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Regular Shares, Club Accounts |
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Variable Rate Account Information |
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- The interest rate for your account is
[current]% with an annual percentage yield of [current]%. Your interest rate and
annual percentage yield may change with approval of the Board of Directors. At the
Board's discretion, we may change the interest rate on your account daily.
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Dividend Information/Balance Computation |
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- We use the daily balance method to calculate
the dividend on your account. This method applies a daily periodic rate to the principal
balance in the account each day.
- Dividend on your non-cash deposits (checks)
begins to accrue on the business day of deposit.
- Dividend is compounded monthly and credited
to your account on the last day of the month.
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Minimum Balance Requirement |
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- You must deposit $5.00 to open a regular
share account and all members are required to have a regular share account.
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Fees |
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- Fees for Special Services associated
with these accounts and fees for MAD Card transactions are available in the
Fees Schedule.
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Transaction Restrictions |
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- There are no limits on the number of
the over the counter withdrawals.
- The maximum amount of cash a member
may receive in any one business day is $1,500.00 unless otherwise approved by management.
- The maximum check withdrawal for any
one business day is $10,000.00, unless otherwise approved by management.
- Loan payments made by Payroll Deduction
(weekly, bi-weekly, semi-monthly or monthly) may affect the APY and APYE for a given
share account.
- For limitations on the availability
of funds deposited into your accounts and on electronic fund transfers to and from
your account, please see Fees Schedule,
and MAD Card Disclosure
Statement.
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Features/Benefits |
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- You will be provided with a quarterly
statement showing all of your transactions. (All accounts are listed separately.)
- The statement for your accounts may
be combined with a share draft account and if so, you will receive a monthly statement
for this account.
- ATM access is available.
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High Yield Savings Account |
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Variable Rate Information |
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- The interest rate for your account is
[current]% with an annual percentage yield of [current]%. Your interest rate and
annual percentage yield may change with approval of the Board of Directors. At the
Board's discretion, we may change the interest rate on your account daily.
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Dividend Information/Balance Computation |
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- We use daily balance method to calculate
the dividend on your account. This method applies a daily periodic rate to the principal
balance in the account each day.
- Dividend on your non-cash deposits (checks)
begins to accrue on the business day of deposit.
- Dividend is compounded monthly and credited
to your account on the last day of the month.
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Minimum Balance Requirement |
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- You must deposit and maintain a $1,000
balance to earn dividends on this account.
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Fees |
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- Fees for Special Services associated
with these accounts and fees for MAD Card transactions are available in the
Fees Schedule.
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Transaction Restrictions |
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- There are no limits on the number of
over the counter withdrawals.
- The maximum amount of cash a member
may receive in any one business day is $1,500.00 unless otherwise approved by management.
- The maximum check withdrawal for any
one business day is $10,000.00, unless otherwise approved by management.
- Loan payments made by Payroll Deduction
(weekly, biweekly, semimonthly, or monthly) may affect the APY and APYE for a given
share account.
- For limitations on the availability
of funds deposited into your account and on electronic fund transfers to and from
your account, please see Fees Schedule,
and MAD Card Disclosure
Statement.
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Features/Benefits |
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- You will be provided with a quarterly
statement showing all of your transactions. (All accounts are listed separately.)
- The statement for your accounts may
be combined with a share draft account and if so, you will receive a monthly statement
for this account.
- ATM access is available.
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Money Market Accounts |
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Variable Rate Information |
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The interest rate for your account will
be determined by the balance in your money market account
$2,000.00 - $20,000.00 ________
$20,000.01 - $50,000.00 ________
$50,000.01 or more ________
Your interest rate and annual percentage yield may change with approval of the Board
of Directors. At the Board's discretion, we may change the interest rate on your
account daily. |
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Minimum Balance Requirement |
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You must deposit $2,000.00 to open this
account. A $2,000.00 minimum is required at all times. If the balance falls below
the required minimum, you will earn no dividend on this account. |
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Fees |
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- Fees for Special Services associated
with these accounts and fees for MAD Card transactions are available in the
Fees Schedule.
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Transaction Restrictions |
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- There are no limits on the number of
over the counter
withdrawals.
- The maximum amount of cash a member
may receive in any one business day is $1,500.00 unless otherwise approved by management.
- The maximum check withdrawal for any
one business day is $10,000.00 unless otherwise approved by management.
- Loan payments made by Payroll Deductions
(weekly, biweekly, semimonthly, or monthly) may affect the APY and APYE for a given
share account.
- For limitations on the availability
of funds deposited into your accounts and on electronic fund transfers to and from
your account, please see Fees Schedule,
and MAD Card Disclosure
Statement.
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Features/Benefits |
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- You will be provided with a quarterly
statement showing all of your transactions. (All accounts are listed separately.)
- The statement for your accounts may
be combined with a share draft account and if so, you will receive a monthly statement
for this account.
- ATM access is available.
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Share Draft Accounts (Checking) |
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Variable Rate Account Information |
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- The interest rate for your account is
[current]% with an annual percentage yield of [current]%. Your interest rate and
annual percentage yield may change with the approval of the Board of Directors.
At the Board's discretion, we may change the interest rate on your account daily.
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Minimum Balance Requirement |
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- There is no minimum requirement for
this account at this time. The Board of Directors reserves the right to impose a
minimum balance at their discretion.
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Fees |
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- Fees for Special Services associated
with these accounts and fees for MAD Card transactions are available in the
Fees Schedule.
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Transaction Restrictions |
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- An unlimited number of transactions
are allowed each month.
- The maximum amount of cash a member
may receive in any one business day is $1,500.00 unless otherwise approved by management.
- The maximum check withdrawal for any
one business day is $10,000.00, unless otherwise approved by management.
- Loan payments made by Payroll Deduction
(weekly, biweekly, semimonthly or monthly) may affect the APY and APYE for a given
share account.
- For limitations on availability of funds
deposited into your account and on electronic fund transfers to or from your account,
please see Fees Schedule and
Mad Money Card Disclosure Statement and Regulation CC posted at main office.
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Features/Benefits |
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- We will provide you with a monthly statement
showing all of your transactions.
- Check Safekeeping is provided by the
credit union. Canceled Checks will not be returned to you with your monthly statement.
- Overdraft Protection and ATM Services
are available.
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Overdraft Protection |
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- APEX Federal Credit Union Overdraft
Protection provides members with the automatic transfer of funds to cover unexpected
overdrafts.
- You authorize us in advance to transfer
funds to any of the following accounts: Basic Checking, Business Checking.
- Funds are transferred from your choice of two of the following: Regular Shares, Club Accounts, Money Market Account, or
High Yield Savings Account.
- Whenever funds are needed to cover drafts
in excess of your checking account balance, we will transfer only the necessary
funds from your designated accounts to your share draft account. No transfer will
be made if there are insufficient funds in your designated accounts to cover the
overdraft.
- A fee of $1.00 per transfer will be
applied to your share draft account each day funds are transferred from your designated
accounts to cover a draft.
- APEX Federal Credit Union follows guidelines
set forth by Federal Regulation E (Expedited Funds Availability Act) in respect
to overdraft transfers.
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Share Certificates |
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Rates And Minimum Balance Information |
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- The minimum deposit amount, the interest
rate, the annual percentage yield and the maturity for your certificate account
are listed below. Certificates with terms greater than one year, the annual percentage
yield assumes that interest will remain on deposit until maturity. Early withdrawals
will reduce earnings.
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Certificate Type
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Minimum Deposit
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A.P.Y.
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Maturity Date
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3 Month
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$500.00
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.....
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.....
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.....
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6 Month
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$500.00
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.....
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.....
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1 Year
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$500.00
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.....
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.....
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.....
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18 Month
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$500.00
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.....
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.....
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.....
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2 Year
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$500.00
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.....
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.....
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.....
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3 Year
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$500.00
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.....
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.....
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.....
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4 Year
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$500.00
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.....
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.....
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.....
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5 Year
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$500.00
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.....
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.....
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.....
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Interest Information/Balance Computation |
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- We use the daily balance method to calculate
the dividend on your account. This method applies a daily periodic rate to the principal
in the account each day.
- Interest on your certificate account
begins to accrue on the day of deposit and is compounded quarterly
- Interest will be posted to your certificate
account quarterly on the last day of each calendar quarter.
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Fees |
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- Fees for Special Services are associated
with these accounts and fees for MAD Card transactions are available in the
Fees Schedule.
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Transaction Restrictions |
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- After your certificate account is opened,
you may not make deposits into your accounts.
- The maximum amount of cash a member
may receive in any business day is $1,500.00 unless otherwise approved by management.
- The maximum check withdrawal for any
one business day is $10,000.00, unless otherwise approved by management.
- Loan payments made by Payroll Deduction
(weekly, biweekly, semimonthly or monthly) may effect the APY and APYE for a given
share account.
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Early Withdrawal Penalty |
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- The principal balance must remain on
deposit until maturity. Any principal withdrawal before the stated maturity date
of the certificate will result in early withdrawal penalty.
- The penalty for any early principal
withdrawal is 182 days interest.
- The credit union reserves the right
to reduce the principal if sufficient interest has not accrued since initial deposit.
- In the event of death or judicially
declared mental incompetence the early withdrawal penalties, do not apply.
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Renewal Policy |
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- Certificate maturity notice will be
sent approximately two weeks prior to final stated maturity.
- The credit union may automatically redeem
your certificate and transfer the entire balance (principal and interest) at date
of maturity to your regular share account unless otherwise notified.
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Features/Benefits |
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- Dividend checks may be sent monthly
or quarterly upon member request.
- Monthly or quarterly transfer to alternate
share accounts may be done upon member request.
- Monthly or quarterly checks or transfers
will affect stated certificate yield.
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Individual Retirement Accounts |
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Variable Rate Information |
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- Accumulation IRA Account
The interest rate for your account is [current]% with an annual percentage yield
of [current]%. Your interest rate and annual percentage yield may change with
approval of the Board of Directors. At the Board's discretion, we may change the
interest rate on your account daily.
- IRA Share Certificate
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Certificate Type
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Minimum Deposit
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A.P.Y.
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Maturity Date
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3 Month
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$500.00
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.....
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.....
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.....
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6 Month
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$500.00
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.....
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.....
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.....
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1 Year
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$500.00
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.....
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.....
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.....
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18 Month
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$500.00
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.....
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.....
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.....
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2 Year
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$500.00
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.....
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.....
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3 Year
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$500.00
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.....
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.....
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4 Year
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$500.00
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.....
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.....
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.....
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5 Year
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$500.00
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.....
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.....
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.....
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Interest Information/Balance Computation |
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- We use the daily balance method to calculate
the dividend on your account. This method applies a daily periodic rate to the principal
in the account each day.
- Dividend on your non-cash deposits (checks)
begins to accrue on the business day of deposit.
- Dividend is compounded monthly and credited
to your account on the last day of the month for your Accumulation IRA Account.
- Interest will be compounded and posted
to your certificate account quarterly on the last day of each calendar quarter.
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Fees |
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- Fees for Special Services associated
with these accounts and fees for MAD Card transactions are available in the
Fees Schedule.
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Minimum Balance Requirement |
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- Accumulation IRA-You must deposit $25.00
to open this account.
- IRA CD's
- See table.
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Transaction Restrictions |
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- The minimum withdrawal for an IRA is
$500.00.
- The maximum amount of cash a member
may receive in any one business day is $1,500.00 unless otherwise approved by management.
- The maximum check withdrawal for any
one business day is $10,000.00 unless otherwise approved by management. Loan payments
made by Payroll Deduction (weekly, biweekly, semimonthly or monthly) may effect
the APY and APYE for a given share account.
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Early Withdrawal Penalty |
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- The principal balance must remain on
deposit until maturity. Any principal withdrawal before the stated maturity date
of the certificate will result in an early withdrawal penalty.
- The penalty for any early principal
withdrawal is 182 days interest.
- The credit union reserves the right
to reduce the principal if sufficient interest has not accrued since initial deposit.
- In the event or judicially declared
mental incompetence the early withdrawal penalties do not apply.
- The early withdrawal penalty will not
apply if you are 591/2 years of age. However, if you make a transfer or rollover
of the funds from the account, prior to maturity, the early withdrawal penalty will
apply.
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Renewal Policy |
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- Certificate maturity notice will be
sent approximately two weeks prior to final stated maturity.
- The credit union may automatically redeem
your certificate and transfer the entire balance (principal and interest) at date
of maturity to your regular share account unless otherwise notified.
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Features/Benefits |
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- Dividend checks may be sent monthly
or quarterly upon member request.
- Monthly or quarterly transfer to alternate
share accounts may be done upon member requests.
- Monthly or quarterly checks or transfers
will affect stated certificate yield.
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