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Certificate Disclosures

Certificate Account 

The Annual Percentage Yield (APY) assumes that dividends remain on deposit until maturity, and that a withdrawal of principal or dividends reduces the earnings on the account. A fixed rate certificate will be paid the initial rate (or step-up rate if feature applies) until the maturity date. A variable rate certificate’s dividend rate and annual percentage yield may change at any time at the discretion of the Board of Directors of the Credit Union. All certificates are automatically renewed at maturity, at credit union option, or until we give written notice of our election to call the Certificate for payment on any maturity date by mailing notice of such intention to you at least ten (10) days prior to such maturity date. Certificate accounts will automatically renew for the lesser term in the original term range selected. For example, an eight-month certificate will automatically renew for six months if the original term range was from “six to twelve months”. Certificate account holders have until ten days after the date of renewal to make changes on a certificate account without penalty.

Balance Computation Method

We use the daily balance method to calculate dividends on your certificate. This method applies a daily periodic rate to the principal in your account each day.

Compounding and Crediting

Dividends are compounded daily, and paid monthly to your account on the last day of each month, unless the certificate matures during the dividend period. Dividends will then be paid current on the date of maturity

Dividend Period

The dividend period is monthly, for example, the beginning date of the first dividend period of the calendar year is January 1 and the ending date of such dividend period is January 31. All other dividend periods follow this same pattern of dates.

Accrual of Dividends

Dividends begin to accrue no later than the business day we receive provisional credit for the placement of non-cash items (e.g. checks) to your account.

Early Withdrawal Penalty

If certificate funds are withdrawn (except earned dividends) before the maturity date, the penalty is a forfeiture of earned dividends. The amount upon which dividends are forfeited is the amount withdrawn unless the amount withdrawn reduces the balance below the minimum balance for this type certificate. In that event, the account will be cancelled and the amount upon which earned dividends are forfeited is the entire amount of the certificate. The early withdrawal penalty is equal to three (3) months dividends for certificates with maturities less than 1 year. For certificates with maturities of 1 year or more the penalty is the forfeiture of six (6) months dividends. The penalty does not apply to any of the following early withdrawals: withdrawal subsequent to the death or mental incompetence of the owner, withdrawal after Page 1 of 2 the close of the dividend period in which the owner’s credit union membership was terminated under the bylaws; and withdrawal as a result of liquidation of the credit union. The credit union will give the owner(s) at least 10 days notice prior to maturity of the terms, if any, under which the credit union proposes to renew the certificate. If you desire to change or redeem your certificate in any way, you must notify the credit union on the maturity date or within 10 days thereafter. If the certificate is not renewed at maturity the credit union will transfer all certificate funds to Regular Savings Account of owner(s) or pay all certificate funds directly to owner(s).

Individual Retirement Accounts or KEOGH Plans

If the certificate is part of a qualified Individual Retirement Account or KEOGH plan, it may not be pledged, transferred or assigned and is not subject to any pledge of shares or deposits that owner(s) has previously signed. Additionally, the forfeiture of dividends does not apply if the early withdrawal was made following the participant’s disability or attainment of no less than 70 1/2 years of age. See your IRA / tax disclosure statement for further information.

7 month Liquid

7 Month Liquid is for new money only – no transfers from current Tampa Bay Federal accounts – $10,000 minimum deposit. You can withdraw funds above $10,000 as often as you like without a penalty. Balances under $10,000 are closed and subject to a $100 early closure fee.

Step Up Feature

The "step up" feature allows a one time option of locking in a higher rate after the certificate funds have remained on deposit for a certain period of time. For a 12 month certificate, the certificate must be open for 3 months. For certificates over 12 months, the certificate must be open for 6 months. (The higher rate would match the rate being offered on a new Tampa Bay Federal CU certificate with the same terms.)

Market Watch Certificate

The 18 month Market Watch is a variable rate certificate. The rate is adjusted on the first of each month and is calculated by using the 24 month Treasury Bill rate in effect on the 10th day of the previous month plus 1/4th of 1% (25 basis points). At maturity, the certificate automatically renews.


Refer to Universal Account Agreement and Fee Schedule Brochure for more information. For additional rate information call (813) 247-4414 x7606 or visit

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