Truth in Savings Disclosure
Rate information
The dividend rate and annual percentage yield may change monthly as determined by the Board of Directors. 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. Accounts closed prior to crediting dividends will not receive accrued dividends. For members in the Essential category, no dividends will be paid; for members in the Enhanced and Premier categories, the dividend rate and annual percentage yield are set forth on the preceding page. The dividend rate and annual percentage yield for the next month is based upon your Member Merit status on the last day of the previous month. The Investor’s Money Market account is a tiered rate account. The dividend rate and annual percentage yield applicable to each account depends on the balance ranges set forth on the preceding page. Once a balance range is met, the dividend rate and annual percentage yield for that range will apply to the entire balance in your account.
Nature of dividends
Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period. The dividend rate and annual percentage yield set forth on the preceding page are the prospective rates that the credit union anticipates paying for the dividend period. The dividend period begins on the first calendar day of the month and ends on the last calendar day of the month. Dividends begin to accrue on cash and non-cash (e.g., check) deposits on the business day you make the deposit into your account. Dividends are compounded and credited monthly.
Balance information
Dividends and minimum balance for all accounts except Value Checking and TLT Checking accounts, which do not earn dividends, are calculated by the daily balance method, which applies a daily periodic rate to the principal balance in the account each day. For Money Market accounts, there is a minimum daily balance requirement of $1,000 to earn dividends. For Investor’s Money Market accounts, there is a minimum daily balance requirement of $10,000 to earn dividends.
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