Opening a Share Savings Account is easy. It only takes $25.25. The $25.00 is yours and the .25 cent is ours. You must maintain a minimum balance of $25.00 to keep the account open. All share savings are insured to $250,000. We offer competitive deposit rates and friendly hometown service.
The rates, fees, and terms applicable to your account at the WNC Community Credit Union are provided in this Rate and Fee Schedule. The Credit Union may offer other rates for these accounts from time to time.
|Share Savings Account||Christmas Club Account||IRA Share Account||Share Draft Account|
|Rate/APY - Compounded||Daily||Daily||Daily||--|
|Rate/APY - Credited||Monthly||Monthly||Monthly||--|
|Rate/APY - Period||Calendar Month||Calendar Month||Calendar Month|
|Min Opening Deposit||$25.00||--||$25.00||$25.00|
|Min Balance to Avoid Service Fee||--||--||--||--|
|Min Balance to Earn Stated APY||$25.00||--||$25.00||--|
|Balance Method||Daily Balance||--||Daily Balance||--|
|Account transfer limitations apply||Account transfer limitations apply||Account transfer limitations apply||--|
Except as specifically described, the following disclosures apply to all of the accounts. All accounts described in this Rate and Fee Schedule are share accounts.
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 Share Savings, Christmas Club and IRA Share accounts, the Dividend Rate and Annual Percentage Yield may change monthly as determined by the Credit Union’s Board of Directors. The Dividend Rates and Annual Percentage Yields are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.
Nature of Dividends
Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.
Dividend 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 on the first calendar day of the period and ends on the last calendar day of the period.
Accrual of Dividends
For Share Savings, Christmas Club and IRA 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.
The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For Share accounts, there is a minimum daily balance required to obtain the Annual Percentage Yield for the dividend period. If the minimum daily balance is not met, you will not earn the stated Annual Percentage Yield. For Share Savings, Christmas Club and IRA Share accounts using a Daily Balance method, dividends are calculated by applying a daily periodic rate to the principal in the account each day.
For Share Savings, Christmas Club and IRA Share accounts, no more than six (6) pre-authorize, automatic, or telephone transfers may be made from these accounts to another account of yours or to a third party in any month, and no more than three (3) of the six (6) transfers may be made by check, draft, or debit card to a third party. If you exceed these limitations, your account may be subject to a fee or be closed. For Christmas Club accounts, the entire balance will be paid to you by check or transferred to another account of yours on or after October 31 and the account will remain open. For Share Draft accounts no account limitations apply.