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 dividend rate and frequency of compounding for and annual period. For IRA/ESA, Money Market, Holiday Club, Vacation Club and Share Draft Accounts, the Dividend Rate and Annual Percentage Yield may change monthly as determined by the Credit Unions board of Directors. 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.
2. Nature of Dividends. Dividends are paid from current income and available earnings after required transfers to reserves at the end or 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 Period ends on the last calendar day of the period.
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4. Accrual of Dividends. For Regular Savings, Holiday Club, Money Market, IRA Savings, Vacation Club and Share Draft Accounts, dividends will begin to accrue on the business day you make the deposit to your account. If you close your account before the 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 Rate Schedule. For Checking accounts, there is a minimum daily balance. If the minimum daily balance is not met, there will be a service fee as set forth on the reverse side. For Regular Savings, Holiday Club, Money Market, IRA Savings, Vacation Club and Checking Accounts, there is a minimum daily balance required to obtain the Annual Percentage Yield for the dividend period. If the minimum daily balance is not met, you will not earn the stated Annual Percentage Yield. For Regular Savings, Holiday Club, Money Market, IRA Savings Vacation Club and Share Draft 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 Regular Savings and Money Market account, not more than five (5) preauthorized, automatic, or telephone transfers may be made from these accounts to another account of yours or to a third party in any month. Accounts with direct deposit payroll deductions, or government allotments are allowed five (5) preauthorized, automatic, or telephone transfers may be made from these accounts to another account of yours or to a third party per direct deposit. If you exceed these limitations, your account may be subject to a fee. For a Holiday Club account, the entire balance will be paid to you by check or transferred to another account of yours on or after November 1st and the account will remain open. If you withdraw any of the account balance at anytime prior to the distribution date, we may impose a 10% withdrawal fee. You may make transfers or withdrawals in the first seven 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 15 and the account will remain open. If you withdraw any of the account balance at any time, we may impose a 10 % fee. You may make transfers or withdrawals in the first seven-(7) days after the account is opened without restriction. |
