The rates, fees and terms applicable to your account at the Credit Union are provided in this Rate and Fee Schedule. The Credit Union may offer other rates from time to time.
|Business Savings Account||Free Business Savings Account|
|Annual Percentage Yield||–||–|
|Minimum Opening Deposit||$5.00||$100.00|
|Monthly Maintenance Fee||No Maintenance Fee||No Maintenance Fee|
See Truth-In-Savings Disclosure Below
|Account Transfer Limitations Apply||No Limitations|
Except as specifically described, the following disclosures apply to all accounts. All accounts described in this Rate and Fee Schedule are deposit accounts.
Truth-In-Savings Account Disclosures
1. Rate Information
The APY is a percentage rate that reflects the total amount of dividends (interest) 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 APY may change monthly as determined by the Board of Directors. The dividend rate and APY are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.
2. Nature of Dividends
Dividends are paid from current income and available earnings after required transfers from 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 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 deposits on the business day you make the deposit to your account. For all 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 in the Rate Schedule. For Share Savings, Money Market, Holiday Club, and Special Club accounts, the minimum average daily balance stated above is required to obtain the APY for the dividend period. If the minimum average daily balance is not met, you will not earn the stated APY. The average daily balance is determined by adding the full amount of principal in the account for each day of the period and dividing that figure by the number of days in the period.
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 to a third party. 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. For a Holiday club account, the entire balance will be transferred to your Share Savings account on or after October 15 and the account will remain open. You will be charged a withdrawal fee of $5.00 for each withdrawal from the account. For Share Savings and Special Club accounts, withdrawals in excess of three (3) per month will incur a fee. For IRA Savings and Share Draft Checking accounts, no account limitations apply. For Money Market accounts, only six (6) withdrawals per month are allowed, and of these six only three (3) withdrawals may be performed by check. A fee of $10.00 will be assessed for each check withdrawal in excess of three (3) per month and a fee of $10.00 will also be assessed for all other transactions in excess of three (3) per month.