Savings and fee disclosure.
These disclosures apply to Regular Share, Christmas Club, and Certificate of Deposit accounts with Molex Credit Union.
Savings disclosure
Rate information. The Annual Percentage Yield reflects the total dividends to be paid on an account based on the dividend rate and compounding frequency for an annual period. For Regular Share and Christmas Club accounts, the dividend rate and APY may change quarterly as determined by the Board of Directors; for certificates, they may change more frequently. Current rates and yields are those as of the last dividend declaration date.
Nature of dividends. Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.
Compounding and crediting. Compounding and crediting of dividends and the dividend period are quarterly, beginning on the first calendar day of the period and ending on the last.
Accrual of dividends. Dividends begin to accrue on noncash deposits (e.g. checks) on the business day of deposit. For Regular Share and Christmas Club accounts, if you close the account before accrued dividends are credited, they will not be paid. For certificates, closing before maturity incurs a 90-day interest penalty.
Balance information. The minimum to open a Regular Share or Christmas Club account is $5.00; the minimum to open a certificate is $1,000.00. Dividends are calculated using the daily balance method, applying a daily periodic rate to the principal each day.
Account limitations. Regular savings accounts allow one free withdrawal per month. For Christmas Club accounts, the entire balance is paid to you by check on or after November 3rd and the account remains open.
Account fees
| Item | Fee |
|---|---|
| Debit/credit card payments | $5.00 each + 4.0% (swiped) or 5.0% (manual) |
| Incoming or outgoing wires | $30.00 each (domestic only) |
| Bank-to-bank transfer (19 participating banks, $100,000 max) | $10.00 each |
| Deposited item return | $25.00 / item |
| Stop payment | $35.00 / item |
| Overnight delivery | $25.00 Mon–Fri · $35.00 Sat |
| 2nd day delivery | $15.00 Mon–Fri |
| 3rd day delivery | $10.00 Mon–Fri |
| Dormant account | $20.00 annually |
| Regular savings withdrawal | $1.00 (2nd & 3rd/mo) · $5.00 each over 3/mo |
| Christmas Club withdrawal | $7.00 / item prior to Nov 3rd |
| Vehicle insurance cancellation | $10.00 / week |
| Used vehicle refi. title fee | $20.00 each |
| Regular late fee | $20.00 / week after 30 days |
| Loan cancellation | $25.00 / occurrence |
| Negative savings balance | $10.00 / occurrence |
| Returned statement | $10.00 / occurrence |
| Account service | $1.00 / quarter |
| Account closure | $5.00 |