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.
|