FAQ Category: Accounts
What does APY mean?
APY stands for Annual Percentage Yield. It is a measure of the total amount of interest earned on an account based on the interest rate and the frequency of compounding over a year. APY is a useful metric for comparing the annual earnings on different...
Continue ReadingAm I notified when my CD is maturing?
You will receive a notice in the mail 30 days before the maturity date of your...
Continue ReadingCan I add funds to my CD within the term?
Once the initial deposit has been made funds cannot be added to the CD until maturity. Once the CD matures you may add funds if you wish to renew the...
Continue ReadingIs there a penalty if I withdraw from/close my Certificate of Deposit (CD) early?
Yes. The penalty for withdrawing from/closing the CD will be based on the interest earned on the...
Continue ReadingIs investing into a CD worth it?
Although a CD is not necessarily liquid, it is considered one of the safest investments available. The longer CD you have, the higher the rate is going to be. There are no fees for the Certificate of Deposit, and you earn interest based on the balance in...
Continue ReadingWhat’s the minimum I need to deposit into a CD?
People Driven offers multiple CDs starting from just a $25 minimum! Please reach out to us at 248-263-4100 if you have any interest in a CD or check out our CD...
Continue ReadingWhat’s a CD, and how would you explain it to kids?
Think of a CD (Certificate of Deposit) like a special piggy bank at People Driven Credit Union. You put your money in our big piggy bank, promise to leave it there for one year, and when the year is up, we give you all your money back plus extra money...
Continue ReadingIs there a penalty if we need the money early?
Early withdrawal penalties may apply and could reduce earnings. Ask us for current terms before...
Continue ReadingCan a Youth CD make a good gift?
Absolutely. Parents and grandparents often open Youth CDs for birthdays, holidays, or special milestones. While kids might not fully appreciate the gift right away, the value grows over...
Continue ReadingWhy choose a Youth CD over a savings account?
A Youth CD earns a higher rate and helps teach the value of setting money aside for a specific period of time—building patience and healthy saving...
Continue ReadingWho can open a Youth CD?
Youth CDs are available for members under 18. A parent, guardian, or custodian must be listed jointly on the...
Continue ReadingCan we keep adding money?
Yes! You can make additional deposits anytime until the CD...
Continue ReadingHow long is the term?
The Youth CD is a one-year certificate. At the end of the year, you can renew it or withdraw the...
Continue ReadingHow much do I need to open a Youth CD?
Just $25 is all it takes to get started. You can make additional deposits anytime until the CD...
Continue ReadingWhat is Overdraft Protection Transfer?
Overdraft Protection Transfer is an optional service offered by People Driven Credit Union that allows eligible members to link a savings account to a checking account. If there are insufficient funds in your checking account to cover a transaction,...
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