The Primary Share Account
There are several types of share savings accounts at EPB Employees Credit Union. The most important one is the Primary Share Savings. This account sustains your membership in the Credit Union. Members usually use this type of savings account to deposit smaller sums of money for short periods of time.
To qualify for this account, you must apply for and be approved for membership in this Credit Union and maintain a minimum balance of $30.00 in your Primary Share Savings Account during the entire term of membership. To open a Primary Share Savings account, you must visit the Credit Union and sign signature cards, obtain a Truth-in-Savings Disclosure, deposit a minimum $30.00 and pay a $1 membership fee. If you have a child that is six months or less in age that can join, the Credit Union will provide the minimum deposit and membership fee free (a $31 value!).
This account is usually represented by the suffix "A" which is attached to the end of the membership number.
Rate InformationThe dividend rate and the annual percentage yield may change every dividend period, as determined by the Credit Union Board of Directors. Click on the above “Current Share Rates” for the lastest rates and yields.
Nature of DividendsDividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.
Dividend Compounding and CreditingDividends will be compounded every calendar quarter. Dividends will be paid to your account on the last day of every calendar quarter. If you close your Primary Share Savings Account before dividends are credited, you will not receive accrued dividends.
Minimum Balance RequirementA minimum balance of $30.00 applies to the Primary Share Savings account only. This represents Credit Union ownership of six shares at a par value of $5.00 each. There is no minimum balance requirement for a secondary share savings account.
Balance Computation MethodDividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the 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.
Accrual of DividendsDividends will begin to accrue no later than the business day we receive provisional credit for the placement of noncash items (e.g. checks) to your account.
Fees and ChargesThere are no automatic fees or charges to maintain a Primary Share Savings Account. However, the Credit Union does have the right of setoff (see Bylaw Requirements). Also, you can authorize the Credit Union to withdraw funds from your Primary Share Savings Account and to fund ATM withdrawals and to pay fees or charges for other Credit Union services. For the Primary Share Savings Account, the following fees and charges may be assessed against your account. Fees are subject to change without notice:
- Wire transfers: $20.00/$50.00 each
Should you wish to transfer funds by wire to or from this Credit Union to another financial institution. International transfers are $50 each.
- Returned items: $10.00 each
(If a check deposited into your account is returned for any reason.)
- Overdraft transfer: $3.00
(On Share Draft accounts, sufficient funds will be automatically transferred from your Primary Share account to the Share Draft account to cover the total amount of share drafts or ACH or Visa Check Card items clearing each day, plus $2 transfer fees. If sufficient funds are not available in the Primary Share account, drafts trying to clear will be considered NSF.)
- Nonsufficient funds (NSF): $30.00 each
(If sufficient funds are not available to pay ACH or Visa Debit Card items, a $30 fee for each item will be deducted from the Primary Share Account.)
Par Value of a Share Statement of ActivityThe par value of a regular share in the credit union is $5.00.
You will receive a quarterly statement, as of the last day of the calendar quarter, showing the Primary Share Account as well as ALL non-draft accounts you have with the Credit Union. If you have a Share Draft Account, you will receive monthly as of the last day of the month, a statement of activity showing the Draft Account, as well as ALL additional accounts with the Credit Union. If you do not have a Share Draft account but you do have ATM, ACH or electronic transactional activity, you will receive a statement of activity for the month in which the activity occured.
Transaction LimitationsNo transaction limitations apply to the Primary Share savings accounts. However, because the Primary Share savings account represents membership in the Credit Union, withdrawal of all funds will necessitate termination of membership and all its services. Withdrawal of all funds will be limited to the minimum balance ($30) as long as a loan balance is outstanding. Also, see Bylaw Requirements section below.
Bylaw RequirementsIf your Primary Share Savings balance falls below the par value of six shares ($30.00), you cease to be a member in good standing. Your Primary Share Savings account will be subject to closure at the end of the dividend period, thereby terminating your membership completely. The Credit Union, at its discretion, may transfer funds at any time, from the Share Draft Account or Club Savings Account or other account to maintain the minimum $30.00 Primary Share Savings Account balance. Membership termination requires closure of all accounts.
The board of directors may require you, at any time, to give not more than sixty days' notice in writing, of your intention to withdraw the whole or any part of the amount paid in by you on account of shares.
The credit union has a lien or right of setoff on any shares and special accounts, and upon the dividends payable thereon, for and to the extent of any loans made to you, or any dues, fees, fines or other obligations payable by you. Should you withdraw all shares from the credit union, you are not relieved of any remaining liability that you may have to the credit union.
Electronic Transfer LimitationTelephone transfers from your Primary Share Savings Account into another account with us are limited to only six per month. Any “pre-authorized” transfers are counted toward the six transfers limitation. Telephone transfers from your Club Savings are limited to the “two withdrawals per year” (from Club Accounts) limitation.
Non-sufficient (NSF) FundsIf sufficient funds in the Share Draft account and/or the Primary Share account are not available to pay draft(s), ACH or Visa Check Card items, the remaining balance in the Primary Share savings account may be used to fund those NSF items to the extent possible. This type withdrawal may cause the balance to go below the minimum balance requirement, and consequently may cause the closure of the Primary Share account. Such closure will result in the termination of membership and all member services.
Error ResolutionUnauthorized account activity must be brought to our attention within 14 days of receiving your statement. If the credit union makes an error, you must notify us within 60 days of receiving your statement. Any other problems must be brought to our attention within 60 days of receiving your statement or you lose your right to assert the problem against us. The “statement” is the statement during which the problem first occured.
Secondary Share Accounts (“B” Share Accounts)You may open additional share savings accounts at any time. However, you must maintain a minimum balance of $30.00 in the Primary Share Savings Account. There is no minimum balance requirement for additional share savings accounts. A suffix of “B”, “C”, or “D” etc. is attached to the end of your membership number for each secondary share account.
Please note that the above rules of class are subject to change without notice. Fees and charges are also subject to change without notice. Please check with the Credit Union for the latest information.