IRA Accounts

Individual Retirement Accounts (IRA) - Regular

The minimum balance required to open account is $5.00.

A minimum balance of $5.00 must be maintained daily to earn a dividend.

Subsequent deposits may be made to this account.

Statements

You will receive a statement every ninety days listing all transactions and activity during the statement cycle. You are responsible for examining each statement and reporting any errors. Please notify us within 14 days of any errors. Unless an error is reported we will regard our records as correct. Incase of errors, call us at 440-233-4878 or write us at Edco Federal Credit Union, 1165 North Ridge Road E., Lorain, Ohio 44055.

Dividend Information

This account is a variable rate account. The dividend rate and the APY (Annual Percentage Yield) on this account may change at any time as determined by the Edco Board of Directors. There are no limitations on the amount your rate may change.

The daily balance method will be used to calculate dividends on this account. This method applies a daily periodic rate to the principal in the account each day. Dividends will be compounded and credited every ninety days from the date the IRA was opened. If you close this account before the dividends are paid, you will not receive the accrued dividends. The dividend period is ninety days long, with the first dividend period beginning on the date the IRA was opened, and subsequent dividend periods beginning every ninety days thereafter. Dividends will be credited to this account on the last date of the dividend period.

IRA Certificates

Regular IRA Certificate

Minimum Balance Requirements

The minimum balance that is required to open this account is $500.00. You must maintain a minimum daily balance of $500.00 in your account each day to obtain the disclosed annual percentage yield.

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Jumbo IRA Certificate

Minimum Balance Requirements

The minimum balance that is required to open this account is $50,000.00. You must maintain a minimum daily balance of $50,000.00 in your account each day to obtain the disclosed annual percentage yield.

Subsequent deposits shall not be made to Certificate Accounts.

Automatically Renewable Account
This account will automatically renew at maturity. You may prevent renewal if you withdraw the funds in the account at maturity (or within the grace period mentioned below, if any) or we receive written notice from you within the grace period mentioned below, if any. We can prevent renewal if we mail notice to you at least 30 calendar days before maturity. If either you or we prevent renewal, your funds will be placed in a dividend bearing account.
Each renewal term will be the same as the original term, beginning on the maturity date. The dividend rate will be the same we offer on new term share accounts on the maturity date which have the same term, minimum balance (if any) and other features as the original term share account.

Grace Period
You will have a grace period of ten (10) calendar days after maturity to withdraw the funds without being charged an early withdrawal penalty.

IRA Dividend Rates