Applications
Each application for membership shall be completed in writing and signed by the applicant and joint member, if joint account.  Each application must be accompanied by photo identification and a physical address.  Post Office box numbers cannot be accepted.  Employees and students must present his/her VSU issued identification card and government issued photo identification card.  Alternatively to a VSU issued ID card, an employee may present his most recent pay stub and a student may present a printout of his current term schedule.   Retirees or associated family members are only required to present a government issued photo identification card. 

Admission to Membership
Persons within the field of membership shall be admitted as members after it has been determined that they are eligible, after their applications have been approved in accordance with procedures authorized by the Board of Directors, and after said applicants have subscribed to and paid for one five (5) dollar share together with the required entrance fee as established by the Board of Directors. 

Entrance Fees
Member joining credit union:
First time                                 $1.00
Second time                              5.00

Three or more times                  25.00
If member left Valdosta State University employment and is reemployed the entrance fee is $1.00. 

Withdrawal from Membership
A member who withdraws all his deposits and his $5.00 share thereby ceases to be a member.

Continuation of Membership
A member who leaves the field of membership may be permitted to retain his membership at the discretion of the Board of Directors of the Valdosta Educators Credit Union. 

Statements
Share account statements are mailed quarterly.  E-statements are available at no charge to members through the Online Banking system. 

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 Union’s 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 account limitations apply.  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.