Loan Rates
Fee Schedule

Account Rates

Rates are effective January 21, 2005**

NOTE: ITT Employees Federal Credit Union Variable Rate Share Accounts, Special Savings Accounts and Individual Retirement Accounts are daily accounts and have no Maturity Date. Funds are available to members at their request. Dividend rates may change as noted below.

Variable Savings and Checking Rates
Dividend
Rate
Annual Percentage
Yield (APY)
Minimum Balance Required
Savings Account
.80%
.80%
$5.00
Four Seasons Club
1.05%
1.06%
$5.00
Checking Account
.30%
.30%
N/A
*Dividends are compounded monthly and paid on the last day of each month. Dividends are paid on actual balance.
*Account must be open on the last day of the month to receive dividend for the month.
IRA Accounts
Dividend
Rate
Annual Percentage
Yield (APY)
Minimum Balance Required
TRADITIONAL IRA
2.80%
2.84%
$5.00
ROTH IRA
2.80%
2.84%
$5.00
COVERDELL EDUCATIONAL SAVINGS ACCOUNT
2.80%
2.84%
$5.00
*Dividends are compounded monthly and paid on the last day of each month. Dividends are paid on actual balance.
*Account must be open on the last day of the month to receive dividend for the month.
* Withdrawals may be subject to IRS penalty and tax.
 
Share Certificates

Dividend
Rate

Annual Percentage
Yield (APY)
Minimum Balance Required
91 DAY CERTIFICATE
1.80%
1.812%
$1,000.00
182 DAY CERTIFICATE
2.00%
2.010%
$1,000.00
*90 Days interest penalty for early withdrawal.
*Simple interest. Not compounded. Dividends are paid on Certificate maturity date to designated share or share draft account. Dividends are paid on Certificate daily balance from date of purchase or renewal to maturity date. Automatic renewal at maturity.

 

THE FOLLOWING DISCLOSURES APPLY TO ALL ITT EMPLOYEES (FORT WAYNE DIVISION) FEDERAL CREDIT UNION DEPOSIT ACCOUNTS EXCEPT AS SPECIFICALLY DESCRIBED .
RATE INFORMATION: The Dividend Rate and the Annual Percentage Yield (APY) may change monthly on our Variable Rate Share, Share Draft, Club and IRA Accounts as determined by our Board of Directors. Our Share Certificates are Fixed Rate and will be in effect for the term of the account. For Current Share Certificate Rates please call (260) 451-5095 or contact any of our Member Service Representatives. Current Rates may also be obtained through our Telephone Teller at (260) 451-6436 and at our Web site at www.ittefcu.org. The Dividend Rate and APY on your accounts are included in this brochure. The APY is a percentage rate that reflects the total amount of dividends to be paid on our Variable Rate Accounts and Fixed Rate Share Certificates based on the Dividend Rate and frequency of compounding for an annual period.
NATURE OF DIVIDENDS: The Dividend Rate and APY are prospective rates and yields that our Credit Union anticipates paying for the current dividend period. Dividends are paid from current income and available undivided earnings after all required transfers are made at the end of each month.
BALANCE INFORMATION: The minimum balance required to open each account and additional minimum requirements are as noted on the Rate and Fee Schedule.
ACCRUAL AND COMPOUNDING OF DIVIDENDS: Dividends will begin to accrue the day we receive any deposit (cash and/or non-cash items) into an account with our Credit Union. Dividends will be compounded as printed on the Rate and Fee Schedule for each type of account that is offered by our Credit Union. All accounts are using the Daily Balance Method. Dividends are calculated by applying the daily periodic rate to the principal in each account each day.
CREDITING OF DIVIDENDS AND PENALTIES: The dividend period starts the first day of each month and ends on the last calendar day of each month for Variable Rate Accounts. If you close any Variable Rate Account before dividends are credited, accrued dividends will not be paid. There is a $15.00 early withdrawal service charge for Club Accounts if funds are withdrawn before automatic transfer at Club Account's maturity date. For Share Certificates, the dividend period starts the day of purchase /renewal date of the Certificate and ends on the maturity date. There is a 90 day penalty (exceptions noted on Certificate) for early withdrawal of Share Certificates. Additions may be made to our Fixed Rate Share Certificates only at the time of maturity/renewal.
AUTOMATIC RENEWAL OF FIXED RATE SHARE CERTIFICATES: All of our Share Certificates will renew automatically at maturity for an additional similar term if you do not request to withdraw/cancel the Certificate within three business days from the maturity date. You will receive notice of Maturity/Renewal at least 30 days prior to each maturity date.
NONTRANSFERABLE / NONNEGOTIABLE: Accounts with our Credit Union are nontransferable and nonnegotiable. The funds on deposit with our Credit union may not be pledged to secure any obligation outside of our Credit Union.

ELECTRONIC FUNDS DISCLOSURE STATEMENT/ATM CARD HOLDER AGREEMENT
&
YOUR ABILITY TO WITHDRAW FUNDS FROM OUR CREDIT UNION
Please call or e-mail us for details.

A Rate & Fee Schedule is available upon request.
**Please note that all rates and dividends are subject to change without notice.

Copyright© 2004 ITT Employees FCU. All Rights Reserved.