Understanding Your Account
Funds Availability & Truth in Savings
Northwest Missouri Regional Credit Union
FUNDS AVAILABILITY DISCLOSURE
This policy statement applies to all deposit accounts. Our policy is to make funds from your deposits available to you on the first business day after the day we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once they are available, you can withdraw the funds in cash and we will use the funds to pay checks that you have written. Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.
For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit before 3:30 on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after 3:30, or on a day we are not open, we will consider that the deposit was made on the next business day we are open. If we cash a check for you that is drawn on another bank, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it. If we accept for deposit a check that is drawn on another bank, we 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 not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited.
LONGER DELAYS MAY APPLY
In some cases, we will not make all the funds that you deposit by check available to you on the first business day after the day of your deposit. Depending on the type of check that you deposit, funds may not be available until the fifth business day after the day of your deposit. However, the first $200 of your deposits will be available on the first business day after we receive your deposit. If we are not going to make all the funds from your deposit available on the first business day after we receive your deposit, we will notify you at the time you make the deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the day after we receive your deposit. If you will need the funds from a deposit right away, you should ask us when the funds will be available.
In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
We believe a check you deposit will not be paid.
Your deposited checks total more than $5,000 on any one day.
You redeposit a check that has been returned unpaid.
You have overdrawn your account repeatedly in the last six months.
New Account Holds – For the first 30 days after opening an account all checks may be placed on a 30 day hold and the $200 availability next day does not apply.
There is an emergency, such as failure to communicate or computer equipment.
We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the eleventh business day after the day of your deposit.
Rate Information - The dividend rate and annual percentage yield may change every dividend period. We may change the dividend rate for your account as determined by the credit union board of directors.
Compounding and crediting – Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.
Dividend Period – For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period, and for the example above is April 1. If you close your Share Account before dividends are paid, you will lose the accrued dividends.
Minimum balance requirement – The minimum required to open this account is the purchase of a share in the credit union. Please see the bylaw requirements in the Common Features section below for additional information. You must maintain a minimum average daily balance of $100.00 in your account to obtain the disclosed annual percentage yield.
Average daily balance computation method – Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the 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. The period we use is the quarterly statement cycle.
Accrual of dividends on noncash deposits – Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations – During any statement cycle, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer or telephonic order or instruction. Nor more than three of the six transfers may be made by check, draft, or similar order to a third party. If you exceed the transfer limitations set forth above, your account will be subject to closure by the credit union.
Par value of a share – The par value of a share in this account is $25.00.
SHARE DRAFT ACCOUNT
Minimum balance requirements – The minimum required to open this account is the purchase of a share in this credit union. Please see bylaw requirements in the Common Features section below for additional information.
Transaction limitations – No transaction limitations apply to this account unless otherwise stated in the Common Features section.
SHARE CERTIFICATE ACCOUNT
Minimum balance requirements – The minimum required to open this account is the purchase of a share in this credit union along with the amount required by the share certificate terms. Please see bylaw requirements in the Common Features section below for additional information.
Transaction limitations – No additions are allowed into this account until maturity. Withdrawals before maturity will be subject to an early withdrawal penalty.
Rate Information - The dividend rate and annual percentage yield are subject to change at any time by the discretion of the credit union board of directors.
Maturity and Renewal - Share certificates will automatically renew at maturity for an additional period equal to the original term unless instructed differently by member. The renewal dividend rate will be the current rate offered for certificates of the same type at the time of maturity.
Compounding and crediting – Dividends will be compounded and credited to a Share or Draft account monthly at month end and at maturity.
Dividend Period – For this account type, the dividend period is monthly. If the share certificate is closed before dividends are paid, accrued dividends will be forfeited, and an early withdrawal penalty will apply.
Bylaw requirements - You must complete payment of one share in your Share account as a condition of admission to membership. If the balance in your Share account falls below $25.00, you may be terminated from membership immediately.
Transaction limitation – We reserve the right to at any time require not less than seven days notice in writing before each withdrawal from an interest-bearing account other than a time deposit, or from any other savings account as defined by Regulation D.
Nature of dividends – Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.
National Credit Union Share Insurance Fund – Member accounts in this credit union are federally insured by the National Credit Union Share Insurance Fund.
The following fees may be assessed against your account and the following transaction limitations, if any, apply to your account:
Account Balance & Research $5.00
Account Printout $5.00
ATM/Debit Card Replacement $15.00
ATM Pin Reminder $2.00
Rush Debit Card or PIN Reminder $45.00
Cashier Checks $4.00
Coin Counting 2% of total with minimum of $1.00
Counter Check (1 free a month) $0.50
Draft printing fee varies on style of draft
E-Banking W/O E-Statement $1.00 per month
Long Distance Fax $2.00
Membership Fee $1.00
Nonsufficient Funds Fee $30.00
Overdraft Notice $3.00
Photocopy of Check $1.00
Share Acct Closing Fee - before 60 days $10.00
Return Deposited Item $15.00
Return Statement $3.00
Stop Payment $25.00
VISA Gift Card Purchase $3.99
Incoming Wire $1.00
Outgoing Wire Contact Credit Union
(We do not offer International Wires, International Western Unions, or initiate International ACHs.)