for a Loan
Your Visa Account
The credit union's current rates and fees
are listed on separate pages.
Except as specifically described, the following disclosures apply to all of
the accounts. All accounts described in this disclosure are share 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 may change at any
time as determined by the credit union's Board of Directors. The Dividend
Rates and Annual Percentage Yields are the rates and yields as of the last
dividend declaration date which is set forth in the rate
- 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. The compounding and crediting of dividends
and dividend period applicable to each account are set forth in the rate
schedule. The dividend period is the period of time at the end of which
an account earns dividend credit. The dividend period begins on the first
calendar day of the period and ends on the last calendar day of the period.
- Accrual of Dividends. For all accounts, dividends will begin to accrue on
non-cash 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 dividends will not be paid.
- Balance Information. To open any account, you must deposit or
already have on deposit at least the par value of one full share
($5.00) in any account. The minimum balance requirements applicable
to each account are set forth in the rate
schedule. For Share Draft (checking) accounts, there is a minimum balance
in all accounts required to avoid a service fee for the dividend
period. If the minimum balance is not met, there will be a service
fee as set forth on our fee schedule. For
regular Share Savings accounts, there is a minimum average daily balance
required to obtain the Annual Percentage Yield for the dividend
period. If the minimum average daily balance is not met, you will
not earn the stated Annual Percentage Yield. For all accounts
using the an Average Daily Balance method, dividends are calculated
by applying 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 principal in the account for each
day of the period and dividing that figure by the number of days
in the period.
- Account Limitations. For regular Share Savings accounts, no more than six (6) preauthorized,
automatic, or telephone transfers may be made from these accounts to another
account of yours or to a third party in any month, and no more than three
(3) of those six (6) transfers may be made by check, draft, or debit card
to a third party. If you exceed these limitations, your account may be subject
to a fee or be closed. For a Christmas Club account, the entire balance will
be paid to you by check or transferred to another account of yours on or after
November 1 and the account will remain open. If you withdraw any of the account
balance at any time, you may be charged a withdrawal fee of 10% of the balance
and your account will be closed. You may make transfers or withdrawals in
the first seven (7) days after the account is opened without restriction.
For a Planner's Club account, the entire balance will be paid to you by check
or transferred to another account of yours on or after July 1 and January
1 and the account will remain open. If you withdraw any of the account balance
at any time, you may be charged a withdrawal fee of 10% of the balance and
your account will be closed. You may make transfers or withdrawals in the
first seven (7) days after the account is opened without restriction. For
IRA Shares, Special Share, Organizational Share and Share Draft (checking) accounts, no
account limitations apply.