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 dividend rates and annual percentage yields are the rates and yield as of the last dividend declaration date, which is set forth in the Rate Schedule. The Money One Share Account is a tiered rate account. Once a particular range is met, the dividend rate and annual percentage yield for that balance range will apply to the full balance of your account. Refer to the Truth in Savings Disclosure.
Nature of Dividends
Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.
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 and 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.
Accrual of Dividends
For Share, MoneyOne Share, Club Accounts, Individual Retirement, Health Savings, and Share Draft accounts, dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account. If you close your account before the accrued dividends are credited, accrued dividends will not be paid.
To open any account, you must deposit or already have on deposit at least the par value of one full share in any account. The par value amount is stated in the Fee Schedule. Some accounts may have additional minimum opening deposit requirements. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For Share, MoneyOne Share, Club Accounts, Individual Retirement, Health Savings, and Share Draft accounts using an average daily balance method, dividends are 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.
For Share Savings, MoneyOne Share, Club Accounts and Health Savings Accounts, you may make up to six (6) preauthorized, automatic, telephone or audio response transfers to another account of yours or to a third party during any calendar month. Of these six (6), you may make no more than three (3) transfers to a third party by check or debit card. A preauthorized transfer includes any arrangement with us to pay a third party from your account upon oral or written orders including orders received through the automatic clearing house (ACH). You may make unlimited transfers to any of your accounts or to any credit union loan account and may make withdrawal in person, by mail or at an ATM. However, we may refuse or reverse a transfer that exceeds these limitations and may assess fees against, suspend or close your account.
Fees for Overdrawing Accounts
Fees may be imposed on each check, draft, item, ATM card withdrawal, debit card point of purchase, preauthorized automatic debit, telephone initiated withdrawal or any other electronic withdrawal or transfer transaction that is drawn on an insufficient available account balance. The entire balance in your account may not be available for withdrawal, transfer or paying a check, draft or item. You may consult the Funds Availability Policy Disclosure for information regarding the availability of funds in your account. Fees for overdrawing your account may be imposed for each overdraft, regardless of whether we pay or return the draft, item or transaction. If we have approved an overdraft protection limit for your account, such fees may reduce your approved limit. Please refer to the Fee Schedule for current fee information.