Rate Information and Nature of Dividends: The dividend rates and annual percentage yields as of the last dividend declaration date are identified on the reverse side. The dividend rate and annual percentage yield may change every quarter as determined by the credit union Board of Directors. Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period.
Compounding and Crediting: Dividends are compounded and credited to your account(s) quarterly. If you close your account before dividends are paid, you will not receive the accrued dividends. Dividend periods are from January through March, April through June, July through September, and October through December. Accrued dividends are credited to the above accounts on the first day of the following quarter.
Balance Information: There is no minimum balance requirements, except Regular Shares has a Minimum Opening Balance requirement of $5.00. Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day. Dividends will begin to accrue on the business day you deposit non-cash items (i.e. checks) to your account.
Transaction Limitations: Transactions and withdrawals made by telephone, by Touch Tone Teller, by Home Financial Services, by transfer to an authorized third party, or to cover share draft overdrafts will be limited to six such transfers per month. This limitation does not apply to your Share Draft Checking account. If you exceed the transfer limitations set forth, your account is subject to closure. Credit union bylaws reserve the right to require a member intending to make a withdrawal from any account (except Share Draft Checking) to give written notice on such intent not less than seven days and up to sixty days before such withdrawals.
