Terms & Conditions

Journey Credit Union, Des Moines, Iowa

Account Terms & Conditions:

Except as specifically described, the following disclosures apply to all share accounts.  "Rate Schedule" referenced appears at the end of these disclosures.

Rate Information

The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period.  For Share Savings, Youth, CONNECTED and IRA Share accounts, the dividend rate and annual percentage yield may change as determined by the credit union's Board of Directors.  For Holiday accounts, the dividend rate and annual percentage yield may change periodically as determined by the credit union's Board of Directors.  The Share Savings, Youth and CONNECTED accounts are tiered rate accounts.  If your account balance is $4,999.99 or below, the "Tier 1" dividend rate and annual percentage yield listed for this account will apply.  If your account balance is $5,000.00 or greater, the "Tier 2" dividend rate and annual percentage yield listed for this account will apply.  Once a particular balance range is met, the dividend rate and annual percentage yield for that balance range will apply to the full balance of your account.  The dividend rates and annual percentage yields are the rates and yields as of the last dividend declaration date.  Money Market accounts are also tiered rate accounts.  If your account balance falls below $5,000.00, Basic Share Account rates and yields will apply.  If your account balance is between $5,000.00 and $24,999.99, the Tier 1 dividend rate and annual percentage yield listed for this account will apply.  If the account balance falls between $25,000.00 and $49,999.99, the Tier 2 dividend rate and annual percentage yield listed for this account will apply.  If the account balance is over $50,000.00, the Tier 3 dividend rate and annual percentage yield listed for this account will apply.

Nature of Dividends

Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.

Dividend Compounding and Crediting

The compounding and crediting of dividends and dividend period applicable to each account are set forth in the Rate Schedule.  The Dividend Period is the period of time at the end of which an account earns dividend credit.  The Dividend Period begins on the first calendar day of the period and ends on the last calendar of the period.

Accrual of Dividends

For Share Savings, Youth, CONNECTED, Holiday and IRA Share accounts, dividends will begin to accrue on noncash deposits (ie:  checks) on the business day you make the deposit to your account.  For these accounts, if you close your account before accrued dividends are credited, accrued dividends will not be paid.

Balance Information

The minimum balance requirements applicable to each account are set forth in the Rate Schedule.  For Money Market accounts, there is a minimum average daily balance required to avoid a service fee for the dividend period.  If the minimum average daily balance is not met, there will be a service fee as set forth in the Rate & Fee Schedule.  (To access Rate & Fee Schedule, go to "Services", then "Info Desk", then "Fee Schedule".)  For Share Savings, Youth, CONNECTED, Holiday and IRA Share accounts, there is a minimum average daily balance required to obtain the annual percentage yield for the dividend period.  If the minimum average daily balance is not met, you will not earn the stated annual percentage yield.  For Share Savings, Youth, CONNECTED, Holiday and IRA Share accounts using an Average Daily Balance method, dividends are calculated by applying a periodic rate to the average daily balance in the account for the period.  The average daily balance is determined by adding the full amount of principal in the account for each day of the period and dividing that figure by the number of days in the period.

Account Limitations

For a Holiday account, the entire balance will be paid to you by check or transferred to another account of yours on or after November 1 and the account will remain open.  You may be charged a withdrawal fee for each withdrawal from the account.  You may make transfers or withdrawals in the first seven (7) days after the account is opened without restriction.  For Money Market accounts, six (6) withdrawals are authorized per calendar month.  Each withdrawal over six (6) will incur a $10.00 charge.  There will be a $15.00 fee per month if account falls below $5,000.00.  For Share Savings, Kirby Kangaroo, Teen, IRA Share, Share Draft Checking and Hobby Checking accounts, no account limitations apply.

RATE SCHEDULE

Share Savings, Youth, CONNECTED, and IRA Share Accounts:

  • Dividends Compounded:  Monthly
  • Dividends Credited:  Monthly
  • Dividend Period:  Calendar Month
  • Minimum Opening Deposit:  $25.00 for Share Savings and Teen Accounts; $5.00 for Kirby Kangaroo Accounts; $1,000.00 for IRA Accounts
  • Minimum Balances to Earn the Stated Annual Percentage Yield:
    • Share Savings:  $100.00
    • Youth Account:  $25.00
    • CONNECTED Account:  $100.00
    • IRA Share Account:  $1,000.00
  • Balance Method:  Average Daily Balance

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Journey Credit Union
PO Box 1496
Des Moines, Iowa  50305-1496
Phone: (515) 243-8735
Toll-free: (800) 828-8050
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