- 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 Share, Club and IRA accounts, the Dividend Rate and Annual
Percentage Yield may change quarterly as determined by the Credit
union's Board of Directors. For 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 Share and Club accounts are Tiered Rate
accounts. If your account balance is $2,000.00 or below, the
first Dividend Rate and Annual Percentage Yield is listed for this
account in the Rate Schedule will apply. If your account balance
is greater than $2,000.00, the second Dividend Rate and range of
Annual Percentage Yields listed for this account will apply.
Each Dividend Rate will apply only to that portion of the account
balance within each balance range
- 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 Period begins on the first calendar day of the period and
ends on the last calendar day of the period.
- 4. Accrual of
Dividends. For all accounts, dividends will begin to accrue on
noncash deposits (e.g. checks) on the business day you make the deposit
to your account.
- 5. Balance
Information. The minimum balance requirements applicable to
each account are set forth in the Rate Schedule. For Share Draft
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 all 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 all accounts, no more than six (6)
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 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.
Fax: 219-942-3447
