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Dividends on all accounts are compounded and paid quarterly, unless otherwise noted. APY refers to Annual Percentage Yield. The following disclosure applies to Share Savings, IRA Savings, Preferred Savings, and Club Accounts
- Rate Information
The APY 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, Preferred Share, and Holiday Club accounts, the Dividend Rate and Annual Percentage Yield may change quarterly as determined by the Credit Unions Board of Directors. The Regular Share account is a Tired Rate account. If your account balance is $50.00 to $499.99, the first Dividend Rate and Annual Percentage Yield listed for this account in the Rate Schedule will apply. If your account balance is from $500.00 to $999.99, the second Dividend Rate and Annual Percentage Yield listed for this account will apply. If your account balance is greater than $1,000.00, the third Dividend Rate and Annual Percentage Yield listed for this account will apply. Once a particular balance range is met, the Dividend Rate and Annual Percentage Yield for that balance range will apply to the full balance of your account. The Preferred Share Account is a Tiered Rate account. If your account balance is $1,500.00 to $9,999.99, the first Dividend Rate and Annual Percentage Yield listed for this account in the Rate Schedule will apply. If your account balance is greater than $10,000.00, the second Dividend Rate and Annual Percentage Yield listed for this account will apply. Once a particular balance range is met, the 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 dividend and dividend period applicable to each account are set forth in the Rate Schedule. 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, dividend will begin to accrue on non-cash deposit 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.
- Balance Information
To open any account, you must deposit or already have on deposit at least the par value of one full share in any account. The par value amount is stated in 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 Rate Schedule. For Regular Share and Preferred share 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, Preferred Share, and Holiday Club accounts using an Average Daily Balance method, dividends are calculated by applying a periodic rate to the average daily balance in the account 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 Regular Share Account accounts, no more than six (6) preauthorized, automatic, or telephone transfers may be made from each account to another account 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 Holiday Club accounts, the entire balance will be paid to you by check or transferred to another account of yours on or after October 1st and the account will remain open. You may be charged a withdrawal fee for each withdrawal from the account. However, no fee will be charged if the transfer or withdrawal occurs within seven days of the date the account is opened. For Preferred Share Savings accounts, three (3) withdrawals per quarter are allowed, after which a fee may be imposed. For Share Draft accounts, no account limitations apply. See the Account Fee Schedule for any fees that may apply to your accounts.
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