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 60.03 - Certificates of deposit
Universal Citation: WI Admin Code ยง DFI-CU 60.03
Current through February 26, 2024
(1) The board of directors shall establish the policy with regard to maturities and minimum denominations for each classification of certificates of deposit. This policy shall be reviewed from time to time as conditions require.
(2)
(a) At
least 10 days prior to the maturity of a certificate of deposit, the credit
union shall provide the holder written notice which sets forth the terms and
options available to the holder with regard to continuation or renewal of the
certificate.
(b) If the credit
union elects not to renew a certificate of deposit, the credit union shall send
the holder a clear notice of this intent at least 10 days prior to the maturity
of the certificate. If a member is duly notified of the intention not to renew,
it shall be optional with the credit union whether dividends will continue to
be paid after maturity on certificates of deposit not surrendered at maturity
date.
(3) At the option of the credit union, additional deposits may be permitted to certificate of deposit accounts without extending the original maturity of the certificate.
(4) The information contained in s. DFI-CU60.06 shall be disclosed on all certificates of deposit or accompanying disclosure forms.
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