Except as specifically described, the following disclosures apply to all of the accounts. All accounts described in this disclosure are share accounts.
The Annual Percentage Yield 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 Annual Percentage Yield may change at any time as determined by the credit union's Board of Directors. The Dividend Rates and Annual Percentage Yields are the rates and yields as of the last dividend declaration date which is set forth in the rate schedule.
Nature of Dividends
Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.
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.
Accrual of Dividends
For all accounts, dividends will begin to accrue on non-cash deposits (e.g. checks) on the business day you make the deposit to your account. If you close your account before accrued dividends are credited, accrued dividends will not be paid.
To open any account, you must deposit or already have on deposit at least the par value of one full share ($5.00) in any account. The minimum balance requirements applicable to each account are set forth in the rate schedule. For Share Draft (checking) accounts, there is a minimum balance in all accounts required to avoid a service fee for the dividend period. If the minimum balance is not met, there will be a service fee as set forth on our fee schedule. For regular Share Savings accounts, there is a minimum average daily balance required to obtain the Annual Percentage Yield for the dividend period. If the minimum average daily balance is not met, you will not earn the stated Annual Percentage Yield. For all accounts using the 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 a Christmas Club account, the entire balance will be paid to you by check or transferred to another account of yours on or after October 1 and the account will remain open. If you withdraw any of the account balance at any time, you may be charged a withdrawal fee of 10% of the balance 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 a Planner's Club account, the entire balance will be paid to you by check or transferred to another account of yours on or after July 1 and January 1 and the account will remain open. If you withdraw any of the account balance at any time, you may be charged a withdrawal fee of 10% of the balance 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 IRA Shares, Special Share, Organizational Share and Share Draft (checking) accounts, no account limitations apply.
Fees for overdrawing accounts
Fees for overdrawing your account may be imposed on each check, draft, item, ATM transaction and one-time debit card transaction (if member has consented to overdraft protection plan for ATM and one-time debit card transactions), preauthorized automatic debit, telephone initiated withdrawal or any other electronic withdrawal or transfer transaction that is drawn on an insufficient available account balance. The entire balance in your account may not be available for withdrawal, transfer or paying a check, draft or item. You may consult the Funds Availability Policy Disclosure fro information regarding the availability of funds in your account. Fees for overdrawing your account may be imposed for each overdraft, regardless of whether we pay or return the draft, item or transaction. If we have approved an overdraft protection limit for your account, such fees may reduce your approved limit. Please refer to the Fee Schedule for current fee information.
For ATM and one-time debit card transactions, you must consent to the Credit Union’s overdraft protection plan in order to be covered under the plan. Without your consent, the credit union may not authorize and pay an overdraft resulting from these types of transactions. Services and fees for overdrafts are shown in the document the credit union uses to capture the member’s opt-in choice for overdraft protection and the Schedule of Fees and Charges.
As a condition of membership, you must purchase and maintain the minimum required share(s) as set forth below:
- Per value of One Share: $5.00
- Number of Shares required: one (1)
The rates appearing on this website are accurate as of the effective date published with the rates. If you have any questions or require current rate information on your accounts, please call the credit union at 855-597-5766.
See separate fee schedule for a listing of fees and charges applicable to your account(s).
Your savings are federally insured by the National Credit Union Administration (NCUA), a U. S. Government Agency, to at least $250,000 and backed by the full faith and credit of the United States Government.