- The dividend rate and APY may change as determined by the credit union's board of directors and/or management.
Compounding and crediting - Dividends will be compounded quarterly and credited quarterly for the Savings, Holiday Club,
Vacation Club, and Variable IRA Accounts. Dividends will be compounded daily and credited monthly for the
Money Market and Premium Money Market Accounts.
Dividend period - For this account type, if the dividend period is quarterly, for example,
the beginning date of the first dividend period of the calendar year is January 1, and the
ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates.
The dividend declaration date follows the ending date of a dividend period, and for the example above is March 31.
- Balance computation method. The average daily balance method requires the application of a periodic rate to the
average daily balance in the account for the average daily balance calculation 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.
- Accrual of dividends. Dividends will begin to accrue on the business day you deposit cash and noncash
items (e.g., checks) to your account.
- Transaction limitations. During any monthly 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 or instruction. No more than three of the six transfers may be made by check, draft,
debit card, if applicable, or similar order to a third party. If you exceed the transfer limitations set forth above
in any statement period, your account will be subject to closure by the credit union. (Subject to a fee as listed
in the fee schedule below).
- Transaction limitations. IRA's are subject to limitations and/or penalties imposed by the Internal Revenue Service.
Please see your IRA Agreement or your tax advisor for additional information.
- Compounding and crediting. Dividends will be compounded daily and will be credited monthly.
The annual percentage yield assumes dividends will remain on deposit until maturity. A withdrawal will reduce earnings.
- Balance computation method. Dividends are calculated by the daily balance method, which applies a daily period
rate to the principal in your account each day.
- Accrual of dividends. Dividends will begin to accrue on the business day you deposit cash and noncash items (e.g., checks) to your account.
- Transaction limitations. After the account is opened, you may not make deposits into the account until the maturity date stated on the certificate.
Note: IRA Accounts - In addition to any penalty that we may impose for early withdrawal, under certain circumstances, there may be an additional IRA penalty. See your Retirement Account Documents for details. Additional deposits of $250 or more may be made without changing the renewal date of this IRA Certificate.
- Early withdrawal penalties. We will impose a penalty if you withdraw any of the funds before the maturity date. The penalty is shown below:
| |
| less than 6 months | 45 days dividends |
| 6 thru 11 months | 90 days dividends |
| 12 thru 60 months | 180 days dividends |
This penalty will only pertain to the amount withdrawn and may result in a reduction of principal.
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