RATE INFORMATION
- The dividend rate and annual percentage yield (APY)
may change every dividend period. We may change the dividend rate for
your account as determined by the credit union board of directors.
COMPOUNDING AND CREDITING
- Dividends will be compounded every month.
Dividends will be credited to your account every month.
DIVIDEND PERIOD
- For this account type, the dividend period is
monthly, for example, the beginning date of the first dividend period
of the calendar year is January 1, and the ending date of such dividend
period is January 31. All other dividend periods follow this same pattern
of dates. The dividend declaration date is the last day of the dividend
period, and for the example above is January 31.
If you
close your share account before dividends are paid, you will not receive
the accrued dividends.
MINIMUM BALANCE REQUIREMENTS
- The minimum balance required to open
this account is $100.00.
You must
maintain a minimum average daily balance of $100.00 in your account to
obtain the disclosed annual percentage yield (APY).
AVERAGE DAILY BALANCE COMPUTING 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. The period we use is the monthly statement cycle.
ACCRUAL OF DIVIDENDS ON NONCASH DEPOSITS
- Dividends will begin to
accrue on the business day you place noncash items (for example,
checks) to your account.
TRANSACTION LIMITATIONS
- During any month, you may not make more than
six (6) withdrawals or transfers to another credit union account of yours, or
to a third party by means of a pre-authorized or automatic transfer or
telephonic order or instruction. No more than three of the six transfers
may be made by check or similar order to a third party. If you exceed
the transfer limitations set forth above, your account will be subject
to closure by the credit union and you may be assessed a fee for each
transaction over six (6) in a month.
