Dividend Rates
Dividend declared for share accounts are calculated on the daily balance and paid at the beginning of each month. Dividends are declared by the Board of Directors at the end of each month.
- Account Balance APR*
- $50.00 and under $4,999.00 1.00%
- $5,000.00 and under $9,999.00 1.00%
- $10,000.00 and under $19,999.001.25%
- $20,000.00 and under $49,999.00 1.50%
- $50,000.00 and under $99,999.001.75%
- Over $100,000.00 2.25%
Annual Percentage Rate
Dividend Calculations and Payments
Denocos Federal Credit Union utilizes the Average Daily Balance Method (a daily periodic rate is applied to the average daily balance in the account each day) to calculate dividends. Dividends begin to accrue from the date of deposit. Denocos does require a minimum balance of $50.00 to earn dividends.
Each month Denocos calculates dividends earned on a member’s account. The dividends earned are posted to the individual member accounts on the first day of the month for the previous month.
Dividends are not paid on accounts which are closed prior to the end of a month.
Funds Availability Policy
Your Ability to Withdraw Funds
Our general policy is to make funds from cash and check deposits available on the same business day. Once the funds are available, you can withdraw the funds in cash or check.
For determining availability of deposits, every day is a business day except Saturdays, Sundays, and holidays. If a deposit is received before 5:00 pm on a business day, the check will be processed the same day. If a deposit is received after 5:00 pm, the deposit will be made on the following business day.
All checks will be deposited to Denocos’s business checking account at Coast Central Credit Union on day of receipt.
Reservation of Right to Hold
In some cases, we will not make all the funds that you deposit by check available to you on the day of deposit. Depending on the type of check that you deposit, funds may not be available until the fifth business day after the day of deposit.
If we are not going to make all the funds form your deposit available on the day of deposit, we will notify you at the time of deposit. We will also tell you when the funds will be available.
Longer Delays May Apply
In addition, funds you deposit by check may be delayed for a longer, period under the following circumstances:
- We believe a check you deposit will not be paid.
- You deposit checks totaling more than $5,000 on any one day (either for the same payee or the same account)
- A check that has been returned unpaid is re-deposited on your behalf.
- Check is from a unrecognized or unverifiable source.
- Checks that are dated more than 60 days prior to the deposit date.
- Checks that are not from a local source.
- Personal or private party checks for which the member has no past deposit history.
Special Rules for New Accounts
If you are new account holder, the following special rules will apply during the first 30 days your account is open. Funds from deposits of cash, and the first $5,000 of a day’s total deposits of Del Norte Unified School District, cashier’s, certified, teller, travelers, and federal, state and local government checks will be available on the day we receive the deposit. The excess over $5,000 will be available on the ninth business day after the day of your deposit. Funds from all other check deposits will be made available on the seventh business day after the day of your deposit.
Each member’s account is federally insured to at least $250,000 by the National Credit Union
Administration (NCUA), a United States government agency.