REWARD Checking Truth-in-Savings Disclosure
The dividend rate on your share account is listed above, with an annual percentage yield (APY) also listed above. The dividend rate and annual percentage yield may change every month 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 reserve transfers at the end of the dividend period. The Dividend rate and Annual Percentage Yield (APY) are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.
Compounding and Crediting
Dividends will be compounded daily and will be credited monthly. If you close your share account before dividends are paid, you will not receive the accrued dividends.
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 1st and the ending date of such dividend period is January 31st. 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 February 1st.
To receive the special rate, all signature debit card transactions must post to the account by the last day of the dividend period.
Accrual of Dividends on Noncash Deposits
For funds deposited to your Account during the month/quarter, dividends begin to accrue on the business day, as defined in our Funds Availability Policy, that cash and noncash items are deposited. Funds already on deposit accrue from the beginning of the calendar month/quarter.
Balance Computation Method
Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
The first $5.00 deposited into the Primary Share Account is not available for withdrawal and is required to maintain your membership, open other accounts, and be eligible for other services.
The minimum balance requirement to open an Account is set forth below. Please refer to our current Fee Schedule and to the minimum balance requirements to earn dividends (above) and avoid fees.
|Account Type||Balance to Open|
|Super Money Market||$500.00|
The Credit Union reserves the right to impose a notice of up to 60 days for the withdrawal of shares. Credit Union shares may not be pledged, transferred, or assigned to any other party other than the Credit Union.
During any calendar month, you may not make more than six (6) withdrawals or transfers from your Share Savings Account(s) to another Credit Union Account or to a third party by means of pre-authorized or automatic transfer or telephone order or instruction.
This limit does not apply to the number of transactions you make:
- to transfer funds to loan accounts with the Credit Union; or
- to withdraw or transfer funds to another Credit Union Account of yours when such transfer or withdrawal is initiated in person, by mail, messenger, or at an ATM.
If a transfer request would exceed the transfer limitations set forth above in any monthly period, the Credit Union may refuse the transfer and/or close the Account. Additional terms and restrictions apply for Club Accounts, Money Market Savings Accounts, Share Certificate Accounts, IRA Savings and IRA Share Certification Accounts. Transfers from these accounts by check, draft, Debit Card or similar order to third parties are not permitted. Please see below and refer to the Rate Sheet and Schedule of Fees for additional information, and to your plan documents in the case of IRA Accounts. Withdrawals (including transfers) after six will be subject to a service fee as set forth on our Fee Schedule.
The share restrictions on the number of transfers or withdrawals do not apply to Checking Accounts, however, withdrawals and transfers from Checking Accounts are limited by the available funds in the Account, and may be limited depending on the type of access used (such as daily ATM withdrawal limits). Please refer to our Funds Availability Policy and Account Agreement Disclosures.
Checking Accounts may also be subject to minimum balance requirements to earn dividends and avoid monthly service fees. Please refer to the current Fee Schedule for full details.
Accounts will be charged the standard Overdraft fee of $30 for a maximum of three (3) overdrafts created by check, ACH, Point-of-Sale, ATM withdrawal, in-person withdrawal, or other electronic item that is paid and $30 for items returned. An overdrawn balance must be repaid within 32 days. We may not pay items under your Overdraft Privilege if you do not maintain your account in good standing by bringing your account to a positive balance within every thirty-two (32) day period for a minimum of 24 hours, if you default on any loan or other obligation to DOLFCU or if your account is subject to any legal or administrative order or levy.
The NSF/Overdraft fee is assessed based on the available balance in your account at the time the transaction settles to your account, and NOT based on the available balance at the time you authorize the transaction. Merchant transactions could take up to 7 days to settle to your account, which could cause additional overdrafts if funds are removed from your account prior to the pre-authorized transaction settling.
For more information about your Overdraft Coverage options, please click here.