PAYMENT OF DIVIDENDS - DISCLOSURE
The annual percentage yield is a percentage that reflects the total amount of dividends to be paid on an account based on the dividend rate and refequency 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.
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
Dividends will be compounded quarterly and credited quarterly. The dividend period is three months. The beginning date of the first dividend period of the calendar year is January 1 and the ending date is March 31. All other dividend periods follow this pattern of dates, for the given quarter. The dividend declaration date follows the ending date of a dividend period. The dividend declaration date is the date the credit union's Board of Directors declares a dividend for the preceding dividend period.
Accural of Dividends
For Share Savings, Club Accounts, and IRA accounts, dividends will begin to accrue on cash and non-cash 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.
Balance & Membership Information
To open any account, you must deposit a minimum of $5.00, except IRA accounts which require a $10.00 minimum deposit. To join the credit union, you must purchase a minimum $5.00 share. To earn the annual percentage yield for a given time period, you must maintain a minimum average daily balance of $5.00 in your account that period. You will not earn any dividends for the dividend period if your average daily balance is below $5.00.
For Share Savings, Club Accounts, and IRA accounts, you may make up to six (6) preauthorized, automatic, or telephone 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. 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 withdrawals in person, or by mail. However, we may refuse or reverse a transfer that exceeds these limitations and may assess fees against, suspend or close your account.