Membership and General Information
Membership in Meadow Gold Employees Credit Union is limited to employees of Meadow Gold Dairies and their family members and producers contracted in supplying product to Meadow Gold Dairy. To maintain membership, a minimum share deposit balance as stated in the schedule of fees, must be maintained.
Meadow Gold Employees Credit Union encourages financial stability among our members by offering a variety of financial services to meet the needs of each individual member. We will provide our members with prompt, friendly and professional service so the member is able to conduct their business with confidence and ease.
We will continually educate our members to make wise financial decisions and to help them understand the unique position of the credit union..”People Helping People!”
Except as specifically described the following disclosures apply to all of the accounts.
- Rate Information. The Dividend Rate and Annual Percentage Yield on youraccounts are set forth herein. For Shares, Secondary Savings, and IRA accounts, the Dividend Rate and Annual Percentage Yield may change quarterly. The Shares, Secondary Savings, and IRA accounts are tiered rate accounts. The Dividend Rate and Annual Percentage Yield applicable to the Shares, Secondary Savings, and IRA accounts depend on the balance ranges set forth herein. Once a balance range is met, the Dividend Rate and Annual Percentage Yield for that range will apply to the full balance of your account. For Certificate accounts the Dividend Rate and Annual Percentage Yield are fixed and will be in effect for the term of the account. The Annual Percentage Yield is based on an assumption that the interest will remain on deposit until maturity. A withdrawal of dividends/interest will reduce earnings.
- Nature of Dividends. For Share Savings, Secondary Savings, and IRA accounts, dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period. The Dividend Rate and Annual Percentage Yield set forth herein are accurate as of the Effective Date and is the rate that the Credit Union anticipates paying for the applicable dividend period.
- Compounding and Crediting. Dividends will be compounded and credited as set forth herein. The Dividend Period for all accounts 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, Secondary Savings, and IRA accounts, dividends will begin to accrue on cash and non-cash deposits on the business day you make the deposit to your account. Dividends will begin to accrue on electronic direct deposits on the business day we receive the deposit. For Certificate accounts, dividends will begin to accrue on cash and non-cash deposits on the business day we receive the deposit. If you close a Share Savings, Secondary Savings, IRA account before accrued Dividends are credited, accrued Dividends will not be paid.
- Balance Information. The minimum balance required to open each account is set forth herein. For Share Savings, Secondary Savings, and IRA accounts, there is a minimum average daily balance required to obtain the stated Annual Percentage Yield as set forth herein. If the minimum average balance is not met, you will not earn the stated Annual Percentage Yield. For all accounts using an Average Daily Balance method, Dividends are calculated by applying a periodic rate to the average daily balance in the account for the period. The average daily balance is determined by adding the full amount of principal in the account for each day of the period and dividing that figure by the number of days in the period.
- Account Limitations. For all accounts, no account limitations apply.
- Certificate Account Features.
a. Account Limitations. After your account is opened, you may not make additional deposits to your account except on the Dedication Certificate. For a Dedication Certificate account, you can choose a monthly amount ($25.00 minimum) to be deposited. On the crediting date, you may elect to have dividends credited to the Certificate account or transferred to your Shares or Secondary Savings account.b. Maturity. Your Certificate Account will mature on the maturity date set forth herein on your Account Receipt or Renewal Notice.c. Early Withdrawal Penalty. We may impose
- a penalty if you withdraw any of the principal before the maturity date.
- Amount of Penalty.
i. For Regular Certificate Accounts: The early withdrawal penalty is forfeiture of half of the interest to be paid on the term of the Certificate or all unpaid accrued, whichever is greater. Minimum penalty is $15.00. ii. For Dedication Certificate Accounts the early withdrawal penalty is forfeiture of all interest posted and earned or $15.00 whichever is greater.
- How the Penalty Works.
The penalty is calculated as a forfeiture of part of the interest that has been or would be earned on the account. The penalty applies whether or not the interest has been earned.
- Exceptions to Penalties for Early Withdrawals.
We may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances:i. When the owner of an account dies or is determined, by a court or other body of competent jurisdiction, to be legally incompetent.ii. Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after establishment; provided that the depositor forfeits an amount of at least equal to the simple interest earned in the amount withdrawn.
d. Renewal Policy. All Certificate Accounts are automatically renewable accounts. Your account will automatically renew for another term upon maturity, and you have a grace period of ten (10) days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty. You may elect not to have your Certificate Account renew at any time.
e. Nontransferable/Nonnegotiable. Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation of an owner, except obligations with the Credit Union.
FUNDS AVAILABILITY POLICY
- General Policy. Our policy is to make funds from your cash and check deposits available to you on the same business day that we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once they are available, you can withdraw the funds in cash and we will use the funds to pay checks that you have written. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit on a day we are not open we will consider that the deposit was made on the next business day we are open.
- Reservation of Right to Hold. In some cases, we will not make all of the funds that you deposit by check available to you on the same business day that we receive your deposit. Depending on the type of check that you deposit, funds may not be available until the third business day after the day of your deposit. However, the first $100.00 of your deposit will be available on the first business day after the day of your deposit. If we are not going to make all of the funds from your deposit available on the same business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the next business day after we receive your deposit. If you will need the funds from a deposit right away, you should ask us when the funds will be available.
- Holds on Other Funds. If we cash a check for you that is drawn on another financial institution, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it. If we accept for deposit a check that is drawn on another financial institution, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited.
- Longer Delays May Apply. We may delay your ability to withdraw funds deposited by check into your account an additional number of days for these reasons:
- We believe a check you deposit will not be paid.
- You deposit checks totaling more than $5,000 on any one day.
- You deposit a check that has been returned unpaid.
- You have overdrawn you’re account repeatedly in the last six (6) months.
- There is an emergency, such as failure of computer equipment or communications.
We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the eigth business day after the day of your deposit.
- Special Rules for New Accounts. If you are a new member, the following special rules will apply during the first 30 days your account is open.
- Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,000 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, and federal, state, and local government checks will be available on the next business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,000 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,000 will not be available until the second business day after the day of your deposit. Funds from all other check deposits will be available on the seventh business day after the day of your deposit.