Rates & Fees
As explained in the MSA, the Rates & Service Charges disclosure applied to all the accounts we offer. Except as specifically described, the following terms apply to all of the accounts you have with us.
1. Rate Information
The Dividend Rate and Annual Percentage Yield on the accounts are set forth above. For all accounts except certificates, the Dividend Rate and Annual Percentage Yield may change at any time as determined by the Board of Directors. Premier Savings and IRA accounts are Tiered Rate Accounts. For these accounts, if the account balance falls within a particular tier, the dividend rate for that tier will be paid on the entire balance in the account.
The Dividend Rates and Annual Percentage Yields are the prospective rates as of the effective date shown above. For Certificate Accounts, the Dividend Rate and Annual Percentage Yield are fixed and will be in effect for the term of the account. For Certificate accounts, the Annual Percentage Yield is based on an assumption that dividends will remain on deposit until maturity. A withdrawal of dividends will reduce earnings.
2. Nature of Dividends
Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period. The Dividend Rate and Annual Percentage Yield identified above are the rates and yields for the last dividend period, as shown above.
3. Compounding & Crediting
Dividends will be compounded and credited as set forth above. For dividend bearing accounts, the Dividend Period begins on the first calendar day of the period and ends on the last calendar day of the period. For Certificate accounts the dividends are compounded and credited to the account on the day of the month the Certificate was opened.
4. Accrual of Dividends
Dividends will begin to accrue on all deposits on the business day you make the deposit to the account. If you close the account before accrued dividends are credited, accrued dividends will not be paid, except for certificate accounts. If you close a certificate account, we will pay accrued dividends.
5. Balance Information
The minimum balance required to open each account and earn the stated Annual Percentage Yield is set forth above. If you do not maintain the minimum balance, you will not earn the stated Annual Percentage Yield. For all accounts, dividends are calculated by using the Daily Balance method, which applies a daily periodic rate to the balance in the account each day.
6. Certificate Account Features
a) General Terms -After you start the account, you may not make additional deposits to a Certificate Account. The Certificate Account you have with us will mature on the maturity date identified on your Account Receipt or Renewal Notice.
b) Certificate Early Withdrawal Penalty -We may impose a penalty if you withdraw any of the principal of the Certificate Account before the maturity date. The amount of the penalty depends on the original term of the certificate, and will be calculated according to the account’s dividend rate as stated in the following table:
| Original Term | Early Withdrawal Penalty |
|---|---|
| 6-Month Term | Equivalent of 90 days of dividends |
| 12-Month Term | Equivalent of 180 days of dividends |
| 18-Month Term | Equivalent of 270 days of dividends |
| 24-Month Term | Equivalent of 360 days of dividends |
| 36-Month Term | Equivalent of 540 days of dividends |
| 48-Month Term | Equivalent of 700 days of dividends |
| 60-Month Term | Equivalent of 900 days of dividends |
The penalty is first applied as a forfeiture of part or all of the dividends that have been earned and not yet paid out at the time of early withdrawal. Any portion of the penalty not covered by unpaid dividends will be deducted from the principal balance.
At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances: when an owner on an account dies or is determined legally incompetent by a court or other body of competent jurisdiction. Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after establishment or where the account is an IRA and the owner attains age 59½ or becomes disabled and begins making periodic withdrawals.
c) Certificate Renewal Policy -Certificate Accounts are automatically renewable accounts. Automatically renewable accounts will renew for another term upon maturity. You have a grace period of ten (10) days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty.
d) Certificates are Nontransferable/Nonnegotiable -The account(s) you have with us is/are nontransferable and nonnegotiable. This means that an account and the funds in the account may not be pledged to secure any obligation of an owner, except obligations with the credit union.
7. Health Savings Account (HSA) Terms
All transactions posted to the Health Savings Account made by online banking or other transaction will be reported to the IRS as current year, normal distributions or regular contributions. Any request for a Prior Year Contribution, Direct Transfer or Rollover of HSA or Archer Medical Savings Account funds must be made in writing to a credit union representative, either in person or through the mail.
It is your responsibility to know if you qualify for an HSA and to use the funds for qualified medical expenses. Please refer to a tax professional for specific tax implications.
We may permit you to access the HSA with a debit card. If we do permit such access, it is for the convenience of managing the HSA. You may use your HSA debit card to purchase goods and services any place your Card is honored by participating merchants. Funds to cover your HSA debit card purchases will be deducted from the HSA.
An HSA debit card purchase may not be authorized if the amount of purchase exceeds the available balance in the account at the time the authorization is requested. If the balance in the account is not sufficient to pay the transaction amount, the account will be subject to a charge as set forth in “Our Service Charges,” and the credit union may terminate all services under this Agreement. If an overdraft is created, you agree to repay it immediately.
Except as otherwise set forth herein, HSA debit card transactions are subject to the terms and conditions of the Electronic Funds Transfer provisions in the Member Service Agreement, Part 2.
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Savings & Checking
Basic Savings
0.15% APY* -
Certificates
If you’re sitting on some extra cash and time is on your side, a savings certificate from Industrial Credit Union may be the right option for you.
Already an Industrial member? Opening a Savings Certificate is a quick and easy process! Call us at 360.734.2043, use the Chat button below or visit any Industrial branch to get started.
Term APY* Rate 6 Months 2.00% 1.98% 12 Months 3.00% 2.96% 18 Months 3.00% 2.96% 24 Months 3.00% 2.96% 36 Months 2.75% 2.72% 48 Months 2.75% 2.72% 60 Months 2.75% 2.72% -
Premier Savings
A high-yield, tiered savings account is available for members with $10,000 or more on deposit at Industrial.
Average Balance APY* Rate $10,000 to $49,999.99 0.50% 0.50% $50,000 to $99,999.99 1.25% 1.24% $100,000 to $199,999.99 1.50% 1.49% $200,000 to $399,999.99 1.75% 1.74% $400,000 + 2.50% 2.47% -
IRA
Retire safely and securely with an Individual Retirement Account (IRA) from Industrial.
Types of IRA Accounts offered at Industrial Credit Union:
- Traditional: If you want a tax deduction now or if you think you’ll be in a lower tax bracket when you retire, a Traditional IRA is a sensible choice.
- Roth: If flexibility is what you need, consider a Roth IRA. It’s a good fit if you don’t need the tax break now.
- IRA Certificates: Gearing up for changes? IRA funds are eligible to roll into IRA Certificate as a shorter-term option.
Please contact your tax advisor to determine which IRA option best suits your needs.Average Balance APY* Rate $0 to $9,999.99 1.00% 1.00% $10,000 to $49,999.99 1.00% 1.00% $50,000 to $99,999.99 1.50% 1.49% $100,000 to $199,999.99 2.00% 1.98% 200,000 to $399,999.99 2.75% 2.72% $400,000 + 3.50% 3.45% -
Fees
Membership
If you live or work in the state of Washington, you are eligible to become a member of Industrial Credit Union.
Checking Account Fees
Checking 360 $10.00 per month Epic Checking $5.00 per month Essential Checking $2.00 per month (fee waived with eStatement) Courtesy Pay Overdraft, Debit Card Transactions1 $15.00 per item Courtesy Pay Overdraft, Other Transactions2 $25.00 per item Non-Sufficient Funds Returned Check Fee3 $25.00 Overdraft Transfer $1.00 per overdraft Stop Payment $15.00 per stop order Debit Card Instant Issue Fee $5.00 Canceled Check Copy $1.00 per check copy (2 free per month) 1 ATM & everyday debit card transactions (if consented to Extended Courtesy Pay) and recurring debit card transactions.
2 ACH transactions, checks, in-branch transactions, online Billpayer items, and Online Banking transfers.
3 An NSF service charge is assessed each time an item is presented against insufficient funds. The payee (or the payee's institution) may re-present a previously returned item. Each presentment against insufficient funds will result in a separate charge.
Other Service Fees
Account Reconciliation $15.00 per hour Account Research $15.00 per hour Account Research Trip Fee $25.00 ACH Returned Item Fee $10.00 per item ATM Card Fee $5.00 Bad Address Fee $5.00 per month Cashiers Check $1.00 per item Convenience Checks $1.50 per page (4 checks per page) Debit Card Instant Issue Fee $5.00 Debit Card Reactivation Fee $15.00 Dormant/Inactive Account Fee $5.00 per month (waived for accounts with balances of at least $100 and childrens' accounts) Foreign Draft $2.00 per item HSA Account Opening Fee $25.00 International Transaction Fee1 1% of transaction amount IRA Enrollment Fee $10.00 Loan Payment by Debit Card, Self-Service $6.00 per payment Loan Payment by Debit Card, Via Live Agent $10.00 per payment Online Bill Payer $5.95 per month (free with eStatement enrollment) Returned Check-Self $25.00 per item Returned Statement Fee $5.00 per month Statement Copy Fee $5.00 per copy Wire Transfer Fee-Outgoing Domestic $10.00 per transfer Wire Transfer Fee-Outgoing International $25.00 per transfer 1 This fee applies to any debit card transaction made at a location in a foreign country, or payable to a merchant located in a foreign country even if you initiate the transaction from within the United States.
