Share Policies

Regular Share Policy

1. A $5.00 minimum balance is required on each regular share account ( a $25 minimum balance was approved on August 1, 2001 but rescinded September 27, 2007).
2. For Regular Share and IRA Share accounts, the Dividend Rate and Annual Percentage Yield may change quarterly as determined by the Credit Union's Board of Directors. Dividends are calculated on the average daily balance in the account during the quarter.
3. Members may make three withdrawals per month with out incurring a fee.

Share Draft Policy

Guidelines:

1. Share Draft accounts are available to members in good standing, subject to limitations related to age, ability to enter into a binding contract or other terms found in the Member Account Agreement.
2. LCTFCU will use a recognized source to obtain information related to credit worthiness and will use that information as part of the approval process when establishing a Share Draft Account.
3. The minimum deposit to open a Share Draft account is $100.00.
4. LCTFCU will assess a monthly service fee if the balance in your Share Draft account falls below $500.00 at any time during the month. The amount of the fee is disclosed in the Rate and Fee Schedule and is subject to change from time to time. (NOTE: Full time students and members sixty-five years and older are exempt from the monthly service fee.)
5. LCTFCU implemented a Courtesy Pay program to assist members with the occasional incidence of overdrafts. This program is not intended to be a loan to the member, but rather a service of convenience. Whether the item is returned or courtesy paid, the current NSF/overdraft fee will apply.
6. Members have the option of purchasing checks with a duplicate copy feature in order to maintain a record of their transactions. Copies of paid checks are available free through the Home Banking system, or for a fee at the credit union. The fee is disclosed in the Rate and Fee Schedule and is subject to change from time to time.
7. Stop payment fees are disclosed in the Rate and Fee Schedule. A stop payment fee will not be assessed when a check or series of checks is lost or stolen. In that event, you agree to notify the credit union immediately and assist the credit union in placing a stop payment on the checks in question.
8. Dividends are not declared on a share draft account.

Refer to the Fee Schedule, the Truth in Savings Disclosure and your Account Agreement for all terms related to Regular and IRA Shares and Share Drafts (checking).

Share & IRA CDs

*Minimum Deposit $500

Jumbo CDs

*Minimum Deposit $95,000

**Penalty-Loss of dividends whether earned or not on all certificates.**

Important disclosure information:
A.P.R. = Annual Percentage Rate
A.P.Y. = Annual Percentage Yield
Rates are subject to change weekly.
Fees and other conditions could reduce the earnings on the account.