ghs fcu consumer member truth in savings disclosure
| Account Type | Dividends | Balance Requirements | Account Limitations | |||||
|---|---|---|---|---|---|---|---|---|
| Dividend Rate / APY | Dividends Compounded | Dividend Credited | Dividends Period | Minimum Opening Deposit | Minimum Balance to Avoid a Service Fee | Average Daily Balance to Earn Stated APY | ||
| Share Savings Accounts | 0.10% / 0.10% | Monthly | Monthly | Monthly Calendar | $1 | — | $100 | — |
| Secondary Savings Accounts | 0.10% / 0.10% | Monthly | Monthly | Monthly Calendar | — | — | $100 | — |
| Holiday Club Account | 0.10% / 0.10% | Monthly | Monthly | Monthly Calendar | — | — | $100 | — |
| IRA Shares | 0.10% / 0.10% | Monthly | Monthly | Monthly Calendar | $100 | — | $100 | — |
| Money Market Account* | 0.99% / 1.00% | Monthly | Monthly | Monthly Calendar | $2,500 | — | $2,500 | — |
| Money Market Plus Account* | 1.24% / 1.25% 1.49% / 1.50% 1.74% / 1.75% |
Monthly | Monthly | Monthly Calendar | $10,000 $25,000 $50,000 |
$5,000 | $10,000 $25,000 $50,000 |
— |
| Absolutely FREE Checking | — | — | — | — | — | — | — | — |
| 50+ FREE Checking | 0.10% / 0.10% | Monthly | Monthly | Monthly Calendar | — | — | — | Member must be 50 years of age or older to be paid interest. |
| Premier Yield Checking | 0.10% / 0.10% 0.15% / 0.15% |
Monthly | Monthly | Monthly Calendar | $1,500 | $1,500 | $0 $1,500 |
If account balance falls below $1,500 during the month, a $6 service charge applies. |
| Fresh Start Checking | — | — | — | — | — | $1 | — | Debit Cards are not available for this account type. |
The rates, fees and terms applicable to your account at this Credit Union are provided in this Truth-in-Savings Disclosure.
*Money Market and Money Market Plus Accounts are a type of share draft account.
RATE INFORMATION
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 an annual period. For Regular Shares, Secondary Shares, IRA Shares, Money Market Checking, Money Market Plus, Holiday Club, 50+ FREE Checking, VIP FREE Checking and Premier Yield Checking, the Dividend Rate and Annual Percentage Yield may change monthly as determined by the Credit Union’s Board of Directors. The Dividend Rates and Annual Percentage Yields are prospective rates and yields that the Credit Union anticipates paying in the applicable dividend period. The Money Market Plus and Premier Yield Checking Accounts are tiered rate accounts. The Dividend Rate and Annual Percentage Yield minimum balance requirement is provided on the account disclosure.
NATURE OF DIVIDENDS
Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.
DIVIDEND COMPOUNDING AND CREDITING
The compounding and crediting frequency of dividends and dividend period applicable to each account are listed with each account description. The Dividend Period is the period of time at the end of which an account earns dividend credit. 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
For all accounts, dividends will begin to accrue on noncash deposits (e.g. checks) on the business day the deposit is made to the account. If the account is closed before the accrued dividends are credited, the member will not receive the accrued dividends.
BALANCE INFORMATION
To open any account, you must deposit or already have on deposit at least the par value of one full share in a Regular Share Account. The par value amount is stated on the fee schedule. Some accounts may have additional minimum opening deposit requirements. The minimum balance requirements applicable to each account are stated in the Rate Schedule. For Money Market Plus accounts, there is a minimum Average Daily Balance required to avoid a service charge for the dividend period. If the minimum average daily balance is not met during the dividend period, there will be a service charge as stated in the Fee Schedule. For Premier Yield Checking there is a minimum daily balance required to avoid a service charge for the dividend period. If the minimum daily balance falls below the required minimum balance, there will be a service charge as stated in the fee schedule. For Regular Shares, Secondary Shares, IRA Shares, Money Market Checking, Money Market Plus, Holiday Club accounts, there is a minimum Average Daily balance required to earn the Annual Percentage Yield disclosed for the dividend period. If the minimum average daily balance is not met, you will not earn the Annual Percentage Yield stated in the account description. For Premier Yield Checking, there is a minimum Average Daily Balance that must be maintained each calendar month to earn the higher Annual Percentage Yield. If the Average Daily Balance falls below the minimum amount stated in the Rate Schedule, the annual percentage yield earned will be the lower of the two rates. For accounts using the Average Daily balance method as stated on the Rate Schedule, dividends are calculated by applying a periodic rate to the Average Daily Balance in the account for the dividend 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. For Holiday Club accounts, the entire balance will be transferred to another account of yours on or after October 31 and the account will remain open.
Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.