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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 interest to be paid on an account based on the
interest rate and frequency of compounding for an annual period.
For all accounts, the Interest Rate and Annual Percentage yield
may change at any time as determined by the Credit Union’s Board
of Directors.
2.
Interest Compounding and Crediting. The compounding and
crediting of interest applicable to each account are set forth
in the Rate Schedule. The Interest Period begins on the first
calendar day of the period and ends on the last calendar day of
the period.
3. Accrual
of Interest. For all accounts, interest will begin to accrue
on non cash deposits (e.g. checks) on the business day you make
the deposit to your account. For all accounts, if you close your
account before accrued interest is credited, accrued interest
will not be paid.
4. Balance
Information. The minimum balance requirements applicable to
each account are set forth in the Rate Schedule. For Share Draft
accounts, there is a minimum daily balance required to
avoid a service fee for the interest period. If the minimum daily balance is not met, there will be a service fee as
set forth on the reverse side. For all accounts, there is a
minimum daily balance required to obtain the Annual
Percentage Yield for the interest period. If the minimum daily balance is not met, you will not earn the stated Annual
Percentage Yield. For all accounts using an Average Daily
Balance method, interest is calculated by applying a periodic
rate to the average daily balance in the account for the period.
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.
5. Account
Limitations. For Christmas Club Share Account, the entire
balance will be paid to you by check or transferred to another
account of yours on or after November 1. If you withdraw any of the account balance at any
time, we will close your account and pay you the full account
balance. For Regular Share, Kid's Club Share, Platinum Money
Market Share, Share Draft, and Member's Choice Club accounts, no
account limitations apply. |
