Except as specifically described, the following disclosures apply to all the accounts. All accounts described in the Rate and Fee Schedule 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 and IRA Share accounts, the Dividend Rate and Annual Percentage Yield may change monthly 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 periods 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 Dividends 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.
4. Accrual 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. The minimum balance requirements applicable to each account are set forth in the Rates Schedule. For Share/Draft Checking accounts, there is a minimum daily balance required to avoid a service fee for the dividend
are Yield for the dividend period. If the minimum daily balance is not met, you will not earn the stated Annual Percentage Yield. For your accounts using a daily balance method, dividends are calculated by applying a daily periodic rate to the principal in the account each day.
6. Account Limitations. For Share Savings accounts, no more than four (4) preauthorized, 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 by check, draft, or debit card to a third party. If you exceed these limitations, we may refuse or reverse a transfer, and your account may be subject to a fee or be closed. For IRA Share and Share Draft/Checking accounts, no account limitations apply.