Unemployment protection for share term certificates
Members who lose their jobs can withdraw certificates early and penalty-free.
With North Carolina’s unemployment rate hovering around 11 percent, Local Government Federal Credit Union (LGFCU) understands some members may be struggling with a job loss. To help ease the stress associated with this situation, members now have the option of withdrawing funds from their share term certificates (STCs) early—without penalty.
“Right now, people need a helping hand more than ever,” said LGFCU President Maurice Smith. “That’s why, for a limited time, our share term certificates come with ‘unemployment protection.’ It’s a benefit that works for our members even if they aren’t.”
The regular penalty for early withdrawal of a STC is 90 days of dividends or all dividends—whichever is less. For example, $5,000 placed in a 60-month STC with a rate of 3.25 percent would generate an early withdrawal penalty of approximately $40.
“The waived penalty may not be that much, but it’s the peace of mind that comes with knowing you can access your money if you need it—that’s what we want for our members,” said Smith.
Visit your local branch or contact the Contact Center at 888.732.8562 to take advantage of this offer.