Special Rules
Holds On Other Funds - Other Accounts
If we accept for deposit a check that is drawn on another bank, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then be available for withdrawal at the time funds from the check would have been available in the deposit account.
Deposits at Automated Teller Machines
Funds from any deposit (cash or checks) made at CashPoints automated teller machines (ATMs) may be available on the day of deposit. Funds from any deposits (cash or checks) made at other ATMs may not be available until up to the fifth business day after the day of your deposit.
Interest Payment Policy for Shares, IRA, Checking and Money Market Share Accounts
If we receive a deposit (cash or checks) to your Share, IRA, Checking or Money Market Share Account, you begin earning interest on the next business day following the day of receipt.
Truth-In-Savings Disclosure
Examining financial services can be confusing. For this reason, your Credit Union feels that members are entitled to know exactly how their Credit Union Share Accounts work. Therefore, we are providing the following information on our share accounts, including Regular Shares, Individual Retirement Shares (IRA), Checking, Share Certificates and Money Market Shares. These disclosures apply to all types of ownerships of these accounts including Individual, Joint with Right of Survivorship, Trustee (Payable upon Death), Revocable Living Trusts and Uniform Transfer to Minors Act accounts. The type of ownership of the account is designated by the member at the time the account is opened.
Compounding, Crediting, and Dividend Accrual
Dividends are compounded daily and credited monthly at statement cycle drop date (approximately every 30 days) for Share Draft Checking and Money Market Share accounts. The beginning date of each dividend cycle period is the first day following the last day of the previous statement period. The ending date of each dividend cycle period is the last day of the statement. For example: If the ending date of the previous statement was March 18th, then the first day of the next cycle will be March 19th. The last date of the cycle will be approximately 30 days later, or April 18..
Dividends are compounded daily and credited monthly on the last business day of the month for Regular Share accounts and Individual Retirement Share accounts. The first dividend date for each cycle is the first day of the month and the final day is the last day of the month. For example: March 1 is the first date and March 31 is the last date for dividend accrual for that dividend period.
Dividends are not compounded on Share Certificate accounts. Dividends are paid at maturity on 6 and 12 month certificates. Dividends are paid monthly for certificates 18 months or over. All dividends are paid into a Regular Share, Share Draft Checking or Money Market Share account chosen by the accountholder at the opening of the certificate. Future dividends earned on these funds will be determined based on the type of account selected.
Dividends begin to accrue on the business day following the date of receipt for a cash or non-cash deposit in a branch location or through the mail. Dividends begin to accrue on the business day of receipt for cash or non-cash funds received electronically (such as through an ATM, Automated Clearing House (ACH) Direct Deposit or Payroll Deduction).
Calculation Method
Dividends are calculated based on the daily balance method by applying a periodic rate to the balance eligible for dividend accrual in the account each day.
Effect of Closing
Accrued but unpaid dividends will be paid if the account is closed prior to dividend crediting except for Share Terms Certificates which are subject to early withdrawal penalties. (See Fixed Rate Accounts.)
Minimum Balance Requirements
There is no minimum balance requirement to earn interest on Regular Shares, IRAs or Share Draft Checking accounts.
The minimum balance to earn interest on Certificates and Money Market Share accounts is $250.00. There is no minimum balance required to avoid a fee on Share Draft Checking accounts. The minimum balance to avoid a monthly service charge fee on Regular Shares and IRA accounts is $25.00. The minimum balance required to avoid a monthly service charge fee on Money Market Share accounts is $250.00.
Fixed Rate Accounts
Share Certificates are fixed rate accounts (the rate will not change during the term of the Certificate). Available rates for Certificates are subject to change daily at the discretion of the Board of Directors. The term of the certificate will be selected by the accountholder at the time the account is opened. Available terms are 6, 12, 18, 24, 30, 36, 48 and 60 months. After the Certificate is opened, no additional deposits may be made to the account. No partial withdrawals may be made from a Certificate.
If the principal is withdrawn before the maturity date, an early withdrawal penalty will be charged. The penalty will be 90 days’ dividends on the Certificate amount or the actual interest earned, whichever is less.
Certificates are not automatically renewed. A maturity notice is mailed approximately fourteen (14) days prior to maturity. Upon maturity, the certificate principal and earned dividends will be deposited into a Regular Share account, Share Draft Checking account or Money Market Share account chosen by the accountholder at the time the certificate was opened. Future dividends earned on these funds will be determined based on the type of account selected.
Variable Rate Accounts
Regular Share accounts, IRAs, Share Draft Checking and Money Market Share accounts are variable rate accounts. The rate is subject to change daily at the discretion of the Board of Directors.
Nature of Dividends
Dividends/interest are paid from the available earnings after any required transfers to reserves.
Transaction Limitation
Regular Share and Money Market Share accounts are limited to no more than six monthly preauthorized automatic transfers per account. No checks can be written against these accounts.
Rates
Dividend rates and corresponding annual percentage yields may be obtained by calling or visiting any SECU branch office. In addition, you may call our 24-Hour Voice Response Service from a touch-tone phone to obtain current rates and yields for all accounts. Just call 800-328-4543 or in the Raleigh area, 919-839-5428. You may also visit us online at www.lgfcu.org for the latest rate information.
Truth-In-Savings Disclosure
Examining financial services can be confusing. For this reason, we feel members are entitled to know exactly how their Credit Union depository accounts work. We are therefore providing you with the following information on depository programs.
Share Account (Savings Account) and Individual Retirement Account (IRA)
- The dividend is computed on the actual balance daily, beginning one day after date of receipt.
- Dividend rates are subject to change weekly.
- Dividends are paid every month.
- Dividends are declared at the beginning of the dividend period.
- The minimum balance required is $25.00. Your account is subject to closing if the minimum is not maintained. (Children under age 12 may open a FAT CAT Share Account with a minimum of deposit of $5.00. There is no monthly maintenance fee.)
- You will be charged $1.00 per month when the balance is below $25.00.
- There is no minimum withdrawal.
Interest-Bearing Checking Account
- If we receive a deposit (cash or checks) to your checking account, you begin earning interest on the business day following the day of receipt.
- The dividend is computed on the actual account balance daily, beginning one day after date of receipt.
- Dividends are paid every month.
- Dividends are declared at the beginning of the dividend period.
- There is a required initial minimum deposit of $100.
- There is no minimum balance required after initial deposit.
- Our account charges include:
- $18.00 for each returned item
- $8.00 for each stop payment requested
- No charge for the first 50 checks written per month.
$0.20 per item in excess of 50 that post to an account per month
- $1.00 maintenance charge for each month
- Charges are subject to changes. Members are notified in advance of any change
- $18.00 for each returned item
- If we receive a deposit (cash or checks) on your Money Market Share Account, you begin earning interest on the business day following the day of the receipt.
- The dividend is computed on the actual balance daily, beginning one day after date of receipt.
- Dividend rates are subject to change weekly.
- Dividends are paid every month.
- The minimum balance requirement is $250.00.
- There is no minimum withdrawal.
- No dividends are earned on days when the minimum balance is not met.
- There is no early withdrawal penalty or maturity date.
- There is a $2.00 per month charge if balance is below $250.00.
- Charges are subject to changes. Members are notified in advance of any change.
Our Certificate terms are: 6, 12, 18, 24, 30, 36, 48, and 60 months.
- Dividends are paid at maturity on the 6 and 12 month certificates. Dividends are paid monthly for certificates 18 months and over.
- Dividend calculations are based on the actual dollar amount in the account.
- Dividend rates are fixed for the term of the certificate.
- The minimum deposit and balance required for all certificates is $250.00.
- The certificate maturity date is determined at the time of purchase.
- The early withdrawal penalty for all certificates is 90 days’ dividends on the amount withdrawn or the actual interest earned, whichever is less.
