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Except as specifically
described, the following disclosures apply to all of
the accounts. All accounts described in this Rate & Free
Schedule are share accounts.
1. 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 many change
monthly 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 Schedule.
2. Nature of Dividends.
Dividends are paid from current income and available
earnings after required transfers to reserves at the
end of the dividend period.
3. 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 end on the last calendar day of
the period.
4. Accrual of 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.
5. Balance Information.
The minimum balance requirements applicable to each account
are set forth in the Rate Schedule. For all 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 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.
6. Account Limitations.
For a Christmas Share account, the entire balance will
be paid to you by check or transferred to another account
of your on or after November 15 and the account will
remain open. If you withdraw any of the account balance
at any time, we will close your account and pay you the
full account balance. You may make transfers or withdrawals
in the first seven days after the account is opened without
restriction. For Money Market Share accounts, three(3)
withdrawals allowed per month, after which a fee will
be imposed. For Regular Share, Special Share, IRA Share,
and Share Draft/Checking accounts, no account limitations
apply.
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