Except as specifically described, the following
disclosures apply to all of the accounts. All accounts
described herein are share accounts. Loans and small business funding accounts are underwritten by third party funders such as Advantage or MFN and are subject to credit approval.
1. 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 all accounts, the Dividend Rate
and Annual Percentage Yield may change quarterly 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 date which
is set forth in the rate schedule.
2. Nature of Dividends.
Dividends are paid from current income and available
earnings after requited transfers to reserves at the end
of the dividend period.
3. Dividend Compounding and
Crediting. The compounding and crediting of
dividends and dividend period applicable to each account
are set forth herein. 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.
4. Accrual of Dividends. For
all accounts, dividends will begin to accrue on noncash
deposits (e.g. checks) on the business day you make the
deposit to your account. For Holiday Club, IRA, Real
Estate Impound, Extra Share and Uniform Transfer to Minors
Act Accounts, if you close your account before accrued
dividends are credited, accrued dividends will not be
paid.
5. Balance Information. The
minimum balance requirements applicable to each account
are set forth herein. For all accounts, there is a minium
daily balance required to obtain the Annual Percentage
Yield for the dividend period. If the minimum daily
balance is not met, you will not earn the stated Annual
Percentage Yield. For all accounts using a daily balance
method, dividends are calculated by applying a daily
periodic rate to the principal in the account each day.
6. Account Limitations. For
Holiday Club, Real Estate Impound, Extra Share and Uniform
Transfer to Minors Act 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 share secured accounts, no additional deposits
are permitted. For share secured accounts, funds are
pledged against loan balance. For Holiday Club, Real
Estate Impound, Extra Share and Uniform Transfer to Minors
Accounts, ten (10) withdrawals are allowed per month after
which a fee will be imposed. For IRA accounts, no account
limitations apply.
7. ATM holds/Funds Availability.
ATM deposits have a one-business-day hold, with the
exception of the first $200 of the deposit, which is
available immediately for withdrawal. For further
clarification of this policy, please refer to your
Membership Agreement.
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