A local credit union offers two types of savings accounts re

A local credit union offers two types of savings accounts ,regular rate and split rate . The regular rate account pays dividends on the account balance at the end of each quarter – funds withdrawn during the quarter earn no dividends. There is no minimum balance on the regular rate account. Regular rate accounts may be insured. Insured accounts pay 5.75 percent annual interest. Uninsured regular rate accounts pay 6.00 percent annual interest. For split rate accounts, dividends are paid monthly on the average daily balance for the month. Daily balances go up and down according to deposits and withdrawals. The average daily balance is determined by adding each day’s closing balance and dividing this sum by the number of days in the month. If the average daily balance is less than $25,then no dividend is paid. Otherwise , if the average daily balance is $25 or more,6 percent per annum is paid on the first $500, 6.5 percent on the next $1,500 , and 7 percent on funds over $2,000. There is no insurance on split rate accounts. 1.Use any two techniques to detailed the process description decision tree or table .

Solution

Your money works harder for you at Alabama Credit Union.

Thanks to the not-for-profit structure of Alabama Credit Union, our share savings accounts generally earn higher rates of return than similar accounts at for-profit financial institutions. As a not-for-profit, we don\'t share money with stockholders like a bank, we return profits to members like you -- through higher savings dividends and lower loan rates.

By opening a savings account at Alabama Credit Union, you are establishing membership with us and can take advantage of all that the credit union has to offer including our free checking account.

Declaration Date: For calendar quarter ending September 30, 2016

Share Savings Account

$5.00

Christmas / Vacation Club Account

$0

Organizational Savings Account

$5.00

IRA Savings Account

$0

Share Savings Account   

Alabama Credit Union savings (share) accounts pay dividends, calculated on daily balances credited and compounded quarterly, at a rate determined by the Board of Directors. Due to the not-for-profit nature of the credit union structure and philosophy, savings accounts generally earn higher rates of return than similar accounts at other financial institutions. Electronic or automatic withdrawals and transfers are limited to three per month. Savings account dividends are declared after the end of each quarterly period.

Christmas/Vacation Club Account   

With no minimum balance, no monthly service fee, and the same dividend rate paid on our regular savings accounts, you\'ll be able to get started easily and watch your savings grow (payroll deduction or direct deposits into your account is the best way to reach your savings goals!).

In November, Christmas Club account holders will receive a deposit into their savings or checking account for the balance held in their Christmas Club accounts so they can get their shopping underway while selections are best. (And there\'s no need to visit our office each year to set up your new Christmas Club account as long as you keep your regular deposits arriving in your account. However, if you haven\'t resumed deposits by May 1, you will need to visit us to open a new Christmas Club account.) Vacation Club account holders can receive their funds anytime they choose.

Organizational Savings Account   

Stay on top of your club or registered student organization\'s finances with an organization account from Alabama Credit Union! Alabama Credit Union’s Organization Account comes with the same great benefits as our Share Savings account.

We’ll need the following information for every person who will be a signer on the account before we can activate your organization’s account.

Alabama Credit Union also offers special Organizational Accounts for UA and UAHuntsville student groups. For further information about these accounts please visit an Alabama Credit Union branch.