Each member’s account at Bluegrass Community Federal Credit Union is federally insured by the NCUA up to $250,000.00. Shares may be transferred from one member’s account to another upon request to a customer service representative; however, the transfer must be complete before money can be taken out of either account.
The Annual Percentage Yield is a percentage rate that reflects the total amount of dividend to be paid on an account based on the dividend rate and frequency of compounding for an annual period. For Share accounts the Dividend Rate and Annual Percentage Yield may change quarterly as determined by the Board of Directors
Nature of Dividends.
Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.
Dividend Compounding and Crediting.
Dividends are compounded on the average daily balance on a monthly basis and are The Shares accounts dividends period begins on the first calendar day of the period and ends on the last calendar day of the period. The period being the calendar quarters.
Accrual of Dividends.
Shares accounts will begin to accrue interest on the business day a deposit is made to the account. If the account is closed before accrued dividends are credited, accrued dividends will not be paid.
The accounts accrue interests on the daily balance at the end of each business day and are based on the actual number of days in the dividend period.
There is a fee of $5.00 per withdrawal if the member makes a withdrawal from their Share account more than 4 times a quarter. There is a fee of $7.00 for more than three withdrawals a quarter from a Money Market Share Account. Members with Loan Payment Savings accounts can only take the money in excess of the liability due that month. If a member has pledged shares against a loan, no withdrawals may be made except as approved by the Board of Directors until the obligation is fulfilled.
Regular Share Accounts
There is no balance restriction on this type of account. Interest is earned on any balance over $200.00. There is a withdrawal restriction of 4 a quarter, a fee of $5.00 will be assessed on all withdrawals over the four per quarter.
Money Market Share Accounts
Money Market Share Accounts are based on a tier rate. The minimum balance for the MM Share Account is $500.00; interest will be paid on a balance of $500.00 or more. There is a withdrawal restriction of 3 a quarter, a fee of $7.00 will be assessed on all withdrawals over the three per quarter. Dividends will be based on a tiered rate and will be paid out at the end of every quarter. The tiered rate schedule is subject to change with the approval of the Board of Directors when they examine the interest rates and annual yield every quarter.
Loan Payment Savings Account
Loan Payment Savings Accounts are designed for those members who want to save for their loans with Bluegrass Community Federal Credit Union. Half of the loan payment is taken out of the member’s check every month and deposited into the account until the loan payment is due. The money is automatically transferred to the loan. This account has no minimum balance requirements and pays interest on amounts over $200.00 , all interest is transferred to the Regular Shares account.