Classic Checking

Minimum to Open: The minimum required to open a checking account is $25.00.

To Earn Interest: A Classic Checking account must have a balance of at least $100.00 to earn interest.  You must maintain a balance of $100.00 in your account each day to earn the disclosed annual percentage yield (APY).  If an interest bearing checking account is converted to non-interest bearing checking account prior to the end of the month, interest will not be credited for that month.

Rate Information: The interest rate and annual percentage yield may change each interest period as determined by the Board of Directors. Rates are subject to change without notice.

Daily Balance Computation Method: Interest is calculated on a daily balance method which applies a daily periodic rate to the account balance each day the balance is $100.00 or more.  For calculation purposes, the interest period should not be less than 28 days nor more than 31 days.

Crediting and Compounding: Interest will be credited as of the first of each month for the amount earned during the prior month and compounded monthly.  Interest will be available for withdrawal on the first business day after the interest has been credited.  If the account is closed before the end of a month, the accrued interest will not be credited.

Accrual of Interest On Non-Cash Deposits: Interest will begin to accrue on the business day a non-cash item (i.e. deposited check) is credited to the account.

Fees and Charges: You agree to pay the fees and charges that pertain to this account listed in the “Service and Fee” schedule, which is a separate disclosure.  Fees may reduce earnings on an account.

Transaction Limitations: There are no transaction limitations on this account with the exception of daily CheckCard or ATM card limits.  Refer to the MasterCard CheckCard, ATM Card and Electronic Services Agreement and Disclosure.

Checks and Check Reordering:  This credit union’s processor retains check copies of your canceled checks up to 7 years.  You do not receive them with your statement.  See “Service and Fee” schedule for fees to obtain copies of your checks.  Incorrectly coded checks or checks with numbers greater than 7999 ordered through a company other than PECU may incur a fee for processing.

Overdraft Protection: Overdraft service for checking accounts may be authorized from your savings and/or Money Market account in excess of the amounts not pledged as collateral or funds not on hold.  See specific account disclosures for limitations that may apply. Overdrafts are transferred in amounts as needed depending on the amount available and the type of transaction.

The National Credit Union Share Insurance Fund: This federal fund insures member accounts up to $250,000.00 aggregate total.

Excess Share Insurance: This is a private insurance company that insures accounts up to an additional $250,000.00 aggregate total.