Rate InformationThe dividend rate and annual percentage yield may change every month. We may change the dividend rate for your account from time to time as determined by the HEFCU Board of Directors.
Compounding and Crediting
Dividends will be compounded and credited to your account every month. Dividends are paid from available earnings after required reserve transfers at the end of a dividend period.
Effect of Closing an Account
If you close your account before dividends are credited, you will not receive the accrued dividends.
We use the daily balance computation method to calculate the dividends on money market accounts.
Minimum Balance to Open Account
You must deposit at least $5,000 to open your money market account. There are no restrictions on subsequent deposits.
Minimum Balance to Obtain the Annual Percentage Yield Disclosed
You must maintain a balance of $5,000 in the account each day to obtain the disclosed annual percentage yield. Dividends will be paid on balance less than $5,000 at the rate applied to basic Share Draft accounts. If balance falls below $5,000 on any given day, the entire account balance will be paid a rate as applied to basic share draft accounts.
Variable Tiered Dividend Rates
Dollars earn current rates based upon the balance maintained. The higher the balance, the more you earn. Refer to current rate information sheet provided.
Minimum Balance to Avoid Service Charge
No service charge is applied if balance falls below $5,000 minimum balance.
Change in Terms and Conditions
HEFCU reserves the right to amend the terms and conditions, the rates, or the fees on any account from time to time. HEFCU will provide reasonable notice of any changes in accordance with federal regulations. Reasonable notice may consist of posting the change in statement mailings or newsletters.
Transaction limitations are required by federal regulation on accounts of this nature. During any month, you may not make more than six (6) withdrawals or transfers to another HEFCU account of yours or to a third party by means of a pre-authorized or automatic transfer or telephonic order or instruction. No more than three (3) of the six (6) transfers may be made by check, draft, debit card, or similar order to a third party. If you exceed the transfer limitation set forth above in any statement period, your account will be charged a fee of $5.00 for each transaction in excess of the above limitation and may be subject to closure by the credit union.
Withdrawals by mail, messenger, or in person are unlimited. Withdrawals by ATM are subject to withdrawal limit of 8 per month; thereafter a fee of $1.50 will apply for each withdrawal made via ATM. Owners of non-HEFCU owned ATM’s may charge a fee for usage.
Right of Set off
We may charge any of your accounts (including certificates) for any debts or liabilities you owe us. This includes secured and unsecured debts and debts you owe individually or jointly. All joint owners are jointly and severally liable for the payment of any overdraft to the joint account. This is without regard as to which owner created or was responsible for the overdraft or whether any joint owner received any benefit from the transaction creating the overdraft. We will not be liable for the dishonor of any check when the dishonor occurs because we exercised our right of setoff. You agree to hold us harmless because we exercised our right of setoff. You also agree to reimburse us for any costs we incur to collect any deficit including, to the extent permitted by law, our reasonable attorney fees.
This right of setoff does not apply to an Individual Retirement Account or other tax deferred retirement account. It also does not apply if the debt was created by a consumer credit card transaction under a credit card plan, or if the debtor is a party to the account in a representative capacity.
Rates and Yields
If you have any questions or require current rate information on your accounts, please call HEFCU at(609) 951-0700.