TRUTH IN SAVINGS DISCLOSURE -
MONEY MARKET ACCOUNTS
The rates, fees and terms applicable to your Money Market Account at the White River Credit Union are provided in this Truth-in-Savings Disclosure. The Credit Union may offer other rates for these Accounts from time to time.
Dividends Compounded - Monthly
Dividends Credited - Monthly
Dividend Period - Monthly (Calendar)
Balance Requirements
Minimum Opening Balance - $1,000.00
Minimum Balance to Avoid a Service Fee - $1,000.00
Minimum Balance to Earn the Stated APY - $1,000.00
Balance Method - Daily Balance
Account Limitations
Refer to Section 6 of this Disclosure - Account Limitations
FEE SCHEDULE |
|
Description |
Fee Amount |
Below Minimum Balance |
$10.00/month if on any one day balance drops below $1,000.00 |
Exceed REG D Limit |
$5.00 per transaction that exceeds REG D limitations as outlined in Disclosure |
Overdraft Fee |
$27.00 per item |
Stop Payment Fee |
$10.00 per item, or for a series of drafts |
Share Draft Photocopy Fee |
$1.00 per draft |
Excessive Deposit Fee |
15¢ per item in excess of 30 items within a month |
Share Draft Printing |
No charge for standard checks |
Domestic Wire Transfer (outgoing) |
$15.00 per transfer |
International Wire Transfer (outgoing) |
$25.00 per transfer |
Domestic or International Wire Transfer (incoming) |
No Charge |
Cashier's Check |
$2.00 per check (free, if payable to Member) |
Money Order |
$1.00 per Money Order |
|
|
* NOTE: A share draft or Cashier's Check that has an issue date of more than 6 months prior will be considered stale-dated and may not be honored. |
|
Membership Share (Suffix = 01) has a Par Value of $5.00. This is equal to one Share. The rates and fees appearing with this Schedule are accurate as of the Last Dividend Declaration date indicated on this Truth-in-Savings Disclosure. If you have any questions or require current rate and fee information on your accounts, please call the Credit Union.
- Rate Information. 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 Money Market accounts, the Dividend Rate and Annual Percentage Yield may change at any time as determined by the Credit Union's Board of Directors. The Dividend Rates and Annual Percentage Yield are the rates and yields as of the last dividend declaration date, which is set forth in the Rate Schedule. The Money Market account is a Tiered Rate account. If your Daily Balance is from $1,000.00 to $2,499.99, the second Dividend Rate and Annual Percentage Yield listed for this account in the Rate Schedule will apply. If your Daily Balance if from $2,500.00 to $9,999.99, the third Dividend Rate and Annual Percentage Yield listed for this account will apply. If your Daily Balance is from $10,000.00 to $24,999.99, the fourth Dividend Rate and Annual Percentage Yield listed for this account will apply. If your Daily Balance is from $25,000.00 to $49,999.99, the fifth Dividend Rate and Annual Percentage Yield listed for this account in the Rate Schedule will apply. If your Daily Balance is from $50,000.00 to $99,999.99, the sixth Dividend Rate and Annual Percentage Yield listed for this account in the Rate Schedule will apply. If your Daily Balance is from $100,000.00 or greater, the seventh Dividend Rate and Annual Percentage Yield listed for this account in the Rate Schedule will apply. Once a particular range is met, the Dividend Rate and Annual Percentage Yield for that balance range will apply to the full balance of your account.
- Nature of Dividends. Dividends are paid from current income and available earnings after required transfers to reserves at the end of the monthly dividend period.
- Dividend Compounding and Crediting. The compounding and crediting frequency of dividends and dividend period applicable to money market accounts are monthly. The Dividend Period is the period of time at the end of which an account earns dividend credit. The Dividend Period begins on the first calendar day of the month and ends on the last calendar day of the month.
- Accrual of Dividends. For all accounts, dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account. If you close your account before accrued dividends are credited, you will not receive the accrued dividends.
- Balance Information. To open any account you must deposit or already have on deposit at least the par value of one full share in a Primary (Membership) Share account. The par value amount is stated in the Fee Schedule. For Money Market accounts, there is a minimum Daily Balance required to avoid a service fee for the dividend period. If the minimum daily balance is not met during each day of the dividend period, there will be a service fee as stated in the Fee Schedule. For Money Market accounts, there is a minimum Daily Balance required to earn the Annual Percentage Yield disclosed for the dividend period. If the minimum daily balance is not met each day of the dividend period, you will not earn the stated Annual Percentage Yield. For Money Market accounts, dividends are calculated by applying a daily periodic rate to the balance in the account each day.
- Account Limitations. For Money Market accounts, no more than six (6) preauthorized, automatic transfers may be made from each account to another account or to a third party in any month, and no more than three (3) of these (6) transfers made by draft. If you exceed these limitations, your account may be subject to a fee or be closed.
- Fees for Overdrawing Accounts. Fees may be imposed on each draft, preauthorized automatic initiated withdrawal or any other electronic withdrawal or transfer transaction that is drawn on an insufficient available account balance. The entire balance in your account may not be available for withdrawal, transfer or paying by draft. You may consult the Funds Availability Policy for information regarding the availability of funds in your account. Fees for overdrawing your account may be imposed for each overdraft, regardless of whether we pay or return the draft, withdrawal or transaction. Please refer to the Fee Schedule for current fee information.
- Fees for Excessive Number of Monthly Deposit Items. The first thirty deposit items each month are at no charge to the member. Beyond these thirty items, there is a charge of 15¢ per item.
- Overdraft Protection. Overdraft protection is not available for Money Market Accounts, nor may a Money Market Account be used as overdraft protection for a share draft account.
- Debit Card Access. Debit card access will not be allowed on a Money Market Account.
- On-line Banking Access. Money Market Accounts will be accessible via on-line banking with limitations.
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