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Figure Share Rates PDF Print E-mail
Written by Steve   
Friday, 25 September 2009 16:51

The Springfield Catholic Credit Union has quarterly projected share rates.  The board of directors, at the beginning of each quarter, projects the rates that will be paid the following quarter.  Most of the time these rates will be what is paid, but the board has the option at the end of the quarter to adjust the rates up or down.

 

The interest is figured on the Average Daily Balance.  Average Daily Balance (ADB) dividends are calculated based on the ADB for the dividend period.  The average balance is based on the deposits and withdraws that are made during the period,

 

The calculation formula is:

Divident rate / 365 = Daily Rate

Daily Rate X Number of Days in the Dividend Period X Average Daily Balance = Dividend.

 

 

 

Last Updated on Thursday, 05 March 2015 21:14