Except as specifically described, the following disclosures apply
to all of the accounts.
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 Share Savings accounts,
the Dividend Rate and Annual Percentage Yield may change quarterly
as determined by the Credit Union's Board of Directors.
2. Nature of Dividends: Dividends are
paid from current income and available earnings after required
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 in the Rate Schedule.
The Dividend Period is the period of time at the end of which
an account earns dividend credit. 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.
4. Accrual of Dividends: For Money Market
Share Certificate accounts, dividends will begin to accrue on
noncash deposits (e.g. checks) on the business day you make the
deposit to your account.
5. Balance Information: The minimum balance
requirements applicable to each account are set forth in the Rate
Schedule. For Share Savings accounts, there is a minimum 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 Share Savings
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 Share Savings
accounts, no more than six (6) pre-authorized, 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 Draft
Checking accounts, no account limitations apply.
