Rate & Fee Schedule
The
rates, fees, and terms applicable to your account at Cedar Point
Federal Credit Union are provided in this Rate & Fee Schedule
The terms, conditions & rates disclosed in this schedule are
subject to change.
These disclosures apply to all accounts, except where stated.
1. Rate Information. The Annual Percentage Yield (APY) is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and annual compounding frequency. For Share Accounts the dividend rate and APY may change as determined by Cedar Point Federal Credit Union's board of directors. For Certificate Accounts, the dividend rate and APY are fixed and will be in effect for the term of the account. The APY is based on an assumption that dividends remain on deposit until maturity. A withdrawal will reduce dividend earnings
2. Nature of Dividends. Dividends are paid from current income and available earnings after required transfers to reserves. The dividend rates and APYs are the rates and yields that the credit union anticipates paying for a specific dividend period.
3. Dividend Compounding and Crediting. Dividends are compounded quarterly and credited quarterly for all accounts. The dividend period is the length of time at the end of which an account earns dividend credit. The dividend period begins on the first calendar day of the quarter and ends on the last calendar day of the quarter. CPFCU quarters are: Jan.1 to Mar. 31, Apr. 1 to June 30, July 1 to Sept. 30, and Oct.1 to Dec. 31.
4. Accrual of Dividends. For all accounts, dividends will begin to accrue on cash and noncash deposits on the business day the deposit is made. If a share account is closed before accrued dividends are credited, accrued dividends will not be paid.
5. Balance Information. The minimum balance requirements for each account are listed in the Rate Schedule. If minimum balance requirements are not met the account may be closed. For Coverdell Education Share Accounts the maximum balance in the account is $500.00. After reaching the maximum the account is transferred either to a certificate account or a 500+ share account. 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 for an account is determined by adding the full amount of principal in the account for each day of the period and dividing that figure by the number of days in the period.
6. Account Limitations.* Withdrawal of principal from Certificate Accounts before maturity is not permitted unless we agree at the time of withdrawal. Cedar Point Federal Credit Union may impose an early withdrawal penalty if withdrawal request is granted. Withdrawal of dividends from Certificate Accounts before maturity is not permitted. If the Certificate Account falls below the minimum balance required to maintain a specified account the balance of the account will be transferred to the corresponding Share Account. CPFCU may impose an early withdrawal penalty. For all accounts, deposits are permitted into the account at any time, not to exceed normal Coverdell Education Savings Account limitations found in the Coverdell Education Savings Account Disclosure.
7. Maturity. Certificate Accounts will mature within the term or at the date specified on the certificate, or renewal notice.
8.Early Withdrawal Penalty.* For Certificate Accounts Cedar Point Federal Credit Union may impose a penalty equal to 90 days dividends on the withdrawal amount subject to penalty. The penalty is calculated as a forfeiture of part of the dividends that have been accrued on the account. If the account has not yet accrued enough dividends, or if the dividend has already been paid, the penalty will be taken from the principal. There is no penalty for withdrawal from a share account.
9.Exceptions to Early Withdrawal Penalties.* Under the following circumstances, CPFCU may, at our option, pay a certificate account before maturity:
(A) When a Coverdell Savings Account beneficiary is declared legally incompetent, is deceased, or becomes disabled,
(B) When any portion is paid within seven (7) days after reestablishment
(C) When funds are withdrawn within ten calendar days of maturity on an automatically renewed certificate.
(D) When the Coverdell Savings Account beneficiary has reached age 30
10.Renewal Policy. Certificate Accounts will automatically renew unless instructed by the member not to renew on or before the maturity date. You will have ten calendar days after the maturity date to withdraw the funds without penalty. Each renewal term will be the same as the original term beginning on the maturity date. Dividends will be calculated on the same basis as the original term. Certificate Account dividends will be paid to the principal balance quarterly and at maturity.
11.Nontransferable/Nonnegotiable. Your account is nontransferable and nonnegotiable. Funds may not be pledged to secure an obligation of any owner.
*Please see the Coverdell Education Savings Account simplifier and disclosure for information and limitations.
This credit union is federally insured by the National Credit Union Administration.
Your savings federally insured to at least $100,000
and backed by the full faith and credit of the United States Government.
This page was
updated:
May 09, 2008 11:56