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- [ENTER ORGANIZATION’S NAME HERE] shall encourage systematic share savings for all customers.
- The organization’s policies shall encourage member client thrift.
SAVINGS PROGRAMS
Savings/Share Account
- Establishes membership clients with a minimum balance of [ENTER AMOUNT].
- Dividends are paid quarterly/monthly/annually, calculated from date of deposit to date of withdrawal or average daily balance [ENTER THE METHOD USED BY THE ORGANIZATION].
- Dividend rates are established quarterly by the Board of Directors.
- May be owned by an individual or with one or more joint owners.
- Member client must provide a valid identification number and must pass Know Your Customer standards
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- Minimum balance of [ENTER AMOUNT]. Terms available in - 6 months, 9 months, 12 months, 18 months, 24 months, 36 months and 48 months. [ENTER THE TERMS ALLOWED BY THE ORGANIZATION]
- Dividend rates are declared by the CEO in accordance with ALM policies.
- Penalties apply to the premature withdrawal of principal. A penalty equal to 90 days at the stated rate of the certificate will be assessed. [ALIGN WITH ORGANIZATION’S POLICIES]
- Upon death and with required documentation (i.e. death certificate, etc.) the term share certificate penalty will be waived for distribution to the legal representative of the estate (single ownership) or the surviving joint owner (joint ownership).
- Certificates automatically renew for the same terms and at the prevailing rate unless the member client otherwise specifies.
Checking/Current/Share Draft [ENTER NAME USED BY THE ORGANIZATION]
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An account is technically dormant when there is no activity for a period of two years. Once the account is dormant for two years the organization will try to engage the member client via a series of letters and telephone correspondence. Should the member client ignore the attempts to activate the account. The organization will charge the account XXX per month. The following are ways for an account holder to express interest and avoid the dormant account fee and potential escheatment:
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