Primary Savings Account
The Primary Savings Account is the base account that is required to establish membership in the credit union.
- Minimum opening balance is $5
- Minimum average daily balance of $50 required to earn monthly dividends
- Statements are mailed quarterly; monthly when the member has a Checking Account
- Members have access to funds through e-Banking, TXT banking, 24 Hour Phone Teller, VISA® Check Card (with checking account), and ATMs worldwide
- Dividends are paid based on the balance in the account
OPEN A NEW ACCOUNT
Why is there a $5 minimum balance?
The $5 deposit establishes you as a member and owner of the credit union. It is literally your “share” in the credit union.
Can I have an ATM card with my savings account?
Les Bois CU offers free VISA Check Cards with a checking account. Ask today to find out how easy it is to have a totally fee-free checking account.
Can I have just a checking account?
“The Primary Share Account is necessary in order to establish credit union membership.”
The dividend rates for this account are determined at the discretion of the Board of Directors. See current rate sheet for dividend information. Dividend rates and annual percentage yields may change at any time.
Nature of dividends - Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.
Crediting frequency – Dividends will be credited into this account monthly.
Compounding frequency – Dividends will be compounded monthly.
Dividend period – For this account type, 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 precedes the ending date of a dividend period, and for the example above is December 31.
Effect of closing an account – If you close your account before dividends are paid, you will not receive the accrued dividends.
Average daily balance computation method – Dividends are calculated by the average daily method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use to make this calculation is monthly.
Accrual of dividends on non-cash deposits – Dividends will begin to accrue on the business day you place non-cash items (for example, checks) into your account.
Minimum balance to open – The minimum balance required to open this account is $5.00.
Minimum balance to obtain the disclosed annual percentage yield– You must maintain a minimum average daily balance of $50.00 in your account to obtain the disclosed annual percentage yield.
Addition limitations – You may make unlimited additions to your account.
Limitations on frequency of transfers – During any statement period, you may not make more than six withdrawals or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer, or telephonic order or instruction. No more than three of the six transfers may be made by check, draft, debit card (if applicable), or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure.
Withdrawal notice – We reserve the right to require not less than sixty days’ notice in writing before each withdrawal.
Quarterly Maintenance Fee – A maintenance fee of $5.00 may be assessed at the end of each quarter if your account balance at the end of each calendar quarter is less than $100.00. This fee will be waived for minors and