“This credit union is federally
insured by the National Credit
Union Administration.”

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Employees Credit Union.

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Share Rates

The CECU Board of Directors
Declared the Following

Minimum Opening Deposit $500.00
RATES SUBJECT TO CHANGE

*APY is the Annual Percentage Yield.

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 Term Share accounts, the Dividend Rate and Annual Percentage Yield are fixed and will be in effect for the term of the account.  The Annual Percentage Yield is based on an assumption that dividends will remain on deposit until maturity.  A withdrawal of dividends will reduce earnings.

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

Dividends Compounding and Crediting. The compounding and crediting of dividends applicable to each account is set forth in the Rate Schedule. The Dividend Period begins on the first calendar day of the Dividend Period and ends on the last calendar day of the Dividend Period.

Balance Information. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For Term Share accounts, 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 determined by adding the full amount of the principal in the account for each day of the period and dividing that figure by the number of days in the period.

Accrual of Dividends. For Term Share accounts, dividends will begin to accrue on non cash deposits (e.g. checks) on the business day you make the deposit to your account.  For Term Share accounts, if you close your account before accrued dividends are credited, accrued dividends will not be paid.

Transaction Limitations. After your account is opened, your ability to make additional deposits to your account or withdrawals of dividends and any limitations on such transactions are set forth in the Rate Schedule.

Maturity. Your account will mature as indicated on your Rate and Fee Schedule or on your Account Receipt or Renewal Notice.

Early Withdrawal Penalty. We may impose a penalty if you withdraw any of the principal before the maturity date.

Amount of Penalty. For Term Share accounts, the amount of the early withdrawal penalty for your accounts is ninety (90) days dividends.

How the Penalty Works. The penalty is calculated as a forfeiture of part of the dividends that have been or would be earned on the account. It applies whether or not the dividends have been earned. In other words, if the account has not yet earned enough dividends or if the dividend has already been paid, the penalty will be deducted from the principal.

Exceptions to Early Withdrawal Penalties. At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances:
    (i) When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.
    (ii) (blank for future insert).

Renewal Policy.  For Term Share accounts, your account will not automatically renew, but you may renew the account at your option. Dividends will not be paid after maturity. The balance will be transferred to another account of yours or the balance will be paid to you by check or any portion of the maturing term share may be re-invested in a new term share.

Nontransferable/Nonnegotiable. Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation of an owner, except obligations with the Credit Union.