Rate Information:
The Annual Percentage Yield is a percentage rate that reflects the total amount of the dividends or interest to be paid on an account based on the dividend or interest rate and frequency of compounding for an annual period.
For Share Accounts, the Dividend Rate and Annual Percentage Yield may change at any time as determined by the Credit Union's Board of Directors. The Dividend Rate and Annual Percentage Yields are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.
For Deposit, Christmas Club Share and IRA Accounts, the Interest Rate and Annual Percentage Yield may change at any time as determined by the Credit Union's Board of Directors.
For Certificate of Deposit Accounts, the Interest Rate and Annual Percentage Yield are fixed and will be in effect for the term of the account. For accounts subject to interest compounding, the Annual Percentage Yield is based on an assumption that interest will remain on deposit until maturity. A withdrawal of interest will reduce earnings.
Compounding and Crediting:
For Share Accounts Dividends will be compounded quarterly and credited quarterly and the dividend period is the calendar quarter. 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.
For Deposit Accounts, Christmas Club Share Accounts, IRA Accounts and Certificate of Deposit Accounts interest will be compounded monthly and credited monthly and the interest period begins on the first calendar day to the period and ends on the last calendar day of the period.
For Certificate of Deposit Accounts interest will be credited to certificate of deposit principal, credited to another account of yours, or can be paid to you monthly by check.
Accrual of Dividends and Interest:
For Share Accounts, dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account. For Share Accounts, if you close your account before accrued dividends are credited, accrued dividends will not be paid.
For Certificate of Deposit, Deposit, Christmas Club Share and IRA Accounts, interest will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account. For all accounts, if you close your account before accrued interest is credited, accrued interest will not be paid.
Minimum Balance Requirements and Balance Computation Method:
For Share Accounts, Deposit Accounts and Christmas Club Share Accounts the minimum opening Deposit is $5.00. For Certificate of Deposit Accounts the minimum opening Deposit is $1,000.00. For IRA Accounts and Share Draft Accounts the minimum opening Deposit is $0. For Share Accounts and Deposit Accounts, the minimum average daily balance required to earn the stated APY is $100.00. For Christmas Club Share Accounts the minimum average daily balance required to earn the stated APY is $10.00. For Certificate of Deposit Accounts the minimum daily balance required to earn the stated APY is $1,000. For IRA Accounts the minimum average daily balance required to earn the stated APY is $.01. For Share Draft Accounts there is a minimum daily balance of $200.00 required to avoid a service fee for the month. If the minimum daily balance is not met, there will be a service fee of $5.00 per month.
For Share Accounts using an average Daily Balance method, dividends are calculated by applying 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 principal in the account for each day of the period and dividing that figure by the number of days in the period.
For Deposit, Christmas Club Share and IRA Accounts using an Average Daily Balance method, interest is calculated by applying 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 principal in the account for each day of the period and dividing that figure by the number of days in the period.
For Certificate of Deposit Accounts using a Daily Balance method, interest is calculated by applying a daily periodic rate to the principal in the account each day.
Account Limitations:
For Share Accounts and Deposit Accounts, you may make up to six (6) preauthorized, telephonic, or audio response transfers to another account of yours or to a third party during any calendar month. Of these six, you may make no more that three (3) transfers to a third party by check, draft, or debit card. A preauthorized transfer includes any arrangement with the Credit Union to pay a third party from the member's account upon oral or written orders, including orders received through the automated clearing house (ACH). There is no limit on the number of transactions you may make in the following manner: (a) transfers to any loan account with the Credit Union (b) transfers to another Credit Union Account of yours or withdrawals when such transfer or withdrawal is initiated in person, by mail, or at an ATM. If you exceed the transaction limitations set forth above in any statement period, the credit union may refuse or reverse the transaction, and your account will be subject to suspension of closure by the Credit Union, and the Credit Union may impose a charge as set forth in the Fee Schedule for a transaction Limit Fee. For a Christmas Club Share account, the balance above the $5.00 minimum opening deposit will be paid to you by check or transferred to another account of yours on or after November 1 and the account will remain open. If you withdraw any of the account balance at any time, we may impose a fee of all accrued, uncredited interest on the account and your account will be closed. You may make transfers or withdrawals in the first seven (7) days after the account is opened without restriction. For Christmas Club and IRA Accounts, you may not make any withdrawals or transfers to another Credit Union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party. For Share Draft accounts, no account limitations apply. We reserve the right to, at any time, require not less than seven (7) days notice in writing before each withdrawal from an interest bearing account other than a time deposit, or from any other savings account as defined by Regulation D.
Certificate of Deposit Accounts Additional Disclosures:
After your Certificate of Deposit Account is opened Additional Deposits are not allowed, Withdrawals are allowed with a Penalty and you have the option to Renew your Certificate of Deposit Account at Maturity. Your account will mature as indicated on the Rate and Fee Schedule or on your Account Receipt or Renewal Notice.
Early Withdrawal Penalty. We May impose a penalty if you withdraw any of the principal before the maturity date.
Amount of Penalty. For Certificate of Deposit Accounts, the amount of the early withdrawal penalty for your accounts is 90 days interest.
How the Penalty Works. The penalty is calculated as a forfeiture of part of the interest that has been or would be earned on the account. It applies whether or not the interest has been earned. In other words, if the account has not yet earned enough interest or if the interest 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:
- When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.
- Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after establishment; or where the account is a Keogh Plan (Keogh) provided that the depositor forfeits an amount of at least equal to the simple interest earned in the amount withdrawn; or where the account is an IRA or Keogh and the owner attains age 59 ½ or becomes disabled.
Renewal Policy. The renewal policy for your accounts is indicated on the reverse side. *For Certificate of Deposit Accounts, members have the option to have account automatically or not automatically renew for another term upon maturity. For Automatic Renewal, withdrawals can be made without a penalty within a grace period of ten (10) days after maturity. For Not Automatic Renewal, you have the option to renew. Interest will not be paid after maturity. The balance will be transferred to another account of yours and /or the balance will be paid to you by check.
Nontransferable/Nonnegotiable. Your account is nontransferable and nonnegotiable. The funds in you account may not be pledged to secure any obligation of an owner, except obligations with the Credit Union.
Nature of Dividends. Dividends are paid from current income and available earnings after required transfers to reserves at the end of the divided period.
|
|