Incentive Share

Earn rewards!

With a small investment in your Credit Union, enjoy the benefits of the Incentive Share Plan.

Plan details:

 

Bonus
Level  
 

Incentive

Share

Balance

 

Incentive(s)

 1

 $250

Choice of: a) Free M/O, Trav chqs and bill payments OR b) Free Power Basic chequing package 

 2

 $500

With Deposit/Loan balances to a maximum of $10,000: a ) 0.25% rate differential OR b) Free Power Basic chequing package 

 3

 $1,000

With Deposit/Loan balances to a maximum of $25,000: a) 0.75% rate differential OR b) Free Power Chequing package 

 5

 $2,000

With Deposit/Loan balances to a maximum of $50,000: a) 0.75% rate differential 

 6

 $4,000

With Deposit/Loan balances to a maximum of $100,000: a) 0.75% rate differential 

 

Sale of Incentive Share Certificates is available for a limited time and subject to availability. Conditions may change on subsequent offerings without notice. To see if there are Incentive Share's available, please contact our office at (709)737-5624 or 1-800-409-2887.


 

Conditions of Incentive Share Certificate

  1. Reference to "Credit Union" in this agreement means Reddy Kilowatt Credit Union.
  2. Each deposit made on or after subsequent to the date appearing on the face hereof is subject to the terms and  conditions of this agreement herein below.
  3. A deposit is not transferable, not negotiable and is assigned ONLY TO THE CREDIT UNION. (a) Written notice to withdraw incentive shares will be required. Incentive shares will not be redeemed until 90 days after the request is received except in the case of death or when a member ceases to be a resident of Newfoundland & Labrador. The Board of Directors must approve all withdrawals. (b)The Credit Union reserves the right to place minimums and maximums on incentive share deposits. (c) The Credit Union Deposit Guarantee Corporation does not insure Incentive Shares. (d) No interest will be earned on incentive share deposits. An incentive bonus will be applied to a deposit (minimum 12-month term) or a lending product. (e) Bonus levels are indicated on the front of this certificate. The Credit Union reserves the right to change bonus levels on future issuances of Incentive Shares without notice. (f) There will be no redemption of shares while the loan balance is outstanding or until the deposit is matured. (g) In the event of prior withdrawal, as per exceptions in (a) above, any overpayment or underpayment of interest that has been made will be adjusted on the deposit or loan balance.
  4. Where the depositor is two or more persons as individuals, it is agreed that the deposit is joint with right to survivorship. Upon receipt by the Credit Union of notice of death of any one of them, any remittances to be made by the Credit Union shall be in favour of the survivor(s) alone and any credits to be made by the Credit Union shall, notwithstanding that an account is indicated on the Certificate, be made in such account at the Credit Union named on the face of the Certificate as the survivor(s) alone may specify in writing to the Credit Union.
 

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