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TRUTH-IN-SAVINGS DISCLOSURE
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Share Account
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Christmas Club Account
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Money Market Advantage Account (MMAA)
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IRA Share Account
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DIVIDENDS
Dividends Rate/Annual Percentage Yield
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$ 1,999.00 or Below
$ 2,000.00 -- $4,999.99
$ 5,000.00 -- $19,999.99
$ 20,000.00 & over
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Dividends Compounded
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Monthly
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Monthly
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Monthly
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Monthly
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Dividends Credited
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Monthly
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Monthly
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Monthly
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Monthly
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Dividend Period
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Calendar Monthly
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Calendar Monthly
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Calendar Monthly
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Calendar Monthly
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BALANCE REQUIREMENTS
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Minimum Opening Deposit
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$5.00
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$ 1.00
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$ 100.00
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$ 1.00
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Minimum Balance to Avoid a Service Fee
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---
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---
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---
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---
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Minimum Balance to Earn the Stated APY
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---
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---
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---
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---
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Balance Method
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Daily Balance
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Daily Balance
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Daily Balance
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Daily Balance
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ACCOUNT LIMITATIONS
See Section 6 in Account Disclosure
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Account withdrawal limitations apply
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Account withdrawal and deposit limitations apply
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Account limitations apply
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Account limitations apply
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Except as specifically described, the following disclosures apply to all of the accounts. All accounts described in this Rates and 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 accounts, the Dividend Rate and Annual Percentage Yield may change at any time as determined by the Credit Union's Board of Directors. Share Draft (Checking) and Over 65 Share Draft Checking accounts are Tiered Rate accounts. If your account balance is $500.01 or below, the first Dividend Rate and Annual Percentage Yield listed for this account in the Rate Schedule will apply. If your account balance is from $500.01 to $2,499.99, the second Dividend Rate and Annual Percentage Yield listed for this account will apply. If your account balance is $2,500.00 or greater, the third Dividend Rate and Annual Percentage Yield will apply. Once a particular balance range is met, the Dividend Rate and Annual Percentage Yield will apply. Once a particular balance range is met, the Dividend Rate and Annual Percentage Yield for that balance range will apply to the full balance of your account.
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. Dividends 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 and 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. You will forfeit dividends that have not yet been credited to your account if you close the account before the accrued dividends are credited.
4. Accrual of Dividends. For all accounts, dividends will begin to accrue on non-cash deposits (e.g. checks) on the business day you make the deposit to your account.
5. Balance Information. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For all 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 regular share accounts, no more than six (6) preauthorized, automatic, or telephone transfers may be made form 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. Four (4) withdrawals per month are allowed, after which a fee will be imposed. For Christmas Club accounts, deposits are made by payroll deduction or over the counter. The entire balance in your Christmas Club Account will be transferred to your share account on or after November 1, and the account will remain open. If you wish to withdrawal before November 1, you must withdraw the entire balance. We will then close the account. You may make transfers or withdrawals form the account in the first seven (7) days after the account is opened without restrictions. Please refer to the Money Market Advantage Account (MMAA) Disclosure and/or Membership Agreement for MMAA limitations.
Normal IRS limitations apply on all IRA accounts.
Effective January 1, 2008
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RATE SCHEDULE CERTIFICATES
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Effective Date:
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Effective Date:
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Certificate Account
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IRA Certificate Account
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Minimum Opening Deposit
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$ 500.00
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Minimum Opening Deposit
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$500.00
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Dividends Compounded
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Quarterly
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Dividends Compounded
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Quarterly
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Dividends Credited
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Quarterly
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Dividends Credited
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Quarterly
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Dividend Period
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Calendar Quarter
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Dividend Period
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Calendar Quarter
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TERM
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Dividend Rate %
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Annual Percentage Yield %
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TERM
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Dividend Rate %
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Annual Percentage Yield %
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6 Months
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Fixed
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6 Months
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Fixed
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12 Months
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/
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12 Months
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/
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24 Months
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/
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24 Months
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/
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36 Months
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/
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36 Months
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/
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48 Months
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/
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48 Months
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/
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60 Months
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/
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60 Months
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/
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Additional Deposits:
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Not Allowed
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Additional Deposits:
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Not Allowed
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Withdrawals:
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Allowed-Dividends Only
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Withdrawals:
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Allowed-Dividends Only
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Renewals:
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Automatic
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Renewals:
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Automatic
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Except as specifically described, the following disclosures apply to all of the accounts. All accounts described in this Rates and 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 accounts, the Dividend Rate and Annual Percentage Yield 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 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. Dividends 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 and 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. Balance Information. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For all accounts using a Daily Balance 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 determined by adding the full amount of the principal in the account for each day of the period and dividing that figure by the number of days in the period.
5. Accrual of Dividends. For all accounts, dividends will begin to accrue on noncash deposits (e.g., checks) on the business day you make the deposit to your account.
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.
Early Withdrawal Penalty. We may impose a penalty if you withdraw from your account before the maturity date.
Amount of penalty. For all accounts, the amount of early withdrawal penalty is based on the term of your account. The penalty schedule is as follows:
Terms of 1 year or less 90 days dividends
Terms longer than 1 year 180 days dividends.
How the penalty works. The penalty is calculated as a forfeiture of part pf the dividends that have been or would be 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.
Truth-In-Savings
