Cincinnati Police Federal Credit Union
959 w 8th St
Cincinnati, Ohio 45203
Effective Date: 3/1/2014
Disclosure of Dividends, Fees and Account Terms for the Money Market Account
Rate Information & Minimum Balance Requirements
Credit Union Membership
The Annual Percentage Yield is a percentage 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.
You must deposit $2000.00 to open this account.
The dividend rate for your account is .10% with an annual percentage
yield of .10%.
If the balance falls below $2000.00 your dividend rate will be the same as
our Regular Share Account. The dividend rate for your account will be .10%
with an annual percentage yield of .10%.
If your balance is above $10,000.00 to $24,999.99 the dividend rate for
you account will be .15% with an annual percentage yield of .15%.
If your balance is above $25,0000 to 49,999.99 the dividend rate for your
account will be .20% with an annual percentage yield of .20%.
If your balance is above $50,000.00 the dividend rate for your account will
be .30% with an annual percentage yield of .30%.
A minimum daily balance of $50.00 is required in order to earn the stated
APY for the dividend period. If the minimum daily balance is not met, you will
not earn the stated Annual Percentage Yield.
Your dividend rate and annual percentage yield may change at any time
determined by our Board of Directors.
The dividends and Annual Percentage yields are the prospective rates and
yields that the Credit Union anticipates paying for the applicable divided period.
Dividends are paid from current income and available earnings after required
transfers to reserves at the end of the dividend period.
Balance Computation Method
We use the daily balance method to calculate dividends on you account.
This method applies a daily periodic rate to the collected principal in the
account each day.
Compounding and Crediting
The Dividend Period is the period of time at the end of which an account
earns dividend credit. Dividends on your account will be compounded daily and
credited to your account monthly. The Dividend Period begins on the first
calendar day of the period and ends on the last calendar day of the period.
If you close your money market account before dividends are credited,
you will not receive accrued dividends.
Accrual of interest on Deposits Other than Cash
Dividends will begin to accrue on non-cash deposits (e.g. checks) on the
business day you make the deposit to your account.
This account is limited to no more than six (6) preauthorized , automatic,
or telephone transfers may be made from these accounts to another account of yours
or to a third party in any month, and no more than three (3) of these six (6)
transfers may be by check, draft, or debit card to a third party. If you exceed
these limitations, your account may be subject to a fee or be closed.
Membership Share:………………………………………… $5.00 par value, must be employed by the state
or local government within Hamilton, Butler, Warren and Clermont Counties, Ohio
and Campbell, Kenton, and Boone Counties, Kentucky and Dearborn County, Indiana.