Share Accounts

An IUAW Federal Credit Union Share Account is the basic account you get when you join the credit union. You must keep $5 in this account at all times to remain a member at the credit union. Share Accounts are a convenient way to save because the funds in this account may be withdrawn at any time without penalty.

Rate Information:

Your dividend rate may change quarterly as declared by the Board of Directors.

Compounding and crediting – Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.

Dividend period – 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 period, and for the example above is March 31.

If you close your account before dividends are paid, you will not receive the accrued dividends.

Daily balance computation method – Dividends are calculated by the daily 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 first business day after the banking day you place non-cash items to your account.

Minimum balance requirements:

The minimum balance required to open this account is $5.00.

You must maintain a minimum daily balance of $5.00 in your account each day to obtain the disclosed annual percentage yield.

Transaction limitations:

During any statement period, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer or telephonic order or instruction. No more than three of the six transfers may be made by check, draft, debit card (if applicable), or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to credit union review and possible closure.

New account fee:

All newly opened accounts are subject to a fee of $ 0.25.

Par value of a share:

The par value of a share in this account is $5.00.

STATEMENTS – You must examine your statement of account with “reasonable promptness”. If you discover (or reasonably should have discovered) any unauthorized signatures or alterations, you must promptly notify us of the relevant facts. As between you and us, if you fail to do either of these duties, you will have to either share the loss with us, or bear the loss entirely yourself (depending on whether we used ordinary care and, if not, whether we substantially contributed to the loss). The loss could be not only with respect to items on the statement but other items with unauthorized signatures or alterations by the same wrongdoer.

You agree that the time you have to examine your statement and report to us will depend on the circumstances, but will not, in any circumstance, exceed a total of 30 days from when the statement is first sent or made available to you.

You further agree that if you fail to report any unauthorized signatures, alterations, forgeries, or any other errors in your account within 60 days of when we first send or make the statement available, you cannot assert a claim against us on any items in that statement, and as between you and us the loss will be entirely yours. This 60-day limitation is without regard to whether we used ordinary care. The limitation in this paragraph is in addition to that contained in the first paragraph of this section.