Daily Balance Computation Method:
The dividend is calculated by the daily balance method, which applies a daily periodic rate to the balance in the account each day the balance is $2,500.00 or more.
Crediting and Compounding:
The dividend is credited as of the first day of each month for the amount earned the prior month. The dividend will be available for withdrawal after the dividend has been credited. If the account is closed before the end of the month, the accrued interest will not be credited. Dividends are compounded monthly.
Fees and Charges:
The following fees and charges may be assessed against your account.
| a. Minimum balance service fee | No charge |
| b. Excessive MMA withdrawals | $10.00 per item |
| c. MMA Reject Fee | $10.00 per item |
| d. Non-Sufficient Funds check | See chart below |
| e. Stop Payment Order | $20.00 per item |
| f. Check Printing Fee | No charge for credit union supplied checks |
Overdraft Fee, NSF fee for check or ACH item – within a 12 month period from January 1st to December 31st.
Occurrence – An occurrence is defined as anytime your account is taken negative to pay an item or an item is returned due to insufficient funds in your account. VISA debit transactions count as occurrences but are subject to different fees (if applicable) than the tiered structure below.
| TIERS | DESCRIPTION | AMOUNT |
| Tier 1 – first and second occurrence | Per item of ACH, or check item paid or returned | $10.00 each |
| Tier 2 – third and fourth occurrence | Per item of ACH, or check item paid or returned | $20.00 each |
| Tier 3 – fifth occurrence and beyond | Per item of ACH, or check item paid or returned | $30.00 each |
Overdraft Protection:
Overdraft protection may be authorized to or from your MMA. Overdrafts are done in the amount needed and are subject to the transaction limitations as set forth above.
National Credit Union Share Insurance Fund:
Member accounts in this Credit Union are federally insured by the National Credit Union Share Insurance Fund.
Truth in Savings Account Disclosures
Except as specifically described, the following disclosures apply to all of the accounts.
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Rate information.
The Dividend Rate and Annual Percentage Yield on your accounts are set forth above. 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 the frequency of compounding for an annual period. The Dividend Rate and Annual Percentage Yield may change monthly as determined by the Credit Union’s Board of Directors. A withdrawal with reduce earnings.
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Nature of Dividends.
Dividends are paid from current income and available earnings after providing for the required reserves. The Dividend Rates and Annual Percentage Yields are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.
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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 Dividend Period and ends on the last calendar day of the Dividend Period.
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Balance information.
The minimum balance required to open each account is set forth above. Dividends are Calculated by the Daily Balance method which applies a daily periodic rate in the account each day.
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Accrual of Dividends.
Dividends will begin to accrue on cash deposits on the business day you make the deposit to your term account. 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 accrued dividends are credited, accrued but unpaid dividends will be paid on term share certificates; accrued but unpaid dividends for all other accounts will not be paid if you close the account before accrued dividends are credited.
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Transaction Limitations except for checking transactions.
During any statement period, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer or telephonic order of instruction. If you exceed the transfer limitations set forth above in any statement period, your account may be subject to closure by the credit union.
- Fees could reduce earnings on the account.
