Power Co-op Employees Credit Union
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Truth in Savings

DISCLOSURE OF ACCOUNT TERMS

Membership Share (Savings) Account
Second Share Account 
Escrow Account Rate Information:

See Savings page.
The dividend rate is at the discretion of the board of directors and may change at any time. The dividend rate will be set at the end of the quarter for the full quarter.

Compounding and Crediting:

Dividends will be compounded quarterly and will be credited quarterly. For example, the beginning date of the first dividend period of the calendar year is January 1 and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. Dividends are paid on the last day of the quarter. If you close your account before dividends are credited, you will not receive accrued dividends.

Minimum Balance Requirements:

The minimum balance required to open a share account is the purchase of one $5.00 share in the Credit Union. An average daily balance of $5.00 must be maintained to earn a dividend.

Balance Computation Method:

Dividends are calculated by the Average Daily Balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is determined by adding the full amount of principal in the account each day of the period and dividing the figure by the number of days in the period. 

Transaction Limitations:

During any one month, you may not make any more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer or telephonic order or instruction.  Transfers in excess of this limit will incur a charge.

Accrual of Dividends:

Dividends will begin to accrue on cash items on the business day you make your deposit and no later than the business day that we receive credit for non-cash items (such as checks).

Fees and Charges:

Fees and charges may be assessed against your account. See fees page.

Nature of Dividends:

Dividends are paid from current income and available earnings, after required transfers to reserves at the end of the dividend period.

Par Value of Shares; Dividend Period:

The par value of a regular share in the Credit Union is $5.00. The dividend period of the Credit Union is quarterly.

Statements

Statements are sent quarterly to all members.

National Credit Union Share Insurance Fund:

Member accounts in this Credit Union are federally insured by the National Credit Union Administration Share Insurance Fund.

SHARE DRAFT ACCOUNT

Rate Information:

See the Checking/Savings page:
The dividend rate is at the discretion of the board of directors and may change at any time. 

Compounding and Crediting:

Dividends will be compounded quarterly and credited quarterly. If you close your account before dividends are credited, you will not receive accrued dividends.

Minimum Balance Requirement:

A $1000.00 average daily balance is required to earn a dividend.

Balance Computation Method:

Dividends are calculated by the Average Daily Balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is determined by adding the full amount of principal in the account each day of the period and dividing the figure by the number of days in the period. 

Accrual of Dividends:

Dividends will begin to accrue on cash items on the business day you make your deposit and no later than the business day that non-cash items (such as checks) are collected from the bank on which they are drawn.

Fees and Charges:

See Fees page. 

Nature of Dividends:

Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period.

Statements

Monthly statements will be sent for share draft accounts. 

National Credit Union Share Insurance Fund:

Member accounts in this Credit Union are federally insured by the National Credit Union Administration Share Insurance Fund.

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