Common use of Nature of Dividends Clause in Contracts

Nature of Dividends. Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period. Compounding and Crediting. For all dividend-bearing Accounts, dividends will be earned daily for each day on which Your balance exceeds the minimum balance requirement for Your Account. You will not be paid any accrued but uncredited dividends at the time You close Your Account. For all Accounts, the dividend period, compounding frequency and the crediting frequency are shown in the following table: Nonsufficient Funds Returns. Any share draft or pre-authorized transfer, or transaction made through the use of a debit Card, or other electronic means, as is applicable (including any in-person transaction), that is presented to Us for payment on Account Type Dividend Period Compounding Frequency Crediting Frequency Your Account when Your Account lacks sufficient collected funds to pay any such item may, at Our option, be returned for nonsufficient funds or We may honor any such item and charge You a fee for doing so. Overdraft Balance Calculation. When processing transactions that debit or credit Your Account, We start each Business Day with Your final Account balance from the preceding Business Day. The final balance takes into account all of the debit and credit transactions that were settled that Business Day pursuant to Our Funds Availability Policy, as well as any other debits or credits to Your Account that were finally settled that day, as described above in the "Deposit of Items" and "Collection and Processing of Items" sections of the Account Agreement. This starting balance at the beginning of a Business Day (the preceding Business Day's final balance) is sometimes referred to as Your "actual balance." As credits and debits to Your Account are received by Us, We add them to and subtract them from Your actual balance. Examples of credits include, but are not limited to, electronic direct deposits, check deposits that have been fully and finally collected, ACH credits that have settled that day, and cash deposits made to one of Our tellers. Examples of debits include, but are not limited to, checks drawn on Your Account that are presented to Us for payment, electronic fund transfer (EFT) debit transactions (such as preauthorized payments and settled EFT debits), memo-posted EFT debits (EFT debits that We have authorized but which have not been settled), and Credit Union fees and charges. The result of this calculation at any given point in time is called Your "available balance." For the purpose of determining whether an overdraft has occurred, We use Your available balance. First, We add all of the settled credit transactions to the beginning actual balance. Then, We subtract all of the debit transactions that settled that day. We also subtract all of the pending debit transactions. This determines the available balance for overdraft purposes. Each debit transaction that We process when Your Account has a negative available balance is an overdraft, subject to an overdraft charge. Subject to applicable law, You are responsible for paying any overdraft fees and charges assessed in connection with Our payment of an overdraft, as well as any NSF fees charged to Your Account when We dishonor and return an item for non-sufficient funds. It is Your responsibility to know Your Account balance, and if You have any questions You should contact a Credit Union representative.

Nature of Dividends. Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period. Additional Transaction Limitations. For all Accounts (except share draft/ checking Accounts) during any statement period, You may not make more than six withdrawals from or transfers to another Credit Union Account of Yours or to a third party by means of a pre-authorized or automatic transfer or telephonic order or instruction, or by check, draft, debit card, if applicable, or similar order to a third party. If You exceed these limitations, Your Account may be subject to closure by the Credit Union. The Credit Union reserves the right to require a member intending to make a withdrawal to give written notice of such intent not less than seven days and up to 60 days before any such withdrawal. Compounding and Crediting. For all dividend-bearing Accounts, dividends will be earned daily for each day on which Your balance exceeds the minimum balance requirement for Your Account. You will not be paid any dividends that have accrued but uncredited dividends have not yet been credited at the time You close Your Account. For all Accounts, information on the dividend period, compounding frequency and the crediting frequency refer to the accompanying Account Disclosure Rate Supplement which We have included with and made a part of this Disclosure. Balance Computation Method. For all dividend-bearing Accounts, dividends are shown calculated by the average daily balance method which applies a daily periodic rate to the average daily balance for the average daily balance calculation period. The average daily balance is determined by adding the full amount of the principal in Your Account for each day of the period and dividing that figure by the number of days in the following table: Nonsufficient Funds Returnsperiod. Accrual on Noncash Deposits. For dividend-bearing Accounts, dividends will begin to accrue on the business day that You place noncash items (e.g. checks) nto Your Account Fees and Charges. Any share draft fees and charges applicable to Your Account are disclosed separately in the “Schedule of Fees and Charges” provided in conjunction with these Agreements and Disclosures. ELECTRONIC SERVICES AGREEMENT AND DISCLOSURE THIS IS YOUR ELECTRONIC SERVICES AGREEMENT AND DISCLOSURE. IT INCLUDES NECESSARY STATEMENTS AND ANY SPECIAL INSTRUCTIONS REGARDING THE USE OF YOUR AUTOMATED TELLER MACHINE (ATM) CARD OR DEBIT CARD, OUR AUDIO RESPONSE ACCOUNT ACCESS SYSTEM (“PHONE BANKING”) AND OUR PERSONAL COMPUTER ACCOUNT ACCESS SYSTEM (“BUSINESS ONLINE BANKING”), EACH WITH THEIR CORRESPONDING PERSONAL IDENTIFICATION NUMBER (PIN) OR ACCESS CODE AND ANY CHECKS YOU AUTHORIZE TO BE PROCESSED ELECTRONICALLY (“E-CHECK”). ATM CARD, DEBIT CARD, PHONE BANKING, BUSINESS ONLINE BANKING AND E-CHECK AGREEMENT This Agreement applies to any electronic transfer made to or pre-authorized transferfrom Your Account(s) by You or by any user who has access to Your Account with actual, apparent or transaction implied authority for use of Your Account. Electronic transfers to and from Your Account can be made through the use of, but may not be limited to the following: (a) Your Card in Automated Teller Machines (ATMs) or at any place that it is honored including those transactions made through the use of a debit Card, or other electronic means, as is applicable (including any in-person transaction), that is presented to Us for payment on Account Type Dividend Period Compounding Frequency Crediting Frequency Your Account when Your Account lacks sufficient collected funds to pay any such item may, at Our option, be returned for nonsufficient funds or We may honor any such item and charge You a fee for doing so. Overdraft Balance Calculation. When processing transactions that debit or credit Your Account, We start each Business Day the appropriate PIN in conjunction with Your final Account balance from the preceding Business Day. The final balance takes into account all of the debit and credit transactions that were settled that Business Day pursuant to Our Funds Availability Policy, as well as any other debits or credits to Your Account that were finally settled that day, as described above in the "Deposit of Items" and "Collection and Processing of Items" sections of the Account Agreement. This starting balance at the beginning of a Business Day (the preceding Business Day's final balance) is sometimes referred to as Your "actual balance." As credits and debits to Your Account are received by Us, We add them to and subtract them from Your actual balance. Examples of credits include, but are not limited to, electronic direct deposits, check deposits that have been fully and finally collected, ACH credits that have settled that day, and cash deposits made to one of Our tellers. Examples of debits include, but are not limited to, checks drawn on Your Account that are presented to Us for payment, electronic fund transfer (EFT) debit transactions (such as preauthorized payments and settled EFT debits), memo-posted EFT debits (EFT debits that We have authorized but which have not been settled), and Credit Union fees and charges. The result of this calculation at any given point in time is called Your "available balance." For the purpose of determining whether an overdraft has occurred, We use Your available balance. First, We add all of the settled credit transactions to the beginning actual balance. Then, We subtract all of the debit transactions that settled that day. We also subtract all of the pending debit transactions. This determines the available balance for overdraft purposes. Each debit transaction that We process when Your Account has a negative available balance is an overdraft, subject to an overdraft charge. Subject to applicable law, You are responsible for paying any overdraft fees and charges assessed in connection with Our payment of an overdraft, as well as any NSF fees charged to Your Account when We dishonor and return an item for non-sufficient funds. It is Your responsibility to know Your Account balance, and if You have any questions You should contact a Credit Union representative.Card;

Nature of Dividends. Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period. Compounding Fees and Crediting. For all dividend-bearing Accounts, dividends will be earned daily for each day on which Your balance exceeds the minimum balance requirement for Your Account. You will not be paid any accrued but uncredited dividends at the time You close Your Account. For all Accounts, the dividend period, compounding frequency and the crediting frequency are shown in the following table: Nonsufficient Funds ReturnsCharges. Any share draft or pre-authorized transfer, or transaction made through the use of a debit Card, or other electronic means, as is fees and charges applicable (including any in-person transaction), that is presented to Us for payment on Account Type Dividend Period Compounding Frequency Crediting Frequency Your Account when Your Account lacks sufficient collected funds to pay any such item may, at Our option, be returned for nonsufficient funds or We may honor any such item and charge You a fee for doing so. Overdraft Balance Calculation. When processing transactions that debit or credit Your Account, We start each Business Day with Your final Account balance from the preceding Business Day. The final balance takes into account all of the debit and credit transactions that were settled that Business Day pursuant to Our Funds Availability Policy, as well as any other debits or credits to Your Account that were finally settled that day, as described above in the "Deposit of Items" and "Collection and Processing of Items" sections of the Account Agreement. This starting balance at the beginning of a Business Day (the preceding Business Day's final balance) is sometimes referred to as Your "actual balance." As credits and debits to Your Account are received by Usdisclosed on an accompanying pricing document provided in conjunction with these Agreements and Disclosures. FUNDS AVAILABILITY POLICY DISCLOSURE THIS DISCLOSURE DESCRIBES YOUR ABILITY TO WITHDRAW DEPOSITS OF CASH AND CHECKS DRAWN ON, OR PAYABLE THROUGH OR AT, A BANKING OFFICE LOCATED IN THE UNITED STATES, FROM TRANSACTION ACCOUNTS AT ARKANSAS FEDERAL. YOU SHOULD ALSO REFER TO THE SECTION OF THESE AGREEMENTS AND DISCLOSURES THAT DESCRIBES THE DETAILS OF YOUR SPECIFIC ACCOUNT TYPE FOR ADDITIONAL INFORMATION. Your Ability to Withdraw Funds. Our policy is to delay the availability of funds from Your cash and check deposits. During the delay, You may not withdraw the funds in cash and We will not use the funds to pay checks that You have written. Determining the Availability of a Deposit. The length of the delay is counted in business days from the day of Your deposit. Every day is a business day except Saturdays, Sundays, and federal holidays. If You make a deposit before closing on a business day that We are open, We add them will consider that day to and subtract them from be the day of Your actual balancedeposit. Examples of credits includeHowever, but if You make a deposit after closing or on a day We are not limited toopen, We will consider that the deposit was made on the next business day We are open. The length of the delay varies depending on the type of deposit and is explained below. Same-Day Availability Funds from electronic direct deposits, check deposits that have been fully and finally collected, ACH credits that have settled that day, and cash deposits made to one of Our tellers. Examples of debits include, but are not limited to, checks drawn on Your Account that are presented to Us for payment, electronic fund transfer (EFT) debit transactions (such as preauthorized payments and settled EFT debits), memo-posted EFT debits (EFT debits that We have authorized but which have not been settled), and Credit Union fees and charges. The result of this calculation at any given point in time is called Your "available balance." For the purpose of determining whether an overdraft has occurred, We use Your available balance. First, We add all of the settled credit transactions to the beginning actual balance. Then, We subtract all of the debit transactions that settled that day. We also subtract all of the pending debit transactions. This determines the available balance for overdraft purposes. Each debit transaction that We process when Your Account has a negative available balance is an overdraft, subject to an overdraft charge. Subject to applicable law, You are responsible for paying any overdraft fees and charges assessed in connection with Our payment of an overdraft, as well as any NSF fees charged to Your Account will be available on the day We receive the deposit. Funds from the following types of deposits will also be available on the day We receive the deposit:  U.S. Treasury checks that are payable to You.  Wire transfers.  Checks drawn on Us.  Cash.  State and local government checks that are payable to You.  Cashier's, certified, and xxxxxx's checks that are payable to You.  Federal Reserve Bank checks, Federal Home Loan Bank checks, and postal money orders, if these items are payable to You. Other Check Deposits The first $225.00 will be available on the business day We receive Your deposit. The remaining funds will be available on the 2nd business day after the day of Your deposit. For example, if You deposit a check of $700.00 on a Monday, $225.00 of the deposit is available on Monday. The remaining $475.00 is available on Wednesday. Longer Delays May Apply. Funds You deposit by check may be delayed for a longer period under the following circumstances:  We believe a check You deposit will not be paid.  You deposit checks totaling more than $5,525.00 on any one day.  You redeposit a check that has been returned unpaid.  You have overdrawn Your account repeatedly in the last six months.  There is an emergency, such as failure of computer or communication equipment. We will notify You if We delay Your ability to withdraw funds for any of these reasons, and We will tell You when the funds will be available. They will generally be available no later than the 7th business day following the day of Your deposit. In any case, We dishonor and return reserve the right to refuse an item for non-sufficient funds. It is Your responsibility to know Your Account balance, and if You have any questions You should contact a Credit Union representativedeposit or encashment.

Nature of Dividends. Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period. Compounding and Crediting. For all dividend-bearing Accounts, dividends will be earned daily for each day on which Your balance exceeds the minimum balance requirement for Your Account. You will not be paid any accrued but uncredited dividends at the time You close Your Account. For all Accounts, the dividend period, compounding frequency and the crediting frequency are shown in the following table: Nonsufficient Funds Returns. Any share draft or pre-authorized transfer, or transaction made through the use of a debit Card, or other electronic means, as is applicable (including any in-person transaction), that is presented to Us for payment on Account Type Dividend Period Compounding Frequency Crediting Frequency Your Account when Your Account lacks sufficient collected funds to pay any such item may, at Our option, be returned for nonsufficient funds or We may honor any such item and charge You a fee for doing so. Overdraft Balance Calculation. When processing transactions that debit or credit Your Account, We start each Business Day with Your final Account balance from the preceding Business Day. The final balance takes into account all of the debit and credit transactions that were settled that Business Day pursuant to Our Funds Availability Policy, as well as any other debits or credits to Your Account that were finally settled that day, as described above in the "Deposit of Items" and "Collection and Processing of Items" sections of the Account Agreement. This starting balance at the beginning of a Business Day (the preceding Business Day's final balance) is sometimes referred to as Your "actual balance." As credits and debits to Your Account are received by Us, We add them to and subtract them from Your actual balance. Examples of credits include, but are not limited to, electronic direct deposits, check deposits that have been fully and finally collected, ACH credits that have settled that day, and cash deposits made to one of Our tellers. Examples of debits include, but are not limited to, checks drawn on Your Account that are presented to Us for payment, electronic fund transfer (EFT) debit transactions (such as preauthorized payments and settled EFT debits), memo-posted EFT debits (EFT debits that We have authorized but which have not been settled), and Credit Union fees and charges. The result of this calculation at any given point in time is called Your "available balance." For the purpose of determining whether an overdraft has occurred, We use Your available balance. First, We we add all of the settled credit transactions to the beginning actual balance. Then, We subtract all of the debit transactions that settled that day. We also subtract all of the pending debit transactions. This determines the available balance for overdraft purposes. Each debit transaction that We process when Your Account has a negative available balance is an overdraft, subject to an overdraft charge. Subject to applicable law, You are responsible for paying any overdraft fees and charges assessed in connection with Our payment of an overdraft, as well as any NSF fees charged to Your Account when We we dishonor and return an item for non-non- sufficient funds. It is Your responsibility to know Your Account balance, and if You have any questions You should contact a Credit Union representative.

Nature of Dividends. Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period. SPECIFIC TERMS APPLICABLE TO YOUR BUSINESS MONEY MARKET ACCOUNT Tiered Variable Rate Information. This Account is subject to a Tiered Variable Rate, and as a result, the dividend rate and APY may change at any time based on the determination of the Credit Union's Board of Directors. For the current dividend rate and corresponding APY, refer to the accompanying "Account Disclosure Rate Supplement" which We have included with and made a part of this Disclosure. Minimum Balance Requirements. You must maintain at least $1,000.00 in Your Account each day to obtain the disclosed APY. Sub-Accounts. This Account consists of a transaction sub-account and a savings sub-account. Funds will reside in the savings sub account until such time as they are required to pay debits, at which time they will be transferred to the transaction sub-account. Transaction Limitations. No transaction limitations apply to this Account. Compounding and Crediting. For all dividend-bearing Accounts, dividends Dividends will be earned daily for each day on which Your balance exceeds the minimum balance requirement for Your Account. The dividend period is Monthly, and dividends will be compounded and credited to Your Account Monthly. Balance Computation Method. Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in Your Account each day. Accrual on Noncash Deposits. Dividends will begin to accrue on the business day that You will not be paid any accrued but uncredited dividends at the time You close deposit noncash items (e.g. checks) into Your Account. For all AccountsGENERAL TERMS APPLICABLE TO ALL ACCOUNTS Member in Good Standing. The Account services described in these Agreements And Disclosures are available to those members in good standing with the Credit Union. We reserve the right to suspend services to a member who is not in good standing, the dividend period, compounding frequency and the crediting frequency are shown in the following tablewhich includes members that have: Nonsufficient Funds Returns a delinquent loan. Any share draft or pre-authorized transfer, or transaction made through the use of  a debit Card, or other electronic means, as is applicable (including any in-person transaction), that is presented to Us for payment on Account Type Dividend Period Compounding Frequency Crediting Frequency Your Account when Your Account lacks sufficient collected funds to pay any such item may, at Our option, be returned for nonsufficient funds or We may honor any such item and charge You a fee for doing so. Overdraft Balance Calculation. When processing transactions that debit or credit Your Account, We start each Business Day with Your final primary Share Account balance from below the preceding Business Day$5.00 minimum. The final  an unresolved deposited returned check.  unpaid and uncollected credit union fees.  a negative balance takes into account all of the debit and credit transactions that were settled that Business Day pursuant to Our Funds Availability Policy, as well as any other debits or credits to Your Account that were finally settled that day, as described above in the "Deposit of Items" and "Collection and Processing of Items" sections of the Account Agreementon an Account. This starting balance at the beginning of  caused a Business Day (the preceding Business Day's final balance) is sometimes referred to as Your "actual balance." As credits and debits to Your Account are received by Us, We add them to and subtract them from Your actual balance. Examples of credits include, but are not limited to, electronic direct deposits, check deposits that have been fully and finally collected, ACH credits that have settled that day, and cash deposits made to one of Our tellers. Examples of debits include, but are not limited to, checks drawn on Your Account that are presented to Us for payment, electronic fund transfer (EFT) debit transactions (such as preauthorized payments and settled EFT debits), memo-posted EFT debits (EFT debits that We have authorized but which have not been settled), and Credit Union fees and charges. The result of this calculation at any given point in time is called Your "available balance." For the purpose of determining whether an overdraft has occurred, We use Your available balance. First, We add all of the settled credit transactions financial loss to the beginning actual balance. Then, We subtract all of the debit transactions that settled that day. We also subtract all of the pending debit transactions. This determines the available balance for overdraft purposes. Each debit transaction that We process when Your Account has a negative available balance is an overdraft, subject to an overdraft charge. Subject to applicable law, You are responsible for paying any overdraft fees and charges assessed in connection with Our payment of an overdraft, as well as any NSF fees charged to Your Account when We dishonor and return an item for non-sufficient funds. It is Your responsibility to know Your Account balance, and if You have any questions You should contact a Credit Union representativeUnion.

Nature of Dividends. Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period. Additional Transaction Limitations. For all Accounts (except share draft/checking Accounts) during any statement period, You may not make more than six withdrawals from or transfers to another Credit Union Account of Yours or to a third party by means of a pre-authorized or automatic transfer or telephonic order or instruction, or by check, draft, debit card, if applicable, or similar order to a third party. If You exceed these limitations, Your Account may be subject to closure by the Credit Union. The Credit Union reserves the right to require a member intending to make a withdrawal to give written notice of such intent not less than seven days and up to 60 days before any such withdrawal. Compounding and Crediting. For all dividend-bearing Accounts, dividends will be earned daily for each day on which Your balance exceeds the minimum balance requirement for Your Account. You will not be paid any dividends that have accrued but uncredited dividends have not yet been credited at the time You close Your Account. For all Accounts, information on the dividend period, compounding frequency and the crediting frequency refer to the accompanying Account Disclosure Rate Supplement which We have included with and made a part of this Disclosure. Balance Computation Method. For all dividend-bearing Accounts, dividends are shown calculated by the average daily balance method which applies a daily periodic rate to the average daily balance for the average daily balance calculation period. The average daily balance is determined by adding the full amount of the principal in Your Account for each day of the period and dividing that figure by the number of days in the following table: Nonsufficient Funds Returnsperiod. Any share draft or preAccrual on Noncash Deposits. For dividend-authorized transferbearing Accounts, or transaction made through dividends will begin to accrue on the use of a debit Card, or other electronic means, as is applicable business day that You place noncash items (including any in-person transaction), that is presented to Us for payment on Account Type Dividend Period Compounding Frequency Crediting Frequency Your Account when Your Account lacks sufficient collected funds to pay any such item may, at Our option, be returned for nonsufficient funds or We may honor any such item and charge You a fee for doing so. Overdraft Balance Calculation. When processing transactions that debit or credit e.g. checks) into Your Account, We start each Business Day with Your final Account balance from the preceding Business Day. The final balance takes into account all of the debit and credit transactions that were settled that Business Day pursuant to Our Funds Availability Policy, as well as any other debits or credits to Your Account that were finally settled that day, as described above in the "Deposit of Items" and "Collection and Processing of Items" sections of the Account Agreement. This starting balance at the beginning of a Business Day (the preceding Business Day's final balance) is sometimes referred to as Your "actual balance." As credits and debits to Your Account are received by Us, We add them to and subtract them from Your actual balance. Examples of credits include, but are not limited to, electronic direct deposits, check deposits that have been fully and finally collected, ACH credits that have settled that day, and cash deposits made to one of Our tellers. Examples of debits include, but are not limited to, checks drawn on Your Account that are presented to Us for payment, electronic fund transfer (EFT) debit transactions (such as preauthorized payments and settled EFT debits), memo-posted EFT debits (EFT debits that We have authorized but which have not been settled), and Credit Union fees and charges. The result of this calculation at any given point in time is called Your "available balance." For the purpose of determining whether an overdraft has occurred, We use Your available balance. First, We add all of the settled credit transactions to the beginning actual balance. Then, We subtract all of the debit transactions that settled that day. We also subtract all of the pending debit transactions. This determines the available balance for overdraft purposes. Each debit transaction that We process when Your Account has a negative available balance is an overdraft, subject to an overdraft charge. Subject to applicable law, You are responsible for paying any overdraft fees and charges assessed in connection with Our payment of an overdraft, as well as any NSF fees charged to Your Account when We dishonor and return an item for non-sufficient funds. It is Your responsibility to know Your Account balance, and if You have any questions You should contact a Credit Union representative.