Except as specifically described, the following disclosures apply to all of the accounts.
1.Rate Information. The Annual Percentage Yield (APY) given above 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. The Dividend Rate and APY may change daily 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 a dividend period. The Dividend Rate and APY are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.
3.Compounding and Crediting. Dividends will be compounded and credited as set forth above. The Dividend Period for each account is set forth above. 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. Dividends will begin to accrue on cash deposits on the business day you make the deposit to your account. Dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account. Dividends will begin to accrue on collection items (e.g. insurance drafts) on the day we receive the funds from the issuing institution. Except for Share Certificates, if you close your account before dividends are paid, you will not receive the accrued dividends.
5.Balance Information. Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period.
6.Transaction Limitations. You may not make additional deposits or withdrawals from you share certificate until the certificate matures.
7.Early Withdrawal Penalty. We will impose a penalty if you withdraw any of the funds from your share certificate before the maturity date of the certificate. The penalty for each certificate is set forth above.
8.Share Certificate Penalty Calculation. The penalty is calculated as a forfeiture of part of the dividends that have been or would be earned on the account. It applies whether or not the dividends have been earned. If the account has not yet earned enough dividends, the penalty will be deducted from the principal.
9.Share Certificate Renewal Policy. Your Share Certificate will automatically renew at maturity, unless instructed differently in writing by the member within the last 10 days before maturity. If automatic renewal is stopped, your certificate principal and dividends will be transferred to your share account at maturity.
10. Deposit Insurance. Member accounts in this Credit Union are federally insured by the National Credit Union Share Insurance Fund.