Savings Accounts

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KGC Federal Credit Union offers members a variety of different savings accounts for different needs.

Share Savings Account

Members are required to open and maintain a share savings account with an opening balance requirement of $5 and a one-time membership fee of $1.00.  Your dividends are compounded and credited quarterly on your average daily balance of $200 or more.

Christmas Club Accounts

A Christmas Club Account is a great way to save for holiday expenses.  You may open a Christmas Club at anytime during the year with no minimum balance requirement.  Make regular deposits to your Christmas club as a way to save for holiday expenses.  Your dividends are compounded and credited quarterly on your average daily balance. In October, after the final credit of dividends to your account, we’ll distribute the account balance to either your checking or Savings account.  You also have the option to receive a check through the mail.

TRUTH-IN-SAVINGS ACCOUNT DISCLOSURES

Except as specifically described, the following disclosures apply to all of the accounts described above.  You may receive a current written Rate and Fee Schedule upon request.

1.  Rate Information.  The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period.  For Regular Share, Christmas Share, and IRA Share Accounts, the Dividend Rate and Annual Percentage Yield may change monthly as determined by the credit union’s Board of Directors. The Dividend Rates and Annual Percentage Yields are the rates and yield as of the last dividend declaration date, which is set forth in the Rate Schedule. Any fees applied to your account could reduce earnings.

2.  Nature of Dividend.  Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.

3.  Dividend Compounding and Crediting.  The compounding and crediting frequency of dividends and divided period applicable to each account are stated in the Rate Schedule.  The Dividend Period is the period of time at the end of which an account earns dividend credit.  The Dividend Period begins on the first calendar day of the period and ends on the last calendar day of the period.

4.  Accrual of Dividends.  For all accounts, dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account.  If you close your account before accrued dividends are credited, you will not receive the accrued dividends.

5.  Balance Information.  To open any account you must deposit or already have on deposit at least the par value of one full share in a Share account.  The par value amount is stated in the Fee Schedule. Some accounts may have additional minimum opening deposit requirements.  The minimum balance requirements applicable to each account are stated in the Rate Schedule.  For all accounts, there is a minimum Average Daily Balance required to earn the Annual Percentage Yield disclosed for the dividend period.  If the minimum average daily balance is not met, you will not earn the Annual Percentage Yield stated in the Rate Schedule.  For accounts using the Average Daily Balance method as stated on the Rate Schedule, dividends are calculated by applying a periodic rate to the Average Daily Balance in the account for the dividend period.  The Average Daily Balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period.

6.  Account Limitations.  For all accounts, no account limitations apply.

FEE SCHEDULE

Share Draft Account Fees

Debit Card Fees

Other Service Fees