Balance Computation Methods
Certificate of Deposit Dividend Rates
|CERTIFICATE OF DEPOSIT SPECIAL & ODD TERM DIVIDEND RATES|
Rates subject to change without notice.
Balance Computation Methods
- In addition to the monthly maintenance fee, the Credit Union assesses a $3.50 charge for each original paper statement printed and mailed per statement cycle unless your specific account type waives this fee.
- A qualifying direct deposit is a direct deposit of your salary, pension, Social Security, or other regular monthly income electronically deposited to your Union e-Express Checking account by your employer or an outside agency. Online or Mobile transfers from one account to another or deposits made at the Credit Union do not qualify as a direct deposit.
- Although IBEW LU 66 Federal Credit Union’s Mobile Banking Platform is offered at no charge, data service charges may apply through your wireless carrier.
- Overdraft Protection Options:
- From your Regular Shares or Family Savings Plan
- From your Union Advantage or Union Pride Money Market Account
- From an Overdraft Protection Line of Credit (Subject to Credit Approval)
- Courtesy Pay is an additional Service offered to our checking account holders to use after all other overdraft sources have been exhausted. In the event you do not have sufficient funds in your account at the time an electronic debit is presented, the item may be paid, in good faith, on your behalf by the credit union, rather than returning the payment to your vendor or declining the transaction. By Opting-in, this benefit will be extended to your debit card and ATM transactions.
Members should Opt-In if they want to maintain peace of mind when purchasing necessities (prescriptions, gas, etc.) or when you have an unexpected expense (need your car towed, go to the emergency room, A/C needs repair, etc.) and there are not sufficient funds in your account at the time the transaction is being authorized. The Courtesy Pay Service could save you from an awkward situation when paying for services already provided (restaurant, hair salon, etc.). If you choose to Opt-out, these transactions will be declined when funds are not available.
Each time you use our Courtesy Pay Service, you will be charged a $25.00 fee for each approved ATM or Debit Card transaction when you do not have enough money in your account to cover the transaction. Whether a transaction will be authorized/paid is at the discretion of the Credit Union and we reserve the right to decline and not/or to pay transaction.
If you conduct an ATM or debit card transaction that will exceed the available balance of your account or other overdraft protection sources(3); Opting-in will allow us to approve that transaction through the Courtesy Pay program and charge a fee to your account. If you Opt-out of the Courtesy Pay Service, those transactions will be declined.
- The frequency and conditions upon which dividends are paid on all dividend-bearing accounts are in accordance with the Federal Credit Union Act, the Truth-in-Savings Act, and applicable Regulations. Dividend rate changes are within our sole discretion and are subject to change weekly. Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period. The dividend declaration date follows the ending date of a dividend period.
All cash and non-cash items deposited will begin accruing dividends as of the business day we receive the deposit. If any of account is closed, with the exception of Certificate of Deposit Accounts, prior to the date dividends are posted, accrued dividends will not be paid. If a Term Certificate of Deposit is closed before its maturity date, accrued dividends will be paid through the date of such withdrawal less penalties if applicable.
For a specific dividend rate(s) for each type of dividend-bearing account, please refer to the Credit Union’s current rate sheet on www.MyCU66.org, or by calling the Credit Union directly at (713) 946-6513
- BALANCE COMPUTATION METHODS. The Credit Union uses the Average Daily Balance Method. This balance method establishes an average balance for a period, i.e., monthly or quarterly. The average daily balance is determined by adding the full amount of principal in the account for each day of the period and dividing that figure by the number of days in the period. Your account balance each day is the ending balance of the account from the previous day, plus deposits and minus withdrawals made that business day.
- COLLECTED BALANCE. All dividend-bearing deposit accounts at the Credit Union will accrue dividends daily on the “collected balance” in the account. Collected balance is the balance on which the Credit Union has received provisional credit for the non-cash items (checks) that you have deposited. The Credit Union will begin to pay dividends no later than the business day specified in Regulation CC and in the Expedited Funds Availability Act.
- RATE INFORMATION. Unless otherwise stated with the product information, all dividend-bearing accounts at the Credit Union will be “variable rate” products. Variable rate means the interest rate and the Annual Percentage Yield (APY) may change after the account is opened at any time, at the discretion of the Credit Union.
- ANNUAL PERCENTAGE YIELD (APY). APY is the effective rate your money will earn if it remains on deposit for a full year at the same annual dividend rate and if all dividends are left in the deposit account. Yield is the critical measure of how much dividend you can expect to earn based on the dividend rate and the frequency with which dividends are added to your account (compounding) for a 365 or 366 (leap year) day period. Because your dividends earn dividends if left in the account, the APY is greater than the annual dividend rate. If you withdraw some of the dividends or some of your deposit, the amount of dividends earned will be reduced.
- ANNUAL PERCENTAGE YIELD EARNED (APYE). APYE represents the Annual Percentage Yield that was actually earned during the cycle period and which will appear on your periodic account statement. The calculation reflects the relationship between the dividends actually earned during the statement period and the average daily balance in the account. If the account has multiple dividend rates, this method will produce a single composite APYE figure.
- Free checks include one free box of checks per order.
- Limited to three (3) Fee Non-Sufficient Fee waivers, including Paper and Electronic (ACH) items which are either paid or returned per year. Courtesy Pay Overdraft fees, if the member has Opted-In, are specifically excluded and will still apply.
- Limited to three (3) Stop Payment Order Fee waivers per year.
At IBEW LU 66 Federal Credit Union, we are committed to helping you to manage your Accounts and to help you avoid fees. To get a complete listing of fees, including examples of what can cause them, please ask a Member Services Representative for more information or visit our Truth in Saving Disclosure at www.MyCU66.org.
Other restrictions may apply.