SAVINGS AND CHECKING ACCOUNTS TRUTH-IN-SAVINGS DISCLOSURE
Effective Date: 10/01/2008
Except as specifically described, the following disclosures apply to all of the accounts. All accounts described in this Truth-in-Savings Disclosure are 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. For Share Savings, Special Share Savings, Holiday Savings, and High Yield Share Draft accounts, the Dividend Rate and Annual Percentage Yield may change at any time as dtermined by the Credit Union's Board of Directors. 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 High Yield Share Draft account is a Tiered Rate account. If your Average Daily Balance $25,000.00 or less and you meet all of the following minimum service requirements during the calendar month, the first Dividend Rate and Annual Percentage Yield listed for this account in the Rate Schedule will apply: 1) you complete at least 15 signature-based MasterMoney debit card transactions; 2) you have direct deposit of payroll into your High Yield Share Draft account; 3) you access Home Banking at least once per month; 4) you receive an electronic statement; and 5) you have a valid email address on file at the credit union. If your balance is greater than $25,000.00 and you meet all of the minimum service requirements, the second Dividend Rate and range of Annual Percentage Yields listed for this account will apply. Each rate will apply only to that portion of the account balance within each balance range. If you do not meet all of the minimum service requirements during a calendar month, the third Dividend Rate and Annual Percentage Yield listed for this account will apply to the entire balance in the account.
- Nature of Dividends. Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.
- Dividend Compounding and Crediting. The compounding and crediting frequency of dividends and dividend period applicable to each account are stated in the Rate Schedule. The Dividend Period is the period of time at the end of which an 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. For Holiday Savings accounts, the dividend period is annual.
- Accrual of Dividends. For Share Savings, Special Share Savings and Holiday Savings accounts, dividends 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 dividends are credited, you will not receive the accrued dividends.
- Balance Information. To open any account you must deposit or already have on deposit at least the par value of one full share in a Share Savings 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 Share Savings, Special Share Savings and Holiday Savings accounts, there is a minimum Average Daily Balance required to earn the Annual Percentage Yield disclosed for the dividend 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 on the Rate Schedule, dividends are calculated by applying a periodic rate to the Average Daily Balance in the account for the dividend 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 Share Savings and Special Share Savings accounts, no more than six (6) preauthorized, automatic, online, 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 Holiday Savings accounts, the entire balance will be transferred to another account of yours on or after October 1st and the account will remain open. For Special Share Savings accounts, you must have a minimum balance of $5.00 on December 31st in order to be credited any dividends earned for that year. For Share Draft accounts, no account limitations apply.
- 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.
- Par Value of One Share $5.00
The rates and fees appearing in this Schedule are accurate as of the Effective 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.