Truth In Savings
GENERAL INFORMATION FOR ALL ACCOUNTS:
Par value of a share. The par value of a share is $5.00.
Bylaw requirements. You must complete payment of one share(s) into your share savings account(s) as a condition of admission to membership. A member who withdraws all of the member’s shareholdings shall thereby cease to be a member of the credit union and shall be ineligible to hold any other form of investment in the credit union. Any person whose membership terminates under this section may be readmitted to membership, at the discretion of the Board or its delegates, by purchasing at least one (1) share.
National Credit Union Share Insurance Fund. This credit union is federally insured by the National Credit Union Administration.
Additional Terms. The following additional terms apply to this account: Any P.O.D. or joint account survivorship feature of this account shall apply without regard to any requirement to survive an event by any specified period.
Dividends. The dividend rate for accounts is determined at the discretion of the board of directors. The dividend rate(s) and annual percentage yield(s) are accurate as of January 24, 2023. The dividend rate and annual percentage yield may change at any time.
Nature of dividends. If applicable, dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.
Compounding frequency. If applicable, dividends will be compounded monthly.
Crediting frequency. If applicable, dividends will be credited monthly.
Dividend period. 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 follows the ending date of a dividend period, and for the example above is January 31.
Effect of closing an account. If you close your account before dividends are paid, you will not receive the accrued dividends.
Average 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. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use to make this calculation is monthly.
Accrual of dividends on noncash deposits. Dividends will begin to accrue no later than the business day we receive credit for the placement of noncash items (for example, checks) into your account.
SHARE SAVINGS:
Rate information. As of the last dividend declaration date, the dividend rate on this account was 0.15% with an annual percentage yield of 0.15%.
Minimum balance required to open this account is $5.00.
Minimum balance to obtain the disclosed annual percentage yield. You must maintain a minimum daily balance of $100.00 in your account each day to obtain the disclosed annual percentage yield. The minimum daily balance requirement does not apply to accounts of minors under 21 years of age; the minimum daily balance to earn interest for these accounts is $5.00.
Dormant Account. A share savings account can be considered a “dormant account” and hence be charged a dormancy fee if the following conditions apply:
1. The account owner (prime member) is age 21 and over; and
2. The balance in the share savings is less than $100.00; and
3. The account has no deposits, withdrawals, or transfers for a six-month period; and
4. The member does not have any of the following on that account: open loan, line of credit, share certificate, checking (share draft), or an IRA club account.
5. For a deceased, solely held share account without ancillary services, a dormancy fee may be taken regardless of the balance in the account if there has been no activity for a six- month period.
Please refer to our fee schedule for additional information.
Addition limitations. You may make an unlimited number of additions into your account.
Limitations on frequency of transfers. During any monthly statement cycle, you may not make more than six withdrawals or transfers to another account of yours or to a third party by means of a preauthorized, automatic or computer transfer or telephone 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 financial institution.
IRA CLUB ACCOUNT: (Includes Traditional, Roth and Coverdell Education IRAs)
Rate information. As of the last dividend declaration date, the dividend rate on this account was 3.00% with an annual percentage yield of 3.04%.
Minimum balance: No minimum balance requirements apply to this account.
Addition limitations. Withdrawal and contribution limits may apply, please refer to application packet.
OPEN CLUB SAVINGS ACCOUNT:
Rate information. As of the last dividend declaration date, the dividend rate on this account was 0.15% with an annual percentage yield of 0.15%.
Minimum balance to obtain the disclosed annual percentage yield. You must maintain a minimum daily balance of $100.00 in your account each day to obtain the disclosed annual percentage yield. The minimum daily balance requirement does not apply to accounts of minors under 21 years of age; the minimum daily balance to earn interest for these accounts is $5.00.
Addition limitations. You may make an unlimited number of additions into your account.
CHRISTMAS CLUB ACCOUNT:
Rate information. As of the last dividend declaration date, the dividend rate on this account was 1.00% with an annual percentage yield of 1.00%.
Addition limitations. You may make an unlimited number of additions into your account.
Club account withdrawal limitations. Christmas Club funds are transferred to your Share Savings Account and are available for withdrawal on the first business day of October of each year. The credit union will not penalize for withdrawals made within the first 6 days after the account is opened. If a request for a withdrawal is presented after that time, dividends earned for the current quarter are forfeited, the account is closed, and the funds are transferred to the share account.
SHARE DRAFT (CHECKING) ACCOUNTS
Courtesy Pay. If you overdraw your personal account, we may, at our discretion, pay overdrafts up to a $500 limit. You will be assessed either a NSF Fee or a Courtesy Pay Fee, but not both. These fees will be included in the $500 limit. Courtesy Pay is a non-contractual privilege that requires no action on the member’s part; it is not a loan. We will send you a notice each time an overdraft occurs. If you receive a direct deposit of your monthly social security into your checking account and do not want Courtesy Pay eligibility, you must advise us to stop us from paying your overdrafts with these funds.
IBRETA/IOLTA CHECKING:
Rate information. As of the last dividend declaration date, the dividend rate on this account was 0.15% with an annual percentage yield of 0.15%. Dividends are transferred monthly according to state law to the State of Wisconsin.
Minimum balance required to open this account is $25.00.
BASIC CHECKING:
Minimum balance required to open this account is $25.00.
Addition limitations. You may make an unlimited number of additions to your account.
PREFERRED CHECKING:
Rate information. As of the last dividend declaration date, the dividend rate on this account was 0.15% with an annual percentage yield of 0.15%.
Minimum balance required to open this account is $100.00.
Minimum balance to obtain the disclosed annual percentage yield. You must maintain a minimum average daily balance of $1,000.00 in your account to obtain the disclosed annual percentage yield. If your balance falls below $1,000.00 on any day in the month, your account will be subject to a service fee for that month. Please refer to our fee schedule for specifics.
Addition limitations. You may make an unlimited number of additions into your account.
Fees and charges. Up to 15 checks clear free per month with a charge for each additional check. Debit card transactions and electronic/automatic withdrawals are not included in the “15 checks clear free” limitation. Refer to fee schedule for specifics.
PREFERRED PLUS CHECKING:
Rate information. As of the last dividend declaration date, the dividend rate on this account was 0.15% with an annual percentage yield of 0.15%.
Minimum balance required to open this account is $250.00.
Minimum balance to obtain the disclosed annual
percentage yield. You must maintain a minimum average daily balance of $2,500.00 in your account to obtain the disclosed annual percentage yield. If your balance falls below $2,500.00 on any day in the month, your account will be subject to a service fee for that month. Please refer to our fee schedule for specifics.
Addition limitations. You may make an unlimited number of additions into your account.
Fees and charges. Up to 15 checks clear free per month with a charge for each additional check. Debit card transactions and electronic/automatic withdrawals are not included in the “15 checks clear free” limitation. Refer to fee schedule for specifics.
PREMIER CHECKING:
Rate information. As of the last dividend declaration date, the dividend rate on this account was 0.20% with an annual percentage yield of 0.20%.
Minimum balance to obtain the disclosed annual percentage yield. You must maintain a minimum average daily balance of $5,000.00 in your account to obtain the disclosed annual percentage yield. If your average daily balance falls below $5,000.00, your account will be subject to a service fee for that month and all related product rates will default to the lowest rate paid on any share savings account or IRA offered by NCCU at the time of the rate change and will remain in effect for all of the Premier products until the minimum balance requirement of Premier checking has been met for one full dividend period. At that time, all Premier products will revert back to the Premier APY’s. Please refer to our fee schedule for specifics.
Addition limitations. You may make an unlimited number of additions into your account.
Fees and charges. Refer to fee schedule for specifics.
Bonus Features if maintain minimum average daily balance of $5,000.00:
Share savings Premier rates APY
$100 - $5,000 0.20%
$5,000 - $10,000 0.22%
> $10,000 0.25%
IRA Premier rates
Balances APY
<$25,000 3.04%
$25,000 - $50,000 3.14%
$50,000 - $75,000 3.20%
$75,000 -$100,000 3.25%
> $100,000 3.30%
Added benefits if maintain minimum average daily balance of $5,000.00 (subject to change without notice):
· add 0.05% to the dividend rate for any new non-promotional share certificate;
· $250 credit towards closing costs associated with any NCCU mortgage loan closing with a minimum advance of $10,000 new money;
· $50 credit towards processing fees and closing costs associated with the opening of any new NCCU Home Equity Line of Credit – HELOC;
· One FREE box of checks per year for the premier checking account;
· FREE Official checks (limit one per month);
· One year FREE rental of NCCU safe deposit box of 3” x 5” x 21” (subject to availability) or a $20.00 credit towards a larger size box or existing box. A once per lifetime membership discount applies;
· FREE notary service, online banking and debit card