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| INTEREST RATES AND CHARGES | |
|---|---|
| Annual Percentage Rates (APR) for Purchases | % |
| APR for Cash Advances and Balance Transfers | % |
| Penalty APR and When It Applies | % If your account becomes 60 days delinquent. How long will the Penalty APR Apply? If your APRs are increased for the reason above, the Penalty APR will be applied to your balances for a minimum of six (6) months or payment cycles. |
| How to Avoid Paying Interest on Purchases | Your due date is approximately twenty-five (25) days after the close of each billing cycle. We will not charge you interest on purchases if you pay your entire balance by the due date each month. We will begin charging interest on cash advances and balance transfers on the transaction date. |
| For Credit Card Tips from the Bureau of Consumer Financial Protection | To learn more about factors to consider when applying for or using a credit card, visit the Bureau of Consumer Financial Protection’s website at consumerfinance.gov/learnmore/. |
| TRANSACTION FEES | |
| Annual Fees | $25.00 |
| Balance Transfer Fee | 1.0% of the amount of each balance transfer. |
| Cash Advance Fee | 1.0% of the amount of each transaction at Over-the-Counter or Cash Equivalent. |
| Foreign Transaction Fee | None |
| ATM Fee | 1.0% of the amount of each transaction at ATMs. |
| PENALTY FEES | |
| Late Payments | Up to twenty-seven dollars ($27.00) the first time, any subsequent violation within six (6) months up to thirty-seven dollars ($37.00). This applies to payments received after five (5) days from the due date. |
| Over Limit Fee (Opt In) | Up to $15.00 |
| Return Payment Fee | $20.00 |
| OTHER FEES | |
| Expedited Card Replacement Fee | $10.00 |
| Returned Statement | You will be charged one dollar ($1.00) for each monthly billing statement that is returned. |
| Copies of Visa Transaction Receipts and Statements | You will be charged three dollars ($3.00) for each copy you request of a receipt for any purchase, credit, cash advance, or of a monthly billing statement (except in connection with the resolution of a billing error). |
| How We Will Calculate Your Balance: We use a method called "average daily balance" (including new purchases). See your account agreement for further information regarding how we calculate your balance. The above rates and fees are current as of {{entry:6SzYfkMwFOefPvgvoy1MvY:reusableDate}}.¹ | |
| Billing Rights: Information on your rights to dispute transactions and how to exercise those rights is provided on your monthly account statement. | |
| Minimum Deposit Requirement: In order to open this Secured Credit Card Account, a minimum deposit equal to the card credit limit is required as security for a Members 1st Visa Platinum® Secured Credit Card. The minimum average balance to earn Annual Percentage Yield (APY) is $300.00. Maximum Deposit Amount: The maximum deposit requirement is the lesser of the credit card credit limit or $5,000.00. Deposits exceeding the amount of the card credit limit are not permitted to the Secured Card Savings Account. Account Graduation: The Members 1st FCU Visa Platinum® Secured Credit Card offers cardholders who have demonstrated 24 months of continuous on time payments without any derogatories the ability to convert their Secured Credit Card to any other unsecured Members 1st credit card priced and based upon the cardholder’s creditworthiness and ability to satisfy standard credit criteria at the time of graduation. | |
| Military Lending APR: Effective October 1, 2017, Federal law provides important protections to members of the Armed Forces and their dependents relating to extensions of consumer credit. In general, the cost of consumer credit to a member of the Armed Forces and his or her dependent may not exceed an annual percentage rate of 36 percent. This rate must include, as applicable to the credit transaction or account: The costs associated with credit insurance premiums; fees for ancillary products sold in connection with the credit transaction; any application fee charged (other than certain application fees for specified credit transactions or accounts); and any participation fee charged (other than certain participation fees for a credit card account). The audio version of this disclosure can be heard by calling 1-800-309-1766. | |
The fees and terms applicable to your Secured Card Savings account at the Credit Union are provided in this Truth-in-Savings Disclosure. The Credit Union may change the APY for these accounts.
Effective Date: November 1, 2019
DIVIDEND | |
Dividend Rate/Annual Percentage Yield | 0.15% Rate/ 0.15% APY |
BALANCE REQUIREMENTS | |
Minimum Opening Deposit | $300.00 |
Minimum Balance to Earn Stated APY | $300.00 |
TRUTH-IN-SAVINGS ACCOUNT DISCLOSURES | |
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 Rate and Annual Percentage Yield are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period. Except as otherwise noted, the Dividend Rate and Annual Percentage Yield for the account are variable and may change at any time at the discretion of the Credit Union. Compounding and Crediting. Dividends will be credited monthly to your account and transferred to your Regular Savings Account. There will be no compounding of dividends in the Secured Card Savings 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. 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 account tis disclosed under the Minimum Opening Deposit column shown above. For Savings accounts, there is a minimum balance required to obtain the Annual Percentage Yield and to avoid a service fee. If the minimum balance is not met on any day, you will not earn the stated Annual Percentage Yield and there will be a monthly service fee. Fees and Charges. See Service Charge schedule for a list of fees and charges that may be assessed against your account. Transaction Limitations. Transfers, deposits and withdrawals from the Secured Card Savings account are restricted due to the security interest granted to the Credit Union. 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. |
