Like the Share Savings account, the GEFCU Money Market account returns interest to members in the form of dividends.
- A $2500.00 minimum balance is required to open and maintain
- Compound daily interest
- Dividends paid monthly
- Ability to write 3 checks per month
- $500 minimum withdrawal or deposit
Terms and Conditions
A. Transaction Limitations
(1) The minimum balance is $2,500.00.
(2) No more than three drafts per month from the Money Market Savings Account with a minimum of $500.00 per transaction.
(3) The credit union reserves the right to require a member intending to make a withdrawal from any account (except a share draft account) to give 60 days notice before such withdrawal.
B. Rate Information
The prospective dividend rate and annual percentage yield (A.P.Y.) are as shown. The annual percentage yield is a percentage figure based on the dividend rate and compounding for the periods shown over a one year period. The dividend rate may change monthly for the Money Market Savings Account, as determined by the Board of Directors.
C. Nature of Dividends
Dividends for other than Term Share Accounts are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.
D. Compounding and Crediting
(1) Dividends are compounded and credited as shown. Dividend periods always begin on the first calendar day and end on the last calendar day of the periods as shown.
(2) Dividends on the Money Market account will be figured daily and paid monthly based on the rate established by the board of directors.
(3) Accrued dividends will not be paid if an account is closed prior to the crediting of such dividends.
E. Balance Information
(1) Minimum required balances are shown above.
(2) Dividends begin to accrue for both cash and non-cash items, such as checks, on the day of deposit in the account.
F. National Credit Union Share Insurance Fund
Member accounts in this Credit Union are federally insured by the National Credit Union Share Insurance Fund.