Disclosures and Fee Schedule
As of July 24, 2020
Truth in Savings
The Dividend Rate and Annual Percentage Yield on your accounts are set forth on this page. The Annual Percentage Yield 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 may change monthly as determined by the Credit Union Board of Directors.
Nature of Dividends
The Credit Union Board of Directors declares dividends based on the Credit Union’s current income and available earnings after providing for the required reserves. The Dividend Rate and Annual Percentage Yield set forth on this page reflect the earnings the Credit Union anticipates having available for distribution. The Dividend Rate and Annual Percentage Yield are NOT guaranteed.
Compounding and Crediting
Dividends will be compounded and credited as set forth in this brochure. The dividend period begins on the first day of the dividend period and ends on the last day of the calendar dividend period set forth on this page.
Accrual of Dividends
Dividends will begin to accrue on the business day you deposit cash and non-cash items to your account. If you close your account prior to the dividend period you will not receive accrued dividends.
Balance Information – The minimum balances required to open each account and to obtain the stated annual percentage yield are set forth on this page. If your account balance falls below the minimum balance on any day, you will not earn dividends that day. Dividends are calculated by the daily balance method, which applies a daily periodic rate to the principal in the account each day. For Money Market accounts if balance drops below $2,500, the share savings rate will be paid. Account balances that remain below $2,500 for three (3) consecutive months will be transferred to share savings. For IRA accounts there is a $20 annual fee for IRA aggregate balances less than $1000 posted on April 16th.
Transaction Limitations and Requirements
Money Market accounts are limited to a maximum of three (3) withdrawals per month. The minimum deposit or withdrawal per transaction is $100.00.
Holiday Club has a maximum balance of $5,000. Closure of a Holiday Club prior to maturity will result in forfeiture of all accrued dividends.
Easy $ave Certificate requires a monthly direct deposit or auto transfer of at least $20.
This Rate Schedule sets forth certain conditions and rates applicable to your share accounts at the Credit Union at this time. The Credit Union may offer other rates or amend the rates contained in this schedule from time to time. Each account holder agrees to the terms set forth on the Rate and Terms Schedule and acknowledges that it is a part of the Membership and Account Agreement.
|Below Minimum Share Balance (After open for 180 days)||Up to $10.00|
|Member Check Cashing (If combined loan and share balance is less than $300)||$5.00|
|Closing Membership (If within 6 months of opening)||$10.00|
|Address Correction Verification||$5.00|
|Inactive Account (After 1 year inactive)||$5.00/quarterly|
|Coin Counting||Free if deposited|
|Credit Union Check (“Counter Check”, more than 1 per day)||$2.00|
|Claim for Lost Counter Check||$20.00|
|Outgoing Wire (Domestic)||$40.00|
|International Wire||Please inquire|
|Copy of Account Statement (Per month requested)||$5.00|
|Returned Deposit Item||$25.00|
|Stop Payment (ACH and check)||$20.00|
|Early Withdrawal from Holiday Club||$25.00|
|Excessive Withdrawal from Money Market (More than 3 per month)||$5.00|
|Legal Garnishment / Levy Processing||$30.00|
|Account Reconciliation or Research (per hour, ½ hour minimum - first assistance, no charge)||$20.00|
|Special Handling (Foreign item processing, collection item processing)||Please inquire|
|Copy of Deposit Item / Cleared Item||$10.00|
|Existing CECU Refinance – Consumer||$50|
|Existing CECU Refinance – Real Estate||Up to 1% of loan amount|
|Loan Origination – Real Estate||Up to 1% of loan amount|
|Miscellaneous Transaction Account||Fee|
|Crossroads – Monthly Service Charge||$15/month|
|Copies of Multiple Checks (5 days notification, research fee may apply)||Please inquire|
|Temporary Checks (per page, except new accounts)||$5|
|Check Printing (Box of checks)||Please inquire|
|Returned Non-Sufficient Funds (NSF) Item||$25|
|Paid Non-Sufficient Funds Item/Courtesy Pay||$25|
|ATM Transaction Adjustment||$10|
|Reissue PIN (No charge if ordered thru card issuer)||$5|
|Rush Order / Special Delivery (per card or pin)||Please inquire|
|Credit Card Annual Fee||$15|
|Visa® Transaction Retrieval (may include research fee)||$10|
|CU Travel Money (see card disclosure for usage fees)||$7.95|
|Reloadable Debit Cards (request card disclosure for usage fees)||$4.95|
|Visa® Gift Cards||$4.95|