Except as specifically described, the following disclosures apply to all of the accounts.
- Rate Information. The Annual Percentage Yield is a percentage rate that reflects the total amount of interest to be paid on an account based on the interest rate and frequency of compounding for an annual period. Your interest rate and APY may change at any time as determined by the Credit Union’s Board of Directors. This is a Tiered Rate Account. The balance ranges, Interest Rates and Annual Percentage Yields applicable for each tier are disclosed in the Rate Schedule.
- Interest Compounding and Crediting. The compounding and crediting frequency of interest and interest period applicable to each account are stated in the Rate Schedule.
- Accrual of Interest on Non-cash Deposits. Interest will begin to accrue on the business day you deposit non-cash deposits (e.g. checks).
- Balance Information. To open a Fusion Checking Account you must deposit or already have on deposit at least the par value of one full share in a Regular Savings account. The par value amount is $5. The minimum opening deposit for a Fusion Checking Account is $20. We use the Daily Balance method to calculate the interest in your account. This method applies a daily periodic rate to the principal in the account each day.
- Fees for Overdrawing Accounts. Fees may be imposed on each check, draft, item, ATM card withdrawal, debit card point of purchase, preauthorized automatic debit, telephone initiated withdrawal or any other electronic withdrawal or transfer transaction that is drawn on an insufficient available account balance. The entire balance in your account may not be available for withdrawal, transfer or paying a check, draft or item. You may consult the Funds Availability Policy for information regarding the availability of funds in your account. Fees for overdrawing your account may be imposed for each overdraft, regardless of whether we pay or return the draft, item or transaction. If we have approved an overdraft protection limit for your account, such fees may reduce your approved limit. Please refer to the Fee Schedule for current fee information.
- ATM Fees If you meet the Fusion Checking requirements, we will refund up to $25.00 of ATM fees incurred within the United States during the requirement cycle. Refunded ATM fees will be credited to your account on the last business day of the month.
- Checking Subaccounts. Your checking account shall consist of two subaccounts: (1) a transaction subaccount and (2) a non-transaction subaccount. We shall distribute your funds between these accounts in accordance with our deposit reclassification policy (which may be changed from time to time at our discretion without further notice to you). All of your account transactions will be posted to the transaction subaccount. The balances in the non-transaction subaccount will be transferred to the transaction subaccount as needed to meet your transactional needs in accordance with Federal Regulatory requirements. This process does not adversely impact your access to your funds held in either account. These subaccounts will be treated as a single account for purposes of deposits and withdrawals, access and information, statement reporting, and any fees or charges. There are no separate or additional balance requirements, fees, or charges associated with the creation of these subaccounts. If your account is a non-interest bearing account, neither the transaction subaccount nor the non-transaction subaccount will receive any interest. If your account is an interest-bearing account, both the transaction subaccount and the non-transaction subaccount will receive the same interest rate at all times, and your periodic statement will reflect a single blended Annual Percentage Yield (“APY”) and APY Earned.
- Fusion Checking Requirements. To qualify for Fusion checking rates and the refund of ATM fees, during the requirement cycle you must:
- Make twelve (12) Point-of-Sale (POS) transactions through your Fusion Checking account;
- Receive your monthly statement electronically;
- Access Online Banking at least once; and
- Complete at least one of the following transactions:
- A Direct Deposit
- An ACH Debit