MONEY MARKET ACCOUNT TRUTH-IN-SAVINGS DISCLOSURE
Effective Date: 10/14/2005
Except as specifically described, the following disclosures apply to all of the accounts.
- Rate Information. The Annual Percentage Yield is a percentage rate that reflects the total amount of interest to be paid on an account based on the interest rate and frequency of compounding for an annual period. For Money Market accounts, the Interest Rate and Annual Percentage Yield may change at any time as determined by the Credit Union's Board of Directors. All accounts are Tiered Rate accounts. If your Average Daily Balance is from $2,000.00 to $9,999.99, the first Interest Rate and Annual Percentage Yield listed for this account in the Rate Schedule will apply. If your Average Daily Balance is from $10,000.00 to $24,999.99, the second Interest Rate and Annual Percentage Yield listed for this account will apply. If your Average Daily Balance is from $25,000.00 to $49,999.99, the third Interest Rate and Annual Percentage Yield listed for this account will apply. If your Average Daily Balance is from $50,000.00 to $99,999.99, the fourth Interest Rate and Annual Percentage Yield listed for this account will apply. If your Average Daily Balance is $100,000.00 or greater, the fifth Interest Rate and Annual Percentage Yield listed for this account will apply. Once a particular range is met, the Interest Rate and Annual Percentage Yield for that balance range will apply to the full balance of your account.
- Interest Compounding and Crediting. The compounding and crediting frequency applicable to each account is set forth in the Rate Schedule.
- Accrual of Interest. For Money Market accounts, interest will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account. If you close your account before accrued interest is credited, you will not receive the accrued interest.
- Balance Information. To open any account, you must deposit or already have on deposit at least the par value of one full share in any account. The par value amount is stated in the Fee Schedule. Some accounts may have additional minimum opening deposit requirements. The minimum balance requirements applicable to each account are stated in the Rate Schedule. For Money Market accounts, there is a minimum Average Daily Balance required to avoid a service fee for the crediting period. If the minimum Average Daily Balance is not met during the crediting period, there will be a service fee as stated in the Rate Schedule. For Money Market, accounts, there is a minimum Average Daily Balance required to earn the Annual Percentage Yield disclosed for the crediting period. If the minimum Average Daily Balance is not met, you will not earn the Annual Percentage Yield stated in the Rate Schedule. For accounts using the Average Daily Balance method as stated in the Rate Schedule, interest is calculated by applying 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.
- Account Limitations. For Money Market accounts, no more than six (6) preauthorized, automatic, Internet or telephone transfers may be made from each account to another account 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 Money Market accounts, the minimum withdrawal amount is $500.00 including online transfers.
- 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 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.
The rates and fees appearing in this Schedule are accurate as of the Last Dividend Declaration Date indicated on this Truth-in-Savings Disclosure. If you have any questions or require current rate and fee information on your accounts, please call the Credit Union.