Common use of Excessive Transaction Fees Clause in Contracts

Excessive Transaction Fees. Savings account transactions are limited to three (3) per calendar month. Additional transactions during a month will cause a fee, as set forth in the Schedule, to be imposed. TERM SHARE CERTIFICATE ACCOUNTS – SHARE CERTIFICATE AND IRA CERTIFICATE ACCOUNTS 1. Rate Information. The dividend rate and annual percentage yield on your account are stated in the Rate Sheet and/or your Term Share Certificate. The annual percentage yield reflects the dividends to be paid on your account based on the dividend rate and the frequency of compounding for an annual period. For Fixed Rate Share Certificate and Fixed Rate IRA Certificate Accounts the dividend rate and annual percentage yield are fixed and will be in effect for the term of the account. For Variable Rate Share Certificate and Variable Rate IRA Certificate Accounts the dividend rate and annual percentage yield are variable and may change each dividend period based on the determination of the Credit Union’s board of directors. The annual percentage yield assumes that dividends will remain on deposit until maturity. Any withdrawals will reduce your earnings. See paragraph 9 of this section regarding changes in terms and changes upon maturity.