Term Share Certificates & Individual Retirement Account
The rates, fees and terms applicable to your Account at the Credit Union are provided in the Rate & Fee Schedule. The Credit Union may offer other rates for these Accounts from time to time.
For complete account disclosures, click here.
EFFECTIVE DATE: January 30, 2019
|Div Rate %||APY %||Div Compd||Div Credit||Div Period||Min Bal||Min Bal Avoid Chrg||Min Bal Earn APY||Bal Method||Limit|
“APY” Annual Percent Yield
“ADB” Average Daily Balance
+ Additional deposits not allowed. Withdrawals allowed with penalty, automatic renewal.
The Fair Market Value of your IRA at the end of 2018 is being furnished to the Internal Revenue Service. The IRA Fair Market Value is the 12/31/2018 ending balance.
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 weekly as determined by the Credit Union’s Board of Directors.
NATURE OF DIVIDENDS:
Dividends are paid from current income and available earnings after required transfer to reserves at the end of the dividend period. The Dividend Rates and Annual Percentage Yield are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.
DIVIDENDS COMPOUNDING AND CREDITING:
The compounding and crediting of dividends and dividend period applicable to each Account are set forth 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 begins the first calendar day of the deposit and is posted 90days from the deposit date on the first available business day.
ACCRUAL OF DIVIDENDS:
For all accounts, dividends will be gin to accrue on non-cash deposits (e.g. checks) on the business day you make the deposit to your account.
The minimum balance requirements applicable to each Account are set forth in the Rate Schedule.
For all Term Share Certificates of Deposit, and IRA accounts, additional deposits prior to the maturity of the Account are not allowed. Withdrawals are allowed with a penalty only. The Account is automatically renewed at the current dividend rates applicable at maturity if the member does not notify the Credit Union otherwise.
Additional Disclosure Information
The renewal policy for your Accounts is as follows: The Account will automatically be renewed at the close of the business day on the maturity date or the maturity date of any renewed or extended terms unless at least 10 days prior to that date Baker’s Federal Credit Union gives as written notice to the certificate holder that this certificate will not be renewed at the initial rate of interest. If the member does not respond to the maturity notice given prior to the maturity of the Certificate or IRA, the Account will automatically be renewed at the current rates applicable for the previous invested term.
Your Account is nontransferable and nonnegotiable. The funds in your IRA Account may not be pledged to secure any obligation of an owner. The funds in your Certificate of Deposit Account may not be pledged to secure any obligation of an owner, except obligations at the Credit Union.
Early Withdrawal Penalty: We may impose a penalty if you withdrawal any of the principle before the maturity date.
Amount of Penalty:
For all Accounts, the amount of the early withdrawal penalty is based on the term of your Account. The penalty schedule is as follows:
Terms of 12 Months or Less
Terms of Over 12 Months
90 Days Dividend
180 Days Dividends
The penalty is calculated as a forfeiture of part of the dividends that have been, or would be earned on the Account.
Exceptions to Early Withdrawal Penalty:
At our option, we may pay the Account before maturity without imposing an early withdrawal penalty under the following circumstances:
- When an Account owner dies or is determined to be legally incompetent by a court or other body of competent jurisdiction.
- Where the Account is an IRA and any portion is paid within seven (7) days after establishment; or where the Account is a Keogh Plan provided that the depositor forfeits an amount of at least equal to the simple dividends earned in the amount withdrawn; or where the Account is an IRA or Keogh and the owner attains the age of 59 1/2, or becomes disabled.
Sharon L., President NMLS# 456126
Leslie R., Vice-President
Bakers FCU Routing No: 304087567
What Does Baker's Federal Credit Union Do with your personal Information?
Notice to Customers: Federal law requires that customers for certain transactions be identified by Name, address, government-Issued identification and other relevant information. Therefore, customers may be asked to provide information and identification to comply with the law.