Additional terms and rates may be available, see a Partner Colorado representative for details. Except as specifically described, the following disclosures apply to all of the accounts:
Savings/Investment Disclosures - Savings, Checking, IRA and Certificates of Deposit Accounts.
Deposit product information is applicable to your Savings, Checking (Share Draft), IRA and CDs at Partner Colorado Credit Union as of the effective date shown above. The Credit Union may offer other rates and fees or amend the rates and fees contained in the schedule from time to time. Each account holder agrees to the terms of the “Account Disclosure” and acknowledges it as part of the Account Agreement.
Interest Rate: The interest rate and Annual Percentage Yield (APY) are fixed for the CD/IRA CD and will be in effect for the term of the account. The APY is based on an assumption that interest will remain on deposit until maturity. The rates appearing in these disclosures are accurate and effective for the date indicated at the top of the page. Rates are subject to change. If you have any questions or require current rate information on your accounts, please call (303) 422-6221 or (800) 367-2474.
Nature of Dividends: Dividends are declared by the Board of Directors monthly and paid monthly. For Savings, Checking (Share Draft) and Variable IRA Savings accounts, dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period, and the dividend rate and APY shown above are the rates that the Credit Union will pay for the applicable dividend period. Dividends are not paid in excess of earnings.
Compounding and Crediting: Dividends will be compounded on a monthly basis. For dividend-bearing accounts, compounding will begin with the first calendar day of the month and ends on the last calendar day of the month. Accounts that have accrued dividends, but are uncredited will not get paid out early if the account is closed before dividends have posted.
Accrual of Interest/Dividends: Interest/dividends will begin to accrue on all deposits (e.g., checks) on the business day you make the deposit to your account. For any CD accounts, you may elect at account opening to have accrued interest transferred to a Savings or Checking account. This election and the APY for your account will be shown on your CD receipt. Interest is credited monthly. Minimum balances apply. Accounts that fall below minimum balance or are closed early will forfeit dividends. Interest earning products include: CDs, Checking accounts, all IRA accounts, Money Market accounts and Savings Club accounts. Interest-earning accounts rates disclosed are accurate as of the date listed on the table.
Balance Information: The minimum balance required to open each account is shown above. For all accounts, interest is calculated monthly on the average daily balance. Failure to maintain the minimum balance at any time in the Money Market account will result in forfeiture of dividends and a $10.00 monthly fee.
Savings/Share Account: For savings accounts, transaction limitations will apply. No more than six (6) preauthorized automatic, overdraft transfers or telephone transfers may be made from these accounts to a checking account of yours, or to a third party, in any month. If you exceed these limitations, your account may be subject to a fee or closed.
Overdraft Increments: Overdraft transfers to checking will be made to cover the draft item or the available overdraft balance, if less.
CD information: Please see Account Agreement for additional information. CD accounts are non-transferable, non-assignable, and may not be pledged except as collateral for a loan at Partner Colorado Credit Union (IRA certificates may not be pledged). The Annual Percentage Yield (APY) is based on an assumption that dividends/interest will remain in the account until maturity. A withdrawal will reduce earnings. We will impose a penalty if you withdraw any or all of the funds in your certificate account before the maturity date. Ninety days interest will be assessed on early withdrawals for certificate terms of 12 months or less and 180 days interest for certificate terms over 12 months. This will include requests to withdraw interest only. This penalty may affect principle.
Partner Colorado Credit Union IRA Penalties: If you make a withdrawal from your IRA for any reason prior to attaining age 59½, the following penalties apply:
From a Variable Rate Account: None. From a CD: 90 days of interest. There are no early withdrawal penalties on IRA accounts after age 70½ if the withdrawal is considered a Required Minimum Distribution (RMD). However, a penalty equal to 90 days of interest will be charged if the withdrawal is made only to re-price the existing IRA Certificate of Deposit. This penalty may affect principal. IRS Penalties: If you make a withdrawal from your IRA prior to attaining age 59½ without re-depositing the funds into this or another IRA within 60 days, the funds are subject to an IRS 10% premature withdrawal tax. Funds are subject to income tax in the year of withdrawal, regardless of your age. The IRS allows one rollover (a transfer which you make directly to us, not institution-to-institution) per year. Partner Colorado is not a tax advisor. Please contact your tax advisor before withdrawing funds or to learn more regarding interest tax deductibility.