Except as specifically described, the following disclosures apply
to all accounts with the Molex Credit Union. All accounts described
in this disclosure are Regular Share accounts, Christmas Club accounts,
and Certificate of Deposit accounts.
1. Rate Information: 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 Regular Share and Christmas Club accounts,
the Dividend Rate and Annual Percentage Yeild may change quarterly
as determined by the Credit Union's Board of Directors. For Certificate
of Deposit accounts, the Dividend Rate and Annual Percentage Yield
may change more frequently than quarterly, as determined by the
Credit Union's Board of Directors. "Current" dividend
rates and annual percentage yields are rates and yields as of the
last dividend declaration date.
2. Nature of Dividends: Dividends are paid from current income
and available earnings after required transfers to reserves at the
end of the dividend period.
3. Dividend Compounding and Crediting: The compounding and crediting
of dividends and the dividend period is quarterly. The dividend
period is the period of time at the end of the 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.
4. Accrual of Dividends: For all accounts, dividends will begin
to accrue on noncash deposits (e.g. checks) on the business day
you make the deposit to your account. For regular share and Christmas
Club accounts, if you close your account before accrued dividends
are credited, accrued dividends will not be paid. For Certificate
of Deposit accounts, if you close out your CD prior to its maturity
date, 90 days worth of interest will be charged to you.
5. Balance Information: The minimum deposit requirement to open
a Regular Share or Christmas Club account is $5.00. The minimum
deposit to open a Certificate of Deposit account is $1,000.00. For
all accounts using a Daily Balance method, dividends are calculated
by applying a daily periodic rate to the principal in the account
6. Account Limitations: For all accounts, no wire transfers in or out of the account are permitted. For regular savings accounts, you are allowed (1) free withdrawal per month. For Christmas Club accounts, the entire balance will be paid to you by check on or after November 3rd and the account will remain open.
7. Account Fees: On Regular Share accounts you may be charged a
withdrawal fee of $1.00 for a second and third withdrawal per month,
and $5.00 for each withdrawal in excess of three (3) withdrawals
per month. For Christmas Club accounts, you may be charged a $7.00
fee for each early withdrawal at any time prior to November 1st.
If you do not make at least one (1) customer generated transaction
to your regular share account each year, you may be charged a $20.00
inactive account fee. If your share account drops below our $5.00 minimum share balance, you may be charged a fee. If your share account drops below zero, you may be charged a $10.00 negative share balance fee.
If you have lost a share withdrawal check and need to have it replaced,
you may be charged a $30.00 stop payment fee. If you have a deposit
item returned (bounced check) you may be charged $25.00 per item
returned. If you require next day delivery service, you may be charged $25.00 for overnite delivery Monday - Friday or $35.00 for overnite delivery on Saturday.