Checking and Savings Accounts

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.

Share Certificate Information

EXCEPT AS SPECIFICALLY DESCRIBED, THE FOLLOWING APPLIES TO ALL ACCOUNTS.

Inactive Accounts:
Any required membership account such as Type #1 & #15 MUST have at least 1 transaction within a 12 month period to avoid an inactivity monthly fee. An account will be considered abandoned after 5 years without activity.

Closed Accounts:
If an account is closed prior to the close of the period, no accrued dividends will be paid.

Accrual of Dividends:
Dividends will begin to accrue on the same business day the deposit was received.

Declaring of Dividends:
The Board of Directors declares a Dividend Rate at the end of each month based on market rates, current income of the Credit Union and etc. Due to the process, the Credit Union can only declare in advance the last rate paid and the effective date of payment. Your Quarterly Account Statements will inform you of the rates paid monthly and the APY as a result of compounding of the dividends to your account.

Rate Information:
The Annual Percentage Yield (APY) is a percentage that reflects the total amount of dividends to be paid on your account based on the Dividend Rate and the frequency of compounding for an annual period. APY will be affected by withdrawls from the account, changes in the rate, and deposits to the account. All APY figures are based on the premise that a certain dollar amount deposited into an account that remained there for one year without any changes and with the compounding of dividends paid to the account, the results would be that the YIELD is higher than the DIVIDED RATE.

Dividend Calculations & Payment:
At the end of each dividend period the accrual of dividends is made to each applicable account as set forth above in the Rate Schedule. The dividend period starts the first day of each month and ends on the last day of the month. Your accounts earn a dividend based on the balance in your account at the end of each day and paid to your account on the first day of the following month.

Hold on Deposited Checks:
There may be a hold put on checks deposited into an account for a number of reasons. See our Funds Availability Policy for details.