Valdosta Educators Credit Union offers the following rates, effective 9/30/2009:
 

*Dividends are earned on share, Christmas Club, and share draft accounts with balances of $100.00 or more.

***Contact a loan officer at VECU for loan qualification requirements, credit requirements, loan length, and loan amount limits.  Exceptions may be considered for the above interest rates, loan limits, etc. for members with credit scores of 700+ and members with a good history with VECU.

Disclosures:

Rate information.  The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period.  For all accounts, the Dividend Rate and Annual Percentage Yield may change quarterly as determined by the Credit Unions Board of Directors.  The Dividend Rates and Annual Percentage Yields are the rates and yields as the last dividend declaration date, which is set forth in the Rate Schedule.

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

Dividend Compounding and Crediting.  The compounding and crediting frequency of dividends and dividend period application to each account are stated in the Rate Schedule.  The Dividend Period is the period of time at the end of which an account earns dividend credit.  The Dividend Period beings on the first calendar day of the period.

Accrual of Dividends.  For all accounts, dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account.

Balance Information.  To open any account you must deposit or already have on deposit at least the par value of one full share in any account.  The par value amount is stated in the Fee Schedule.  Some accounts may have additional minimum opening deposit requirements.  The minimum balance requirements applicable to each account are stated in the Rate Schedule.  For all accounts, there is a minimum Average Daily Balance required to earn the Annual Percentage Yield disclosed for the dividend period.  If the minimum average daily balance is not met, you will not earn the Annual Percentage Yield stated in the Rate Schedule.  For accounts using the Average Daily Balance method as stated on the Rate Schedule, dividends are calculated by applying a periodic rate to the Average Daily Balance in the account for the dividend period.  The Average Daily Balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period.

Account Limitations.  For Regular Share accounts, no more than six (6) preauthorized, automatic, or telephone transfers may be made from each account to another account or to a third party in any month, and no more than three (3) of these six (6) transfers may be made by check, draft, or debit card to a third party.  If you exceed these limitations, your account may be subject to a fee or be closed.  For Regular Share accounts, No limit on deposits.  Withdrawals over $10,000.00* require thirty (30) days advance notice.  These limitations are subject to change frequently with notice.  For Share Draft accounts, no account limitations apply.