MAIN SHARE ACCOUNT
Rate Information: The dividend rate and annual percentage yield may change at any time, as determined by the credit union board of directors.
Compounding and crediting: Dividends will be compounded every month. Dividends will be credited to your account every month. Dividend period -For this account type, the dividend period is monthly, 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 January 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the day of the regular monthly board of directors meeting.
Minimum balance requirements: The minimum required to open this account is the purchase of a share in the credit union. Please see the bylaw requirements in the Common Features section for additional information. You must maintain a minimum daily balance of $25.00 in your account each day to obtain the disclosed annual percentage yield.
Daily balance computation method. Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day. Accrual of dividends on noncash deposits -Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations: During any statement period, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer or telephonic order or instruction. No more than three of the six transfers may be made by check, draft, debit card (if applicable), or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the credit union.
Par value of a share: The par value of a share in this account is $25.00
- THRIFT CLUB ACCOUNT
- HOLIDAY (CHRISTMAS) CLUB ACCOUNT
- ALL PURPOSE CLUB ACCOUNT
- VACATION CLUB ACCOUNT
Rate Information: The dividend rate and annual percentage yield may change at any time, as determined by the credit union board of directors.
Compounding and crediting. Dividends will be compounded every month. Dividends will be credited to your account every month.
Dividend period -For this account type, the dividend period Is monthly, 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 January 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the day of the regular monthly board of directors meeting.
Minimum balance requirements: You must maintain a minimum daily balance greater than zero In your account each day to obtain the disclosed annual percentage yield. Daily balance computation method -Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day. Accrual of dividends on noncash deposits -Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations: You may not make any withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party. If any withdrawal is made from this account before the end of the club year, then this account may be closed.
NOW ACCOUNT
Rate Information: The dividend rate and annual percentage yield may change at any time, as determined by the credit union board of directors.
Compounding and crediting -Dividends will be compounded every month. Dividends will be credited to your account every month. Dividend period -For this account type, the dividend period is monthly, 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 January 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the day of the regular monthly board of directors meeting.
Minimum balance requirements: There is no minimum balance. Daily balance computation method -Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day. Accrual of dividends on noncash deposits -Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account. Transaction limitations: No transaction limitations apply to this account unless otherwise stated in the Common Features section.
MONEY MARKET ACCOUNT
Rate Information: The dividend rate and annual percentage yield may change at any time, as determined by the credit union board of directors.
Compounding and crediting. Dividends will be compounded every day. Dividends will be credited to your account every month.
Dividend period -For this account type, the dividend period is monthly, 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 January 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the day of the regular monthly board of directors meeting.
Minimum balance requirements: The minimum balance required to open this account is $1,000.00. You must maintain a minimum daily balance of $1,000.00 in your account each day to obtain the disclosed annual percentage yield. Daily balance computation method -Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day. Accrual of dividends on noncash deposits -Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations: During any statement period, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer or telephonic order or instruction. No more than three of the six transfers may be made by check, draft, debit card (if applicable), or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the credit union.
Share Certificate
Rate information: The dividend rate and annual percentage yield may change at any time, as determined by the credit union board of directors.
Compounding and crediting - Dividends will be compounded every month. Dividends will be credited to your account every month.
Dividend period - For this account type, the dividend period is monthly.
Minimum balance requirements - The minimum balance required to open this account is $500.00 or Jumbo Certificate is $50,000.00. You must maintain a minimum daily balance of $500.00 or Jumbo Certificate $50,000.00 in your account each day to obtain the disclosed annual percentage yield.
Daily balance computation method - Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of dividends on noncash deposits - Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations - After the account is opened, you may not make additions into the account until the maturity date stated on the account.
You may not make withdrawals of principal from your account before maturity.
You can withdraw dividends anytime during the term of crediting after they are credited to your account.
Time requirements - your account will mature on the date stated at account opening.
Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity)
- If your account has an original maturity date of less than one year: the penalty we may impose will equal one months dividends on the amount withdrawn subject to penalty.
- If your account has an original maturity of one year or more, but less than 48 months: The penalty we may impose will equal three months dividends on the amount withdrawn subject to penalty.
- If your account has an original maturity of 48 to 60 months: the penalty we may impose will equal six months dividends on the amount withdrawn subject to penalty.
In certain circumstances such as the death or imcompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. Other exceptions may also apply, for example, if this is part of an IRA or other tax-deferred savings plan.
Automatically renewable account - this account will automatically renew at maturity. You may prevent renewal if you withdraw the funds in the account at maturity (or within the grace period mentioned below, if any) or we receive written notice from you within the grace period mentioned below, if any. We can prevent renewal if we mail notice to you at least 30 calendar days before maturity. If either you or we prevent renewal, dividends will continue to accrue after final maturity for up to ten calendar days. The dividend rate will be the rate then being offered on like certificates.
Each renewal term will be the same as the original term, beginning on the maturity date. The dividend rate will be the same we offer on new term share accounts on the maturity date which have the same term, minimum balance (if any) and other features as the original term share account.
You will have a grace period of ten calendar days after maturity to withdraw the funds without being charged an early withdrawal penalty.
HOLDING ACCOUNT
Rate Information: The dividend rate and annual percentage yield may change at any time, as determined by the credit union board of directors.
Compounding and crediting -Dividends will be compounded every month. Dividends will be credited to your account every month.
Dividend period -For this account type, the dividend period is monthly, 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 January 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the day of the regular monthly board of directors meeting. If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements: You must maintain a minimum daily balance greater than zero in your account each day to obtain the disclosed annual percentage yield.
Daily balance computation method -Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of dividends on noncash deposits. Dividends will begin to accrue 01 the business day you place noncash items (for example, checks) to you account. Transaction limitations: No transaction limitations apply to this account unless otherwise stated in the Common Features section.
CO-MAKER HOLDING ACCOUNT
Rate Information: The dividend rate and annual percentage yield may change at any time, a: determined by the credit union board of directors.
Compounding and crediting. Dividends will be compounded every month Dividends will be credited to your account every month.
Dividend period -For this account type, the dividend period is monthly, 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 January 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the day of the regular monthly board of directors meeting. If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements: You must maintain a minimum daily balance greater than zero in your account each day to obtain the disclosed annual percentage yield.
Daily balance computation method -Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of dividends on noncash deposits -Dividends will begin to accrue on the business day you place noncash items (for example, checks) to you account Transaction limitations: No transaction limitations apply to this account unless otherwise stated in the Common Features section.
IRA SAVINGS AND ROTH IRA SAVINGS
Rate Information: The dividend rate and annual percentage yield may change at any time, a determined by the credit union board of directors.
Compounding and crediting -Dividends will be compounded every month Dividends will be credited to your account every month.
Dividend period -For this account type, the dividend period is monthly, for example, the beginning date of the first dividend period of the calendar year l January 1, and the ending date of such dividend period is January 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the day of the regular monthly board of directors meeting.
Minimum balance requirements: No minimum balance requirements apply to this account.
Daily balance computation method -Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of dividends on noncash deposits. Dividends will begin to accrue on the business day you place non-cash items (For example, checks) to your account. Transaction limitations: You may not make any withdrawals or transfers to another credit union account of yours or to a third party by means of a pre-authorized or automatic transfer, telephonic order or instruction, or similar order to a third party.
COMMON FEATURES
Bylaw requirements: You must complete payment of one share in your Main Share account as a condition of admission to membership.
Transaction limitation: We reserve the right to at any time require not less than seven days notice in writing before each withdrawal from an interest-bearing account other than a time deposit, or from any other savings account as defined by Regulation D.
Nature of dividends
Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period. (This disclosure further explains the dividend feature of your non-term share account(s).) National Credit Union Share Insurance Fund and Massachusetts Share Insurance Corporation (MSIC) -Member accounts in this credit union are insured by MSIC and federally insured by the National Credit Union Share Insurance Fund.
