Except as specifically described, the following disclosures apply.
1. Rate Information. The Dividend Rate and Annual Percentage Yield on your accounts, as of the last Dividend Declaration Date, are set forth above. 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 a 365-day period. The Dividend Rate and Annual Percentage Yield may change monthly as determined by the Credit Union's Board of Directors.
2. Nature of Dividends. Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period.
3. Compounding and Crediting. Dividends will be compounded and credited as set forth above. The Dividend Period for each account is set forth above. The Dividend Period begins on the twenty-first calendar day of each month and ends on the twentieth day of each month.
4. Accrual of Dividends. Dividends will begin to accrue on cash deposits and non-cash deposits (e.g. checks) on the business day you make the deposit to your account. Except for the overnight account, if you close your account before accrued dividends are credited, accrued dividends will not be paid.
5. Balance Information. The minimum balance required to open each account is set forth above. Dividends are calculated by the Daily Balance method which applies a daily periodic rate to the principal in the account each day. Dividends paid on IRA Share Accounts are based upon the daily balance in the account for the dividend period. As of the last dividend declaration date, if the daily balance in the IRA Share Account was less than $10,000, the dividend rate and corresponding annual percentage yield were the rate and yield as disclosed above. If the daily balance was $10,000 or more, the dividend rate and corresponding annual percentage yield as disclosed above would have been paid on the entire balance in the account.
6. Account Limitations. Account limitations for each account are set forth above. For a Share Savings account in which transfer limitations apply, no more than six (6) preauthorized, automatic, or telephone transfers may be made from these accounts to another account of yours or to a third party in any month, and no more than three (3) of these six (6) transfers may be made by check, draft, or debit card to a third party. If you exceed these limitations, your account may be subject to a fee.
