Truth-In-Savings Disclosure

Regular Share Account

Rate Information:
The dividend rate and annual percentage yield may change every quarter. We may change the dividend rate for your account as determined by the credit union board of directors.

Compounding and crediting – Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.

Dividend period – For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of suck dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example above is
March 31.
If you close your account before dividends are paid, you will not receive the accrued dividends.

Minimum balance requirements:
The minimum balance required to open this account is $50.00.
You must maintain a minimum average daily balance of $50.00 in your account to obtain the disclosed annual percentage yield.

Minimum daily balance computation method – Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the calendar quarter.

Accrual of dividends on noncash deposits – Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.

Transaction Limitations:
During any statement period, you may not make more than six withdrawals or transfers to another credit union of yours or to a third party by means of a preauthorized or automatic transfer or telephonic order or instruction. No more than three of the six transfers may be made by check, draft, debit card (if applicable), or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the credit union.

Par value of a share:
The par value of a share in this account is $50.00.

Share Draft Account

Rate Information:
The dividend rate and annual percentage yield may change every quarter. We may change the dividend rate for your account as determined by the credit union board of directors.

Compounding and crediting – Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.

Dividend period – For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of suck dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example above is
March 31.
If you close your account before dividends are paid, you will not receive the accrued dividends.

Minimum balance requirements:
You must maintain a minimum average daily balance of $100.00 in your account to obtain the disclosed annual percentage yield.

Minimum daily balance computation method – Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the calendar quarter.

Accrual of dividends on noncash deposits – Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.

Transaction Limitations:
No transaction limitations apply to this account unless otherwise stated in the Common Features section.

See Common features.

IRA

Rate Information:
The dividend rate and annual percentage yield may change every quarter. We may change the dividend rate for your account as determined by the credit union board of directors.

Compounding and crediting – Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.

Dividend period – For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of suck dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example above is
March 31.
If you close your account before dividends are paid, you will not receive the accrued dividends.

Minimum balance requirements:
The minimum balance required to open this account is $250.00.

Minimum daily balance computation method – Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the calendar quarter.

Accrual of dividends on noncash deposits – Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.

Transaction Limitations:
You may not make any withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party.

Fee and charges:
A closing fee of $25.00 will be charged when you close this account.
A direct transfer fee of $25.00 will be charged unless this account is closed due to death or incompetence before age 59 1/2.

Rate Information:
The dividend rate and annual percentage yield may change every year. We may change the dividend rate for your account as determined by the credit union board of directors.

Compounding and crediting – Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.

Dividend period – For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend periods of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same patter of dates. The dividend declaration date is the last day of the dividend period, and for the example above is March 31.
If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements: No minimum requirements apply to this account.

Minimum daily balance computation method – Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the calendar quarter.

Accrual of dividends on noncash deposits – Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.

Certificate of Deposit

Rate Information – The dividend rate on your term share account is % with an annual percentage yield of %. You will be paid this rate until it’s maturity.

Compounding frequency – Unless otherwise paid, dividends will be compounded every quarter.

Crediting frequency – Dividends will be credited to your account every quarter. Alternatively, you may choose to have dividends paid to you or to another account every quarter rather than credited to this account.

Dividend period – For this account type the dividend period is quarterly.

Effect of closing an account – If you close your account before dividends are paid, you will not receive the accrued dividends.

Minimum Balance Requirements:
The minimum balance required to open this account is $500.00 and $1,500 for the 6 month Certificate. You must maintain the minimum average daily balance in your Share Certificate account to obtain the disclosed annual percentage yield.

Minimum daily balance computation method – Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the calendar quarter.

Accrual of dividends on noncash deposits – Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.

Transaction Limitations: After the account is opened, you may not make additions into the account until the maturity date started on the account.

You may make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty.

You can only withdraw dividends credited in the term before maturity of that term without penalty. You can withdraw dividends anytime during the term of crediting after they are credited to you account.

Time requirements – Your account will mature

Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity) – The penalty we may impose will equal 90 days dividends on the amount withdrawn subject to penalty.

Automatically renewable account – This account will automatically renew at maturity. You may prevent renewal if we receive written notice from you before maturity of your intention not to renew or you withdraw the funds in the account at maturity ( or within the grace period mentioned below, if any). If you prevent renewal, your deposit will be placed in a dividend-bearing account.

Each renewal term will be the same as the original term, beginning on the maturity date. The dividend rate will be the same we offer on new term share accounts on the maturity date which have the same term, minimum balance
(if any) and other features as the original term share accounts.

You will have a grace period of ten calendar days after maturity to withdraw the funds without being charged any early withdrawal penalty.

Christmas Club Account

Rate Information:
The dividend rate and annual percentage yield may change every quarter. We may change the dividend rate for your account as determined by the credit union board of directors.

Compounding and crediting – Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.

Dividend period – For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of suck dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example above is March 31.
If you close your account before dividends are paid, you will not receive the accrued dividends.

Minimum balance requirements:
No minimum balance requirements apply to this account.

Minimum daily balance computation method – Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the calendar quarter.

Accrual of dividends on noncash deposits – Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.

Transaction Limitations:
You may not make any withdrawals or transfers to another credit union account of yours or to a third party by means of preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party.
If any withdrawal is made from this account before October 10, then this account may be closed.

Money Market Account

Rate information:

The dividend rate and annual percentage yield may change every quarter. We may change the dividend rate for your account as determined by the credit union board of directors.

Compounding and crediting – Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.

Dividend periods – For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example above is March 31.

If you close the account before dividends are paid, you will not receive the accrued dividends.

Minimum balance requirements:

The minimum balance required to open this account is $10,000 for the Prime account, and the minimum balance that is required to open the Gold account is, $25,000.

You must maintain a minimum daily balance of $10,000 for Prime and $25,000 for gold in your account to obtain the disclosed annual percentage yields.

Daily balance computation method – – Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.

Accrual of dividends on non cash deposits – Dividends will begin to accrue on the business day you place non-cash items (for example, checks) to your account.

Transaction limitations:

During any statement period, you may not make more than three withdrawals or transfer to another credit union account of yours or to a third party by means of a pre-authorized or automatic transfer or telephonic order or instruction. No more than three may be made by check, draft, debit card (if applicable), or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure or fee by the credit union.

Fee – Money Market fee (over the three limit withdrawals) …………$25.00

Common Features

Bylaw requirements:
If you do not complete payment of $50.00 in your regular Share Account within six months of admission to membership, you may be terminated from membership at the end of six months.

Transaction limitation – We reserve the right to at any time require not less than seven days notice in writing before each withdrawal from an interest-bearing account other than a time deposit, or from any other savings account as defined by Regulation D.

Nature of Dividends – Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period. (This disclosure further explains the dividend feature of your non-term share account (s).

National Credit Union Share Insurance Fund – Member accounts in this credit union are federally insured by the National Credit Union Share Insurance Fund.

 

Comments are closed.