Rate information: All accounts are subject to the following terms:
1. Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.
2. The dividend rate and the Annual Percentage Yield (APY) are the anticipated rates for the applicable period and they may change every dividend period at the discretion of the credit union. All APY disclosures assume that the dividends will remain in the share account in which they are earned. Withdrawing the dividend or transferring the dividend to a different account will reduce the APYE (the actual Annual Percentage Yield Earned as disclosed on the account statement), but under no circumstances will the APYE be less than the Dividend Rate.
3. The Balance Method used is the Average Daily Balance Method which applies periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.
4. Dividends will begin to accrue on cash and non-cash items (i.e., checks) on the business day that the deposit is made to the account, i.e. dividends are based on the end-of-day balance.
5. Accounts closed before accrued dividends are posted will not be paid a dividend for the amount accrued since the beginning of the period. This restriction applies to all accounts.
6. Dividend periods begin on the first calendar day of the first month of each period and end on the last calendar day of the last month in each period.
7. The term for all accounts will be 365 days, i.e. 1/365th of the rate will be calculated on the balance each day for 365 days.
8. Tiering Method A is applied to the accounts indicated on the chart above. When the average balance for the entire period reaches a particular tier, the rate assigned to that tier is applied to the entire average balance for the number of days in the period.
Account Limitations: When the balance and/or transaction limitations, as noted in the Rate and Fee Schedule above, are exceeded, accounts may be subject to fees or may be closed.
A one-time membership fee of $0.25 is charged when each new member joins the credit union.