Savings Account

Minimum to Open: The minimum required to open a Savings account is the purchase of a share in the credit union plus a $5.00 membership fee. Par value of a share in this account is $5.00. A $5.00 (five dollar) balance must be maintained to remain a member and utilize PECU products and services.  This amount is not available for withdrawal.  If the Board of Directors increases the par value of one share, you will have one year to increase your balance to the new par value should there not be any other account relationship with the credit union or your account may be closed at the end of the dividend period in which the time elapses.

To Earn Dividends: The account must have a balance of at least $100.00 to earn dividends. The account must remain open through the last day of a calendar quarter to earn dividends for that quarter. You must maintain a balance of $100.00 in your account each day to earn the disclosed annual percentage yield (APY).

Rate Information: The dividend rate and annual percentage yield may change each dividend period as determined by the credit union Board of Directors. Dividends are paid to members from current income and available earnings, after required expenses are paid and transfers to reserve are made at the end of the dividend period. See current rate schedule for rate and APY.  Future dividend rates cannot be guaranteed and are subject to change without notice.

Daily Balance Computation Method: Dividends are calculated on a daily balance method which applies a daily periodic rate to the account balance  each day the balance is $100.00 or more.  For calculation purposes, the dividend period should not be less than 90 days nor more than 92 days.

Crediting and Compounding: Dividends will be credited to your account on the first of each month following the end of the dividend period and compounded quarterly. Dividends will be available for withdrawal on the first business day after the dividends have been credited If the share/savings account is closed before the end of a quarter, the accrued dividends will not be credited to the account.

Accrual of Dividends on Non-Cash Deposits: Dividends will begin to accrue on the business day a non-cash item (i.e. deposited check) is credited to the account.

Fees and Charges: You agree to pay the fees and charges that pertain to this account listed in the “Service and Fee” schedule, which is a separate disclosure.  Fees may reduce earnings on account.

Collateral: The collected funds in this account that are not on hold or previously pledged may be pledged as collateral on a loan at the credit union.  This account may not be assigned as collateral with any other financial institution.

Overdraft Protection: Overdraft service for checking accounts may be authorized from your savings account for balances above the $5.00 minimum amount required for the account to remain open in excess of the amounts not pledged as collateral or funds not on hold. Overdrafts are transferred in amounts as needed depending on the amount available and the type of transaction.

The National Credit Union Share Insurance Fund: This federal fund insures member accounts up to $250,000.00 aggregate total.

Excess Share Insurance: This is a private insurance company that insures accounts up to an additional $250,000.00 aggregate total.