Truth-In-Savings - Share Accounts
The share rates are accurate and effective for accounts as of the effective date indicated and is subject to change without notice. If you have any questions or require current rate information on your account please give us a call or stop by any of our offices.
Share Rates effective as of: February 1, 2012.
| Rate Schedule - DIVIDENDS | ||||
|---|---|---|---|---|
| Account Type | /Annual Percentage Yield (APY) | |||
| Regular Share | 0.25% / 0.25% | Monthly | Monthly | Monthly (calendar) |
| Special Share | 0.25% / 0.25% | Monthly | Monthly | Monthly (calendar) |
| Individual Retirement | 1.50% / 1.50% | Quarterly | Quarterly | Quarterly (calendar) |
| Money Manager | 0.35% / 0.35% | Monthly | Monthly | Monthly (calendar) |
| Business/Club | 0.25% / 0.25% | Monthly | Monthly | Monthly (calendar) |
| Share Draft | 0.00% / 0.00% | Monthly | Monthly | Monthly (calendar) |
| Rate Schedule - BALANCE REQUIREMENTS | ||||
|---|---|---|---|---|
| Account Type | ||||
| Regular Share | $50.00 | $50.00 | $100.00 | Average Daily Balance |
| Special Share | - | - | - | Average Daily Balance |
| Individual Retirement | - | - | - | Daily Balance |
| Money Manager | - | - | $2,500.00* | Daily Balance |
| Business/Club | $100.00 | $100.00 | $100.00 | Average Daily Balance |
| Share Draft | - | - | $300.00 | Average Daily Balance |
| Rate Schedule - ACCOUNT LIMITATIONS | |
|---|---|
| Account Type | |
| Regular Share Account | Account transfer limitations apply. |
| Special Share Account | Account transfer limitations apply. |
| Individual Retirement Account | - |
| Money Manager | Account transfer, withdrawal and deposit limitations apply. |
| Business/Club Account | Account transfer limitations apply. |
| Share Draft Account | - |
Except as specifically described, the following disclosures apply to all of the accounts. All accounts described in this Truth-In-Savings Disclosure are share accounts.
1. 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 Regular Share, Special Share, Money Manager, Business / Club and Share Draft accounts, the Dividend Rate and Annual Percentage Yield may change monthly as determined by the Credit Union's Board of Directors. For Individual Retirement accounts, the Dividend Rate and Annual Percentage Yield may change quarterly based on our index of 26 Week T-Bills. The Dividend Rates and Annual Percentage Yields are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.
2. Nature of Dividends
Dividends are paid form current income and available earnings after required transfers to reserves at the end of the dividend period.
3. 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 and 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.
4. Accural 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. For all accounts, if you close your account before accrued dividends are credited, accrued dividends will not be paid.
5. Balance Information
To open any account, you must deposit or already have on deposit at least par value of one full share in the Regular Share. The par value amount is stated in the the Fee Schedule. Some accounts may have additional minimum opening deposit requirements. The minimum balance requirements applicable to each account are set forth in the Fee Schedule. For Regular Share, Business / Club and Share Draft 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 Regular Share, Special Share, Business / Club and Share Draft 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 individual Retirement and Money Manager accounts using a Daily Balance method, dividends are calculated by applying a daily periodic rate to the principal in the account each day. (*) For Money Manager accounts, there is a minimum daily balance required to obtain the Annual Percentage Yield for the dividend period. If the minimum daily balance is not met, you will earn the Annual Percentage Yield of the Share Draft account.
6. Account Limitations
For Regular Share, Special Share, Money Manager and Business / Club accounts, no more than six (6) pre-authorized, automatic, or telephone transfers may be made from these accounts to another account of yours or to a third party in any month, and no more than three (3) of these six (6) transfers may be made by check, draft, or debit card to a third party. If you exceed these limitations, your account may be subject to a fee or be closed. For Money Manager accounts, the minimum withdrawal for this account is $250.00; deposits are accepted only in amounts of $100.00 or more and this account may not be used as collateral on a loan. For Individual Retirement and Share Draft accounts, no account limitations apply.
7. Fees for Overdrawing Accounts
Fees may be imposed on each check, draft, item, ATM card withdrawal, debit card point of purchase, 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 for 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.
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This Credit Union is federally insured
by the National Credit Union Administration
