Except as specifically
described, the following disclosures apply to all of the accounts.
Rate Information. 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 frequency of compounding for an annual period. For all accounts, the Dividend Rate and Annual Percentage Yield are fixed and will be in effect for the term of the account. The Annual Percentage Yield is based on an assumption that dividends will remain on deposit until maturity. A withdrawal of dividends will reduce earnings.
Compounding and Crediting.
The compounding and crediting of dividends applicable to each account is set
forth in the Rate Schedule. The Dividend Period begins on the first calendar
day of the Dividend Period and ends on the last calendar day of the Dividend
Balance Information. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For all accounts, 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 determined by adding the full amount of the principal in the account for each day of the period and dividing that figure by the number of days in the period.
Dividends. For all accounts, dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account. For accounts, if you close your account before accrued dividends are credited, accrued dividends will not be paid.
After your account is opened, your ability to make additional deposits to
your accounts or withdrawals of dividends and any limitations on such transactions
are set forth in the Rate Schedule.
Your account will mature as indicated on this Rate and Fee Schedule or on your Account Receipt or Renewal Notice.
Penalty. We may impose a penalty if you withdraw any of the principal before the maturity date.
Amount of Penalty. For all accounts, the amount of the early withdrawal penalty for your accounts is 90 days dividends.
How the Penalty
Works. 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. In other words, if the account has not yet earned enough dividends or if the dividend has already been paid, the penalty will be deducted from the principal.
to Early Withdrawal Penalties. At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances:
When an account
owner dies or is determined legally incompetent by a court or other body of
Where the account
is an Individual Retirement Account (IRA) and any portion is paid within seven
(7) days after establishment; or where the account is a Keogh Plan (Keogh)
provided that the depositor forfeits an amount of at least equal to the simple
dividends earned in the amount withdrawn; or where the account is IRA or Keogh
and the owner attains age 59 1/2 or becomes disabled.
Renewal Policy. The renewal policy for your accounts is indicated on the reverse side. For all accounts, your account will automatically renew for another term, upon maturity. For all accounts, you have a grace period of (10) business days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty.
Nontransferable/Nonnegotiable. Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation of an owner, except obligations with the Credit Union.
The rates and fees
appearing in this Schedule are accurate and effective for deposit accounts as
of the Effective Date indicated on this Rate and Fee Schedule. If you have any
questions or require current rate and fee information on your accounts, please
call the Credit Union.
Rate And Fee Schedule
The rates, fees,
and terms applicable to your account at the Credit Union are provided in this
Rate Schedule and Fee Schedule.
The Credit Union may offer other rates for these accounts from time to time.
of Deposit (1) Account:
Allowed ‚ Dividends Only
of Deposit (2) Account:
Allowed ‚ Dividends Only
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