date at which time the
certificate of deposit is due and payable upon surrender of the instrument;
and
(e) Other material terms
applicable to the certificate of deposit. These terms shall include, but are
not limited to, any penalties which may be imposed by the credit union for
premature withdrawal of the funds by the member; and the terms and conditions
under which the deposit may be renewed, extended or increased.
(2) "Passbook savings account" means any book, statement of account, or similar record in which a running account of all moneys paid in or withdrawn by a credit union member on a savings account are recorded.
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