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Share Certificates
Contents:
See also:
Share Certificates
Lock in our highest dividend rates for 6, 12, 18,
24 or 36 months. First Financial's Certificates have a $500 minimum deposit, but our highest
dividends are available with a $2,000 minimum deposit. There is a substantial penalty for early
withdrawal.
Features
- Our highest, fixed dividend rates.
- Either 6, 12, 18, 24 or 36 month terms.
- $500 or $2,000 minimum deposit.
- NEW! Open your next certificate online
Through the security of OnLine Teller, you are now able to open a share certificate online and transfer the funds from an existing First Financial share account. You will be able to select the term and deposit amount (either $500 or $2,000) of your choice and fund it by making a transfer from your account or from another account from which you have authorization to make transfers. To take advantage of this great new convenience feature simply log on to OnLine Teller.
'Step-Up' Share Certificates
The 'Step-Up' option, available on 18, 24 and 36-month Share certificates, is a one-time opportunity to increase the interest rate to a higher rate. The new step-up rate is based upon the current rate for the same term certificate at the time the option is exercise. The certificate must be open for at least six months and the certificate maturity will remain the same as when it was originally opened.
Certificate Renewal
Certificates will automatically renew on the date of maturity for the same term as originally
selected and the dividend rate will change to the current rate in effect on the date of maturity.
There is a 10-business day grace period from the renewal date for the member to withdraw the funds
without incurring a penalty.
Early Withdrawal of a Share Certificate
If you need to withdraw funds from your certificate prior to maturity, you have two choices:
Close the certificate and withdraw your money. If any funds must be withdrawn from a
certificate, the entire certificate balance must be withdrawn and the certificate closed. If you
only need a portion of the funds, the remaining amount may be deposited into a new share
certificate. There is a substantial penalty for early withdrawal from a share certificate. Keep the certificate open, and take out a loan secured by the certificate. There is no penalty
for taking out a hypothecated (share or certificate) loan, but the loan will incur interest.
Please ask a First Financial employee to help you determine which choice will save you money.
Penalty for Early Withdrawal
Penalties apply to dividends only, so you will never lose money on a share certificate,
even if you have to close the certificate before maturity. If you need to close the certificate
early, these are the early withdrawal penalties:
- For certificates with a maturity of 12 months or less: loss of first 90 days of dividends.
- For certificates with a maturity of 18, 24 or 36 months: loss of 180 days of dividends.
Differences Between Money Market, Money Manager and Share Certificates:
| Money Market |
Money Manager |
Certificate |
| High Variable rate |
Higher Variable rate |
Highest Fixed rate |
| $5,000 minimum deposit |
$20,000 minimum deposit |
$500 or $2,000 minimum deposit |
| No term |
No term |
Fixed term: 12, 18, 24 or 36 months |
3 withdrawals allowed per month
$500 minimum |
1 withdrawal allowed per month
$500 minimum |
No withdrawals allowed without closing the account |
| $5.00 fee for each withdrawal over 3 per month |
$10.00 fee for each withdrawal over 1 per month |
90 or 180 days interest as the early withdrawal penalty |
| Cannot be used for a hypothecated loan |
Can be used for a hypothecated loan |
Can be used for a hypothecated loan |
For fees and conditions for these accounts refer to the Important Policies
and Schedule of Fees
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