Share Drafts

Share Draft Account

Rate Information:
The dividend rate and annual percentage yield may change at any time, as determined by the credit union board of directors.
Compounding and crediting - Dividends will be compounded and credited to your our account every quarter.
Dividend Period - For this account type, the dividend period is quarterly, for 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 March 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 March 31st.
If you close the account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements:
You must maintain a minimum daily balance of $250.00 (if over age 18) in your account each day to obtain the disclosed annual percentage yield.
Daily balance computation method - Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of dividends on non cash deposits - Dividends will begin to accrue on the business day you place non cash items (for example checks) to your account.
Transaction limitations:
No transaction limitations apply to this account unless otherwise stated in the Common Features section

What you need to know about re-presented checks.
Checks can bounce for a number of reasons. Whether we forget to make a deposit or record a check, it happens to the best of us. Companies that accept checks understand and know that when a check is returned for nonsufficient funds (NSF), it’s usually unintentional.

It’s also costly but thanks to new developments in electronic payments, companies can choose to re-deposit NSF checks electronically. By collecting information from your check, they can create an electronic payment and withdraw the funds automatically form your account.

Return fees

Using the new approach, companies can only charge your account for the amount of the check that you wrote. In order to collect a return check fee, they must first obtain authorization from you.

To learn more about electronic payments, click here.

Writing drafts at the check-out.

Is your paper draft being turned into an electronic payment?

Have you ever written a draft and handed it to a cashier, only to have it scanned and returned to you? More and more merchants are taking advantage of automated technologies that allow you to continue writing drafts while they realize the efficiencies of electronic funds transfers.

Here’s how it works. You write a draft and hand it to the cashier, who scans it and asks you to sign an authorization which allows them to create a one-time withdrawal for the amount of goods or services purchased. A copy of the authorization will be returned to you along with your voided draft.

Depending on that check float? Electronic payments are generally withdrawn within one to two days, which is about the same as a paper draft. Today’s technologies allow drafts to clear faster than ever so consumers can no longer afford to play the float game.

To learn more about electronic payments, click here.