Important Member Notice | As we approach the systems merger with Virginia Credit Union, please be aware of the following important dates and times.
Access to CFCU On-The-Go services, including Net24, Dial24 & Mobile24 will be unavailable after 5pm on Friday, May 29th.
Access to mobile deposit using your Mobile24 Mobile Banking app will be unavailable after 5pm on Thursday, May 28th.
Starting Monday, June 1st, you can re-enroll in home banking on the Virginia Credit Union website.
Effective Date: 5/26/2018

Rate Schedule

The rates, fees and terms applicable to your account at Chesterfield Federal Credit Union are provided in this disclosure. From time to time, we may offer other rates for these accounts.

Minimum Opening Deposit: $1,000.00
Dividends Compounded: Quarterly
Dividends Credited: Quarterly
Dividend Period: Certificate's Term

6 Month
Dividend Rate:
Annual Percentage Yield:

12 Month
Dividend Rate:
Annual Percentage Yield:

24 Month
Dividend Rate:
Annual Percentage Yield:

36 Month
Dividend Rate:
Annual Percentage Yield:

48 Month
Dividend Rate:
Annual Percentage Yield:

60 Month
Dividend Rate:
Annual Percentage Yield:

Additional Deposits: Not Allowed
Withdrawals: Allowed - Dividends Only
Renewable: Automatic

Terms & Conditions

Except as specifically described, the following disclosures apply to all of the accounts.

1. Rate Information

The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period. For all accounts, the Dividend Rate and Annual Percentage Yield are fixed and will be in effect for the term of the account. For accounts subject to dividend compounding, the Annual Percentage Yield is based on an assumption that dividends will remain on deposit until maturity. A withdrawal of dividends will reduce earnings.

2. Dividend Period

For each account, the dividend period is the account's term. The dividend period begins on the first day of the term and ends on the maturity date.

3. Dividend Compounding and Crediting

The compounding and crediting frequency of dividends are stated in the Rate Schedule.

4. Balance Information

The minimum balance requirements applicable to each account are set forth in the Rate Schedule. To open any account, you must deposit or already have on deposit at least the par value of one full share in any account. The par value amount is stated in this disclosure. Dividends are calculated by the Average Daily Balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is determined by adding the full amount of the principal in the account for each day of the period and dividing that figure by the number of days in the period.

5. Accrual of Dividends

For all accounts, dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account.

6. Transaction Limitations

After your account is opened, your ability to make additional deposits to your account or withdrawals of dividends and any limitations on such transactions are set forth in the Rate Schedule.

7. Early Withdrawal Penalty

We may impose a penalty if you withdraw any of the principal before the maturity date.

8. Maturity

Your account will mature as indicated on this Truth-in-Savings Disclosure or on your Account Receipt or Renewal Notice.

Amount of Penalty
The amount of the early withdrawal penalty is based on the term of your account. The penalty schedule is as follows:

How the Penalty Works
The penalty is calculated as a forfeiture of part of the dividends that have been or would be earned on the account. It applies whether or not the dividends have been earned. In other words, if the account has not yet earned enough dividends or if the dividend has already been paid, the penalty will be deducted from the principal.

Exceptions to Early Withdrawal Penalties
At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances:

9. Renewal Policy

The renewal policy for your accounts is indicated in the previous section. Your account will automatically renew for another term upon maturity. If the box in the rate schedule is checked, then your share certificate was issued under special conditions. At the end of the term, the account will convert to the standard rate & terms for the type of account you currently have. You have a grace period of seven (7) days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty.

10. Nontransferable/Nonnegotiable

Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation of an owner, except obligations with Chesterfield Federal Credit Union.

11. Share Value Par Value of One Share


The rates and fees appearing in this Schedule arc accurate and effective for accounts as of the Effective Date indicated on this Truth-in-Savings Disclosure. lf you have any questions or require current rate and fee information on your accounts, please call Chesterfield Federal Credit Union at 804-748-1417 or 877-748-CFCU.