Dividends on all savings accounts are compounded and credit monthly. Members must keep a minimum of $100 deposited at the credit union to avoid a monthly $3 single service fee. See Fee Schedule for details.
Except as specifically described, the following disclosures apply to all of the accounts:
- Rate Information. The Dividend Rate and Annual Percentage Yield on your accounts are set forth above. 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. For dividend-bearing accounts, the Dividend Rate may change periodically as determined by the Board of Directors. *On all Free Community Checking accounts, one cent per debit card transaction will be donated to the non-profit Maps Community Foundation. No dividends will be earned on the account and no donations will be deducted from the account.
- Nature of Dividends. Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period. On dividend-bearing accounts, the Dividend Period is based on a calendar month. The Dividend Rate and Annual Percentage Yield set forth above are accurate as of the Effective Date.
- Compounding and Crediting. Dividends will be compounded and credited as set forth on the Schedule. The Dividend Period for all dividend- bearing accounts begins on the first calendar day of the Dividend Period and ends on the last calendar day of the Dividend Period.
- Accrual of Dividends. Dividends will begin to accrue on cash and non-cash deposits (e.g., checks) on the business day you make the deposit to your account.
- Balance Information. The minimum balance required to open each account, earn dividends and avoid a service fee is set forth on the Schedule. On all Maps checking accounts, Share Savings accounts, and Youth Savings accounts, the dividends are calculated and the minimum balances required to earn dividends are determined using the actual daily balance method. On Market Investor accounts, the daily balance to keep the account open is $100.
- Account Limitations. For Market Investor accounts, no more than six (6) preauthorized, automatic, telephone transfers, or withdrawals may be made from these accounts to another account of yours or to a third party in any month. If you exceed these limitations, your accounts may be subject to an excessive transaction fee or be closed. No limit on teller transactions. For a Christmas Club account, the account balance will be withdrawn or transferred automatically to you the first week in November (balance withdrawal date), and the account will remain open. On Christmas Club accounts, there is a withdrawal fee if you withdraw any of the account balance prior to the withdrawal date.
- Deposit Reclassification .Your checking and savings account shall consist of two subaccounts: (1) a transaction subaccount and (2) a non-transaction subaccount. We shall distribute your funds between these accounts in accordance with our deposit reclassification policy (which may be changed from time to time at our discretion without further notice to you). All of your account transactions will be posted to the transaction subaccount. The balances in the non-transaction subaccount will be transferred to the transaction subaccount as needed to meet your transactional needs in accordance with Federal Regulatory requirements. This process does not adversely impact your access to your funds held in either account. These subaccounts will be treated as a single account for purposes of deposits and withdrawals, access and information, statement reporting, and any fees or charges. There are no separate or additional balance requirements, fees, or charges associated with the creation of these subaccounts. If your account is a non-interest bearing account, neither the transaction subaccount nor the non-transaction subaccount will receive any interest. If your account is an interest-bearing account, both the transaction subaccount and the non-transaction subaccount will receive the same interest rate at all times, and your periodic statement will reflect a single blended Annual Percentage Yield (“APY”) and APY Earned.