Currently, we are paying a quarterly dividend on
all share balances above $300. We use the average daily balance
which is compounded quarterly. Historically, our dividend rates have
always exceeded any of our competitor's rates. Call us for our
current share dividend rates. There are deposit restrictions in the
amount of $25,000 per month, per account. The maximum balance for any one account
it $200,000. All shares are insured up to $250,000 by the NCUSIF. The credit union will not
accept cash deposits greater than $5,000.
See the Truth in Savings Disclosure below for
Rate Information: All accounts are
subject to the following items.
- Dividends are paid from current income and
available earnings after required transfers to reserves at the
end of the dividend period.
- The dividend rate (APR) and the Annual
Percentage (APY) are the anticipated rates for the applicable
period and the may change every dividend period at the
discretion of the credit union. All APY disclosures assume
that the dividends will remain in the share account in which
they are earned. Withdrawing the dividend or transferring the
dividend to a different account will reduce the APYE (the
actual Annual Percentage Yield Earned), but under no
circumstances will the APYE be less than the APR.
- The Balance Method used is the Average
Daily Balance Method which applies a periodic rate to the
average daily balance in the account for the period. The
average daily balance is calculated by adding the principal in
the account for each day of the period and dividing that
figure by the number of days in the period.
- Dividends will begin to accrue on cash and
non-items (i.e., checks) on the business day following the day
that the deposit is made to the account, i.e. dividends are
based on the beginning-of-day balance.
- Accounts closed before accrued dividends
are posted will not be paid a dividend for the amount accrued
since the beginning of the period. This restriction applies to
- Dividend periods begin on the first
calendar day of the first month of each period and end in the
last calendar day of the last month in each period.
- The term for all accounts will be 365 days,
i.e. 1/365th of the rate will be calculated on the balance
each day for 365 days or 366 days in a leap year.
Account Limitations: When the balance
and/or transaction limitations, as noted in the Rate and Fee
Schedule above, are exceeded, accounts may be subject to fees or
may be closed.
A one-time membership fee of $0.25 is charged
when each new member joins the credit union.