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Business Savings & Checking Rates, Fees

Term Certificates | Money Market Savings | Other Savings | Business Checking | Important Info for Business Accounts | Business Services Fees

 

 

 

Term Certificates

Effective:  November 15, 2017


Term APY* (%) Dividend Rate (%) Minimum Balance^
6-month paid monthly 0.45 0.45 $2,000
1-year paid monthly 0.65 0.65 $500
18-month paid monthly 0.75 0.75 $500
2-year paid monthly 0.90 0.90 $500
30-month paid monthly 0.95 0.95 $500
3-year paid monthly 1.71 1.70 $500
4-year paid monthly 1.71 1.70 $500
5-year paid monthly 1.71 1.70 $500
6-year paid monthly 1.71 1.70 $500

*APY = Annual Percentage Yield. APY is based on the assumption that dividends will remain on deposit until maturity. Premature withdrawals will reduce earnings. Fees can reduce earnings on the account. APY is accurate as of the effective date listed above.

^Minimum balance is required to open and maintain the account and earn the APY.

Must have at least one ownership share on deposit in a Membership Savings account to open additional products.

 

 

 

Money Market Savings

Effective:  November 15, 2017


Balance APY* (%) Dividend Rate (%)
$0.01 - $999.99 0.20 0.20
$1,000 - $9,999.99 0.20 0.20
$10,000 - $24,999.99 0.35 0.35
$25,000 - $49,999.99 0.50 0.50
$50,000 - $74,999.99 0.60 0.60
$75,000 and over 0.60 0.60

*APY = Annual Percentage Yield. APY is accurate as of last dividend declaration date.

No minimum balance required to open a Money Market Savings account.

$1,000 minimum balance required to avoid paying a $10 monthly service charge.

$0.01 minimum balance is required to earn the APY.

Fees can reduce earnings on accounts.

 

 

 

Other Savings

Effective:  November 15, 2017


Type APY* (%) Dividend Rate (%)
Membership, Savings 0.20 0.20

*APY = Annual Percentage Yield. APY is accurate as of last dividend declaration date.

$5 minimum balance required to open and maintain a savings account.

$0.01 minimum balance required to earn the APY.

Fees can reduce earnings on accounts.

 

 

 

BusinessPLUS & BusinessANALYSIS Checking

Effective:  November 15, 2017


Balance APY* (%) Dividend Rate (%)
$0.01 - $999.99 0.00 0.00
$1,000 - $9,999.99 0.15 0.15
$10,000 - $24,999.99 0.15 0.15
$25,000 and over 0.15 0.15

*APY = Annual Percentage Yield. APY is accurate as of last dividend declaration date.

No minimum balance required to open a BusinessPLUS and BusinessANALYSIS Checking.

$1,000 minimum balance required to earn dividends on BusinessPLUS and BusinessANALYSIS Checking.

Fees can reduce earnings on accounts.

 

 

 

Important Information for Business Accounts

Terms and conditions subject to change without notice.

Dividend Rate Changes
Rates can vary after the account is opened for any savings or checking account.

Certificates—rates in effect at purchase are consistent through maturity

Early withdrawal penalties on certificates:
Terms of 1 year or less, the penalty is 90 days' dividends or all dividends earned, whichever is less.
Terms greater than 1 year, the penalty is 180 days' dividends or all dividends earned, whichever is less.

Dividends begin to accrue on the business day you deposit cash and checks.

Dividends are based on the IU Credit Union's earnings and cannot be guaranteed. They are calculated by the daily balance method, which applies a daily periodic rate to the principal in the account each day.

Compounding Method:
Savings—compounded monthly, paid monthly.
Certificates—compounded daily, paid monthly.

Transaction Limitations:
For money market savings accounts, you may not make more than six (6) withdrawals or transfers to another credit union account of yours or to a third party by means of a pre-authorized or automatic transfer, telephone order or instruction or similar order to a third party. If a transfer request would exceed the transfer limitation in any statement period, the Credit Union may refuse or reverse the transfer, and your account will be subject to suspension, charges or closure by the Credit Union.

A preauthorized transfer includes any arrangement with the Credit Union to pay a third party from an account upon oral or written order, including orders received through ACH.

The Credit Union reserves the right to require you to give notice in writing of any intended withdrawals from any account of not less than 7 days and up to 60 days in accordance with applicable law before such withdrawal.

 

 

 

 

Business Services Fees

Savings Service Charges
Fee
Early account closure fee†
$25
Money Market Savings account
Minimum balance $1,000 or more
No charge
Minimum balance under $1,000
$10/month

† Applies when Membership Savings is closed within 90 days of opening.

 

Business Checking Service Fees
Fee
BusinessFREE Checking
No charge
Up to 50 checks paid per month
No charge
Greater than 50 checks paid, per item
$0.15
BusinessPLUS Checking
Minimum balance $2,500 or more
No charge
Minimum balance under $2,500
$10/month
Up to 100 checks paid per month
No charge
Greater than 100 checks paid, per item
$0.15
BusinessANALYSIS Checking
Monthly fee to be based on number of items processed through account

Account activity will be monitored. If deemed necessary, based on the number of items processed, IU Credit Union has the option to convert the account. If your checking account is already a BusinessANALYSIS, your fee may be adjusted accordingly.

 

Other Checking Fees
Fee
Checking overdraft protection options:
From savings, per transfer*
$3
Temporary checks (availability may vary by location)
$1.00/page,
5 page maximum
Check copy, limit 5 checks per month
No charge
Check copy, per check over 5 checks per month
$1
Overdraft Privilege (ODP) Fee per item (checks, ACH, ATM and debit card transactions)^
$30
Return item fee (checks written on your IUCU account)
$30
Check order (printed checks)
Varies

*Overdraft protection fee is deducted from the checking account. Membership and Savings (excluding Money Market Savings) under the same account number as the checking account, may be used as overdraft protection.

^This service is not available for new business checking accounts.

 

Business Debit Card Service Charges
Fee
Debit card fee (must have checking account)
No charge
ATM transaction service charge (IU Credit Union ATMs)
No charge
ATM balance inquiry service charge on machines other than IUCU, Alliance One or CO-OP network ATM, per inquiry
$.50
ATM transaction service charge on machines other than IUCU, Alliance One or CO-OP network ATM, per transaction
$2
Debit card replacement, each
$5
Debit card rush order
$60
Debit card Point of Sale (POS) transactions
No charge
Debit card cross border transaction fee
US $ Transaction
0.9% of transaction amount
Foreign Currency transaction
1.1% of transaction amount

Any national, regional, or local network used to complete the transaction may impose a fee. You may be charged a fee for a balance inquiry even if you do not complete a fund transfer.

 

Safe Deposit Box*
Annual Fee
3" x 5"
$15
3" x 10"
$30
5" x 10"
$50
7" x 10"
$70
10" x 10"
$100

*Available at Winslow (see branch hours) & Center Grove (see branch hours) branches only. Based on availability.

 

Cashier Checks and Money Orders
Fee
Cashier checks, made payable to member:
Limit one per day
No charge
More than one per day
$5
Cashier checks, made payable to another party
$5
Money orders
$3

 

Wire Transfers
Fee
Wire transfer out, foreign
$40 plus intermediary bank fee, if applicable
Wire transfer out, domestic
$25
Wire transfer in
$10

 

Foreign Checks
Fee
Foreign Check/Bank Processing Fee
Minimum $43* per item

*Additional fees may apply. Will not accept check valued less than $200 U.S. for collection.

 

Notary Services and Signature Guarantees
Fee
Notary service
No charge
Signature guarantees
No charge

 

Research
Fee
Balancing assistance, last issued statement
No charge
Balancing assistance/account research
$15/hr
Statement copy
$3/statement

 

Returned Item
Fee
ACH (electronic withdrawal) return fee (NSF Fee)
$30
Deposited or Cashed Check - Return item (checks deposited or cashed at IU Credit Union and returned unpaid)
$10

 

Online Banking / Online Bill Pay
Fee
Online Banking (Account information and access)
No charge
Online Bill Pay (Automated bill payment)
No charge
Stop payment fee on bill
$30

 

MasterCard® Gift Card
Fee
Card activation
$3

 

Miscellaneous Fees
Fee
Account transaction history fee
$2
Inactive account fee*
$5/month
Telephone transfer fee^
$3/call
Stop payment order
$30
Bad address fee
$3/month
Deposit bag, zippered
$5
Night Depository
Locked bag, up to 2 bags
No charge
Locked bag, more than 2 bags
$25 each
Locked bag, replacement
$25
Night depository access key, up to 2 keys
No charge
Night depository access key, more than 2 keys
$2 each
Night depository access key, replacement
$2

*Applies to inactive accounts (primary owner is 18 or older) inactive for 6 months, with a cumulative balance less than $500 and no active loans or certificate products.

^Excludes Bank-by-Phone transfers

Because of the complexity and rapidly changing nature of the economy and financial services industry, the IU Credit Union reserves the right to modify any of its services and charges without prior notice.

Please note: Not all Credit Union products and services are available to business members.

 

 

© 2016 IU Credit Union. All Rights Reserved.

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