Accounts

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HOLIDAY CLOSINGS:

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EFFECTIVE, MONDAY, APRIL 17, 2023, THE CREDIT UNION WILL BE OPERATING AT THE FOLLOWING LOCATION: 

TANDEM FEDERAL CREDIT UNION

21043 MOUND ROAD

WARREN, MI  48091

CREDIT UNION HOURS: MONDAY – FRIDAY, 9:30 A.M. TO 4:30 P.M.

PHONE NUMBER:  (313) 926-5281

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THE UNITY-LINE IS OPERATIONAL.  CREDIT UNION SERVICE CENTER LOCATIONS AND SHARED BRANCHES ARE AVAILABLE. 

PLEASE VISIT THE BRANCH LOCATOR AT:  WWW.CO-OPCREDITUNIONS.ORG/LOCATOR

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 Share Accounts are a convenient way to save because the funds in this account may be withdrawn at any time without penalty.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.

IUAW Federal Credit Union offers a full-service Share Draft Checking Account at a very low cost, with these features:

• No minimum balance requirement
• No per check fees
• No monthly statement charge
• 20 free starter checks for new accounts

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

AS OF THE QUARTER BEGINNING JANUARY 1, 2002, THE BOARD OF DIRECTORS DECLARED A RATE OF ZERO ON SHARE DRAFT ACCOUNTS.

Compounding and crediting – If declared, dividends will be compounded every quarter. If declared, dividends will be credited to your account every quarter.

Dividend period – If declared, 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 – If declared, 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 – If declared, 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:
No minimum balance requirements apply to this account.

Overdraft Protection
Overdraft Protection is a Share Draft Account service which works two ways: first, as protection against bounced checks, and second as a convenient source of credit. Overdraft Protection is essentially an unsecured loan at a competitive rate of interest.

With Overdraft Protection, loan funds are forwarded to your account (up to six times a month) any time a share draft clears for an amount greater than the amount in your account. You can use these loan funds to protect against overdrafts, or to write yourself a small loan whenever you need it.

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.

Our Money Market Account requires a low minimum balance and pays even higher yields than our regular Share Accounts. Dividends on our Money Market Account are paid and compounded monthly.

Rate Information:
Your dividend rate may change monthly as declared by the Board of Directors.

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

Dividend period –The dividend period is monthly, 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 January 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 January 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 $2,500.00

You must maintain a minimum daily balance of $2500.00 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.

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.

COMING SOON!

Our Individual Retirement Accounts (IRAs) are a safe and profitable way to save for retirement. With an IRA at IUAW Federal Credit Union, your retirement saving will earn a competitive rate of return. IRAs are an excellent way to save for retirement because taxes on account earnings are deferred until after the account is drawn on, at which time you will most likely be in a lower tax bracket. Because taxes do not drain the earnings on the account, IRAs grow much more rapidly than other types of interest-bearing accounts.

See your tax advisor to find out if you qualify for any tax-deductible contributions.

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

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

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.

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.

International UAW Federal Credit Union offers a Christmas Club savings account to help you set aside money for the holidays.  Each year in November, the accumulated funds are transferred to your regular share or share draft account.

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.

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.