Other Savings Accounts Clause Samples

Other Savings Accounts. Account Description. First Community Credit Union offers additional savings accounts as set forth below. Transaction Limitations. For all other savings accounts, the Credit Union reserves the right to require at least seven (7) days, and up to sixty (60) days’ notice, prior to withdrawal or transfer of funds. For IRA/SEP accounts, additional transaction limitations and/or early withdrawal penalties may be imposed by the IRS. See plan disclosure for more information. Compounding and Crediting of Dividends. Dividends on other savings accounts will be compounded daily and credited quarterly. If you close your account before dividends are paid, you will not receive the accrued dividends. Dividend Period. For other savings accounts, the dividend period is quarterly. 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 March 31. All other dividend periods follow this same pattern of dates unless noted otherwise. Dividends are paid at the end of the period from current income and available earnings after required transfers to reserves.