Share Savings, IRA/Coverdell Education Share, Holiday Club and Vacation Club Accounts
Dividend is compounded: Quarterly; day of deposit to day of withdrawal and posted quarterly. The dividend period is quarterly.
Dividend based on: Daily Balance.
Dividend rate: Variable; declared at the close of the dividend period by the Board of Directors and subject to change at any time.
Conditions: Dividend rates are tiered. For daily balance, an interest rate of ___% (see rate sheet) will be paid on the portion of the daily balance that is greater than $0, but less than $2,500.00. An interest rate of ___% (see rate sheet) will be paid on that portion of your daily balance that is greater than $2,500, but less than $10,000.00. An interest rate of ___% (see rate sheet) will be paid on that portion of your daily balance that is greater than $10,000, but less than $25,000.00. An interest rate of ___% (see rate sheet) will be paid on that portion of your daily balance that is greater than $25,000, but less than $50,000.00. An interest rate of ___% (see rate sheet) will be paid on that portion of your daily balance that is greater than $50,000.
Share Savings – minimum balance of $5.00 required to obtain credit union membership. Par value is $5.00.
Holiday Club – funds withdrawn prior to October 31 result in the account being closed. Account automatically renews each year unless credit union is notified in writing. In early November, funds will be transferred to sub-account designated by member.
Vacation Club – renews each year unless the credit union is notified in writing. Two (2) withdrawals are permitted each calendar year.
Penalty/Early Withdrawal: If account is closed prior to the end of the quarter, no dividends will be paid for that quarter.
Relationship Plus Checking
Dividend is compounded: Monthly; day of deposit to day of withdrawal and posted monthly. The dividend period is monthly.
Dividend based on: Average Daily Balance. Average daily balance is calculated by adding principal in the account for each day of the period and dividing that figure by the number of days in the period.
Dividend rate: Variable; declared at the close of the dividend period by the Board of Directors and is subject to change at any time.
Conditions: Average daily balance of $10,000 must be maintained to obtain the disclosed annual percentage yields. The credit union reserves the right to close any checking/share draft account for excessive overdrafts.
Penalty/Early Withdrawal: If the account is closed prior to the end of the month, no dividends will be paid for that month.
ONE Up Checking
Dividend is compounded: Monthly; day of deposit to day of withdrawal and posted monthly. The dividend period is monthly.
Dividend based on: Average Daily Balance. Average daily balance is calculated by adding principal in the account for each day of the period and dividing that figure by the number of days in the period.
Dividend rate: Variable; declared at the close of the dividend period by the Board of Directors and is subject to change at any time.
Conditions: Dividend rates are tiered. For an average daily balance, which is less than or equal to $20,000.01, an interest rate of ___% (see rate sheet) will be paid on the portion of the average daily balance that is greater than $0.00, but less than $20,000.01. An interest rate of ___% (see rate sheet) will be paid on that portion of your average daily balance that is greater than $20,000.00, but less than or equal to $50,000.00. No interest will be paid on that portion of your average daily balance that is greater than $50,000.00.
Penalty/Early Withdrawal: If the account is closed prior to the end of the month, no dividends will be paid for that month.
Fees: A monthly fee of $20 will be assessed if monthly requirements are not met.
Requirements: The monthly requirements for the ONE Up Account are as follows: (1) Accountholder must be enrolled and receive monthly eStatements. (2) Must receive a minimum direct deposit(s) totaling $500 per statement cycle to the ONE Up Account. A qualifying direct deposit is an ACH (Automated Clearing House) automatic electronic deposit of your salary, pension, Social Security or other regular income into your credit union checking account. Transfers from one account to another, mobile deposits or deposits made at a branch or ATM do not qualify as a direct deposit. (3) A minimum of ten (10) Visa® Debit/Credit Card purchases of $5 or more per month; purchase returns credited back to the account will be deducted from the number of transactions. Only debit card transactions performed with a debit card tied to the ONE Up Account qualify.
All Visa Debit/Credit Card purchases must be posted to the account by close of business on the last business day of the month to qualify.
Other: The credit union reserves the right to close any checking/share draft account for excessive overdrafts. Limit one (1) ONE Up Account per member. Only Consumer accounts are eligible for the ONE Up account. There is no minimum balance
requirement for the ONE Up account. CommonWealth One will refund ATM surcharge fees (fees assessed by other ATM owners) up to $15 per month per ONE Up Account when you use your CommonWealth One Visa Debit Card to make a deposit, withdrawal, transfer or balance inquiry at a nonCommonWealth One ATM. The refund will be posted and credited to the account at the end of the month. The refund does not apply to cash advances from a CommonWealth One Credit Card or the assessment of Visa International Service Assessment (ISA) fees.
Money Management Account
Dividend is compounded: Monthly; day of deposit to day of withdrawal and posted monthly. The dividend period is monthly.
Dividend based on: Average Daily Balance. Average daily balance is calculated by adding principal in the account for each day of the period and dividing that figure by the number of days in the period.
Dividend rate: Variable; subject to change at any time by the Board of Directors.
Conditions: Average daily balance of $2,500 must be maintained to obtain the disclosed annual percentage yields. Dividend rates are tiered. For an average daily balance, which is equal to or greater than $2,500, an interest rate of ___% (see rate sheet) will be paid on the portion of the average daily balance that is greater than $0, but less than $2,500.00. An interest rate of ___% (see rate sheet) will be paid on that portion of your average daily balance that is greater than $2,499.99, but less than $10,000.00. An interest rate of ___% (see rate sheet) will be paid on that portion of your average daily balance that is greater than $9,999.99.
Penalty/Early Withdrawal: If the account is closed prior to the end of the month, no dividends will be paid for that month. All accounts above:
- Rate is variable; dividend rate and annual percentage yield may change at any time.
- Dividends are paid from available earnings after transfers to required reserves and cannot be guaranteed.
- Dividends begin to accrue on all deposits (including non- Cash deposits) on the same day they are deposited.
Money Management Plus Account
Dividend is compounded: Monthly; day of deposit to day of withdrawal and posted monthly. The dividend period is monthly.
Dividend based on: Daily Balance.
Dividend rate: Variable; subject to change at any time by the Board of Directors.
Conditions: Daily balance of $10,000 must be maintained to obtain the disclosed annual percentage yields. Dividend rates are tiered. For daily balance, which is equal to or greater than $10,000, an interest rate of ___% (see rate sheet) will be paid on the portion of the daily balance that is greater than $0, but less than $25,000.00. An interest rate of ___% (see rate sheet) will be paid on that portion of your daily balance that is greater than $24,999.99, but less than $50,000.00. An interest rate of ___% (see rate sheet) will be paid on that portion of your daily balance that is greater than $49,999.99.
Penalty/Early Withdrawal: If the account is closed prior to the end of the month, no dividends will be paid for that month. All accounts above:
- Rate is variable; dividend rate and annual percentage yield may change at any time.
- Dividends are paid from available earnings after transfers to required reserves and cannot be guaranteed.
- Dividends begin to accrue on all deposits (including non-cash deposits) on the same day they are deposited.
Share Certificates
Share Certificates, Jumbo Share/IRA Certificates, IRA/Coverdell Education Share Certificates - 6-month, 12-month, 15-month, 18-month, 24-month, 36-month, 48-month, 60-month (6-month, 15-month, not available as Jumbo Share Certificates).
Dividend is compounded: Daily; posted quarterly.
Dividend based on: Daily Balance.
Dividend Rate: Fixed for term of share certificate.
Conditions: Additional deposits not permitted, except for 15-month. Dividend options 12-month, 15-month, 18-month, 24-month, 36-month, 48 month, and 60-month; a) add to certificate or b) post to sub-account.
Penalty/Early Withdrawal: 12-Months or less– Penalty 90 days dividends, whether earned or not. More than 12-Months – Penalty is 180 days dividends whether earned or not. If dividends have not been earned, the penalty will be deducted from the principal balance. Any withdrawal will trigger forfeiture of the certificate. At the direction of the account holder, the remaining funds from the certificate may be used to open a new certificate at the current rate and term.
Other: If compounding occurs, the annual percentage yield assumes dividends remain in the account until maturity and that a withdrawal will reduce earnings. Share Certificates will renew automatically at maturity (30-month will renew for 36-month). There is seven business day grace period to withdraw funds after maturity date without penalty.
Penalties for early withdrawal may be waived in the event of death of the member/owner or a required IRA distribution. Dividends begin to accrue on all deposits (including non-cash deposits) on the same day they are deposited.
No account is transferable. We reserve the right to classify an account as dormant after no transaction activity for 36 months.
Individual Retirement Accounts - consult your tax advisor concerning your IRA account situation; early withdrawals may be subject to federal tax and penalty. See Schedule of Fees for related charges.
- APY = Annual Percentage Yield.
- Rates are variable and subject to change at any time, including after account opening.
- Fees may reduce earnings.
- Members will forfeit dividends if they close an account before accrued dividends are credited.
Revised 10/2023
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