Common use of Disclosures Concerning Dividends Clause in Contracts

Disclosures Concerning Dividends. Unless stated otherwise in this Agreement or provided for in a separate agreement, the following terms apply to all dividend-bearing accounts. Declaration of Prospective Dividends: Dividends are paid from current income and available earnings of the Credit Union after required transfers to reserves at the end of the dividend period. The dividend rate and Annual Percentage Yield (APY) reflect the earnings the Credit Union anticipates having available for distribution. Rate: The dividend rate on all dividend-bearing accounts is a variable rate, except as otherwise noted below for Certificates. The dividend rate and the APY are disclosed monthly on the Credit Union’s website (available at xxx.xxxxxxx.xxx). The dividend rate and APY may change every month as determined by the Credit Union’s Board of Directors in its sole discretion.