Accounts
Share Accounts
The prospective dividend rate for the current period is 0.18% with a prospective corresponding APY (Annual Percentage Yield) of 0.18%. The APY is a percentage rate that shows the total dividends, based on the dividend rate and the frequency of compounding for a 365-day period. At the discretion of the Board of Directors, the rate could be tiered based on the balance in the account.
MINIMUM BALANCE REQUIREMENTS TO OPEN AN ACCOUNT
To open this account, you must have a minimum amount of $25.00. To earn the APY disclosed, you must maintain a minimum average daily balance of $50.00 in your account for the dividend period. You will not earn any dividends for the dividend period if your average daily balance is below $50.00 for the period. The average daily balance is calculated by adding the principal in the account for each day and dividing by the number of days in that period.
DIVIDEND COMPUTATION
Dividends are paid from the current income and available earnings after required transfers to reserves at the end of the dividend period. Dividends will be compounded and credited quarterly. The dividend periods are as follows:
January 1 – March 31
April 1 – June 30
July 1 – September 30
October 1 – December 31
The dividend declaration date follows the ending date of the dividend period, i.e. April 1. The dividend declaration date is the date the credit union’s Board of Directors declares a dividend for the proceeding dividend period.
If you close your account before dividends are paid, you are not entitled to the accrued dividends for the period. A $10.00 fee with be charged on all accounts that are closed within three (3) months of opening it. Dividends are calculated using the average daily balance method. This method applies a periodic rate to that average daily balance in the account for the period as explained above. Dividends begin to accrue on cash and noncash deposits, such as checks, on the business day you make your deposit.
Savings are federally insured up to $250,000.00 by the NCUA (National Credit Union Administration, a U.S. Government Agency).
Share Draft Accounts (Checking)
Open a checking account with us today and receive a debit card with the opening of your account.
Share Club Accounts
The prospective dividend rate for the current period is 0.20% with a prospective corresponding APY (Annual Percentage Yield) of 0.20%. The APY is a percentage rate that shows the total dividends, based on the dividend rate and the frequency of compounding for a 365-day period. At the discretion of the Board of Directors, the rate could be tiered based on the balance in the account
MINIMUM BALANCE REQUIREMENTS TO OPEN AN ACCOUNT
To open this account, you must have a Regular Share Account. To earn the APY disclosed, there is no minimum balance requirement to earn dividends on these accounts. Dividends are paid based on the total balance on the last day of the term which is April 30 for vacation and October 31 for Christmas.
DIVIDEND COMPUTATION
Dividends are paid from the current income and available earnings after required transfers to reserves at the end of the dividend period. Dividends will be compounded and credited yearly. The dividend periods are as follows: May 1 to April 30 for Vacation Club and November 1 to October 31 for Christmas Club. The dividend declaration date is the date the Credit Union’s Board of Directors declares a dividend for the proceeding dividend period. If you close your account before dividends are paid, you are not entitled to the accrued dividends for the period. A $10.00 fee with be charged for any deposits withdrawn from these accounts before the payout is issued. Dividends are calculated using the average daily balance method. This method applies a periodic rate to that average daily balance in the account for the period as explained above. Dividends begin to accrue on cash and noncash deposits, such as checks, on the business day you make your deposit.
Savings are federally insured up to $250,000.00 by the NCUA (National Credit Union Administration, a U.S. Government Agency).
Junior Share Accounts
LITTLE SHAVERS PENNY SAVERS
This account is available to all members under the age of 18.
The prospective dividend rate for the current period is 0.10% with a prospective corresponding APY (Annual Percentage Yield) of 0.10%. The APY is a percentage rate that shows the total dividends, based on the dividend rate and the frequency of compounding for a 365-day period. At the discretion of the Board of Directors, the rate could be tiered based on the balance in the account
MINIMUM BALANCE REQUIREMENTS TO OPEN AN ACCOUNT
To open this account, you must have a minimum amount of $5.00. To earn the APY disclosed, you must maintain a minimum average daily balance of $5.00 in your account for the dividend period. You will not earn any dividends for the dividend period if your average daily balance is below $5.00 for the period. The average daily balance is calculated by adding the principal in the account for each day and dividing by the number of days in that period.
DIVIDEND COMPUTATION
Dividends are paid from the current income and available earnings after required transfers to reserves at the end of the dividend period. Dividends will be compounded and credited quarterly. The dividend periods are as follows:
January 1 – March 31
April 1 – June 30
July 1 – September 30
October 1 – December 31
The dividend declaration date follows the ending date of the dividend period, i.e. April 1. The dividend declaration date is the date the credit union’s Board of Directors declares a dividend for the proceeding dividend period. If you close your account before dividends are paid, you are not entitled to the accrued dividends for the period. A $10.00 fee with be charged on all accounts that are closed within three (3) months of opening it. Dividends are calculated using the average daily balance method. This method applies a periodic rate to that average daily balance in the account for the period as explained above. Dividends begin to accrue on cash and noncash deposits, such as checks, on the business day you make your deposit.
Savings are federally insured up to $250,000.00 by the NCUA (National Credit Union Administration, a U.S. Government Agency).
Certificate Accounts
DIVIDEND RATE AND APY (Annual Percentage Yield)
| TERM | PROSPECTIVE DIVIDEND RATE** | APY** |
|---|---|---|
| 6 Months | 0.15% | 0.15% |
| 12 Months | 0.17% | 0.17% |
| 18 Months | 0.20% | 0.20% |
| 24 Months | 0.22% | 0.22% |
| 30 Months | 0.23% | 0.23% |
| 36 Months | 0.25% | 0.25% |
| 60 Months | 0.31% | 0.31% |
| 96 Months | 0.45% | 0.45% |
The annual percentage yield is a percentage rate that shows the total dividends, based on the dividend rate and the frequency of compounding for a 365-day period.
**All accounts are variable rate. The dividend rate and annual percentage yield may change every month as determined by the Credit Union Board of Directors.
MINIMUM BALANCE REQUIRED TO OPEN AN ACCOUNT
Must be a member of the credit union.
Must have a minimum amount of $500.00.
DIVIDEND COMPUTATION
Dividends are paid from current income and available earnings, after required transfers at the end of the dividend period. Dividends begin to accrue on cash and non-cash deposits, such as checks, on the business day you make your deposit.
ACCOUNT CONDITIONS
If the term share account is redeemed prior to the maturity date, an early withdrawal penalty will be imposed. The early withdrawal penalty is the loss of one quarter’s (90 days) dividends. The term share account will automatically renew upon maturity. There is a ten (10) day grace period to notify the credit union if you do not want to renew the term share account.
DIVIDEND PAYMENT OPTIONS
Add dividends to the principal.
Transfer to your regular share account.
Payment by draft (check in the mail.)
Dividends are paid on a quarterly basis.
Savings are federally insured to $250,000 by the NCUA (National Credit Union Administration, a U.S. Government Agency).