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 60.05 - Early withdrawal penalties

Universal Citation: WI Admin Code ยง DFI-CU 60.05

Current through February 26, 2024

(1) The board of directors shall establish the policy with regard to the penalties for early withdrawal from certificate of deposit accounts or passbook savings accounts with stated maturities. Early withdrawal penalties may be enforced up to the maximum permitted by the depository institutions deregulation committee for similar types of accounts held in banks and savings and loan associations. If early withdrawal penalties are enforced by a credit union, these penalties shall be applied in a consistent manner to all accounts of a similar classification. This policy shall state the conditions under which penalties may be waived or modified.

(2) Penalties imposed for early withdrawal from certificate of deposit accounts or passbook savings accounts with maturities may be deducted from the principal amount of the certificate or account balance.

(3) For all accounts on which early withdrawal penalties are applicable, at the time of initial deposit the credit union shall provide the member a clear disclosure in writing explaining the penalties and the conditions under which the penalties may be invoked.

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