Individual Retirement Account
Variable Rate Information
As of the last dividend declaration date, the dividend rate was 0.40% with an annual percentage yield of 0.40% on your account. The Dividend rate and APY may change every quarter based on the determination of the credit union board of directors.
Nature of Dividends
Dividends are paid from current income and available earnings, after required transfers to reserves, at the end of a dividend period.
Compounding and Crediting
Dividends will be compounded monthly and will be credited monthly. for this account type, the dividend period is monthly; for example, the beginning of the first dividend period of the calendar year is 01/01/09 and the ending date of such dividend period is 01/31/09. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period; and for the example, is 01/31/09. Accrued dividends will be paid when you close this account.
Minimum Balance Requirements
To be a member and maintain accounts at our credit union, you must purchase one (1) share in the credit union. The par value of a share in this credit union is $5.00.
Balance Computation Method
The daily balance method requires the application of a daily periodic rate to the full amount of principal in the account each day.
Accrual on Non-Cash Deposits
Dividends will begin to accrue on the business day you deposit non-cash items (e.g. checks) to your account.
Transaction Limitations
IRA's are subject to limitations and/or penalties imposed by the Internal Revenue Service. Please see your IRA Agreement or your tax advisor for additional information.
NCUA
Your funds are Federally Insured to at least $250,000.00 and backed by the full faith and credit of the U.S. Government. National Credit Union Administration, a U.S. Government Agency.
(c) 1995-2002, Compliance Systems Inc. Aug 1, 2007 Page 1
