RATE INFORMATION: The most recent Dividend Rate
and Annual Percentage Yield are set forth on the Current Rate Schedule. The Annual
Percentage Yield (APY) 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 Annual Percentage Yield may
change quarterly as determined by the Credit Union Board of
Directors.
NATURE OF DIVIDENDS: Dividends are paid from current income
and available earnings after providing for the required
transfers to reserves at the end of the dividend period. The
Dividend Rate and APY are the rates and yields that the Credit
Union paid for the quarter preceding the stated effective
date.
COMPOUNDING AND CREDITING: Dividends will be compounded and
credited as set forth on the Current Rate
Schedule. The Dividend Period is quarterly, beginning with
January 1, April 1, July 1, and October 1. The Dividend Period
begins on the first calendar day of the period and ends on the
last calendar day of the period.
BALANCE INFORMATION: The minimum balance required to open
your account is one (1) share, or $5.00. Using the Average
Daily Balance method, dividends are calculated by applying a
daily periodic rate to the average daily balance in the
account for the period times the number of days in the period.
ACCRUAL OF DIVIDENDS: Dividends will begin to accrue on
cash and noncash (e.g. checks) deposits on the business day
you make the deposit to your account. If you close your
account before accrued dividends are credited, accrued
dividends will not be paid for that quarter.
ACCOUNT LIMITATIONS: No more than four (4) withdrawals may
be made per quarter. If you exceed this limitation, your
account will be subject to a fee of $4.00 per additional
withdrawal. Any account with no depositor initiated activity
during the prior twelve months and a balance of less than $50
is subject to an annual service fee of $10.00. Any fees
charged against a share savings account will reduce the APY.
