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Except
as specifically described, the following disclosures apply to all
share accounts.
- 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, Sub Savings, Christmas
Club, Regular IRA Share, Money Market, and 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 rates and yields as of the last dividend declaration which
is set forth in the Rate Schedule.
- Nature
of Dividends. Dividends are paid from current income
and available earnings after required transfers to reserves
at the end of the dividend period.
- 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.
- 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 Regular Share,
Sub Savings, Christmas Club and Share Draft accounts, if you
close your account before accrued dividends are credited, accrued
dividends will not be paid.
- Balance
Information. The minimum balance requirements applicable
to each account are set forth in the Rate Schedule. For Regular
Share, Regular IRA Share, and Money Market accounts, there is
a minimum average daily balance required to obtain the Annual
Percentage Yield of the dividend period. If the minimum average
daily balance is not met, you will not earn the stated Annual
Percentage Yield. For all accounts using an Average Daily Balance
method, dividends are calculated by applying a periodic rate
to the average daily balance in the account for the period.
The average daily balance is determined by adding the full amount
of principal in the account for each day of the period and dividing
that figure by the number of days in the period.
- Account
limitations. For Money Market 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. For a Christmas Club account,
the entire balance will be paid to you by check or transferred
to another account of yours on or after November 1 and the account
will remain open. You may be charged a withdrawal fee of $10.00
for each withdrawal from the account. You may make transfers
or withdrawals in the first seven (7) days after the account
is opened without restriction. For Regular Share, Sub Savings,
Regular IRA Share and Share Draft accounts, no account limitations
apply.
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