Savings Disclosures

Statement Savings Account Disclosure

This disclosure contains information about terms, fees, and interest rates for the Association’s Statement Savings Account

Rate Information: This account is an interest bearing account. The interest rate on the account is .40% with an annual percentage yield of .41%. Your interest rate and annual percentage yield may change. We may change the interest rate on your account at any time. Interest begins to accrue on the business day you deposit non-cash items (for example, checks). Interest will be compounded continuously and will be credited to the account monthly.

Balance Information: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. You must maintain a minimum balance of $ 10.00 in the account each day to obtain the disclosed Annual Percentage Yield.

Limitations: You must deposit at least $ 10.00 to open this account. In accordance with the directives of the Federal Government under Regulation D, transfers from statement Savings Account to another account or to third parties by preauthorized, automatic, telephone including fax or computer transfer are limited to a total of six (6) per month or statement cycle with no transfers by check, draft, debit cards or similar order to third parties. There are no fees or periodic charges associated with this account with the exception of ATM usage fees which are further described below. Withdrawals and transfers made in person or by mail are unlimited. ATM withdrawals are limited to $ 500.00 per day or 10 separate withdrawals. You may not place a stop payment on any ATM, POS or debit card transactions. Our policy is to make your check deposits available to you on the first business day after the day we receive your deposit. Please see our Funds Availability policy for more detailed information. The law provides that we reserve the right to require at least 7 days notice for withdrawals. There are no fees or periodic charges associated with this account.

Statement Money Market Account Disclosure

This disclosure contains information about terms, fees, and interest rates for the Association’s Statement Money Market Account

Rate Information: This account is an interest-bearing account. The interest rate tiers on the account are as follows:

RATE APY* WITH
RATE :
0.05%
APY* :
0.05%
WITH:
$100 - $2499.99
RATE :
0.10%
APY* :
0.10%
WITH:
$2500 - $9,999.99
RATE :
0.15%
APY* :
0.15%
WITH:
$10,000 - $24,999.99
RATE :
0.20%
APY* :
0.21%
WITH:
$25,000 - $49,999.99
RATE :
.50%
APY* :
.51%
WITH:
Over $50,000

We consider this to be a variable rate account. By this we mean that the interest rate and the annual percentage yield may change at any time. Interest rates will be set at the discretion of our Board of Directors based upon market conditions. Interest begins to accrue on the business day you deposit non-cash items (for example, checks). Interest will be compounded continuously and will be credited to the account monthly. You will receive a monthly statement around the 3rd of each month outlining all account activity for the previous calendar month.

Balance Information: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. You must maintain a minimum balance of $ 100.00 in the account each day to obtain the disclosed Annual Percentage Yield.

Limitations: You must deposit at least $ 100.00 to open this account. In accordance with the directives of the Federal Government under Regulation D, transfers form Statement Money Market Account to another account or to third parties by preauthorized, automatic, telephone including fax or computer transfer are limited to a total of six (6) per month or statement cycle with no transfers by check, draft, debit card or similar order to third parties. Withdrawals and transfers made in person or by mail are unlimited. ATM withdrawals are limited to $ 500.00 per day or 10 separate withdrawals. You may not place a stop payment on any ATM, POS, or debit card transactions. Our policy is to make your check deposits available to you on the first business day after we receive your deposit. Please see our Funds Availability policy for more detailed information.

Account Fees: If the balance in your account falls below $ 2,500.00 at any time during the month you will be charged a $ 10.00 monthly fee. If you exceed either of the Regulation D (withdrawal and transfer) limits outlined above, a $10.00 “Excess Activity Fee” per occurrence will be charged to your account.

Fee Waivers: If you maintain a combined daily balance of $ 25,000, or more in your personal Wallkill Valley Federal deposit accounts (excluding IRA’s) throughout the month, the minimum balance fee will be waived.

Interest rates effective 7/01/2020 and are subject to change without notice.

* APY means:Annual Percentage Yield