The following disclosures and terms apply to your accounts with the Credit Union. The Rates & Fees Schedule also sets out terms of your accounts and is hereby incorporated by reference as if fully set forth herein.
- RATE INFORMATION. Please see our current Rates & Fees Schedule for current Annual Percentage Yield (APY), any applicable tiers, and variable rate accounts. The Annual Percentage Yield (APY) 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 (APY) may vary as expained in the Rates & Fees Schedule and may change at any time as determined by our Board of Directors. You must provide and maintain minimum opening deposits and/or minimum daily balances in order to earn the APYs stated on the Rates and Fees Schedule, if so indicated. For tiered accounts, your rates will change according to the table disclosed in in the Rates & Fees Schedule, as your balance fluctuates.
- NATURE OF DIVIDENDS. Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.
- COMPOUNDING AND CREDITING. The frequency with which Dividends will be compounded and credited and the Dividend Period is set forth on the Rates & Fees Schedule. The Dividend "Period" begins on the first calendar day of the period and ends on the last calendar day of the period. If you close your account before dividends are paid, you will not receive the accrued dividends.
- MINIMUM BALANCE REQUIREMENTS. The minimum balance requirements for each account is set forth on the Rates & Fees Schedule. Minimum balance requirements may include a minimum opening deposit, the minimum balance that you must maintain in the account to avoid service fees, and the minimum balance that you must maintain each day to earn the stated Annual Percentage Yield for that account. The Par Value of a share in this credit union is also disclosed on the Rates & Fees Schedule. For Accumulation Individual Retirement Accounts, the minimum deposit required to open the account is $500.00. However you may agree to make deposits via payroll deduction, which would bring your account balance to $500.00 within 12 months of the account opening date. IRA's closed or taken below $500.00 balance within 0 - 6 months of opening will be assessed an early withdrawal penalty.
- BALANCE COMPUTATION METHOD. We use the Daily Balance Method to calculate Dividends on your account, as indicated on your Rates & Fees Schedule. The Daily Balance Method applies a daily periodic rate to the balance in the account each day.
- ACCRUAL OF DIVIDENDS ON NONCASH ITEMS. Dividends will begin to accrue on the business day that you deposit noncash items (e.g. checks) to your account.
- FEES AND CHARGES. We may impose fees, charges, or penalties against your account(s). Please see our Rates & Fees Schedule for the types, amounts, and conditions of the fees and charges.
- ACCOUNT LIMITATIONS. For Money Market Savings account, no more than six debits per month. If more than six (6)debits occur within a month the account may be subject to a fee (see fee disclosure for details). Additionally, a monthly service fee may apply if a minimum balance is not maintained (see fee disclosure for details). For Escrow Accounts, withdrawals are allowed only for the purpose of paying real estate related expenses and withdrawals will be made by the credit union on your behalf. For Spending Plus Accounts, a monthly service fee may apply if a minimum balance is not maintained (see fee disclosure for details). Overdraft protection is not offered for savings accounts or HSA Spending Accounts.
- DIGITAL SPENDING ACCOUNT. Earn $0.05 per debit card purchase up to $10 per month. Qualifications for rewards: enrollment in online / mobile banking, bill pay, and e-statements, direct deposit or enrollment in Round Up, and a minimum of 15 debit card transactions posted each month. ATM transactions do not qualify. Direct deposit within 35 days of statement date. Online/Mobile Banking requires a successful login every 6 months to remain active.
- VISA CHECKCARD ROUND UP SAVINGS. An optional Round Up savings service is available on spending accounts with at least one VISA Check Card.
AUTHORIZATION: Opting in to the Round Up service authorizes us to "round up" the amount of any debit card purchase made by you or a joint owner of your spending account to the next whole dollar amount and transfer the amount in excess of the purchase price from your spending account to your savings account. Consent must be given to us to begin or discontinue the service and can be authorized by any account owner.
TRANSFER CALCULATION: The daily Round Up transfer is an aggregate of purchase activity made by all VISA Check Cards related to your spending account. No round up transfer will occur on any day should your spending account not have sufficient available funds for the transfer. Cancellation or reversal of a VISA Check Card transaction will result in the corresponding round up transfer remaining in the savings account.
ACCOUNT TRANSFERS: The Round Up transfer can only be made to a savings, plan ahead savings, or money market accounts. No cross-account transfers are permitted.
AVAILABILITY: The service is available on consumer accounts only. Business and other nonhuman accounts are not eligible.
We are not responsible for any non-sufficient funds (NSF) fees that may result from outstanding items that post to the spending account after the daily Round Up transfer occurs. We reserve the right to cancel the VISA Check Card Round Up service at any time without prior notice.