Rate information - The dividend rate and annual percentage yield may change at any time, as determined by the Credit Union Board of Directors.
Compounding and crediting - Dividends will be compounded every month. Dividends will be credited to your account every month.
Dividend period - For this account type, the dividend period is monthly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is January 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period; and for the example above, is January 31. If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements- No minimum balance requirements apply to this account.
Average daily balance computation method - Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the monthly statement cycle.
Accrual of dividends on non-cash deposits - Dividends will begin to accrue on the business day you place non-cash items (for example, checks) to your account.
Transaction limitations- We reserve the right to at any time require not less than seven days notice in writing before each withdrawal. Club balance is transferred into your predetermined account (savings or checking) on November 1st, and the account is automatically renewed each year. If any withdrawal is made from this account before maturity, then this account may be closed and a $10.00 fee imposed.
The rates for deposit accounts will be provided at the time of membership, at the time of opening a new deposit account, or at any time upon request. Rates may change after account opening.
Membership eligibility is required. Federally insured to at least $250,000 (IRA accounts insured separately up to $250,000) by NCUA, an agency of the US Government.
