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Truth in Savings Account Disclosure

Share Accounts

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. The Dividend Rates and Annual Percentage Yields are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period. The Dividend Rate and Annual Percentage Yield for the account(s) are variable and may change at any time at the discretion of the Credit Union. The Annual Percentage Yield is based on an assumption that dividends will remain in the account until maturity.

Compounding & Crediting

Dividends will be compounded and credited monthly to your account. The dividend period begins on the first calendar day of each calendar month and ends on the last calendar day of each calendar month. The dividend period is monthly. In the event a share account is being closed, dividends will be credited on the closure date.

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 the figure by the number of days in the period. Money Management Account, Health Savings Account, IRA Savings (Traditional and Roth) and Coverdell ESA 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

Dividends will begin to accrue on cash and non-cash deposits (e.g. checks) on the business day you deposit such items to your account.

Balance Information

The minimum balance requirement to open a Regular Savings, Savings, Kids 1st Club or iMember is $5.00; Secured Credit Card Savings is $500.00, and $0.00 for all other share accounts.

Fees & Charges

See Service Charge schedule for a list of fees and charges that may be assessed against your account.

We offer a Free Checking Account or a Rewards Checking Account. Rewards Checking has an affiliated paper statement fee on your savings account. Free Checking does not provide paper account statements after 60 days. However, if after 60 days, you have not reasonably demonstrated your ability to access electronic statements, your Free Checking account will be automatically converted to a Rewards Checking Account on which a Statement Fee will be imposed on your savings account with each periodic statement. Any future optional enrollment in Electronic Statements will avoid the Paper Statement Fee.

Transaction Limitations

(Savings, Supplemental Savings, Money Management Account, Holiday and Vacation Club only) During any statement period, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a pre-authorized or automatic transfer or telephone order or instruction. If you exceed these transfer limitations during the calendar month your account may be subject to closure by the credit union or to a fee.

Maturity Dates for Club Accounts ONLY.

Holiday Clubs mature on October 1st and Vacation Clubs mature on April 1st.

Nature of Dividends

Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period.

Bylaw Requirements

See Membership & Account Agreement.

CERTAIN PRODUCTS AND RATES ARE NOT AVAILABLE FOR PUBLIC FUNDS ACCOUNTS, FINANCIAL INSTITUTIONS, OR OTHER INSTITUTIONAL INVESTORS.

Account Terms And Fees

Share Certificates

Rate Information

The Dividend Rate and Annual Percentage Yield on your account(s) are set forth herein. 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. The Dividend Rate and Annual Percentage Yield for all Certificates are fixed and will be in effect for the term of the account. The Annual Percentage Yield is based on an assumption that dividends will remain in the account until maturity. A withdrawal will reduce earnings.

For the Bump Up Certificate, you may elect to change the rate of the certificate once during the original term of the certificate. To change the rate on the Bump Up, an owner of the certificate must contact the Credit Union to request the increase. The rate on the Bump-Up will be changed on the date the Credit Union receives the request. The rate will be changed to the rate currently in effect for a fixed rate certificate of the same term as the Bump Up certificate and will remain in effect until maturity. The 12-month bump up would change to the 12-month rate, 24-month bump up would change to the 24-month rate and the 48-month bump up would change to the 48-month rate.

Compounding & Crediting

All dividends are paid monthly except where noted. You may choose to have the dividends paid monthly to your certificate, to another account, or for certificates with balances in excess of $10,000 a dividend check may be mailed to you. You may elect to change the method of dividend disposition by contacting the Credit Union. For the 12 month Add On and 24 month Add On Certificates the dividends must be paid to the certificates. Dividends will be compounded and credited monthly. The dividend period begins on the first calendar day of the dividend period and ends on the last calendar day of the dividend period. 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 January 31. All other dividend periods follow this same pattern of dates. If you close your Certificate account(s) before accrued dividends are credited, accrued dividends will not be paid.

Balance Computation Method

Dividends are calculated by the average daily balance method in which dividends are computed by applying a periodic rate to the average balance in the account for each day of the period and dividing that sum by the number of days in the period.

Balance Information

The minimum balance required to open each Certificate is $500.00, except for the 12 Month Add On (Share Certificate) which is $100.00, and the 9 Month No Penalty (Share or IRA Certificate) which is $5,000.00.

Accrual of Dividends

Dividends will begin to accrue on both cash and non-cash deposits (e.g. checks) on the business day you deposit such items to your account.

Fees & Charges

See Service Charge schedule for a list of fees and charges that may be assessed against your account.

Transaction Limitations

After the Certificate Account is opened, you may not make deposits into the account until the maturity date or during the 7-day grace period following the date of maturity except for the Add On Certificate. Deposits of $10.00 for the 12-month Add On Certificate and $25.00 for the 24-month Add On Certificate may be made at any time by payroll allocation, automatic transfer, by teller, by mail or by TeleBranch (Customer Service). Dividends will accrue on these deposits from the day of deposit. Share Certificates are not transferable. Withdrawals from IRA accounts may be subject to taxation as provided for by law as well as an IRS penalty. See your IRA Trust Agreement and/or consult your tax or legal advisor.

Maturity Date

Your account will mature at the end of the term.

Early Withdrawal Penalties

A substantial penalty will be imposed for withdrawals prior to the maturity date that may result in invasion of principal. The forfeiture is calculated on the simple interest rate regardless of how long the funds have remained in the account. The penalty for certificates purchased prior to December 1, 2014 with a term of more than one year will be equal to a forfeiture of an amount equal to 180 days’ dividends, whether earned or not. For certificates purchased or renewed on December 1, 2014 or after with a term less than 11 months will be equal to a forfeiture of an amount equal to 90 days’ dividends, whether earned or not. The penalty for certificates purchased or renewed on December 1, 2014 or after for a term equal to 11 months through 24 months will be equal to a forfeiture of an amount equal to 180 days’ dividends, whether earned or not. The penalty for certificates purchased or renewed on December 1, 2014 or after for a term equal to 25 months or greater will be equal to a forfeiture of an amount equal to 270 days’ dividends, whether earned or not.

The appropriate penalty is determined by the term and the date of purchase or renewal, whichever is later. Dividends may be withdrawn at any time without penalty. Early withdrawal penalty applies to full payouts as well as partial withdrawals. For partial withdrawals, if the remaining balance of the certificate, after the partial withdrawal is completed, is less than the required minimum balance then no dividends will be paid to the certificate until such time that the certificate balance is again at or above the minimum balance requirement for that particular certificate. There will be no penalties for early withdrawal of the 9 Month No Penalty certificate. No partial withdrawals are permitted from the Add On Certificate and the early withdrawal penalty for early redemption will be calculated on the current balance of the Add On Certificate.

Renewal Policies

The Credit Union will notify you at least 20 days prior to maturity. Your Certificate account(s) will automatically renew at maturity except for the 9 Month No Penalty Certificate. For the No Penalty Certificate, the certificate balance will be transferred to your regular savings account on the maturity date and notification of the transfer will be mailed. For the Bump Up Certificate, on the maturity date the certificate balance will be renewed as a standard certificate for the same term. The renewed certificate will not have the Bump Up option. For the 7 Month Certificate, on the maturity date the certificate will be renewed as the standard 6 month term certificate. For the 11 Month Certificate, on the maturity date the certificate will be renewed as the standard 12 month term certificate. For the 15 Month Certificate, on the maturity date the certificate will be renewed as the standard 18 month term certificate. For the 19 Month Certificate, on the maturity date the certificate will be renewed as the standard 18 month term certificate. For the 25 Month Certificate, on the maturity date the certificate will be renewed as the standard 24 month term certificate. For the 29 Month Certificate, on the maturity date the certificate will be renewed as the standard 30 month term certificate. For all certificate products except the No Penalty Certificate, Bump Up Certificates and special terms (7 month, 11 month, 15 month, 19 month, 25 month and 29 month terms) the certificate will automatically renew for the same term. Except for the No Penalty Certificate which transfers on the maturity date, you will have a grace period of 7 calendar days after the maturity date to withdraw the funds in all certificate accounts without being charged an early withdrawal penalty. Dividends credited to your account and not withdrawn prior to renewal are added to principal and may not be withdrawn without incurring an early withdrawal penalty.

Nature of Dividends

Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period. The Dividend Rates and Annual Percentage Yields are rates and yields that the Credit Union has offered within the most recent seven (7) calendar days. They are accurate as of the date specified above. You may call for current rates and yields.

Account Limitations

CERTAIN PRODUCTS AND RATES ARE NOT AVAILABLE FOR PUBLIC FUNDS ACCOUNTS, FINANCIAL INSTITUTIONS, OR OTHER INSTITUTIONAL INVESTORS.

Revised 11/18/2015

Account Terms And Fees

Consumer Account Fees and Charges

Account Terms And Fees

TeleBranch (Customer Service):
(800) 237-7288

 

Certificate Special Offer

APY*

Home Equity Line of Credit

APR*

VISA Balance Transfer

APR*

*APR=Annual Percentage Rate   **APY=Annual Percentage Yield