Term Share Certificates & Individual Retirement Account

The rates, fees and terms applicable to your Account at the Credit Union are provided in the Rate & Fee Schedule. The Credit Union may offer other rates for these Accounts from time to time.

For complete account disclosures, click here.

EFFECTIVE DATE: May 5, 2021

Div Rate % APY % Div Compd Div Credit Div Period Min Bal Min Bal Avoid Chrg Min Bal Earn APY Bal Method Limit
6 Month .15 .15 Quarterly Quarterly Quarterly $1000 ADB +
12 Month .20 .20 Quarterly Quarterly Quarterly $1000 ADB +
18 Month .25 .25 Quarterly Quarterly Quarterly $1000 ADB +
24 Month .30 .30 Quarterly Quarterly Quarterly $1000 ADB +
30 Month .30 .30 Quarterly Quarterly Quarterly $1000 ADB +
36 Month .35 .35 Quarterly Quarterly Quarterly $1000 ADB +

“APY” Annual Percent Yield
“ADB” Average Daily Balance
+ Additional deposits not allowed. Withdrawals allowed with a penalty, automatic renewal.

The Fair Market Value of your IRA at the end of 2020 is being furnished to the Internal Revenue Service. The IRA Fair Market Value is the 12/31/2020 ending balance.

Rate: The dividend rate and the A.P.Y. are (I) based on the assumption that dividends will be added to the principal, or (2) will be paid to the regular share account, or (3) will be mailed to the owner(s) of the account.

Compounding and crediting: Dividends are compounded quarterly and credited quarterly.

Minimum balance requirements: The minimum balance required to open the account is $1000.

Balance computation method: Dividends are calculated using the daily balance method. which applies a daily periodic rate to the principal in the account each day.

Accrual of dividends: Dividends begin to accrue on the business day that non-cash items (e.g., checks) are deposited into the account.

Transaction limitations: This account has no transaction limitations.

Maturity date: Based on date account was opened and term of certificate.

Early withdrawal penalties: If the certificate is one year or less, withdrawal of funds prior to maturity will result in forfeiture of an amount equal to 90 days dividends on the amount withdrawn. If the term of the certificate is greater than one year, withdrawal of the funds prior to maturity will result in forfeiture of an amount equal to 180 days dividends on the amount withdrawn.

Renewal policies: The certificate account will automatically renew at maturity and the credit union will provide a grace period often business days after the maturity date to withdraw the funds in the account without being charged an early withdrawal penalty.

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

Dividend period: The dividend period of Baker’s Federal Credit Union is quarterly, beginning on the date the account is opened and ending on the stated maturity date, unless renewed.

 

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