Investment Disclosure Statement

This disclosure of Interest Information, and fees and charges applies to all Term Deposit, Registered Retirement Savings Plan (RRSP), Registered Retirement Income Fund (RRIF) and Tax Free Savings Account (TFSA) deposits held with Christian Credit Union.  Fees and charges are subject to change, with advance notice.

All deposits are eligible for bonus interest as declared by the Credit Union Board of Directors (the “Board”) from time to time. Bonus interest is not guaranteed and is in the sole discretion of the Board.

All deposits are 100% guaranteed by Credit Union Deposit Guarantee Corporation.

Disclosure of Interest Information*

Variable Rate Deposits

  • Interest is calculated on a monthly basis as a percentage of the daily closing balance.

Redeemable Deposits

  • Interest is guaranteed for the term of the deposit.
  • Interest is calculated on an annual basis as a percentage of the daily closing balance.
  • Interest is paid at maturity or at time of redemption.

Fixed- Term Deposits (Non-Redeemable prior to maturity)

  • Interest is guaranteed for the term of the deposit.
  • Interest is calculated on an annual basis as a percentage of the deposit amount.
  • Interest is paid annually (or more frequently, in accordance with the specified interest payment frequency on the deposit) and at maturity of the deposit.

Deposit Renewals*

  • If the deposit is not redeemed on the maturity date, the deposit will renew for an additional term of the same duration at the interest rate in effect at the date of renewal.  The investment disclosure as outlined in this form shall apply to all renewals.

Please contact your banking advisor for investment options.

Disclosure of Fees and Charges

Cancellation of Fixed- Term Deposits*

  • Within 30 days of purchase or renewal, a deposit may be cancelled, with no interest.

Transfer Out Fee**

  • $50 per disbursement

Pension Legislated Special Withdrawal Request**

  • $50 transaction charge
  • When redemption is made prior to maturity, no interest will be paid from anniversary date or last renewal date.

Early Withdrawal of Redeemable Deposit*

  • Deposit is non-redeemable for the first 90 days of purchase. 
  • When redemption is within 30 days of the last renewal date, no interest will be paid.  Otherwise, interest will be calculated and paid for the period held at issue rate.

Pre-approved Redemptions of a Non-Redeemable Deposit prior to Maturity*

  • $100 transaction charge
  • When redemption is made prior to maturity, no interest will be paid from anniversary date or last renewal date.
  • Requests for redemption must be made in writing detailing reasons for the request (e.g. hardship such as loss of employment, etc.)

Unscheduled Payments from Non-Redeemable RRIF Deposits prior to Maturity**

  • $25 transaction charge.
  • Minimum withdrawal of $1,000.

Other Fees*

  • $35 per hour, with a minimum charge of $35 to research historical information and calculations.
  • Statements are issued on an annual basis; a $5 fee shall apply for any requests to produce duplicate statement or a statement outside the regularly scheduled dates.
  • Tax slips and official receipts are issued on an annual basis; a fee of $10 shall apply for any requests to produce duplicate copies outside the regular scheduled dates.

* Applicable to registered and non-registered investments. **Applicable to registered investments.

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