Savings Accounts

Effective : January 1, 2008

  Regular Shares
& 2nd Savings Acct		 Limited Checking Regular Checking
See Fee Schedule		 Individual Retirement
Accounts (I.R.A.s)		 Monthly Money
Manager Account
Dividend Rate
Annual Percentage Yield		 1.00%
1.00%		 0.00%
0.00%		 0.50%
0.50%		 2.75%
2.78%		 2.00%
2.02%
Min. Opening Deposit $25 or Payroll Deduct Used only to access
another savings account
up to 3 checks per month		 Must have Regular
or Money Mngr Account		 $50.00 $2,500.00
Minimum Daily Balance Par $25 if no other acct $50.00 $2,500.00
Dividend Compounding Quarterly Monthly Quarterly Monthly
Div.Period & Crediting Quarterly NA Monthly Quarterly Monthly
  • The dividend rate and annual percentage yield in savings accounts are variable and may be changed monthly for the Money Manager Account and quarterly for the others.
  • If you close a savings account before dividends are credited you will not receive accrued dividends.
  Money Market
3 mos & 6 mos		 1 Year Term
Share Account		 2 or 3 Year Term
Share Account
Dividend Rate
Annual Percentage Yield
for 6 mo. Money Mkt		 2.25%
2.27%
2.26%		 2.25%
2.27%		 2.50%
2.52%
Min. Opening Deposit 5,000.00
 $500.00 $500.00
Minimum Daily Balance 5,000.00 $500.00 $500.00
Dividend Compounding At Maturity Quarterly Quarterly
Div.Period & Crediting At Maturity Quarterly Quarterly
  • The dividend rate and annual percentage yield of term share accounts is fixed and will be in effect for the term of your account.
  • After the account is opened you may not make deposits into the account until the maturity date stated on the account.
  • We may impose a penalty if you withdraw any of the funds before the maturity date. The penalty will equal up to three months of dividends earned on your deposit. If the balance of the account falls below the minimum required, the account will be closed and the early withdrawal penalty assessed against the full balance.
  • Your term will automatically renew at maturity unless you instruct us differently. You will have a grace period of 15 days after the maturity date to withdraw the funds in the account without being charged an early withdrawal penalty.
  • Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation of an owner, except obligations with BiMart Federal Credit Union.
  • The Rate and Fee Schedules for Savings & Term Share Accounts set forth certain conditions, rates, fees and charges applicable to the various savings accounts at BiMart Federal Credit Union as of the effective date shown. These schedules are incorporated as part of your account agreement with BiMart Federal Credit Union.
  1. Rate Information: The prospective Dividend Rate and Annual Percentage Yield on your account for the current period are shown in the tables. The Annual Percentage Yield reflects the percentage rate in a year taking into account the compounding of dividends. The dividend rate and Annual Percentage Yield may change every dividend period as determined by the Board of Directors of Bi-Mart Federal Credit Union. Also the annual percentage yield is based on an assumption that dividends will remain in the account until maturity. A withdrawal will reduce earnings.
  2. Nature of dividends: Dividends are paid from current income and available earnings after required transfers to reserves.
  3. Compounding & Crediting:Dividends will be compounded and credited as shown in the rate schedules. For example, January 1 would be the beginning date of the first dividend period of the year and March 31 would be the ending date for an account with a quarterly period.. All other dividend periods follow this pattern of dates. The dividend declaration date is the last day of a dividend period, and for the example is March 31.
  4. Balance Computation Method: Dividends are calculated by the daily balance method which applies a daily periodic rate to the principal in your account each day.
  5. Accrual of Dividends: Dividends will begin to accrue on deposits the business day the credit union receives your check or cash.
  6. Share Insurance : Accounts are insured to at least $100,000 against loss by the National Credit Union Share Insurance fund, an agency of the US Government.
  7. Minimum Balance Requirements & Par Value of Share: The minimum balance to open and maintain the various accounts in the Credit Union are shown in the rate schedules. The par value of a share in the Credit Union is $25 and is the amount needed to maintain membership in the credit union. The share may be on deposit in any account offered by the credit union. If a regular share account is the only account held by a member then the par value of a share becomes the minimum needed to maintain the account and membership. Failure to maintain minimum balances of other type accounts may result in the balance being transferred to a regular share account.
  8. By-Law Requirements: If you fail to complete payment of one share ($25) within 6 months of admission to membership or after reducing your share balance below the par value you may be terminated from membership in the credit union at the end of the dividend period. The bylaws allow the Board of Directors to require members to give up to 60 days notice of intention to withdraw shares.
  9. Transaction limitations: During any statement period, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer or telephonic order or instruction. No more than three of the six transfers may be made by check, draft, debit card, if applicable, or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the credit union or to a fee. This restriction does not apply to funds deposited in a regular checking account.

Fees Applicable to All Accounts:

Deposited Item Return Fee $10.00 per item
*Wire transfer fee (outgoing) $10.00 per
*Wire transfer fee (incoming)
 $8.00 per
*Stop Payment on regular
share withdrawal		 $5.00 &
affidavit		 per check
*Western Union Quick Cash $25.00 in US up
to $5,000
Research transactions not on
line with computer		 $10.00  
Dormant account fee $5.00 per month
Close Membership in CU
 $5.00  

Fees for Checking Accounts:

Regular Checking Service $2.00 per month
Limited Checking Service $0.00 per month
Clearing more than 3 checks
per month with Limited Acct
 $10.00 per check
Check Printing Limited Ckg
Free $2,500 or more savings		 $5.00  
Check Printing Regular Ckg   1st Order Free
Checking Account Closing $10.00 if open less
than 6 mos.
Non-Sufficient Funds NSF $10.00 per check
Place Stop Payments
if check presented		 $5.00
$5.00		 each hit
Photocopy of check cleared
 $1.00 per check

*Passing along fees from Northwest Corporate CU