Basics
Our vacation club is a great account to use for
vacations or any other special need that you
might have. Besides saving for vacations,
members use it to save for special purchases, a
property tax account, a crazy money account,
etc. You are authorized three (3) withdrawals
per year from this account - any additional
withdrawals are considered excessive withdrawals
and charged $5.00 per withdrawal.
Accrual
of Dividends:
Dividends begin to accrue on both cash deposits
and non-cash deposits on the same business day
that the funds are credited to your account. A
non-cash deposit means check deposits. If you
withdraw funds from your account before the
dividends are paid, you will receive the accrued
dividends, on the withdrawn funds, at the end of
the quarterly dividend period. If you close
your account before the end of the quarterly
dividend period, you will not receive the
dividends which accrued on your balance.
Rate
Information:
The term "dividend rate" means the dividends
paid on an account without the effect of
compounding previously earned dividends. It is
shown as an annual figure and is expressed as a
percentage of the balance. The Annual
Percentage Yield (APY) means a percentage rate
reflecting the total amount of dividends paid on
an account, based on the dividend rate and the
frequency of compounding, for an annual period.
All non-certificate accounts are considered
"variable rate accounts". This means that the
dividend rate and APY may change quarterly at
the discretion of the board of directors.
Dividends are paid from current income and
available earnings, after required transfers to
reserves at the end of each dividend period.
There is no limitation on the amount the
dividend rate and APY may increase or decrease.
Your savings federally insured to at least
$100,000
And backed by the full faith and credit of the
United States Government
