Share Certificate Program Changes

Effective 1/1/2021, Seasons Federal Credit Union is temporarily suspending its Share Certificate (regular and IRA) program.

What is happening?

Effective 1/1/2021, Seasons Federal Credit Union is temporarily suspending its Share Certificate (regular and IRA) program. 

What does that mean?

For a limited time, Seasons Federal Credit Union will not be offering any new Share Certificates of Deposit (neither regular nor IRA certificates).  Any certificates that mature during this temporary suspension will not renew into a new certificate.  The funds will be transferred into the certificate holder’s Share Savings account, which allows the member immediate access to their funds.    

Why is Seasons doing this?

The credit union’s need for liquidity ebbs and flows.  We are fortunate to have many members who trust the credit union and therefore we have seen a rise in our deposits.  However, too much liquidity is not a good economical position for the credit union.  As the economic influence of COVID-19 continues to unfold, Seasons has opted to temporarily implement a short-term hiatus of its certificate of deposit program.  In addition, this decision follows our efforts to provide lower loan rates to help our members navigate the many hardships that have come from COVID-19.

I have a Share Certificate of Deposit now. Is that impacted?

If your certificate is scheduled to mature at a time when new certificates are not offered, your funds will roll into your Share Savings account upon maturity.  You will receive a Maturity Notification via mail at least 30-days prior to your certificate maturing.  Please check your notice for the most up-to-date information about your options.  

No changes are being made to your existing term or rate, regardless of its maturity.

My Share Certificate of Deposit is not maturing within the next few months. How will I know if you’ll be allowing new certificates at that time?

All certificates holders will receive, via snail mail to the address listed on the account, a maturity notification 30-days prior to maturity.  That notice will have information about your options upon maturity.  We also encourage you to check our website frequently for updates. 

Once my certificate matures into my savings account, what happens?

You will have full access to your funds.  You may withdraw that money as you see fit or transfer it between your other Seasons Federal Credit Union accounts. 

Does this mean you will never offer share certificates again?

This suspension is temporary, and we are closely monitoring our deposit levels.  We anticipate this suspension will be short-term. We encourage you to check our website frequently for updates.

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