IRA Investment Savings Disclosure
Rate Information — The interest rate and annual percentage yield (APY) may change every quarter. The interest rate for your account is based on the following Index: the 13-week average of the 6-month U. S. Treasury Bill rates as published by the Federal Reserve Bank of St. Louis. The interest rate is calculated as follows:
|$0.00 to $999.99||Index less 4%|
|$1,000.00 to $2,999.99||Index less 2%|
|$3,000.00 to $9,999.99||Index less 1%|
|$10,000.00 to $49,999.99||Index|
|$50,000.00 or more||Index plus 1%|
Compounding and Crediting — Interest will be compounded every quarter. Interest will be credited to your account every quarter.
Interest Period — The interest period is quarterly. The interest declaration date is the last day of the interest period. If you close your account before the interest is paid, you will not receive the accrued interest nor will they be posted to your account on the last day of interest period.
Minimum Balance Requirements — The minimum balance required to open an IRA is $250.00. You may add to your IRA Investment Savings with deposits made at any MCU location or automatically with payroll deposit.
Daily Balance Computation Method — Interest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Transaction Limitations — You may not make any withdrawals or transfers to another credit union account of yours, or to a third party by means of a preauthorized or automatic transfer, telephone, computer or similar order to a third party.
Fees — If your account balance should drop below the minimum balance of $250.00, a yearly fee of $10.00 will be applied to your IRA.
If you fail to maintain a balance of $.01 in your Savings Account, all of your MCU accounts may be closed and a check for the total balance sent to your statement address 30 days following notification.