|
 |
Except as specifically described, the following disclosures apply to all of the accounts. All accounts described in this Rate and Fee Schedule are share accounts. - RATE INFORMATION. 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 IRA accounts, the Dividend Rate and Annual Percentage Yield are fixed and will be in effect monthly. The Credit Union will notify you at least thirty (30) days in advance of any decrease. For Regular Share and Club accounts, the Dividend Rate and Annual Percentage Yield may change monthly as determined by the Credit Union’s Board of Directors. The Dividend Rates and Annual Percentage Yields are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period. The Regular Share and Club accounts are Tired Rate accounts. If your account balance is $4,000.00 or below, the first Dividend Rate and Annual Percentage Yield listed for this account in the Rate Schedule will apply. If you account balance is from $4,000.01 to $10,000.00, the second Dividend Rate and Annual Percentage Yield listed for this account will apply. If your account balance is greater than $10,000.00, the third Dividend Rate and Annual Percentage Yield for that balance range will apply to the full balance of your account.
- 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 Regular Share, IRA, and Club accounts, dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account. For Regular Share, IRA, Club accounts, if you close your account before accrued dividends are credited, accrued dividends will not be paid.
- BALANCE INFORMATION. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For Regular Share, IRA and Club accounts, there is a minimum average daily balance required to obtain the Annual Percentage Yield for the for the dividend period. If the minimum average daily balance is not met, you will not earn the stated Annual Percentage Yield. For Regular Share, IRA, and Club 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.
- ACCOUNT LIMITATIONS. For Club accounts, withdrawals are limited to one (1) per calendar year. For Regular Share, IRA, and Share Draft/Checking accounts, no account limitations apply.
EARLY WITHDRAWAL PENALTY. We may impose a penalty if you withdraw any of the principal before the maturity date. AMOUNT OF PENALTY. For Time Certificate accounts, the amount of the early withdrawal penalty for your accounts is 90 days dividends. HOW THE PENALTY WORKS. The penalty is calculated as a forfeiture of part of the dividends that have been or would be earned on the account. It applies whether or not the dividends have been earned. In other words, if the account has not yet earned enough dividends or if the dividend 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 portions paid within seven (7) days after establishment; or where the account is a Keogh Plan (Keogh) provided that the depositor forfeits an amount of a t least equal to the simple dividends 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 Time Certificate accounts, your account will automatically renew for another term upon maturity. For Time Certificate accounts, you have a grace period of ten (10) days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty. NONTRANSFERABLE/NONNEGOTIABLE. Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation of an owner , except obligations with the Credit Union. Except as specifically described, the following disclosures apply to all of the accounts. All Accounts described in this Rate and Fee Schedule are share accounts. - RATE INFORMATION. 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 Time Certificate accounts, the Dividend Rate and Annual Percentage Yield are fixed and will be in effect for the term of the account. For accounts subject to dividend compounding, the Annual Percentage Yield is based on an assumption that dividends will remain on deposit until maturity. A withdrawal of dividends will reduce earnings.
- NATURE OF DIVIDENDS. Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.
- DIVIDENDS COMPOUNDING AND CREDITIING. The compounding and crediting of dividends applicable to each account is set forth in the Rate Schedule. The Dividend Period begins on the first calendar day of the Dividend Period and ends on the last calendar day of the Dividend Period.
- BALANCE INFORMATION. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For Time Certificate accounts, dividends are calculated by the Daily Balance method which applies a daily periodic rate to the principal in the account each day.
- ACCRUAL OF DIVIDENDS. For Time Certificate accounts, dividends will begin to accrue on non cash deposits (e.g. checks) on the business day you make the deposit to your account.
- Transaction Limitations. After your account is opened, your ability to make additional deposits to your account or withdrawals of dividends and any limitations on such transactions are set forth in the Rate Schedule.
- MATURITY. Your account will mature as indicated on this Rate and Fee Schedule or on your Account Receipt or Renewal Notice.
|
|
