Truth-In-Savings Account Disclosures

Except as specifically described, the following disclosures apply to all Beach Municipal FCU share accounts, excluding share certificates. Terms for share certificates are disclosed at account opening.

Rate Information 
The Dividend Rate and Annual Percentage Yield (APY) on your accounts are set forth on the current Rate & Fee Schedule as well as the applicable Rates page on this site. The APY is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for the annual period. For all accounts, the Dividend Rate and APY are subject to change monthly as determined by the Credit Union’s Board of Directors. The Dividend Rates and Annual Percentage Yields are the prospective rates and yield that the Credit Union anticipates paying for the applicable dividend period.

Nature of Dividends
Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.

Compounding and Crediting
For dividend bearing accounts, the compounding and crediting of dividends are monthly. The Dividend Period is the period of time at the end of which an account earns dividend credit. The Dividend Period begins on the first calendar day of the month and ends on the last calendar day of the month. 

Accrual of Dividends  
For all accounts, dividends will begin to accrue on cash and non-cash deposits (e.g. checks) on the business day you make the deposit to your account. For all accounts, if you close your account(s) before accrued dividends are normally credited, accrued dividends will be paid.

Balance Information  
The minimum balances required to open accounts and earn the stated Annual Percentage Yield (APY) are stated on the current Rate & Fee Schedule as well as the applicable Rates page on this site. For accounts using a Daily Balance method, dividends are calculated by applying a daily periodic rate to the principal in the account each day. For Money Market Share Accounts, the daily periodic rate applies to the full balance once the balance reaches the corresponding tier range. If an account (combined balance of all suffixes within a single account number) falls below $50.00 and there are no transactions for a year, the account will be classified as dormant or inactive.

Account Limitations  
For Money Market Share Accounts, withdrawals in excess of six (6) per calendar month will be assessed an excessive withdrawal fee.

rev. 03.04.2021

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