Rates and Fees are subject to change without notice.
|Dividends, Dividend Rate, Annual Percentage Yield (APY)||Dividends Compounded, Dividends Credited, Dividend Period||Balance Requirement||Minimum Balance to Earn the Stated APY|
TRUTH-IN-SAVINGS ACCOUNT DISCLOSURES
Except as specifically described, the following disclosures apply to all of the accounts. All accounts described in this Rate Schedule are share (savings) accounts.
1. Par Value. The minimum required to open and maintain an account is the purchase of 10 $5.00 par value of share in the credit union ($50 minimum deposit)
2. Rate Information. The Annual Percentage Yield (APY) 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. The Dividend Rate and APY may change quarterly as determined by the Credit Union’s Board of Directors for Share Savings, and Share Certificates.
The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The first Dividend Rate and APY listed for this account in the Rate Schedule will apply if your account balance is $1,000.00 and over. The Dividend Rate and APY may change monthly as determined by the Credit Union’s Board of Directors.
3. Nature of Dividends. Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.
4. Dividend Compounding and Crediting. The compounding and crediting of dividends and dividend period applicable to each account are set forth in the Rate Schedule. The Dividend Period is the period of time at the end of which an account earns dividend credit. The Dividend Period begins on the first calendar day of the period and ends on the last calendar day of the period. If you close your account before dividends are paid, you will not receive the accrued dividends.
5. Accrual of Dividends. For Share Savings, and Share Certificates dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account.
6. Dividend Period. *For these account types, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1 and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period, and for the example is April 1.
**For these account types, the dividend period is monthly, for example, the beginning date of the first dividend period of the calendar year is January 1 and the ending date of such dividend period is January 31. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period, and for the example is February 1.
7. Balance Information. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For Share Savings Accounts, a minimum balance of $50.00 must be maintained. For Share Savings Accounts, there is a minimum daily balance required to earn the stated APY for the dividend period. If the minimum daily balance is not met, you will not earn the stated APY and will not earn interest.
8. Account Limitations. For Share Savings Accounts no more than four (4) withdrawals per quarter are permitted. There is a $10 Excessive withdrawal fee for each withdrawal over four (4) free withdrawals in a quarter. Withdrawals are not permitted from the Holiday Club share account. If you exceed these limitations, your account may be subject to a fee and/or be closed.
For a Holiday Club Share account, the entire balance will be transferred to your Share Savings Account in October and the account will remain open.
9. Inactivity. For all accounts that have not been utilized in 180 days or longer and contain less than $50.00 these accounts may be closed within 30 days after notice of inactivity. A Dormant Account fee will be charged for accounts inactive for twelve (12) months or more.