General Account Disclosure*
Member accounts in this credit union are federally-insured by the National Credit Union Share Insurance Fund.
Nature of Dividends
Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period.
Dividend Calculation Method
Dividends are calculated by the daily balance method which applies a daily periodic rate to the principal in your account each day.
Rate Information
See the RATES page for current earnings on all accounts listed. Rates are subject to change at the discretion of Co-op Credit Union on a calendar quarterly basis on Share Savings, Special Savings, and Dividend Share Draft Checking accounts; on a calendar monthly basis on Super Share Savings and Share IRA accounts, and on a daily basis on Money Fund Checking accounts. Certificate rates are subject to change.
Annual Percentage Yield
The APY expresses the total annual return on an account, assuming dividends are left in the account and compounded throughout the year. A withdrawal or transfer will reduce earnings
Accrual of Dividends
Dividends will begin to accrue on the business day you deposit cash or non-cash items.
Charges/Penalties/Conditions
A $5.00 Return Check (or draft) fee applies to all accounts. Other fees and charges listed under FEES may affect these accounts. There may be tax penalties for improper withdrawals from IRA accounts.
*Dividend and minimum balance information does not apply to FREE checking, which is a non-dividend-earning account, and does not require a minimum balance, except for the $5.00 share in an account to maintain membership.
Important Information About Procedures for Opening An Account
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for you
When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
Dividend Checking, Free Checking, Money Market Account Disclosure
Compounding and Crediting
Dividend Checking
Dividends will be compounded and paid to the account quarterly. The beginning date of the first dividend period of the year is January 1 and the ending date of such dividend period is March 31. The dividends are paid after close of business on the last day of the dividend period. All other dividend periods follow this same pattern of dates.
FREE Checking
This is not a dividend earning account.
Money Market Account
Dividends will be compounded and paid to the account monthly. The beginning date of the first dividend period of the year is January 1 and the ending date of such dividend period is January 31. The dividends are paid after close of business on the last day of the dividend period. All other dividend periods follow this same pattern of dates.
Minimum Balance Requirements
Dividend Checking
$20.00 daily minimum balance to earn dividends.
FREE Checking
No minimum balance requirement.
Money Market Account
$10,000.00 minimum to open, and $10,000.00 minimum balance to earn the disclosed APY and dividend rate. If the account falls below $10,000.00, the current Share Savings APY and dividend rate will be paid.
Reward Checking Disclosure (includes ATM Fee Refunds Nationwide*!)
Reward Rate
- 2.25% APY (Annual Percentage Yield) on your balance up to/including $25,000.
- .25% APY on your balance over $25,000.
Base Rate
- 0.05% APY if requirements are not met.
To qualify for Reward Rates, the following conditions are required:
- Make a minimum of 12 debit card purchases per monthly qualification cycle with your CCU Debit Card. A Monthly qualification cycle is defined as the last day of one month through the day preceding the last day of the next month (for example: December 31st - January 30th). Debit card purchases must post and clear your account during each monthly qualification cycle.
- Receive your monthly statement electronically.
- Arrange a (one or more) continuous monthly automatic debit or direct deposit to post and clear your Reward Checking account during each monthly qualification cycle.
- Access your account online at least once per monthly qualification cycle.
*Refunds of ATM fees (charged to this checking account only) up to $20 per cycle if requirements are met.
Check Printing Prices
Dividend Checking and FREE Checking
Prices vary depending on style. First 50 checks (drafts) are free for new accounts.
Money Market Account
Free of charge. Check style at CCU's discretion.
Debit & ATM Limits & Fees
Debit card limits vary by checking account type, such as Reward, Free, Dividend, HSA and Debit-Only checking accounts, as shown below:
- Regular Checking (Reward, Free, Dividend): Purchase limit $3,000 / ATM limit $620 .
- Health Savings Debit Card Account: Purchase limit $3,000 / Cannot be used as ATM card.
- Debit-Only Checking: Purchase limit $1,200 / ATM limit $320.
Until you are notified of any changes, card limits and fees for Reward, Free, Dividend, HSA and Debit-Only checking accounts are as follows:
|
|
Checking Accounts |
Debit-Only Checking |
HSA Debit Card |
|
Frequency Limit |
Dollar Limit* |
Dollar Limit* |
NA |
| ATM Withdrawals |
12 per day |
$620 per day |
$320 per day |
$3,000 OTB |
| Mastercard Purchases** |
Max of 25 |
$3,000 OTB |
$1,200 OTB |
$3,000 OTB |
| PIN Purchases |
10 per day |
$3,000 per day |
$1,200 per day |
$3,000 per day |
| Cash Advances or Mastercard ATM |
12 per day |
$620 per day |
$320 per day |
NA
|
*Card transactions that exceed account balance (including available overdraft line-of-credit funds) will be rejected.
**Open to Buy Funds are reserved for purchase at any given time.
| Card Transaction & Fees |
Reward, Free and Dividend Checking |
Debit-Only |
HSA |
|
Cash Withdrawal
First 5/month
In excess of 5/month
|
Free
$1.00 each
|
Free
$1.00 each
|
N/A
|
| Cash Advance (Mastercard) |
$1.50
|
N/A |
N/A |
| Deposit |
Free |
Free |
Free
|
| Loan Payments |
Free |
Free |
N/A |
| Point of Sale (POS) Purchase |
Free |
Free |
Free |
| Mastercard Purchase |
Free |
Free |
Free |
| Reprint of card between renewals |
$10.00 |
$10.00 |
$10.00
|
| PIN Reminder - 1.800.992.3808 |
Free |
Free |
Free |
Notice Regarding ATM Fees by Others. When you use an ATM not owned by us you may be charged a fee by the ATM operator or any network used, and you may be charged a fee for a balance inquiry even if you do not complete a fund transfer.
Share Savings, Special Savings, Super Share Savings, Share IRA
Dividend Compounding and Crediting
Share Savings and Special Savings
Dividends will be compounded and paid to the account quarterly. The beginning date of the first dividend period is January 1 and the ending date of such dividend period is March 31. The dividends are paid after close of business on the last day of the dividend period. All other dividend periods follow this same pattern of dates.
Super Share and Share IRA
Dividends will be compounded and paid to the account monthly. The beginning date of the first dividend period of the year is January 1 and the ending date of such dividend period is January 31. The dividends are paid after close of business on the last day of the dividend period. All other dividend periods follow this same pattern of dates.
Minimum Balance Requirements
The minimum daily balance to earn dividends is $20.00. The minimum balance to open a Super Share Savings account is $1,000. The Super Share Savings account pays different annual percentage yields for different balance levels. If the Super Share balance falls below $1,000, the current Share Savings rate will be paid. See RATES page.
Transaction Limitations
Federal Regulation D allows a maximum of six non-in-person transfers from each savings account to another account or third party per month. Savings accounts include any CCU savings, additional savings or Money Market Account. Transfers include those made online, on mobile, through our telephone banking system or call center and ACH transfers. All IRA accounts may be subject to withdrawal penalties according to IRA rules.
Share Certificates, IRA Certificates, Youth Saver Certificates
Dividend Compounding and Crediting
For 6-month certificates, dividends will be compounded and credited to the account at maturity. For all other certificate maturities, dividends will be compounded and paid to the account quarterly and at maturity. The beginning date of the first dividend period of the year is January 1 and the ending date of such dividend period is March 31. The dividends are paid by crediting to the account on the last day of the dividend period. All other quarterly dividend periods follow this same pattern of dates.
Minimum Balance Requirements
The minimum balance required to open a share certificate or Youth Saver Certificate (available only to members under the age of 18) is $100.00. The minimum balance to open an IRA certificate is $1,000.00.
Renewal Policy
A certificate carries a ten-day grace period following its maturity date, in which you may do what you wish with the balance. If we do not hear from you during this period, your certificate will automatically renew for the same term at the dividend rate on the date of maturity.
Transaction Limitations
After the account is opened, you may not make deposits into the account until the maturity date listed on the certificate.
Early Withdrawal Penalties
The penalty for withdrawing any of the funds in a 6- or 12-month certificate before the maturity date is loss of 90 days' dividends at the certificate rate. Early withdrawal from all other certificates results in 180 days' dividends penalty at the certificate rate. Early withdrawal of funds from an IRA certificate may also be subject to tax penalties.
Super Share Certificates, Super IRA Share Certificates
(12, 18, 24, 36, 48 and 60 months)
Dividend Compounding and Crediting
For Super Share Certificates and Super IRA Share Certificates, dividends will be compounded and credited to the account quarterly and at maturity. The beginning date of the first dividend period of the year is January 1 and the ending date of such dividend period is March 31. The dividends are paid by crediting to the account on the last day of the dividend period. All other quarterly dividend periods follow this same pattern of dates.
Minimum Balance Requirements
The minimum balance required to open a Super Share Certificate or Super IRA Share Certificate is $100,000.00.
Renewal Policy
Super Share Certificates and Super IRA Share Certificates are non-renewable, at maturity they will roll into a share account or share IRA account.
Transaction Limitations
After the account is opened, you may not make deposits into the account until the maturity date listed on the certificate.
Early Withdrawal Penalties
The penalty for withdrawing any of the funds in a Super Share Certificate or Super IRA Share Certificate before the maturity date is loss of 365 days' dividends at the certificate rate. Early withdrawal of funds from an IRA certificate may also be subject to tax penalties.
Additional Disclosures (click on the link below to view more)
