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 all
accounts, the Dividend Rate and Annual Percentage yield
may change quarterly as determined by the Credit Union's
Board of Directors. The Base With Life Insurance account
is a Tiered Rate account. If your account balance is $2,000.00
or below the first Dividend Rate and Annual Percentage
Yield Listed for this account in the Rate Schedule will
apply. If your account balance is greater than $2,000.00,
the second Dividend Rate and range of Annual Percentage
Yields listed for this account will apply. Each Dividend
Rate will apply only to that portion of the account balance
within each balance range.
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 & Crediting
and crediting of dividends and dividend period applicable
to each account are set forth in the Rate Schedule. The
Dividend Rage Period is the period of time at the end of
which an 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 all 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 all 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 Base Without Life Insurance,
Base With Life Insurance, and IRA accounts, no more than
six (6) preauthorized, 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
Christmas Club, Scottie Kids Club, and Share Draft accounts,
no account limitations apply.
- Overdraft Fee: $20.00
- Returned Item Fee: $15.00 per item.
- Stop Payment Fee: $10.00
- Share Draft Printing Fee: Prices
may vary depending upon style.
- Toner Checks: $1.00 per page
- Wire Transfer (outgoing) Fee: $15.00
- Money Order Fee: $1.00 per item.
- Returned Mail: $2.00 per return item
In the event you overdraw your account
we may pay the draft and charge a fee or we may return
and charge a fee.
The rates and fees appearing in this
Schedule are accurate and effective for the accounts as
of the Last Dividend Declaration Date indicated on the
Rate and Fee Schedule. If you have any questions or require
current rate and fee information on your accounts, please
call the Credit Union.
All funds in a ‘‘noninterest-bearing transaction account’’
are insured in full by the National Credit Union Administration
through December 31, 2012. This temporary unlimited coverage is in
addition to, and separate from, the coverage of at least $250,000
available to members under the NCUA’s general share insurance rules.
The term ‘‘noninterest-bearing transaction account’’ includes a
traditional share draft account (or demand deposit account) on which
the insured credit union pays no interest or dividend. It does not
include any transaction account that may earn interest or dividends,
a negotiable order of withdrawal (‘‘NOW’’) account, moneymarket deposit
account, and Interest on Lawyers Trust Account (‘‘IOLTA’’), even if
share drafts may be drawn on the account. For more information about
temporary NCUA insurance coverage of transaction accounts, visit www.ncua.gov.