| Account and Service Fees | |
|---|---|
| Account Research | $25.00 per hour (1 hour minimum) |
| Business Money Market Account Minimum Balance | $10.00 per month (waived if average daily balance of $1,000 or higher is maintained) |
| Card Replacement | $5.00 per card |
| Card Replacement - Expedited | $75.00 per card (received by mail within 3-5 business days) |
| Cash/Coin Exchange | 0.1% fee for cash/coin received and/or disbursed (combined) in excess of $5,000 per month |
| Corporate Check | $6.00 per check |
| Corporate Check/Money Order Stop Payment | $30.00 per check |
| Deposit Correction | $5.00 per correction |
| Elite Business Checking Account Service Charge | $10.00 per month (*see conditions below to waive fee) |
| Empty Envelope ATM Deposit | $32.00 per deposit |
| Inactive/Dormant Account | $7.00 per account per month |
| Legal Processing (Garnishment/Levy) | $75.00 per instance |
| Legal Research | $75.00 per hour (1 hour minimum) |
| Money Order | $5.00 per Money Order |
| Non-KCU ATM Use | $1.00 per transaction (waived for participating CO-OP ATM transactions) |
| NSF (non-sufficient funds) | $32.00 per declined transaction |
| Pay by Automated Phone System (SWBC) | $10.00 per payment |
| Pay by Phone - Assisted (SWBC) | $15.00 per payment |
| Pay by Website (SWBC) | $10.00 per payment |
| Returned Loan Payment | Up to $32.00 per returned payment |
| Returned Mail | $7.00 per account per month |
| Returned Wire Transfer | $10.00 per returned wire |
| Signature Guarantee | $25.00 per document |
| Statement Copy | $3.00 per statement |
| Stop Payment | $30.00 per check/ACH |
| Temporary Checks | (4 checks) $1.00 |
| VISA International Debit Card Transaction | 2% of transaction amount made in a foreign country or made with merchants located in foreign countries, even if the transaction is initiated from within the U.S. |
| Wire Transfer Fees Outgoing Domestic | $20.00 per wire |
Disclosures
ELITE BUSINESS CHECKING MONTHLY SERVICE FEE*
$10 Monthly Service Charge may be decreased/waived in the following circumstances:
- $5 waived if $5,000 average daily balance maintained.
- $10 waived if $10,000 average daily balance maintained, or with an active Member Business Loan of $50,000 or greater.
Except as specifically described, the following disclosures apply to all Kitsap Credit Union Business accounts:
- Rate Information. For Business Savings, Business Other Savings, and Elite Business Checking, the dividend rate and APY may change monthly as determined by the Credit Union's Asset Liability Committee (ALCO). For Business Money Market accounts, the dividend rate and APY may change weekly as determined by ALCO. Business Money Market accounts and Elite Business Checking accounts are tiered rate accounts for which you will receive the dividend rate and APY for each balance tier once the tiered balance amount has been met. Fees may reduce earnings. For Business Certificates, the dividend rate and APY are fixed and will be in effect for the term of the account. For Bump Rate Business Certificates, you may elect to adjust your dividend rate to a new fixed dividend rate based on the rate currently offered for that account once during the initial term of the account. For Bump Rate Business Certificates, you may elect to adjust the dividend rate to the rate currently offered for the same term Bump Rate Business Certificate once during the original term of the Certificate. For all Business Certificate accounts, the APY is based on assumption that dividends will remain on deposit until maturity. A withdrawal of dividends will reduce earnings. No interest or dividends will be paid to any zero-dividend account regardless of any terms or conditions provided by KCU.
- Nature of Dividends. Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period. For variable rate accounts, the dividend rate and APY stated on the applicable product rates tab are the rates that the Credit Union anticipates paying for the applicable dividend period.
- Compounding and Crediting. Dividends will be compounded daily and credited monthly. The dividend period for Business Savings, Business Other Savings, Business Money Market and Elite Business Checking accounts begins on the first calendar day of the month and ends on the last calendar day of the month. The dividend period for all Business Certificates begins on the day the account is open and ends on the maturity date of the account. For all accounts, if you close your account prior to the end of the dividend period, dividends will not be paid.
- Accrual of Dividends. Dividends will begin to accrue on non-cash deposits (e.g. checks) on the business day you make the deposit to your account.
- Balance Information. The minimum balance required to open each account is stated on the applicable product rates tab. Dividends are calculated by the average daily balance 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 in the period and dividing that figure by the number of days in the period. The minimum average daily balance requirements to obtain the stated APY are listed on page one. If the average daily balance falls below the minimum requirement, dividends will not be paid. Business Money Market and Elite Business Checking accounts that do not maintain the minimum average daily balance will be charged a monthly service fee. You may change your checking account type at any time in person, by online chat, or by phone, with a Financial Service Representative. Please note, the account type does not automatically change according to the account balance, activity, or relationships.
- Business Certificate Account Features
- Account Limitations After your account is opened, you may not make withdrawals or additional deposits to your account, unless otherwise indicated on the applicable product rates tab.
- Maturity. Your Business Certificate account will mature within the terms or on the maturity date on your Business Certificate Receipt or Maturity Notice.
- Early Withdrawal Penalty. We may impose a penalty if you withdraw any of the principal of your Business Certificate account before the maturity date.
- Amount of Penalty. For Business Certificate accounts, the amount of the early withdrawal penalty is 90 days dividends for certificates with maturity dates of 1 year or less, 180 days dividends for certificates with maturity dates over 1 year.
- How the Penalty Works. The penalty is calculated as a forfeiture of part of the dividends that have been or would be earned on the account. It applies whether the dividends have been earned. In other words, if the account has not yet earned enough dividends or if the dividends have already been paid, the penalty will be deducted from the principal. For total withdrawal of funds, the penalty will be calculated on the principal balance in the account at the time of early withdrawal. For partial withdrawals, the penalty will be calculated on the amount withdrawn.
- Renewal Policy. Business Certificate accounts are automatically renewable accounts and will automatically renew for another term upon maturity unless you request otherwise. For a renewal account you have a grace period of seven (7) business days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty. If this account will not automatically renew, dividends will not be paid after maturity, and the entire balance will be transferred in accordance with your payment instruction.
- Nontransferable/Nonnegotiable. Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation of an owner, except obligations with the Credit Union. The rates and fees appearing in this Schedule are accurate and effective as of the Effective Date indicated on the applicable product rates tab. Fees could reduce earnings. If you have any questions or require current rate information on your accounts, please call the Credit Union.