IMPORTANT INFORMATION ABOUT YOUR CINTEL FEDERAL CREDIT UNION MONEY MARKET ACCOUNT
The Cintel Federal Credit Union Money Market Account combines a high dividend rate with limited check writing capabilities. This account is best suited for those members intending to maintain an account balance of at least $10,000 while retaining the flexibility of accessing these funds on demand. The disclosures provided below are specific to the Cintel FCU Money Market Account and are in addition to the General Membership and Account Agreement previously provided to you (available upon request). 1. Dividend Rate Information ….. This is a tiered variable rate account. The dividend rate and annual percentage yield (APY) may change at anytime as determined by the credit union Board of Directors. Current dividend rate tiers are: Tier 1 daily balance $10,000 to $24,999.99; Tier 2 daily balance $25,000 or more. Dividends will be calculated daily and credited to your account on the first day of the following month. As of the last dividend declaration date, the following rates were in effect:
Savings level $10,000 – 24,999.99 $25,000 – 49,999.99 $50,000.00 and up
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Dividend Rate 1.50% 1.75% 2.00%
Annual Percentage Yield 1.51% 1.76% 2.02%
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Minimum Balance to Open ….. The minimum balance required to open this account is $10,000. Minimum Balance to earn the disclosed APY ….. The minimum balance to earn dividends on this account is $10,000. No dividends will be earned on days when the account balance is below this minimum. If you close this account before dividends are paid, you will not receive unpaid accrued dividends. Low Balance Fee and Average Daily Balance Requirement ….. You must maintain a minimum daily balance of at least $10,000 in this account to avoid the assessment of a Low Balance Fee. If on any day during any calendar month your average daily account balance is less than $10,000 your account will be assessed a low balance fee of $25.00 for that period. Account Access ….. You can access your Cintel Money Market Account by check, Magic Money line, Cintel Online, telephone, mail, and in person. ATM access to your Money Market Account in not available. Transaction Limitations ….. no more than six (6) preauthorized, automatic, or telephone transfers may be made from this account to another account or to a third party in any month, and no more than three (3) of these six (6) transfers may be made by check to a third party. If you exceed these limitations, your account may be subject to a fee or be closed. Additional Account Restrictions ….. Money Market Account funds are not available for use in any automatic overdraft protection program offered on any Cintel checking account. Additionally, overdraft protection is not available for checks or other automated withdrawals made from your Money Market Account. Pledge of Shares ….. Funds in your Money Market Account may not be used specifically as security for a share secured loan but are subject to the general pledge of Credit Union shares included in Credit Union loan documents and the provisions of Cintel FCU Bylaws and the Federal Credit Union Act regarding Cintel FCU's ability to impress a lien upon shares as security for loan obligations. Change in Terms ….. The Credit Union reserves the right to change the terms and conditions of your account at any time. With the exception of dividend rates, which may change without notice, a notice of any changes that would affect your account will be mailed to you 30 days in advance of the effective date of change. Member Number____________________________ ___________________________ Member Signature ________ Date __________________________ Joint Member Signature _________ Date