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Except as specifically stated on this site, neither Research-1166 Federal Credit Union nor any of its directors, employees or other representative will be liable for damages arising out of or in connection with the use of this site.
The Federal Equal Credit Opportunity Act
The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract), because all or part of the applicant’s income derives from any public assistance program, or because the applicant has in good faith exercised any right under the Consumer Credit Protection At. The federal agency that administers compliance with this law is the National Credit Union Administration, 1775 Duke St., Alexandria VA 22314.
Third Party Website Disclosure
Our site contains hyperlinks to other web sites operated by third parties. These links will take you away from our site. Research 1166 Federal Credit Union does not guarantee the accuracy or completeness of any information presented on these sites. The Research 1166 Federal Credit Union does not represent either the third party or our member if the two enter into a transaction. The third party’s privacy and security policies may differ from those of the Credit Union.
All third party links on this website are provided as a courtesy and convenience to our members. Links have been screened to the best of our ability. Third party links may suddenly change without our awareness. Utilizing third party sites from www.1166fcu.org is the sole responsibility of the user. Research 1166 Federal Credit is not liable for any content provided by third party links which the user may find offensive or inaccurate and makes no guarantee. Children under the age of 18 should have parental permission before accessing this website or any online services.
Reviewed: February 1, 2019
We provide the following accounts for non-commercial purposes. Except as specifically described, the following disclosure apply to all of the accounts:
1. Rate Information
The Annual Percentage Yield (APY) is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period. We are prohibited by law from guaranteeing the payment of dividends or that the dividends we do pay will be at the contracted rate. Dividends are paid from current income and available earnings, after required transfers to reserves at the end of the dividend period. The dividend rates and annual percentage yields may change at any time as determined by the Board of Directors. A withdrawal of dividends will reduce earnings.
2. Balance Calculation Method
You will be paid a dividend rate based on the daily method. Under the daily method, a daily periodic rate is applied to the full amount of principal in the account each day for the period.
3. Accrual of Dividends
Dividends begin to accrue on the business day you make a deposit including non-cash (e.g. checks) items to your account. If you close your account before accrued dividends are credited, accrued dividends may not be paid.
4. Compounding and Crediting
Dividends will be compounded and credited Quarterly or Monthly as set forth in our Rate Schedule.
5. Minimum Balance to Earn Dividends
For certain accounts, we may require a minimum balance to earn dividends. The amounts of these minimum balances are set forth in our Rate Schedule. We use the daily balance method to determine if the minimum balance requirements have been met. Certain accounts may have step or tiered rate features, as set forth in our Rate Schedule.
6. Minimum Balance to Open and Maintain Accounts
For certain accounts, we may require a minimum deposit to open the account and a minimum balance to maintain the account. These amounts are set forth in our Rate Schedule.
7. Restrictions on Withdrawals
We have the right to require that you provide us at least seven (7) days written notice to withdraw from a savings or dividend bearing checking account. We may, except in unforeseen circumstances, give advance notice of our intent to impose this requirement. Except for checking and money market accounts, we can require that you make the withdrawals in person.
8. Transaction Limitations
You may make up to six (6) transfers by Home Banking or Automatic Overdraft per month from your Savings. Money Market Account are Limited to (3) transfer or withdrawals by any method. Transfers from a savings to your checking account to pay overdrafts are included with these six (6) transfers. The limitations on preauthorized transfers do not apply to transfers made to pay loans you have with us or to withdrawals or transfers to another account if made in person, by mail, by Home Banking Message request or by phone. You may be charged a penalty as itemized on our Fee Schedule if you exceed these limitations.
9. Fees for Overdrawing Accounts
Fees for overdrawing your account may be imposed on each ACH, Check or ATM transaction returned. The entire balance in your account may not be available for withdrawal, transfer or paying a check/draft or item. You may consult the Funds Availability Policy Disclosure for information regarding the availability of funds in your account. Additionally, debit card holds contracted between the member and a merchant may result in funds being held for up to 3 business days.
10. Bylaw Requirements
You must complete payment of one (1) share in your membership share account as a condition of admission to membership. If the balance in your membership share account falls below $5, you may be terminated from membership immediately.
11. National Credit Union Administration (NCUA)
Member accounts in 1166 FCU are federally insured by the National Credit Union Administration (NCUA) share insurance fund for up to at least $250,000. Individual Retirement Accounts are insured separately up to $250,000.
12. Account Eligibility
Membership and accounts are available to those 18 years of age and older unless accompanied by a joint owner over the age of 18.
As a condition of membership, you must purchase and maintain the minimum required share(s) as set forth below.
– Par Value of One Share $5
– Number of Shares Required 1
14. Share Savings Accounts
PAR VALUE OF SHARES; DIVIDEND PERIOD
The par value of a regular share account is $5.00. The dividend period of the Credit Union is a Quarter, beginning on the first of the Quarter and ending on the last day of the Quarter. If this account is overdrawn, funds from other accounts will be transferred to cover negative balances. Limited to 6 automatic, ATM or Home Banking generated transfers per month.
Balance – Annual Percentage Yield (APY)
$5 and Above – .05%
Service Fees/Monthly Charges
There is no monthly service fee.
15. Checking Accounts
PAR VALUE OF SHARE; DIVIDEND PERIOD
The par value of a regular share in this account is $.00. The dividend period of the Credit Union is a month, beginning on the first of the month and ending on the last day of the month. This type of account does not pay a dividend. If this account is overdrawn, funds from other accounts will be transferred to cover negative balances.
Balance – Annual Percentage Yield (APY)
$0 – .0%
Service Fees/Monthly Charges
There is no monthly service fee and no per check fee.
16. Money Market Checking
When the Money Market Checking qualifications are met, the interest rate on your account and corresponding annual percentage yield (APY) is described in the chart below:
Balance Tier – Annual Percentage Yield (APY)
$0-$5,000 – .50%
$20,000- $49,999 – 1.00%
$50,000 and Above – 1.50%
For the purpose of this document, the use of the term “Money Market Account” is used interchangeably to refer to our Money Market Account program or money market checking accounts.
Balances & Dividends
Dividends and the annual percentage yield (APY) may change every month. The daily balance (day in – day out) computation method is used to calculate dividends on money market accounts.
You must deposit at least $5,000 to open your money market account. There are no restrictions on subsequent deposits. If you close your account before dividends are paid, you will not receive the accrued dividends. The daily computation method is used to calculate dividends on money market accounts. Dividends are paid monthly and are credited to your account. Tiers are established based on required minimum amounts. You must maintain, each day, the minimum balance required for a Tier in order to earn the dividend rate for that Tier. If on any given day your deposit balance falls below the minimum required for a Tier, your dividends will be determined at the rate of the appropriate lower Tier. If at any time during the month, your balance drops below the $5,000 minimum, you will not receive any dividend.
Service Fees/Monthly Charges
There are no per check charges, and there is no monthly service fee.
During the month, you may not make more than three (3) withdrawals, transfers or checks out of your money market checking account. If you exceed the withdrawal limit set forth in any statement period, your account will be charged a fee of $20.00 for each transaction in excess of the above limitation.
17. IRA and CD Accounts
IRA & CD Accounts are governed by separate contract and by the rules of this disclosure.
Schedule of Fees
The following is our Schedule of Fees and is subject to change.
Annual maintenance fee – None
Monthly service charge – None
Per check charge – None
Below minimum balance fee – None
Non Sufficient Funds (NSF) check – $30.00
Stop Payment – $10.00
Check Copies – $5.00
Statement Copies – $10.00
Out Going Domestic Wire Transfer – $25.00
Out Going Foreign Wire Transfer – $40.00
Incoming Foreign Wire Transfer – $40.00
Excess transfer fee on Money Market – $20.00
Dormant Account Fee – $15.00
The rates and fees appearing in this schedule are accurate and effective for the accounts as of the effective date indicated on this disclosure. The rates and fees are subject to change. Fees may reduce earnings. If you have any questions or require current rate and fee information on your current accounts, please contact 1166 FCU at 856-224-2134, or visit us in Paulsboro, New Jersey.