Are there penalties if I make an early certificate withdrawal?
Any early withdrawal will cause a forfeiture of 90 days of dividends on the principal amount withdrawn whether or not the account has earned an initial dividend. This penalty will be deducted from the Certificate and calculated at the annual rate of interest being paid on the Certificate. If the withdrawal plus penalty takes the Certificate below the minimum $500 balance, the Certificate will be closed and the penalty will now be calculated on the entire balance. All Certificate penalty withdrawals must be in writing. $100 minimum withdrawal. PSECU penalties will not be incurred on a withdrawal of earned dividends. IRA Certificates may be subject to IRS penalties.
** There is no PSECU penalty if the Regular Certificate has reached maturity; the certificate redemption is within the 10-day grace period; the certificate has earned dividends withdrawn; or the member dies and PSECU receives proper verification.
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