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Except as
specifically described, the following disclosures apply to
all of the 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 Shares, Christmas Club, Vacation Club and IRS
accounts, the Dividend Rate and Annual Percentage Yield may
change at any time as determined by the Credit Union's Board
of Directors.
2. Nature of Dividends.
Dividends are paid from 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 an account earns
dividend credit. The Dividend Rates and Annual
Percentage Yields are the rates and yields as of the last
dividend declaration date which is set forth in the Rate
Schedule
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4. Accrual of
Dividends. For Regular Shares, Christmas Club, Vacation
Club and IRA accounts, dividends will begin to accrue on
noncash deposts (e.g. checks )on the business day you make
the deposit to your account. For Regular Shares,
Christmas Club, Vacation Club and IRA accounts, if you close
your account before accrued dividends are credited, accrued
dividends will not be paid.
5. Balance Information.
The minimum balance require-ments applicable to each
account are set forth in the Rate Schedule. For Share
Draft (Checking) accounts, there is a minimum balance
required to avoid a service fee. If the minimum balance is
not met, there will be a service fee as set forth in the Fee
Schedule. For Regular Shares, Christmas Club, Vacation Club
and IRA 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 Shares, Christmas Club, Vacation
Club and IRA accounts using an Average Daily Balance methond,
dividends are calculated by applying a periodic rate to the
average daily balance in the account for the period. The
daily balance is determined by adding the full amount of
principal |
account for each
day of the period and dividing that figure by the number of
days in the period.
6. Account Limitations. For Christmas Club account, the
entire balance will be paid to you by check or transferred
to another account of yours on or after November 1 and the
account will remain open. You may make transfers or
withdrawals in first seven (7) days after the account is
opened without restriction. For a Vacation Club account, the
entire balance will be paid to you by check or transferred
to another account of yours on or after May 1 and the
account will remain open. You may make transfers or
withdrawals in first seven (7) days after the account is
opened without restriction. For Christmas Club and Vacation
Club accounts, you may be charged a withdrawal fee for
each withdrawal from the account. For Regular Shares, IRA
and Share Draft (Checking) accounts, no account imitations
apply. |
