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Money Market Savings Account

In the following agreement(s), the words “You”, “Your”, and “Yours” mean each and all of those (whether one or more persons) who are subject to the agreement(s) as a result of signing a Membership Invitation. The words “We”, “Us”, “Our” and “Credit Union” mean PARSONS FEDERAL CREDIT UNION. 

General terms applicable to all Parsons Federal Credit Union money market savings account include the following:

PAYMENT OF DIVIDENDS: The frequency and conditions upon which dividends are paid on all accounts are in accordance with the bylaws of this credit union, California law, and the Truth-in-Savings Act and Regulations. Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.

For all accounts, dividends will be compounded monthly and will be credited monthly. For all money market accounts, the dividend period is monthly, 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 January 31. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period, and for the example is January 31. Current dividend rates and annual percentage yields are reflected on the accompanying Rate Sheet, which is incorporated by this reference.

Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day. Dividends will begin to accrue on the business day you deposit non-cash items (e.g., checks) to your account if deposited before the close of business.

RATE INFORMATION: The initial dividend rate and annual percentage yield (“APY”) on your Money Market Savings Account are stated on the Deposit Rate Sheet accompanying this Disclosure. This rate and APY may change at any time at the Credit Union’s discretion. 

TRANSACTION LIMITATIONS: No more than six in person, or preauthorized, or automatic transfers, telephone transfers, or transfers made by check, or in similar order payable to a third party may be made from your money market savings account to another account at the credit union, or to a third party in any calendar month. If you exceed, or attempt to exceed, these transfer limits, the excess transfer requests may be refused, or reversed.

MONEY MARKET SAVINGS ACCOUNT TERMS

MINIMUM OPENING DEPOSIT: The minimum balance required to open a Money Market Savings Account is $0.00.

MINIMUM BALANCE TO EARN DIVIDENDS: A minimum daily balance according to the balance tier, must be maintained to obtain the minimum annual percentage yield stated as specified on the Deposit Rate Sheet. Rate tiers are available, and may earn higher dividend rates. Refer to the Deposit Rate Sheet for specific information about current rates and tiers available. 

TRANSACTION LIMITATIONS: The maximum number of transactions permitted on your Money Market Savings Account is a total of six transactions within a calendar month. If you exceed six transactions within any one calendar month, your account may be subject to a reclassification and/or closure.