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Rate Schedule Rates are subject to change. Regular Share, Special (12) Accounts, Club Ed (Kids Club) Accounts and Christmas Club
*regular share accounts have a minimum opening deposit of $5.00. Special (12) accounts have no minimum balance requirements in order to avoid service fees. Regular share and Special (12) accounts must have a minimum balance of $100.00 to be eligible to earn stated APY. Club Ed accounts do not have the minimum balance requirement to be eligible to earn APY.
Individual Retirement Accounts (IRA's)
* Individual Retirement Accounts have no minimum balance requirements in order to avoid service fees. IRA's must have a minimum balance of $100.00 to be eligible to earn stated APY.
Share Draft (Checking) Accounts
Account Limitations
All accounts eligible to earn dividends are compounded and paid on a calendar quarterly schedule (January 1, April 1, July 1, October 1). |
Federally Insured by NCUA|
Truth-In-Savings Account Disclosures
Except as specifically described, the following disclosures apply to all of the accounts. The credit union may offer other rates for these accounts from time to time. 1. Rate Information. The Annual Percentage Rate (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. For all accounts the dividend rate and APY may change monthly as determined by the Credit Union's Board of Directors. The Regular Share, Special Savings, Summer Pay and Christmas Club accounts are tiered rate accounts. If your balance is $5,000.00 or below, the first Dividend Rate and APY will apply. If your account balance is over $5,000.00 the second Dividend Rate and APY will apply. Once this balance range is met, the Dividend Rate and APY for that range will apply to the full balance of your account.
2. Nature of Dividends. Dividends are paid from current earnings after required reserve transfers at the end of the dividend period. The Dividend Rates and APY are prospective rates that the credit union anticipates paying for the applicable dividend period. 3. Dividend Compounding & Crediting. The compounding and crediting of dividends and dividend period applicable for each account is set forth in the Rate Schedule. The Dividend Period is the period of time at the end of which an account earns credit. The dividend period begins on the first calendar day of the period and ends on the last calendar day of the period. 4. Accrual of Dividends. For all accounts, dividends will begin to accrue on non-cash deposits (e.g. checks) on the day the credit union receives provisional credit. If you close your account before accrued dividends are credited, accrued dividends will not be paid.
5. Balance Information. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For the Average Daily Balance method, dividends are calculated by applying a periodic rate tot 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.
6. Account Limitations. For Christmas Club accounts, the account will mature on November 1. For Christmas Club accounts, we may impose a penalty if you withdraw any of the principal before the maturity date. The amount of penalty is all dividends earned prior to the withdrawal. The penalty is calculated as a forefieture of part of the dividends that have been or would be earned on the account. At our option we may pay the account before maturity without imposing an early withdrawal penalty. The APY is based on the assumption that dividends will remain on deposit until maturity. At maturity the entire balance will be paid to you by check or transferred to another account of yours. As indicated in the rate schedule, share draft (checking) accounts earn no dividends and carry no monthly service charges. |