Fee Schedule and Truth in Savings Statement
Effective January 1, 2000
VARIABLE RATE ACCOUNTS
The dividend rate and annual percentage yield may change every quarter as determined by the credit union's Board of Directors.
CALCULATION OF DIVIDENDS
Dividends are calculated using the daily balance method. This method applies a daily periodic rate to the balance in the account each day.
ACCRUAL OF DIVIDENDS
Dividends begin to accrue on cash and non-cash deposits, such as checks, on the business day you make your deposit.
COMPOUNDING OF DIVIDENDS
Dividends are compounded quarterly. The dividend period is three months. The beginning date of the first dividend period of the calendar year is January 1st and the ending date is March 31st. All other dividend periods follow this pattern of dates.
DECLARATION OF DIVIDENDS
The Board of Directors declares the dividend in the last month of each quarter. The dividend will be posted to members accounts the first day of the next quarter.
NATURE OF DIVIDENDS
Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period.
MINIMUM BALANCE REQUIREMENTS
A minimum deposit of $25.00 is required to open this account. To earn the annual percentage yield disclosed, you must maintain a minimum daily balance of $25.00 each day of the dividend period. You will not earn dividends for any day that your balance drops below the $25.00 minimum.
MEMBERSHIP FEE
A membership fee of $1.00 will be charged to open an account .
TRANSACTION LIMITS
During any calendar month, you may make two free withdrawals. If you exceed this limit, your account will be charged a fee of $2.00 per excess withdrawal.
EFFECT OF CLOSING AN ACCOUNT
If an account is closed before dividends are posted, no dividend will be earned for that quarter.
RETURN CHECK CHARGES
If a check is returned for insufficient funds, a $15.00 NSF fee will be charged.
STOP PAYMENT CHARGES
If the Credit Union is required to place a stop payment on a check requested by a member, a $20.00 stop payment fee will be charged.
BANK WIRE FEE
Bank wires out of the Credit Union will be charged a $15.00 fee.
ACH DEBIT FEE
Each member initiated ACH debit transaction will be charged a $20.00 fee.