Purpose
A Share Account represents your “share” of the credit union. All members are required to have a Share Account in order to be eligible for any other VECU product or service.  Whether you are saving for a particular purpose or simply preparing for the uncertainties of tomorrow, a VECU share savings account will help make your money work as hard as it can. You will not find a more flexible way to save than a VECU share savings account.
 

Balance Requirement
A $5.00 minimum balance is required to maintain your share account.
 

Dividends
An account must have a minimum average daily balance of $100.00 to earn dividends.  Dividends will be paid quarterly, calculated on the actual balance on a “day of deposit to day of withdrawal” basis.  If an account is in a negative or closed status before dividends are declared, no dividends will be paid on the account. 

Statements
Share account statements are mailed quarterly.  E-statements are available at no charge to members through the Online Banking system.  If the member requests a statement at another interval, a fee may be charged according to the VECU Fee Schedule. 

Enroll for the E-statement service by logging into the Online Banking system, select Accounts, then Account Statement to provide your email address. An email will be sent to you when a current statement is available at which time you can log into the Online Banking system to retrieve your statement.

Services
* Direct deposit and ACH transfers
* VECU online banking
* Online transfers
* E-statements
* Drive-through teller

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.