Savings Acct Interest /dividend on NWFCU

blazer9 | Feb 5, 2020 | 228 posts since 2019

I have not been using North West since the last good CDs matured.

Just was looking for 1099 and found I have not received interest for 2019 or 2018.

It's not that I had a lot of $'s in the account, 30 to 60, but never even a penny posted.

1 $ min required for .05% since forever.

Any like experience ?? Going to call anyway tomorrow

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Answers

pgroove_fan | Feb 5, 2020 | 168 posts since 2019

Balances that low would not generate even a penny of interest in a month at .05% interest. I do not believe that the CU would be obligated to carry those partial cents from month to month for subsequent compounding.

As for 1099-int, institutions are not obligated to send them for total interest earned under $10 for the year.

GH1 | Feb 5, 2020 | 1,055 posts since 2017

I believe your right must be 10 dollars for 1099

blazer9 | Feb 5, 2020 | 228 posts since 2019

Appreciate your replies to a more or less unimportant inquiry.
Agree your right about 1099. The thing that puzzled me was why
whatever small amount of interest it was, never posted to my balance.
Thanks for the explanations.

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