IRA Accounts

ACCRUAL OF DIVIDENDS. For all dividend earning accounts, interest will begin to accrue on the business day that non-cash items (i.e., checks) are deposited to the account. If you close your account before interest is paid, you will not receive the accrued interest.

^*48-Month Bump Up Certificate: You will receive the standard APY rate unless you qualify for the Bump Up rate. To qualify for the Bump Up rate, you must have an active checking account and have direct deposits of at least $300.00 per month; registering for and accessing online banking or mobile banking at least once every three (3) months, and one of the following: eight (8) or more point of sale (POS) debit card transactions or posted debit card payments of a bill from your Wellby checking account per month; eight (8) or more posted credit card transactions from your Wellby credit card account per month; or $40,000 or more in lending balances (does not include credit cards). If you do not meet this criteria initially, you have 90 days, from the date of account opening, to achieve this criteria. During the first 90 days, a month-end review will be completed, and if you qualify the Bump Up rate will be applied to your certificate on the first day of the month following the month in which you qualify.

RATE INFORMATION. The Annual Percentage Yield (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 an annual period. Dividend rates and APY are fixed rates during the certificate term until maturity.

APY=Annual Percentage Yield (APY)

^*48-Month Bump Up Certificate: You will receive the standard APY rate unless you qualify for the Bump Up rate. To qualify for the Bump Up rate, you must have an active checking account and have direct deposits of at least $300.00 per month; registering for and accessing online banking or mobile banking at least once every three (3) months, and one of the following: eight (8) or more point of sale (POS) debit card transactions or posted debit card payments of a bill from your Wellby checking account per month; eight (8) or more posted credit card transactions from your Wellby credit card account per month; or $40,000 or more in lending balances (does not include credit cards). If you do not meet this criteria initially, you have 90 days, from the date of account opening, to achieve this criteria. During the first 90 days, a month-end review will be completed, and if you qualify the Bump Up rate will be applied to your certificate on the first day of the month following the month in which you qualify.

MINIMUM BALANCE REQUIREMENTS. The minimum balance requirements may include a minimum opening deposit, the minimum balance you must maintain in the account to avoid service fees, and the minimum balance that you must maintain each day to earn the stated Annual Percentage Yield (APY) for that account. The Par value of a share in this credit union is disclosed in the Fee Schedule.

BALANCE COMPUTATION METHOD. We use the Daily Balance to calculate interest on your account. The Daily Balance Method applies a daily periodic rate to the full amount of principle in the account each day.

EARLY WITHDRAWAL PENALTIES. A penalty may be imposed for withdrawals before maturity. If an early withdrawal penalty is imposed, the penalty may be imposed regardless of whether dividends that equal the amount of the penalty have been earned at the time of withdrawal. To the extent that dividends in the Certificate account at the time of withdrawal are insufficient to pay the entire penalty assessed, the penalty will be assessed against the principal. If you close your Wellby Primary Savings account before dividends are credited, you will also be required to close your Share Certificate accounts with us, and you will receive any accrued dividends on any of the closed accounts. Withdrawal of Dividends Prior to Maturity: The annual percentage yield assumes that dividends will remain in the account until maturity. A withdrawal of dividends prior to maturity will reduce earnings and lower the annual percentage yield. Time Requirements: Your account will mature as specified on your Certificate or renewal notice.
In certain circumstances, such as the death or incompetence of an owner of this account, the law permits, or in some cases requires the waiver of the early withdrawal penalty. Other exceptions may also apply, for example, if this is part of an IRA or other tax-deferred savings plan. For IRA Certificates additional IRS restrictions and rules apply. More information is available upon request.