Mid Oregon Credit Union Disclosures and Policies


Except as specifically described, the following disclosures apply to all of the accounts. All accounts described in this Truth-in-Savings Disclosure are share accounts.

  1. 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 Money market Checking accounts, the Dividend Rate and Annual Percentage Yield may change monthly as determined by the Credit Union’s Board of Directors. The Dividend Rates and Annual Percentage Yields are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.

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

  3. Dividend Compounding and Crediting. For Money Market Checking accounts, the compounding and crediting of dividends and dividend period is monthly. 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 month and ends on the last calendar day of the month.

  4. Accrual of Dividends.For Money Market Checking accounts, dividends will begin to accrue on noncash deposits (e.g., checks) on the business day you make the deposit to your account.

  5. Balance Information. To open any account, you must deposit or already have on deposit at least the par value of one full share in any account. The par value is stated in the Share, Savings, and Money Market Accounts Rate and Fee Schedule. Some accounts may have additional minimum opening deposit requirements. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For Money Market Checking accounts, there is a minimum balance required to avoid a service fee for the statement period and obtain the Annual Percentage Yield for the dividend post.. If the daily balance is not met, there will be a service fee as set forth on the reverse side. For Money Market Checking accounts using a Daily Balance method, dividends are calculated by applying a daily periodic rate to the principal in the account each day. For Money Market Checking accounts, a minimum balance of $15,000.00 must be maintained in order to receive dividends. If you do not meet the minimum daily balance, you will not earn dividends for that day.