Business Money Market Sample Clauses

Business Money Market. The dividend rate and annual percentage yield are variable and may change at any time without limits and prior notice. We may change the dividend rate for your account as determined by the credit unions board of directors. Dividends will be compounding on a daily basis. Dividends will be credited to your account every month. For this account type, 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 dividend period and for the example above is January 31. The minimum balance required to open this account is $2,500.00. You must maintain a minimum daily balance of $2,500.00 in your account each day to obtain the disclosed annual percentage yield. You must maintain a minimum daily balance of $500.00 in your account to avoid a below minimum balance fee, please refer to your Schedule of Fees and Services for pricing and any other fees that apply. If, during any month, your account balance falls below the required minimum daily balance, your account will be subject to a minimum balance fee. Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day. Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.