Truth In Savings
The prospective dividend rate on your
account is 1.00% APR with an anticipated annual percentage yield (APY) of 1.00%
for the current dividend period. The dividend rate and APY may change
every dividend period as determined by the credit union board of directors.
Compounding and Crediting
Dividends will be compounded quarterly
and credited to your account quarterly. If you close your account before
dividends are paid, you will not receive the accrued funds.
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 this dividend period is March 31.
All other dividend periods follow this same pattern of dates. The
dividend declaration date follows the ending date of the dividend period, and
for the example above is March 31.
Minimum Balance Requirements
The minimum balance required to open
this account is $10.00. You must maintain a minimum average daily
balance of $10.00 in your account each day to obtain the disclosed annual
Average Daily Balance Method
Dividends are calculated by the average
daily balance method which applies a periodic rate to the average daily
balance in the account for the period. 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.
Accrual of Dividends on Non-cash
Dividends will begin to accrue on the
business day you deposit non-cash items (such as checks) to your account.
During the month, you may make six
withdrawals from this account. This does include automatic payments,
such as insurance premiums, and transfers to another credit union account of
yours. Any withdrawal over six will be subject to a $5.00 fee, which
will be deducted from the members account.
Par Value of a Share
The par value of a share in the account
By Law Requirements
You must complete payment of one share
($10.00) in your Regular Share Account as a prerequisite to admission to
membership. A $10.00 share account balance must be maintained to remain
a member of the credit union.
Nature of Dividends
Dividends are paid from current income
and available earnings, after required transfers to reserves at the end of a
National Credit Union Association
Member accounts in this credit union are
federally insured by the National Credit Union Association Share Insurance
Fund (NCUA) up to a balance of $100,00.
The following fees may or may not be assessed to
- $20.00 for insufficient fund transaction returned or paid
- $10.00 for any deposited item returned
- $2.00 for each automatic transfer
- $5.00 for each manual overdraft transfer
- $2.00 for a transaction printout
- $2.00 for a copy of a statement
- $20.00 for a stop payment/Authorization Revoked
- $10.00 for account balancing per half hour
- $5.00 for a wire in
- $15.00 for a wire out
- $40.00 for any foreign wire
- $5.00 for preauthorized transaction error fee
- $5.00 weekly overdraft charge
- $5.00 bad address fee, assessed monthly