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Share Account Disclosure
  1. Rate Information. All Savings and Checking Accounts are Variable
    Rate Accounts. The Current Dividend Rate and Annual Percentage Yield
    (APY) on your accounts are set forth in this brochure. The APY 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. The Dividend Rate and Annual Percentage Yield are based
    on the last dividend declaration date and may change as determined by the Credit Union's Board of Directors.

  2. Nature of Dividends. Dividends are paid from current income and available earnings after any required transfers to reserves at the end of a dividend period. The Dividend Rate and APY are those declared as of the last dividend declaration date.

  3. Compounding and Crediting. Dividends will be compounded and credited as set forth in this brochure. The dividend period for each account is set forth in this brochure. If the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other quarterly dividend periods follow this same pattern of dates. If the dividend period is monthly, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is January 31. All other monthly dividend periods follow this same pattern of dates.

  4. Accrual of Dividends. Dividends will begin to accrue on deposits on the business day you make the deposit to your account. If you close your account before accrued dividends are credited, accrued dividends will be credited at that time.

  5. Balance Information. The minimum balance required to open each account is set forth in this brochure. You must maintain a minimum of one (1) share in the Prime Savings Account. The par value of one share is $5. For accounts using a Daily Balance method, dividends are calculated by applying a daily periodic rate to account balances above $100 each day.

  6. Account Features and Limitations.
    1. For Savings and Checking Accounts: Automatic transfers may be made to your Checking Account from your Prime Savings Account if there are not sufficient funds in your Checking Account. Automatic transfers may be made from Special Savings or Joint Savings Accounts upon request by contacting our Member Service Center at 305-270-5250. These transfers are bound by the limitations set forth in 6b.

    2. For Savings: Federal regulations allow no more than six (6) automatic transfers from any savings account to another account in any month.

  7. Special Savings. Special Savings refers to any of the following accounts at the Credit Union: College Tuition Account (CTA); Holiday Savings; Income Tax Account (ITA); Summer Savings; Property Tax Account (PTA); Vacation Savings; Member's Choice.

Last Updated: 8/2013
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