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Rates | Loans | Loan
Rates |
| Automatic Payroll Deduction | Regular deductions from payroll. Deductions can be made for savings accounts or loan payments. |
| Dividends | Term used to describe interest paid on money left on deposit with the Credit Union. |
| Preferred Dividend Rate | Additional interest paid for guaranteeing the deposit of money for a specific time period. |
| Interest | Premium charged for borrowing money from the Credit Union. |
| Credit Insurance | Optional coverage offered to members who borrow money to guarantee the repayment of unpaid balances should the member become unable to make the payments due to medical conditions. |
| Rate Information | The dividend rate and annual percentage yield (APY) on your accounts are set per the rate schedule. The annual percentage yield (APY) 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. The dividend rate and annual percentage yield (APY) may change at the discretion of the Credit Union's Board of Directors. |
| Nature of Dividends | Dividends are paid from current income and available earnings after required transfer to reserves at the end of the dividend period. The dividend rate and and the annual percentage yield (APY) are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period. |
| Compounding and Crediting | Dividends will be compounded and credited as set per rate schedule. The dividend period for each account is set per rate schedule. The dividend period begins on the first calendar day of the period and ends on the last calendar day of the period. |
| Accrual of Dividends | Dividends will begin to accrue on deposits on the business day the Credit Union receives the deposit to your account. If you close your account before accrued dividends are credited, accrued dividends will not be paid. |
| Average Daily Balance | The average daily balance method is used to calculate dividends. The average daily balance is determined by adding the balance in the account for each day of the period and dividing that amount by the number of days in the period. |
| Share Certificate | The dividend rate and annual percentage yield (APY) are fixed and will be in effect for the term of the account. |
| Certificate Maturity | Certificates mature at the maturity date set forth on your account receipt or renewal notice. |
| The rates
appearing on this web site are accurate and effective for the accounts
as of the date indicated at the bottom of the Savings Rates and Loan
Rates pages.
If you have any questions or require current rate information on Credit Union accounts, please call the Credit Union office at 856-769-3452. |
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