Except as specifically described, the following disclosures apply to all of the 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 Regular Shares, Christmas Club, Vacation Club and IRS accounts, the Dividend Rate and Annual Percentage Yield may change at any time as determined by the Credit Union's Board of Directors.
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 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
4. Accrual of Dividends. For Regular Shares, Christmas Club, Vacation Club and IRA accounts, dividends will begin to accrue on noncash deposits (e.g. checks )on the business day you make the deposit to your account. For Regular Shares, Christmas Club, Vacation Club and IRA accounts, if you close your account before accrued dividends are credited, accrued dividends will not be paid.
5. Balance Information. 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 required to avoid a service fee. If the minimum balance is not met, there will be a service fee as set forth in the Fee Schedule. For Regular Shares, Christmas Club, Vacation Club and IRA 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 Regular Shares, ChristmasClub, Vacation Club and IRA 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 daily balance is determined by adding the full amount of principalaccount for each day of the period and dividing that figure by the number of days in the period.
6. Account Limitations. For 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. You may make transfers or withdrawals in first seven (7) days after the account is opened without restriction. For a Vacation Club account, the entire balance will be paid to you by check or transferred to another account of yours on or after May 1 and the account will remain open. You may make transfers or withdrawals in first seven (7) days after the account is opened without restriction. For Christmas Club and Vacation Club accounts, you may be charged a withdrawal fee for each withdrawal from the account. For Regular Shares, IRA and Share Draft (Checking) accounts, no account imitations apply.