Deposit Account Disclosures
Except as specifically described, the following disclosures apply to all of the accounts.
1. Rate Information. The Annual Percentage Yield (APY) given above 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. The Dividend Rate and APY may change daily 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 a dividend period. The Dividend Rate and APY are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.
3. Compounding and Crediting. Dividends will be compounded and credited as set forth above. The Dividend Period for each account is set forth above. 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. Dividends will begin to accrue on cash deposits on the business day you make the deposit to your account. Dividends will begin to accrue on non-cash deposits (e.g. checks) on the business day you make the deposit to your account. Dividends will begin to accrue on collection items (e.g. insurance drafts) on the day we receive the funds from the issuing institution. Except for Share Certificates, if you close your account before dividends are paid, you will not receive the accrued dividends.
5. Balance Information. 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.
6. Transaction Limitations. You may not make more than three withdrawals or transfers per month from your Share Account to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer or telephonic order or instruction. Additionally, you are limited to three automatic overdraft protection transfers to your share draft account per month. If you exceed the Share account transaction limitations set forth above in any month, your account will be subject to a fee of $3.00 per transaction. Three over-thecounter and three draft (check) withdrawals are allowed per month from your Money Market Account. A $10.00 fee is assessed for each Money Market withdrawal that exceeds this limitation. The minimum amount you may withdraw from a Money Market Account is $250.
7. Early Withdrawal Penalty. Withdrawals made from an IRA before age 59 1/2 will be assessed a $50 fee per withdrawal. Share accounts closed within six months of opening will be assessed a $5.00 fee. Three withdrawals are allowed on the Holiday Flex account from January through December of each year. Excessive withdrawals during this period will be subject to a penalty of 30 days dividend or a minimum of $15.00 per transaction.
8. Deposit Insurance. Member accounts in this Credit Union are federally insured by the National Credit Union Share Insurance Fund.