Online Savings Account Disclosure
Effective April 2016
Important Account Information for Our Member
The Online Savings Account can only be opened through Workers online at wcu.com or any branch location. The initial opening minimum deposit of $500 or more must be completed online as well. Subsequent deposits and withdrawals can be made through Workers online, at a Workers Credit Union ATM or in one of our branches.
Rate Information – The dividend rate and annual percentage yield may change at our discretion, at any time, as determined by the credit union Board of Directors.
Compounding and Crediting – Dividends are compounded every day. Dividends will be credited to your account every month.
Dividend Period – The dividend period is monthly. As an example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is January 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period and for the example above is January 31.
Minimum Balance Requirements – The minimum balance to open an Online Savings Account is $500. You must maintain a minimum daily balance of $50 in your account each day to obtain the disclosed annual percentage yield. There is no monthly service charge.
Mastercard® Debit Card – You may not make more than six withdrawals at an ATM using your Visa Debit Card during each statement period. Your debit card cannot be used to make point-of-sale transactions at merchants. Your rights and responsibilities are outlined in the Electronic Funds Transfer section of the Important Account Information for Our Members brochure.
Foreign ATM Surcharges – Withdrawals made at foreign ATMs (those not owned by Workers Credit Union) may incur a surcharge from the other financial institution and Workers Credit Union. Financial institutions participating in the SUM Program may not require a surcharge. Please consult the Personal Account Fee Schedule for current transaction fees.
Accrual of Dividends on Noncash Deposits – Dividends will begin to accrue on the business day you place noncash items (for example, checks) into your account.
Transaction Limitations – During any statement period, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized, automatic, or computer transfer or telephonic order or instruction. If you exceed the transfer limitations set forth in any statement period, your account will be subject to closure by the credit union.
Periodic Statements – You will receive an electronic statement each month based on the cycle date of your account. You will not receive a paper statement.