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IRA Accumulation Account

 

Rate Information:
The dividend rate and annual percentage yield may change every month. We may change the dividend rate for your account as determined by the credit union board of directors.

Compounding and crediting - Dividends will be compounded every month Dividends will be credited to your account every month.

Dividend period - For this account type, 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 is the last day of the dividend period, and for the example above is January 31.

Minimum balance requirements:
The minimum balance required to open this account is $5.00.

You must maintain a minimum average daily balance of $100.00 in your account to obtain the disclosed annual percentage yield.

Average daily balance computation method -Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period 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 is the calendar month.

Accrual of dividends on non-cash deposits -Dividends will begin to accrue on the business day you place non-cash items (for example, checks) to your account.

Transaction limitations:
You may not make any withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party.

Par value of a share:
The par value of a share in this account is $5.00

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