Truth in Savings
I. Savings, Club and Escrow Savings, Silver Money Market Checking, and Regular
and Gold Crown Checking Accounts
Except as specifically described, the following disclosures apply to all of the
accounts. All accounts described in this Rate & Fee Schedule are share
accounts.
1. Rate Information. The Annual Percentage Yield 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. For
Savings, Club and Escrow Savings, and Silver Money Market accounts, the
Dividend Rate and Annual Percentage Yield may change monthly as determined by
the Credit Union’s Board of Directors. The Dividend Rates and Annual Percentage
Yields are the rates and yields as of the last dividend declaration date which
is set forth in the Rate Schedule.
2. Nature of Dividends. Dividends are paid from current income and
available earnings after required transfers to reserves at the end of the
dividend period.
3. Dividend Compounding and Crediting. The compounding and crediting of
dividends and dividend period applicable to each account are set forth in the
Rate Schedule. The Dividend Period is the period of time at the end of which an
account earns dividend credit. The Dividend Period begins on the first calendar
day of the period and ends on the last calendar day of the period.
4. Accrual of Dividends. For Savings, Club and Escrow Savings, and Silver
Money Market accounts, dividends will begin to accrue on non-cash deposits (e.g.
checks) on the business day you make the deposit to your account. For Savings,
Club and Escrow Savings, and Silver Money Market accounts, if you close your
account before accrued dividends are credited, accrued dividends will not be
paid.
5. Balance Information. The minimum balance requirements applicable to
each account are set forth in the Rate Schedule. For Savings, Club and Escrow
Savings, and Silver Money Market accounts, there is a minimum daily balance
required to obtain the Annual Percentage Yield for the dividend period. If the
minimum daily balance is not met, you will not earn the stated Annual
Percentage Yield. For Savings, Club and Escrow Savings, and Silver Money Market
accounts, using a Daily Balance method, dividends are calculated by applying a
daily periodic rate to the principal in the account each day.
6. Account Limitations. For Savings, Club and Escrow Savings accounts, no
more than six (6) pre-authorized, automatic, or telephone transfers may be made
from these accounts to another account of yours or to a third party in any
month, and no more than three (3) of these six (6) transfers may be made by
check, draft, or debit card to a third party. If you exceed these limitations,
your account may be subject to a fee or be closed. For Silver Money Market
accounts, three (3) withdrawals are allowed per month after which a fee will be
imposed. For Silver Money Market accounts, any check written that is less than
$250.00 a fee will be imposed. For Regular Checking, Gold Crown Checking and
Silver Money Market Checking accounts, no account limitations apply.
7. Nontransferable/Nonnegotiable. Your account is nontransferable and
nonnegotiable. The funds in your account may not be pledged to secure any
obligation of an owner, except obligations with the Credit Union.
8. Fees for overdrawing accounts. Fees may
be imposed on each check, draft, item, ATM card withdrawal,
debit card point of purchase, preauthorized automatic debit,
telephone initiated withdrawal or any other electronic
withdrawal or transfer transaction that is drawn on an
insufficient available account balance. 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. Fees for overdrawing your account may be
imposed for each overdraft, regardless of whether we pay or
return the draft, item or transaction. If we have
approved an overdraft protection limit for your account,
such fees may reduce your approved limit. Please refer
to the Fee Schedule for current fee information.
II. Certificate of Savings and IRA Certificates of Savings
Except as specifically described, the following disclosures apply to all of the
accounts. All accounts described in this Rate & Fee Schedule are share
accounts.
1. Rate Information. The Annual Percentage Yield 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. For all
Certificate accounts, the Dividend Rate and Annual Percentage Yield may are
fixed and will be in effect for the term of the account. For accounts subject
to dividend compounding, 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 the
dividend period.>
3. Dividend Compounding and Crediting. The compounding and crediting of
dividends applicable to each account is set forth in the Rate Schedule. The
Dividend Period begins on the first calendar day of the Dividend Period and
ends on the last calendar day of the Dividend Period.
4. Accrual of Dividends. For all Certificate accounts, dividends will
begin to accrue on non-cash deposits (e.g. checks) on the business day you make
the deposit to your account. For all Certificate accounts, if you close your
account before accrued dividends are credited, accrued dividends will not be
paid.
5. Balance Information. The minimum balance requirements applicable to
each account are set forth in the Rate Schedule. For all Certificate accounts,
dividends are calculated by the Daily Balance method which applies a daily
periodic rate to the principal in the account each day.
6. Transaction Limitations. After your account is opened, your ability to
make additional deposits to your account or withdrawals of dividends and any
limitations on such transactions are set forth in the Rate Schedule.
7. Maturity. Your account will mature as indicated on this Rate and Fee
Schedule or on your Account Receipt or Renewal Notice.
8. Early Withdrawal Penalty. We may impose a penalty if you withraw any
of the principal before the maturity date.
9. Amount of penalty. For all accounts, the amount of the early
withdrawal penalty is based on the term of your account. The penalty schedule
is as follows:
Terms of 12 months or less 90 days dividends
Terms of more than 12 months180 days dividends
10. How the Penalty Works. The penalty is calculated as a forfeiture of
part of the dividends that have been or would be earned on the account. It
applies whether or not the dividends have been earned. In other words, if the
account has not yet earned enough dividends or if the dividend has already been
paid the penalty will be deducted from the principal.
11. Exceptions to Early Withdrawal Penalties. At our option, we may pay
the account before maturity without imposing an early withdrawal penalty under
the following circumstances:
(i) When the account owner dies or is determined legally incompetent by a court
or other body of competent jurisdiction.
(ii) Where the account is an Individual Retirement Account (IRA) and any
portion is paid within seven (7) days after establishment or where the owner
attains age 59 1/2 or becomes disabled.
12. Renewal Policy. The renewal policy for your accounts is indicated
above. For all accounts, your account will not automatically renew, but you may
renew the account at your option. Dividends will not be paid after maturity.
The balance will be transferred to another account of yours.
13. Nontransferable/Nonnegotiable. Your account is nontransferable and
nonnegotiable. The funds in your account may not be pledged to secure any
obligations of an owner, except obligations with the Credit Union.
View the Rate and Fee Schedule for
Checking and Savings Accounts