Effective Date: March 31, 2014
Dividend Rate and APY (Annual Percentage Yield)
The dividend rate as of the last dividend declaration date was 0.05% with a corresponding Annual Percentage Yield of 0.05%.
Variable Rate Accounts
The dividend rate and annual percentage yield may change every quarter as determined by the Credit Union’s Board of Directors.
Compounding
Dividends will be compounded quarterly and credited quarterly. The dividend period is a quarter. The beginning date of the first dividend period of the calendar year is January 1 and the ending date is March 31. All other dividend periods follow this pattern of dates. The dividend declaration date is the ending date of the dividend period and for the example, is March 31. The dividend declaration date is the date the Credit Union’s Board of Directors declared a dividend for the preceding dividend period.
Effect of Closing an Account
If you close your account before dividends are paid, you will not be paid the accrued dividends for the period.
Minimum Balance Requirements
To open this account, you must have a minimum amount of $5.00.
To join the Credit Union, you must purchase a $5.00 Share.
To earn the annual percentage yield disclosed, you must maintain a minimum daily average daily balance of $100.00 in your account for the dividend period. You will not earn any dividend for the dividend period if your average daily balnce is below $100.00 for the period. The average daily balance is calculated by adding the principal in the account for each day and dividing by the number of days in the period.
Transaction Limitations
Withdrawals from share accounts shall be limited to 30 per quarter.
How Dividends Are Calculated
Dividends are calculated using the average daily balance method. This method applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in a period.
When Dividends Begin to Accrue
Dividends begin to accrue on cash and noncash deposits, such as checks, on the business day you make your deposit.
Nature of Dividends
Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.
General
The laws of the State of Oregon, U.S.A., govern this agreement. You hereby irrevocably consent to the exclusive jurisdiction and venue of courts in Oregon, U.S.A. in all disputes arising out of or relating to the use of the South Coast ILWU FCU Site/Services. Use of the South Coast ILWU FCU Site/Services is unauthorized in any jurisdiction that does not give effect to all provisions of these terms and conditions, including without limitation this paragraph. You agree that no joint venture, partnership, employment, or agency relationship exists between you and South Coast ILWU FCU as a result of this agreement or use of the South Coast ILWU FCU Site/Services. You agree to indemnify and hold South Coast ILWU FCU, its parents, subsidiaries, affiliates, officers and employees, harmless from any claim, demand, or damage, including reasonable attorneys' fees, asserted by any third party due to or arising out of your use of or conduct on the South Coast ILWU FCU Site/Services. South Coast ILWU FCU reserves the right to disclose any personal information about you or your use of the South Coast ILWU FCU Site/Services, including its contents, without your prior permission if South Coast ILWU FCU has a good faith belief that such action is necessary to: (1) conform to legal requirements or comply with legal process; (2) protect and defend the rights or property of South Coast ILWU FCU or its affiliated companies; (3) enforce the terms or use; or (4) act to protect the interests of its members or others. South Coast ILWU FCU's performance of this agreement is subject to existing laws and legal process, and nothing contained in this agreement is in derogation of South Coast ILWU FCU's right to comply with governmental, court and law enforcement requests or requirements relating to your use of the South Coast ILWU FCU Site/Services or information provided to or gathered by South Coast ILWU FCU with respect to such use. If any part of this agreement is determined to be invalid or unenforceable pursuant to applicable law including, but not limited to, the warranty disclaimers and liability limitations set forth above, then the invalid or unenforceable provision will be deemed superseded by a valid, enforceable provision that most closely matches the intent of the original provision and the remainder of the agreement shall continue in effect. Unless otherwise specified herein, this agreement constitutes the entire agreement between the user and South Coast ILWU FCU with respect to the South Coast ILWU FCU Site/Services and it supersedes all prior or contemporaneous communications and proposals, whether electronic, oral or written, between the user and South Coast ILWU FCU with respect to the South Coast ILWU FCU Site/Services. A printed version of this agreement and of any notice given in electronic form shall be admissible in judicial or administrative proceedings based upon or relating to this agreement to the same extent and subject to the same conditions as other business documents and records originally generated and maintained in printed form.
Any rights not expressly granted herein are reserved.