Except as specifically described, the following disclosures apply to all of the accounts. All accounts described in this Rate 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 Business Regular Shares, Business High Yield Shares, and Business Share Draft accounts, the dividend rate and annual percentage yield may change at any time 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 Business High Yield Share and Business Share Draft accounts are Tiered Rate accounts. The balance ranges, Dividend Rates and Annual Percentage Yields applicable to each tier are listed in the Rate Schedule. Once the particular 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 frequency of dividends and the dividend period applicable to each account are stated 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 all earning accounts, dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account. If you close your account before accrued dividends are credited, you will not receive the accrued dividends.
- BALANCE INFORMATION- To open any account, you must deposit or already have on deposit the minimum required share(s) in a business regular share account. Some accounts may have additional minimum balance requirements. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For Business Regular Share accounts, there is a minimum average daily balance required to earn the annual percentage yield disclosed for the dividend period. If the minimum average daily balance requirement is not met, you will not earn the annual percentage yield stated in the Rate Schedule. For accounts using the average daily balance method as stated in the Rate Schedule, dividends are calculated by applying a periodic rate to the average daily balance in the account for the dividend period. The average daily balance is calculated by adding the 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 Business Regular Shares and Business High Yield Shares accounts, you may make no more than six (6) transfers and withdrawals from your account to another account of yours or to a third party in any month by means of pre-authorized, automatic, Internet transfer, by telephonic order or instruction, or by check, draft, debit card or similar order. If you exceed these limitations, your account may be subject to a fee or be closed.
- FEES FOR OVERDRAWING ACCOUNTS- Fees for overdrawing your account may be imposed on each check, draft, item, ATM transaction and one-time debit transaction, preauthorized automatic debit, telephone initiated withdrawal or any other electronic withdrawal or transfers 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 Disclosure 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.
- MEMBERSHIP- As a condition of membership, you must purchase and maintain the minimum required share(s) as set forth below:
Par Value of One Share $5.00
Number of Shares Required: 1
The rate and fees appearing with this Schedule are accurate as of the effective date April 1, 2017. If you have any questions or require current rate and fee information on your accounts, please call the Credit Union.