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Royal Credit Union (Except as specifically described, the following disclosures apply to all accounts.) Rates are posted throughout the website and may change from time to time. Current rates are always available by calling 833-8168.
1. Services Information. In order to receive any services from RCU, the Member must open a Savings Account and maintain a $5 minimum balance.
2. Balance Information. The minimum balance required to open each account is set forth in this packet. The minimum monthly balance required to avoid a service fee is set forth in this packet. Dividends are calculated by the daily balance method that applies a daily periodic rate to the principal in the account each day.
3. Nature of the Dividend. Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period. The Dividend Rate and Annual Percentage Yield are the prospective rates and yields that RCU anticipates paying for the applicable dividend period. The Annual Percentage Yield assumes all dividends remain and are not withdrawn from the account.
4. Rate Information. The Dividend Rate and Annual Percentage Yield on your accounts are set forth in this packet. All accounts are considered variable rate accounts except the certificate accounts and the fixed IRA accounts that are contractually fixed rates. The Dividend Rate and Annual Percentage Yield may change monthly on the variable rate accounts as determined by the Board of Directors. The Annual Percentage Yield assumes all dividends remain and are not withdrawn from the account.
5. Compounding and Crediting. Dividends will be compounded and credited as set forth in the account description portion of this packet. The dividend period for all accounts is monthly beginning on the first calendar day of the month and ending on the last calendar day of the month. The exceptions to this are the Certificates and the Fixed IRAs, which are detailed below.
6. Account Limitations. The account limitations for all accounts except Checking Accounts are no more than six preauthorized, automatic, or telephone transfers may be made from these accounts to another account of yours or to a third party in any one month and no more than three of these six transfers may be made by check or draft to a third party. If you exceed these limitations, your account may be subject to a fee or be closed.
7. Accrual of Dividends. Dividends will begin to accrue on the non-cash deposits (e.g., checks) on the Business day you make the deposit to your account. If you close your account before accrued dividends are credited, accrued dividends will be paid.
8. National Credit Union Share Insurance Fund: All Member accounts in RCU are federally insured by the National Credit Union Share Insurance Fund.
Account Descriptions
(More detailed information is available upon request.)
Descriptions—This is the primary credit union Savings Account. You must fill out a membership card and maintain a $5 balance in a share account for membership in the credit union. This allows you to vote at the annual meeting if all voting requirements are met and obtain other credit union benefits and services. Secondary savings can be established to meet the Member's needs for separate Savings Accounts. This includes Real Estate Escrow Accounts. The Real Estate Escrow Accounts have restrictions for withdrawals for other than tax or insurance purposes. (They all receive the same dividend rate and Annual Percentage Yield.)
Dividends Compounded—Monthly
Dividends Credited—Monthly
Minimum Opening Balance—$5 for primary Savings Accounts and $0 for any other secondary Savings Accounts.
Minimum Monthly Balance—$5 for primary Savings Accounts and $0 for any other secondary Savings Accounts.
Balance Computation—Daily
Account Limitations—Account transfer limitations apply.
Fees and Charges—See Special Service Fee Disclosure.
Descriptions—Our Money Market Account, with a minimum balance, offers you premium rates and convenient withdrawal privileges. (Up to six withdrawals per month may be made with the use of checks, telephone, and RCU eBranch.)
Dividends Compounded—Monthly
Dividends Credited—Monthly
Minimum Opening Balance—$10,000
Minimum Monthly Balance—$10,000
Balance Computation—Daily
Account Limitations—Limitations do apply as detailed in the disclosure. There is a minimum deposit of $100 and a minimum check amount of $250. Tiered dividend rates are paid on the entire daily collected balance of your account. The balance tiers are:
$.01 - $9,999.99
$10,000 - $24,999.99
$25,000 and over
Fees and Charges—See Special Service Fee Disclosure.
Descriptions—Certificate accounts offer a preferred rate in exchange for your commitment to leave funds on deposit for a set period of time. Early withdrawals are subject to a dividend penalty. Generally, we offer certificates with maturates of three, four, six, eight, twelve, eighteen, thirty, forty-eight, and seventy-two months. We offer a premium rate if the deposit is $50,000 (Mini Jumbo Certificate) or more. A Member may get a quarter percent higher rate if they meet certain criteria of services used at RCU. The Member will receive the premium rate if they have an active Checking Account (an active Checking Account is defined as 10 Checking Account and/or Check Card transactions per month) plus five other services. These relationship prices are included in the rate sheets available to the Members. All rates disclosed in this packet are assuming that the dividends earned are left in the investment and compounded. Withdrawal of the earned dividends will reduce future earnings.
Dividends Compounded—Monthly on all new certificates. Some older, automatically renewable certificates have been allowed to continue, upon renewal, to have dividends compounded quarterly or upon maturity if the Member chooses.
Dividends Credited—Monthly on all new certificates. Some older, automatically renewable certificates have been allowed to continue, upon renewal, to have dividends credited quarterly or upon maturity if the Member chooses.
Minimum Opening Balance—$100
Minimum Monthly Balance—$100
Balance Computation—Daily
Account Limitations—Early withdrawal penalty will be applied. Penalties for certificates of one year or less - equivalent of 90 days dividends; greater than one year up to and including three years - equivalent of 180 days dividends; greater than three years - equivalent of 1 year's dividends. Automatically Renewable Certificates will be automatically extended for successive, like maturity periods unless: a) upon or within ten days after such original or extended maturity date, this certificate is surrendered and presented for payment, b) the credit union elects not to extend such maturity, in which case the certificate amount and any dividend will be paid to the depositor. Expiring Certificate: upon maturity the certificate amount and any dividend will be paid to the depositor by transferring the amount into the Member's primary Savings Account.
Fees and Charges—See Special Service Fee Disclosure.
Descriptions—IRAs are savings investments set up for the purpose of accumulating funds for retirement. All IRAs are regulated by the Internal Revenue Service. This investment has no term and can be added to periodically for the purpose of accumulating funds to put into a fixed IRA. (Special rates and other terms apply.)
Dividends Compounded—Monthly
Dividends Credited—Monthly
Minimum Opening Balance—$5
Minimum Monthly Balance—$5
Balance Computation—Daily
Account Limitations—Minimum payroll deposit amount is $5. IRS regulations apply. This investment option is not available for ROTH or SEP IRAs.
Fees and Charges—See Special Service Fee Disclosure.
Descriptions—IRAs are savings investments set up for the purpose of retirement. All IRAs are regulated by the Internal Revenue Service. The investments are in certificate's instrument. (Special rates and other terms apply to these accounts.)
Dividends Compounded—Quarterly
Dividends Credited—Quarterly
Minimum Opening Balance—$1,000
Minimum Monthly Balance—$1,000
Balance Computation—Daily
Account Limitations—Early withdrawal penalties will be the same as the penalties disclosed under the certificate section plus any penalties imposed by the IRS.
Fees and Charges—See Special Service Fee Disclosure.
Descriptions—IRAs are savings investments set up for the purpose of retirement. All IRAs are regulated by the Internal Revenue Service. The investments are two-year variable rate certificate instruments. (Special rates and other terms apply to these accounts.)
Dividends Compounded—Monthly
Dividends Credited—Monthly
Minimum Opening Balance—$5
Minimum Monthly Balance—$5
Balance Computation—Daily
Account Limitations—Minimum payroll deposit amount is $5. An early withdrawal penalty equal to 180 days interest will be accessed on the amount of the withdrawal if the account holder is under 59 1/2 years old, plus penalties imposed by the IRS.
Fees and Charges—See Special Service Fee Disclosure.
Descriptions—This Checking Account offers you the convenience of withdrawing funds by checks or other remote means.
Dividends Compounded—Monthly
Dividends Credited—Monthly
Minimum Opening Balance—$0
Minimum Monthly Balance—$0
Balance Computation—Daily
Account Limitations—First fifteen cleared checks are FREE with each check clearing thereafter at a per check fee.
Fees and Charges—See Special Service Fee Disclosure.
Descriptions—This Checking Account offers you the convenience of withdrawing funds by checks or other remote means.
Dividends Compounded—None
Dividends Credited—None
Minimum Opening Balance—$0
Minimum Monthly Balance—$0
Balance Computation—None
Account Limitations—First fifteen cleared checks are FREE with each check clearing thereafter at a per check fee.
Fees and Charges—See Special Service Fee Disclosure.
Descriptions—This Checking Account offers you the convenience of withdrawing funds by checks or other remote means.
Dividends Compounded—None
Dividends Credited—None
Minimum Opening Balance—$0
Minimum Monthly Balance—$0
Balance Computation—None
Account Limitations—Unlimited check writing
Fees and Charges—No checking fees associated with this account. Transaction and access fees for ATMs may be charged as detailed in the Special Service Fee Disclosure.
Descriptions—This Checking Account offers you the convenience of withdrawing funds by checks or other remote means.
Dividends Compounded—Monthly
Dividends Credited—Monthly
Minimum Opening Balance—$700
Minimum Monthly Balance—$700
Balance Computation—Daily
Account Limitations—A minimum balance of $700 must be maintained in the account or a fee will be charged for the month that your balance falls below the minimum. The fee will be charged on the last day of the month.
Fees and Charges—No checking fees associated with this account. Transaction and access fees for ATMs may be charged as detailed in the Special Service Fee Disclosure.
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