Use this document as the starting point to list your own organizations products, their features and services offered

OBJECTIVES

1. [ENTER ORGANIZATION’S NAME HERE] shall encourage systematic share savings for all customers.
2. The organization’s policies shall encourage client thrift.
   
   

SAVINGS PROGRAMS

Savings/Share Account

• Establishes 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.
• client must provide a valid identification number and must pass Know Your Customer standards

Term Deposits [ENTER NAME USED BY THE ORGANIZATION]

An instrument for funds deposited for a specific period of time at a specified rate of interest.

• 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 client otherwise specifies.

Checking/Current/Share Draft [ENTER NAME USED BY THE ORGANIZATION]

[ENTER FEATURES OF THE ACCOUNT]

Dormant Account Policy

The “escheat law” covers any share account on which there has been no activity for a period of (ENTER YEARS HERE).  All of the items covered by the law which were “abandoned” for at least XXX years are eligible for escheat (turning the property over to the state).  

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 client via a series of letters and telephone correspondence.  Should the 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:

• Deposit to, withdraw from, or update an account.
• Correspondence with the organization.
• Hold other accounts with the credit union that are active.
• Provide another form of “positive” notice of interest.

Service Fees [ENTER THE FEES CHARGED BY THE ORGANIZATION.  The following is example only]

Account Reconciliation                                         $5.00 Minimum/ $25.00 Maximum

Account Research                                                $5.00 Minimum/ $25.00 Maximum

Stop Payment                                                       $30.00

Stop Payment (Share Draft/ Checking)                $10.00

Wire Transfer                                                        FREE INCOMING; $10.00 Domestic; $30.00 International

Not Sufficient Funds (NSF)                                   $25.00

Loan Set Up Fee                                                   One per cent of the Loan Amount with a minimum of

                                                                               $10 and a maximum of $ 35