Account Disclosure

• Regular Share (Savings), Special Accounts, and Share Draft (Checking)

• Holiday Club Account

Regular Share (Savings), Special Accounts, and Share Draft (Checking)

• Rate Information - The anticipated dividend rate with an anticipated annual percentage yield is on a rate sheet available at the Credit Union.  Your dividend rate and annual percentage yield may change at anytime.  The dividend is determined at the discretion of the Board of Directors on a quarterly basis.  These variable rate accounts have no rate change limitations.

• COMPOUNDING AND CREDITING - Dividends are calculated daily and credited quarterly.  For these accounts, the dividend period is quarterly.  For example, the beginning date of the first dividend period of the calendar year is January 1 and the ending date of such dividend period is March 31.  All other dividend periods will follow the same pattern dates.  The dividend declaration date follows the ending date of a dividend period (e.g., April 1).  If you close your account before dividends are credited, you will not receive accrued dividends.
  
  MINIMUM BALANCE REQUIREMENTS - The par value of a share in this credit union is $25.00.  To open any account you must purchase a $25.00 share in the credit union.
  
  REGULAR SHARE and SPECIAL ACCOUNTS (VACATION AND BILL PAYING) - You must maintain a minimum daily balance of $100.00 to obtain the disclosed annual percentage yield.

• CHECK CASHING - Members who maintain a $250.00 combined balance in all their accounts (including loans) may cash checks without charge.  Members who do not maintain a $250.00 combined balance in all their accounts will be charged a $1.00 per $100.00 check cashing fee.  Students and persons age 55 and older will not have to pay this fee.  Manager may make exceptions on a case by case basis depending on special knowledge/arrangements on a given account.

• SHARE DRAFT (CHECKING) - This is a dividend bearing account.  You must maintain $500.00 in the account at all times to earn the dividend.  This account will be subject to a service charge of $4.00 per month.

• BALANCE COMPUTATION METHOD - We use the daily balance method to calculate dividends on all the accounts.  This method applies the periodic rate to the daily balance in the account for the period.

• ACCRUAL of DIVIDENDS - Dividends will begin to accrue on the business day you deposit noncash items (for example, checks) to your account.

• TRANSACTION LIMITATIONS - There are no limitations on the number or dollar amounts of deposits to, or withdrawals from the account.

• NATURE OF DIVIDENDS - Dividends are paid from current income and available earnings, after required transfer to reserves at the end of the dividend period.

• NATIONAL CREDIT UNION SHARE INSURANCE FUND (NCUA) - Member accounts in this credit union are federally insured by the National Credit Union Share Insurance Fund.

Return to Top

Holiday Club Account

• Rate Information - The interest rate and annual percentage yield may change every year.  We may change the interest rate for your account as determined by the credit union Board of Directors.

• COMPOUNDING AND CREDITING - Dividend will compound and credit annually.  It will be credited upon time of disbursement of funds.

• EFFECT OF CLOSING AN ACCOUNT - If you close your account before interest is paid, you will not receive the accrued interest.

• DAILY BALANCE COMPUTATION - We use the daily balance method to calculate the dividends on this account.  This method applies to a daily periodic rate to the balance in the account each day.

• ACCRUAL OF DIVIDENDS ON NONCASH DEPOSITS - Dividends will accrue on cash and noncash deposits (e.g., checks) on the business day you make the deposit to your account.

• TRANSACTION LIMITATIONS - No withdrawals may be made from this account without closing the account.  The balance of this account will be disbursed in early fall.

• NATURE OF DIVIDENDS - Dividends are paid from current income and available earnings, after required transfer to reserves at the end of the dividend period.  Dividend rate and annual percentage yield are as of the last dividend date.

• NATIONAL CREDIT UNION SHARE INSURANCE FUND (NCUA) - Member accounts in this credit union are federally insured by the National Credit Union Share Insurance Fund.

Return to Top