IMPORTANT DEPOSIT INFORMATION FOR CCCU as of November 1, 2011.

APR = Annual Percentage Rate
 

Checking

Rate through October 31, 2011: 0.25% APR (Average Daily Balance $2,500.00 and above). Variable Rate - The interest rate and Annual Percentage Yield (APY) on all checking accounts can change at any time without notice as determined by the Board of Directors of Clark County Credit Union.

Savings - Christmas/Vacation Club - Secondary Savings *

Rate through October 31, 2011: 0.25% APR (Average Daily Balance $50.00 and above). Variable Rate - The interest rate and Annual Percentage Yield (APY) on all savings products listed on savings accounts can change at any time without notice as determined by the Board of Directors of Clark County Credit Union.

A dormant account fee will be assessed to a savings account with a balance less then $500.00 with no activity for 3 months or more. Christmas/Vacation Club withdrawals may not be made during the year on Christmas/Vacation Club Accounts.

More Money - Variable Rate

Rate through October 31, 2011: 0.25% APR (Average Daily Balance $50.00 and above). The minimum opening balance is $5,000.00. Variable Rate - The interest rate and Annual Percentage Yield (APY) on all savings products listed above can change at any time without notice as determined by the Board of Directors of Clark County Credit Union.

Certificates-Fixed Rate

If you withdraw the principal balance or close your certificate account prior to maturity the following penalties will be assessed; 6 and 12-month certificates will be assessed a 90 day interest penalty, 24, 36, & 60 month certificates will be assessed a 180 day interest penalty. Subsequent deposits are not allowed to a certificate of deposit. 

IRAs-Rates Based on Account Balances

Important Notice for IRA Account Holders*

*Fees - an annual fee of $25.00 will be assessed to each IRA, Tradional and Roth. See CCCU Membership Plans and Fee Schedule.

Deadline for making a previous year contribution is April 15. Must be age 59 1/2 for withdrawals or meet the qualified distribution guidelines. Roth IRA must be open 5 years before qualified distribution can be made and the owner is 59 1/2 years old or older, or disabled, or using the distribution as a first time home buyer. One year minimum term.

Truth-In-Savings Disclosure

 

Except as specifically described, the following disclosures apply to all of the accounts

 

In the Truth-In-Savings Disclosure the word “account” means a number assigned to you by the Credit Union. The word “suffix” means the types of accounts you open under a particular account number such as a Checking, More Money, Certificate, etc.

 

1. Rate Information.  The Annual Percentage Yield is a percentage rate that reflects the total amount of interest paid on a suffix based on the interest rate and frequency of compounding interest for an annual period. For all variable rate suffixes the interest rates and annual percentage yields may change monthly. For all fixed rate suffixes any reduction in rate will be preceded by written notification as required by law.

 

2. Interest Compounding and Crediting. Interest is compounded and credited to the suffix monthly. Interest is posted to all suffixes at the close of business on the last day of the month. Interest will begin to accrue on all deposits on the business day you make the deposit to your suffix. If you close a suffix before accrued interest is credited, you will not receive the accrued interest.

 

3. Interest Calculation. Interest is calculated by the average daily balance method, which applies a periodic rate to the suffixes average daily balance. Adding the daily balance in the suffix for the month and dividing the number of days in the period compute the average daily balance. The interest period begins on the first calendar day of the month and ends on the last calendar day of the month. Minimum aggregate deposit level is based upon the average daily balance for the month.

 

4. Dormant Fee.  A dormant fee will be assessed to each suffix on an account with an aggregate account balance less than $500.00 and no activity on the account for 3 months or more. 

 

5. Membership Plans and Fee Schedule. Fees may apply to all suffix types. Clark County Credit Union fees are based on a member’s current membership status. See CCCU Membership Plans and Fee Schedule attached.

 

 

Savings – Christmas Club – Vacation Club – Secondary Savings

See matching rate chart above for sample rates.

 

Savings - $50.00 minimum opening balance and average daily balance needed to maintain minimum disclosed interest. $50.00 must remain in the savings suffix at all times to maintain an active membership. 

 

Variable Rate – The interest rate and Annual Percentage Yield (APY) on all savings accounts can change at any time without notice as determined by the Board of Directors of Clark County Credit Union.

Christmas Club, Vacation Club, Secondary Savings - $5.00 minimum opening balance and average daily balance needed to obtain disclosed interest. Christmas Club funds are paid out on November 1st; Vacation Club funds are paid out on May 15th. The entire balance will be transferred to your checking suffix, if a checking suffix is not open then the entire balance will be transferred to your 00 savings suffix. The Christmas Club and Vacation Club suffix will remain open.

 

Account Limitations - Regulation D is a federal regulation that places certain limits on the number of transfers or withdrawals members can make from their non-transactional suffix. It affects all saving and more money suffixes. Regulation D allows for up to six (6) aggregate withdrawals, overdraft transfers, electronic funds transfers, automatic withdrawals (EFT/ACH), debit card transactions, home banking, Cue Phone or facsimile transfers per month. For more information on Regulation D see CCCU Disclosure Booklet.

 

Fees – Fees may apply to all savings suffix types. Clark County Credit Union fees are based on a member’s current membership status. See CCCU Membership Plans and Fee Schedule attached. Fees could reduce earnings on accounts.

 

Checking 

See matching rate chart above for sample rates.

 

Checking  – The minimum opening balance is $50.00.

Variable Rate – The interest rate and Annual Percentage Yield (APY) on checking accounts can change at any time without notice as determined by the Board of Directors of Clark County Credit Union.

 

Account Limitations – The availability of funds in your checking may be delayed as described in our Funds Availability Policy Disclosure. We may pay checks, permit withdrawals and make transfers only if your checking has sufficient available funds to cover the full amount of the withdrawal or you have an established overdraft protection plan with CCCU. 

 

Fees – A monthly service fee may apply. Additional fees may apply to all checking suffix types. Clark County Credit Union fees are based on a member’s current membership status. See CCCU Membership Plans and Fee Schedule attached. Rates for these accounts are subject to change after the account is opened. Fees could reduce earnings on accounts.

 

 

More Money – Variable Rate

See matching rate chart above for sample rates.

 

More Money – The minimum opening balance is $5,000.00.  

 

More Money Variable Rate – The interest rate and Annual Percentage Yield (APY) of the More Money can change at any time without notice as determined by the Board of Directors of Clark County Credit Union.

 

Account Limitations – Regulation D is a federal regulation that places certain limits on the number of transfers or withdrawals members can make from their non-transactional suffixes. It affects all saving and More Money suffixes. Regulation D allows for up to six (6) aggregate withdrawals, overdraft transfers, electronic funds transfers, automatic withdrawals (EFT/ACH), debit card transactions, home banking, Cue Phone or facsimile transfers per month. For more information on Regulation D see CCCU Disclosure Booklet.

 

Fees – Fees may apply to all savings suffix types. Clark County Credit Union fees are based on a member’s current membership status. Rates for these accounts are subject to change after the account is opened. Fees could reduce earnings on accounts.

 

Certificates (Savings)

See matching rate charts above for sample rates.

 

Certificate – The minimum opening balance for a certificate is $1,000.00.

 

Account Limitations – Subsequent deposits are not allowed to a certificate. If you withdraw the principal balance or close your certificate prior to maturity, the following penalties will be assessed: 6 and 12 month certificates will be assessed a 90-day interest penalty, 24, 36 and 60 month certificates will be assessed a 180-day interest penalty. Annual Percentage Yield (APY) assumes that interest will remain on deposit until maturity and that a withdrawal of interest will reduce interest earned.

 

Maturity Notice - Upon maturity, your certificate will automatically transfer to a designated suffix on the same account number (Saving certificates to the 00 suffix, IRA certificates to the 81 suffix and Roth certificates to the 21 suffix). You may direct us to take alternate action (withdrawal or renewal) by returning the Certificate Maturity Notice or contact the credit union prior to maturity. All certificates have a seven-calendar day grace period from the maturity date.   Early withdrawal may reduce earnings.

 

 

IRA Accounts – Variable Rate

See matching rate chart above for sample rate.

          

IRA Account – The minimum opening balance and average daily balance needed to maintain an IRA account is $100.00. If the IRA account balance drops below the required $100.00 the Credit Union will close the account by mailing a check for the remaining balance to the address of record.

 

IRA Variable Rate – The interest rate and Annual Percentage Yield (APY) of the IRA can change at any time without notice as determined by the Board of Directors of Clark County Credit Union.

 

Required Minimum Distributions (RMD) - The IRS requires distribution on Traditional IRAs if the owner is over 70.5 year of age. If member elects an option other than “member responsible” the disbursement will only be funded from the IRA (Suffix 81). If IRA funds are in a certificate the Credit Union reserves the right to charge a penalty, close and/or move funds without notice, to fund the required RMD as elected by the Member.

 

For IRA Certificate rates and terms, see “Certificate Rates” above.

 

Account Limitations for Traditional IRAs –There are limitations to the amount a member can contribute annually to their Traditional IRA based on IRS Guidelines. The deadline for making any previous year contributions is April 15th. Owners must be age 59 ½ or meet the qualified distribution guidelines to make a withdrawal without penalty.

 

Account Limitations for Roth IRAs –There are limitations to the amount a member can contribute annually to their Roth IRA based on IRS Guidelines. The deadline for making any previous year contributions is April 15th. Owners must be age 59 ½ or meet the qualified distribution guidelines and the account must be open five (5) years to make a withdrawal without penalty.

 

Fees – An annual account fee of $25.00 will be assessed to each IRA, Traditional and Roth. See CCCU Membership Plans and Fee Schedule. APY is accurate as of 07/01/2010, the last dividend declaration date. Fees could reduce earnings on accounts. Early withdrawal may reduce earnings.

 

 

American Share Insurance insures each suffix up to $250,000. This institution is not federally insured, and if the institution fails, the Federal Government does not guarantee that depositors will get back their money.