Business Account Rate Information
To view our current business account investment rates and fee schedule, please click on the appropriate links below:
|•||Current Investment Rates|
|•||Business Membership Fee Rates|
For Sole Proprietorship Business Share Accounts and Corporate Business Share Accounts, the Annual Percentage Yield (APY) and Nominal Dividend Rate will be earned according to the following schedule. The APY 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. These rates may change monthly as determined by the Credit Union Board of Directors. The minimum balance required to open an account and earn the stated APY is $5.00.
Share Draft Accounts – For Sole Proprietorship Business Share Accounts and Corporate Business Share Accounts an average daily balance of $500.00 must be maintained to avoid service fees. Sole Proprietorship Share Draft Accounts will earn Dividends on an average daily balance of $500.00 and above.
Nature of Dividends – Dividends are paid from current income and available earnings after required transfers to reserves at the end of each dividend period
Dividend Method – Dividends on this account are calculated on the Daily method. This means that a daily periodic rate is applied to the principal in the account each day. Dividends will be compounded monthly and credited to your account monthly, on the last day of the month.
Accrual of Dividends – For all accounts, dividends will begin to accrue on the business day the deposit is made to your account. For all accounts, if you close your account before accrued dividends are credited, accrued dividends will not be paid.
Par Value of Shares – The par value of a share is $5.00.
Insurance – Member accounts are federally insured by the National Credit Union Share Insurance Fund.
Business Share Draft Account Fees
|Avg. Daily Balance below $500.00||$20.00 per month|
|NSF Fee||$30.00 per item|
|Returned Item Fee||$25.00 per item|
|Stop Payment Fee||$15.00 per item|
|Uncollected Funds Fee||$30.00 per item|
Other Service Fees (For All Accounts)
|Account Closing Fee||$5.00|
|Account Print-Out (Upon Request)||$3.00|
|Account Research||$25.00 per hour (one hour minimum)|
|Bad Address Fee||$10.00 per quarter|
|Cash Delivery Services||$100.00 per transaction|
|Certified Check Fee||$15.00 per check|
|Coin Counting Services||$2.00 per $500.00|
|FedEx Fee (Saturday Delivery)||$50.00|
|Foreign Check Collection||$20.00|
|Inactive Account Fee*||$25.00 per quarter|
|* (Account must have no activity for 24 months and a balance under $100.00)|
|IRS Levy/Garnishment Services||$35.00 per set-up|
|Merchant Services||Inquire within|
|Paper Statement Fee||$2.00 Per Month|
|Payroll Services||Inquire within|
|Statement Copies||$3.00 each|
|Teller Generated 3rd Party Check||$5.00|
Electronic Funds Transfer Fees
|ATM Card Replacement Fee||$10.00 on 2nd replacement|
|ATM NSF Fee||$30.00 per item|
|ATM Returned Item Fee||$25.00 per item|
|PIN Mailer Request Fee||$3.00|
|VISA Debit Card Replacement Fee||$10.00 on 2nd replacement|
|VISA Chg Card Replacement Fee||$10.00 on 2nd replacement|
The fees appearing in this Schedule are accurate and effective for deposit accounts as of August 19, 2013.
If you have any questions or require current rate and fee information on your accounts, please contact the Credit Union at 609-631-4300 if in the local calling area or 800-449-3221 if outside of the local calling area.