Skip to Main Content Skip to Sitemap

Certificate FAQ

Do you want to boost your savings or put away money for retirement? Certificates provide tremendous opportunities, and here are details about how they're structured.

Contact Us
Do you want to boost your savings or put away money for retirement? Certificates provide tremendous opportunities, and here are details about how they're structured. Contact Us

Here's what you need to know about OECU Certificates


What are the penalties for closing my Certificate early before the maturity date?

A penalty may be imposed if you withdraw any of the principal before the maturity date. For all Share Certificate Accounts up to 12 months, the amount of the early withdrawal penalty is dividends earned, up to 90 days. For all Share Certificate Accounts over 12 months, the amount of the early withdrawal penalty is dividends earned, up to 180 days. The penalty is calculated as a forfeiture of part of the dividends that have been or would be earned on the account. At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances: 1. When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction. 2. When the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after the establishment; or where the account is a Keogh Plan (Keogh) provided that the depositor forfeits an amount of at least equal to the simple dividends earned in the amount withdrawn; or where the account is an IRA or Keogh and the owner attains age 59-1/2 or becomes disabled.

What fees are assessed for moving my IRA to OECU?

No fees at all from OECU. If you do a rollover from another institution to OECU, you are not subject to any taxes. The other institution might impose fees, but that’s up to their discretion.

Are there any maintenance fees for having my IRA with OECU?

No. OECU does not charge ANY maintenance fees for having your IRA established with us.

What is the benefit of having my money in a certificate as opposed to keeping it invested in a savings?

A certificate is going to earn a fixed rate for the entire term, as opposed to a savings account having a fluctuating rate. No matter what happens to certificate rates, you are guaranteed the rate that you lock in at for the entire term.

What is the benefit of having my money invested with OECU as opposed to having it with an investor?

With OECU, your money is always local, and always accessible by calling us. There is no risk of ever losing your principle balance when you invest with OECU.

Happy To Help Stories

Why do our members love being part of OECU? Find out below.

  • Evelyn S.

    The saving account with the OECU has encouraged my children to continue to save with OECU since elementary school. Now they are in college and still keeping their saving accounts open with OECU.

    – Evelyn S.

  • OECU Happy Face

    OECU helped me move funds from my savings account to my daughters- even when I did not know my account number- to help her with college.

    – Susan O.

  • Mary M.

    OECU helped me start a savings account by the automatic withdrawal from payroll check once a month. I don't even miss the money.

    – Mary M.

  • Adriana M.

    Starting my savings account at 16 really increased my confidence because I was able to feel like a young, responsible adult.

    – Adriana M.

  • Jennifer B.

    I feel like I am a part of a family with OECU, as they go above and beyond to make sure I am taken care of.

    – Jennifer B.

  • Connie H.

    You just don't get this kind of service from a bank. I know with OECU, I am not just a number on a page but a person that matters to my OECU bankers.

    – Connie H.