Certificates of Deposit (2024)

How do I open a CD?

You can open a new CD through your Online or Mobile Banking. Here, you can add existing joint owner(s) and beneficiaries that are currently included on your primary savings account or elect not to name anyone as a joint owner or beneficiary. Within Online Banking, simply select Add an Account located under Additional Services. From within the Mobile Banking app, select More to access Add an Account.

If you are not an Online or Mobile Banking user or if you need to open a CD with different joint owner/beneficiaries, you may use the Certificate of Deposit Application. This application requires signatures from you and all joint owners (if applicable).

Can a joint owner open a CD?

No. The signature of the primary member is required to open a CD. A joint owner of the CD is authorized however to request the closing of a CD.

What is the difference between the savings rates and a CD rate?

Rates offered on CDs are higher than rates offered on regular share accounts. However, once a CD is purchased, the rate at the time of purchase is fixed for the term of the CD, whereas the rates on regular shares are not fixed, and can fluctuate monthly based on market demands.

Are CDs insured?

Yes. CDs are insured through NCUA. Existing titling requirements/guidelines apply.

What terms are offered for CDs?

We offer 6, 12, 24, 36 and 60 month terms. Learn more about Certificates of Deposit.

What is the minimum deposit to open a CD?

The minimum deposit is $1,000.

Can I open up the CD today and deposit the money later?

Yes. You will have 14 days to make a deposit to your CD using a payment method such as, Online Banking transfer or Account to Account (A2A) transfer from another financial institution, as well as other deposit options. As a benefit to our members, you’ll be guaranteed the best available rate between the day you open the CD and the date you fund it.

What fees and penalties are involved with a CD?

There is no monthly charge or fee for maintaining a CD. An early withdrawal penalty is incurred when a CD is closed prior to maturity. Early withdrawal penalties are as follows:

Partial withdrawals are not allowed with CDs.

What is a maturity date? Why is it important?

The maturity date is the date on which the term of the CD expires. At this time the CD is either renewed for another term at the current rate, or the funds are transferred into any share and the CD is closed. It is important because the rate remains fixed up to this point.

Can I change my renewal selection I made when opening my CD?

Yes. You may change your renewal selection at any time before your CD has reached its maturity date. You can contact us within Online Banking from Contact Uslocated under Additional Services, by phone or by visiting one of our branches. Please provide your instructions to either renew or deposit the funds into the selected account.

If your CD renews on the maturity date, you will have a 10- day grace period from the date following the maturity date to close the CD without incurring a penalty (penalties can be found above). For example, if your CD renews on the 1st of the month, you will have through the 11th of the same month to close the CD without incurring a penalty.

Changes to an existing CD cannot be made during the grace period. If you would like to change the term of or withdraw funds from your CD, you will need to close the existing CD and open one with new terms and conditions.

Can I discontinue my CD before the maturity date?

Yes. CDs can be discontinued before maturity, although you may be subject to an early withdrawal fee based on the term of the CD (see fees above).

Can I extend my CD term once opened?

No. After your CD matures you may use your funds and open a new CD with a different term.

How do I receive my interest? Can I make a change on how the interest is disbursed before the CD matures?

Your interest may be posted monthly back into your CD, into another share, or a check may be issued for the monthly dividend amount. You may change how your interest is disbursed at any time before your CD reaches maturity. Contact us via Online Banking from Contact Usunder Additional Services, by phone, or come into one of our branches to request the change.

When is interest posted for CDs?

The interest is posted on the last day of the month, just as they are with other deposit accounts.

Are partial withdrawals allowed for CDs?

Partial withdrawals are not allowed. The funds must remain in the CD for the entire term. If a withdrawal is made, it must be for the complete balance and the CD will be closed. If closed prior to the maturity date, an early withdrawal fee may be assessed.

Are CDs allowed on a minor's account?

Yes. A CD can be opened on a minor's account with a qualified joint owner.

Can a CD be used as collateral on a loan?

No, a CD cannot be used as collateral.

Can additional deposits be made to the CD after the CD is opened?

No, additional deposits cannot be made without closing the CD. If you have any questions, please contact 800-544-3328 for additional assistance or send us a message within Online Banking from Contact Us located under Additional Services.

Are joint owners and beneficiaries allowed on a CD and can they be changed after the CD has been opened?

Yes, joint owners and beneficiaries are allowed and can be changed once the CD has been opened.

To change or remove beneficiaries you may use the Designation of Beneficiaries form. To change or remove joint owners please log in and contact us within Online Banking from Contact Usunder Additional Services to request the paperwork necessary to make the desired changes.

Learn more about Certificates of Deposit.

How can I review my active CD(s)?

A CD can be reviewed via the contract received in the branch or by email. It can also be reviewed in Online Banking. To review it in Online Banking, click on the active CD under Accounts, and then click on Account Details to expand the details.

I need to change my contact information. Is there a way I can do this online?

You can now update your mailing address, phone number or email address from within Online Banking and Mobile Banking.

If you're enrolled in Online Banking, log into your account and click on the Account Management tab. Here you can update your personal information within Update Personal Information, Update Email Address, and Update Security Devices.

If you're accessing Mobile Banking, select Settings from the main menu and select My Settings to update your personal information.

If you do not have access to either Online Banking or Mobile Banking, you or your joint owner (on the savings account only) may send us the updated address information along with your name, account number, telephone contact, and your signature. You may submit this information using the Personal Information Update Form or by sending a signed, written request by fax or mail. Or, you may visit a branch with your valid identification.

• Fax to our Deposit Services Dept. at 404-677-4802.
• Mail to Delta Community, PO Box 20541, Atlanta, GA 30320-2541

To sign up for Online Banking access go to the Delta Community homepage and click on New User.

When updating your email address within Online Banking or Mobile Banking, you will be prompted to re-enter your password.

If you live outside of the U.S., please update your address the following ways:

• Send a message using Contact Us under Additional Services from within your Online Banking
• Fax the updated Personal Information Update form to: 404-677-4802 Attn: Deposit Services
• Mail the updated Personal Information Update form to: Delta Community, Dept 930, PO Box 20541, Atlanta, GA 30320-2541

Does changing my address with Delta change my address at Delta Community?

No. If you change your address with the Credit Union, it will not change your address with Delta Air Lines. If you use Delta Community's Online Banking, you can simply log into your account as stated above to update your address and other information.

To update your address with Delta, you should be able to do this through DeltaNet or by calling 800-MY-DELTA.

How do I change my name on my account?

A name change request for a primary member, authorize signer, POA or joint owner will be processed with the following documentation:

• Personal Information Update Form (completed and signed)
• A driver's license and Social Security Card that support the name change
  • If BOTH the driver's license and Social Security Card have been updated, NO additional legal documents are required.
  • If an updated driver's license OR Social Security Card has been provided, at least one additional legal document which proves they have changed their name is required (copies are acceptable). The following legal documents are acceptable:
    • Marriage Certificate
    • Divorce Decree - the page which indicates their name change is required
    • Court issued document indicating a name change

For proof of a name change, the Credit Union cannot accept tax documents.

When requesting a name change, reference all accounts on which you are a joint owner or a beneficiary so that your name will be changed on all accounts.

Does Delta Community offer Trust Accounts?

Delta Community Credit Union offers formal Revocable Trust Accounts for our members’ estate planning needs. A formal Revocable Trust is a Living Trust created within a written, notarized document that can be modified or revoked by the Grantor, or person who establishes the Trust and transfers property to it. The assets registered in the name of the formal Trust pass directly to the beneficiaries named in a formal, written Trust document. At this time, Delta Community Credit Union does not offer Corporate Trustee services, Trust Accounts specific to businesses nor corporations, nor Irrevocable Trust accounts..

To be eligible to open a formal Revocable Trust Account with Delta Community Credit Union, the following requirements must be met:

• The street address used for Trust tax filing must be within our field of membership and specifically within one of the Georgia counties that we service. PO Box addresses are not eligible.
• If the Trust has multiple Trustees, all Trustees must have explicit authority in the formal written Trust document and certificate of Trust to act independently.
• All Trust Grantor(s) must have a personal membership in good standing at Delta Community at the time of formal Revocable Trust Account opening and maintain their personal membership for the entirety of the Revocable Trust Account term
• Grantor(s) who are non-members or existing Joint Owners will be required to open a personal membership and maintain their personal membership for the entirety of the Revocable Trust Account term.
  
  • This is required for the formal Revocable Trust Account to be eligible for National Credit Union Administration (NCUA) share insurance coverage.

Required documents to open a formal Revocable Trust Account with Delta Community Credit Union:

• Certificate of Trust or pages of the formal Trust document that provide:
  • Trust name
  • Notarized signatures of individual(s) who established the Trust (Grantors & Trustees)
  • Grantor(s) and Trustee name(s)
  • Copy of death certificate of any deceased Grantor or Trustee
    • Must provide an updated Certificate of Trust if a Grantor has passed away.
  • Amendments to the original Trust Agreement
• For Grantor(s) and Trustee(s) of the Trust, a valid, government-issued photo ID is required.
  • If the address on the ID is different than the address provided, documentation confirming the home address such as a utility bill or lease agreement is required.

If the eligibility requirements to open a formal Revocable Trust Account cannot be met, you have the option to create an informal Trust by naming your Trust as thebeneficiaryon your personal membership shares: Savings, Checking, Additional Savings, Money Market, Certificate of Deposit, or Individual Retirement Account (IRA) or Health Savings shares.

For all questions regarding Trust Accounts, please contact Trust Services at 404-677-4100, option # 1.

What is the difference between a Notary Public and a Medallion Signature Guarantee?

Notarization by a Notary Public is an assurance made by a Notary Public that a signature is valid. A Notary Public is a public officer who witnesses and certifies the authenticity of signatures by confirming the identity of the signer, ensuring they are not signing under duress, and that they intend the terms of the document to be in full force and effect. They also may administer oaths and affirmations when needed and make certified copies of certain unrecorded original documents. The Notary Public serves as an impartial witness to a transaction on legal documents, such as deeds, affidavits, etc. Notaries are available at all branch locations. The first 12 items notarized in a calendar year are free of charge for our members, shared branch members and non-members. After 12 items, there is a fee of $4.00 per item. Any page that requires a notary’s seal counts as an item. Please note that we are unable to notarize I-9 forms or on wills.

A Medallion Signature Guarantee Stamp is used only in situations involving the sale or transfer of securities. A Medallion Guarantor bears financial liability should the signature prove to be fraudulent. The Medallion Signature Guarantee Stamp is available at all branch locations. Requests for a Medallion Signature Guarantee Stamp require 3-5 business days to review. Copies will be submitted and you will retain your original documentation. Click on Medallion Stamp Member Checklistto access a form that will assist you with the preparation of documents requiring a Medallion Signature Guarantee.

Note: The Signature Validation Program, SVP, is a different program and is not available through Delta Community Credit Union. For more information about the SVP, go to http://www.svprogram.com/.

Is Delta Community a member of the Medallion Signature Guarantee Stamp Program with the Securities and Exchange Commission (SEC)?

Yes, Delta Community participates in the Securities Transfer Agents Medallion Program (STAMP) administered by Kemark Financial Services when assisting members with Medallion Signature Guarantee stamp requests. The STAMP program is one of three programs accepted by the SEC. At this time, this service is not available for business entities.

What does it mean when a transaction receives a Medallion Signature Guarantee Stamp?

Each time a Medallion is used, the Guarantor is making the warranties of Section 8-306 of the Uniform Commercial Code (UCC). The UCC defines a guarantee of a signature as a warranty, with respect to the signature of the endorser of a security or an or an originator of an instruction regarding a security, that, at the time of signing, (a) the signature was genuine; (b) the signer was an appropriate person to sign, or if the signature was by an agent, the agent had actual authority to act on behalf of the appropriate person; and (c) the signer had the legal capacity to sign. Section 8-306 also states that the guarantor does not otherwise warrant the rightfulness of the transfer.

What is a Security?

Securities are shares, participations, or other interests in the property of an enterprise of an Issuer. You may have heard them referred to as stocks, bonds or funds. A Security is represented by an instrument which is in ‘book entry’ or certificated form and is issued in the name(s) of a person(s) entitled to the Security or to certain rights represented by the Security. The instrument must be commonly traded on securities exchanges or in securities markets, or commonly recognized as a medium for investment where it is issued or traded.

On what documents can the Medallion Signature Guarantee Stamp be used?

The Medallion Signature Guarantee Stamp should be used only to guarantee an endorsem*nt that authorizes the sale, transfer, or redemption of a security of up to $500,000. Examples include: Mutual Fund liquidation request, transfer or sale of shares of stock and U.S. Savings Bond redemption. At this time, this service is not available for business entities.

What documents should not be guaranteed?

Medallion Signature Guarantee Stamps are not intended for use in guaranteeing or certifying routine administrative changes such as address or Tax Identification Number (TIN) updates, account number changes, adding a bank account, wire transfers, and other account maintenance actions. Examples include: 401(k) Enrollment forms, Term Life insurance policies, Tax returns, Mortgage, or Car Loan documents. Medallions cannot be used when transferring funds from one insurance product to another insurance product. For example, a 1035 exchange from a fixed annuity to a fixed indexed annuity cannot receive a Medallion Signature Guarantee stamp.

Proper Uses of the Medallion Signature Guarantee Stamp

The Medallion Signature Guarantee Stamp can be used to guarantee an endorsem*nt on transactions up to $500,000 involving a change in ownership or a liquidation of the following items:

• Stocks
• Bonds
• Mutual Funds
• Savings Bonds (or any Governmental Debt Obligation)
• Unit Investment Trusts
• Other investment vehicles that meet the definition of a security

Note: A request to change the name shown on a security is considered a change in ownership and is a proper use of the Medallion Stamp.

Improper uses of the Medallion Signature Guarantee Stamp

The Medallion Stamp should not be used on transactions that do not involve the sale, transfer, redemption, or liquidation of securities, such as:

• Requests from business entities (corporations, LLCs, partnerships, etc.)
• Savings Account Withdrawals
• Bank Account Close-outs
• Check Endorsem*nts
• Home Equity Loan Applications
• Auto Loan Applications
• Certificates of Deposit
• Amendments to Partnership or Trust Agreements
• Changes to Life Insurance or Pension Trust Beneficiaries
• Electronic Funds Transfer Enrollment Forms
• TreasuryDirect® Administrative Account Updates
• Copies of Documents not involved in a Security Transaction
• IRAs that do not contain Securities
• Guaranteeing or certifying maintenance or administrative changes, such as address or TIN updates, account number changes and the like
• Forms with whiteout on original forms will not be accepted

Does Delta Community sell savings bonds?

Delta Community at this time does not sell savings bonds. They can be purchased conveniently at www.savingsbonds.gov.

Where can I cash my savings bond?

As a Delta Community member, you may bring your savings bond to any Delta Community branch office to be redeemed. Savings bonds are to be redeemed by the payee and valid identification must be presented at the time of transaction. We are able to redeem Series E, EE and I savings bonds as long as they are redeemed by the owner of the bond, the POD of the bond (must provide a certified copy of the death certificate), or the parent of the minor child with whom the child resides. Any transactions outside these guidelines will have to be directed to the Federal Reserve for assistance.

Can I deposit my savings bonds at an ATM or night drop?

Any transaction involving a savings bond, whether you are depositing or cashing, must be done in person. The endorsing of the bond must be witnessed by the teller processing the transaction and the appropriate identification must be presented. Should a bond need to be sent to the Federal Reserve Bank for processing, the endorsem*nt must be witnessed with a Signature/Medallion Guarantee Stamp prior to sending.

Can I be sure my bond will reach face value?

Yes. Series EE bonds are purchased at half their face value or denomination. Because EE bond interest is pegged to market rates that change every six months, there is no way to predict when a bond will reach its face value. In the unlikely event that rates are so low that a bond doesn't reach face value by the time it is 17 years old, the Treasury will make a one-time adjustment to increase the bond's value to face value at that time. See your bonds current value.

My father/mother recently passed away and we discovered that he/she owned several bonds. What can I do with these bonds?

If only one person is named on a savings bond, and that person is deceased, his or her bond is the property of his or her estate. "Estate" as used here means any belongings or other property left by the person who is deceased.

If both people named on a bond are deceased, the bond is the property of the estate of the person who died last. Once the bonds become the property of the estate, a court order dated within the last 12 months must be presented by the executor before they can be redeemed.

If one of two people named on a bond is deceased, the surviving person is automatically the owner just as if that survivor had been the sole owner from the time the bond was issued.

Once you have defined who the bond is being cashed for, it will be necessary to go to the bond web site to obtain a form to be completed and sent to the government for cashing. We are unable to cash these bonds at the credit union. For additional information on bonds and access to the necessary forms go to www.savingsbonds.gov.