Truth in Savings Disclosure


The rates, fees, and terms applicable to your account at the Credit Union are provided in this Truth-in-Savings Disclosure. The Credit Union may offer other rates for these accounts from time to time.

Account Disclosures

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 accounts, the dividend rate and annual percentage yield may change monthly as determined by the Credit Union’s Board of Directors.

For IRA Savings and Share Draft “Checking” accounts, the interest rate and annual percentage yield may change monthly as determined by the Credit Union’s Board of Directors.

For Money Market accounts, the interest rate and annual percentage yield may change at any time as determined by the Credit Union Board of Directors. The Money Market Accounts are tiered rate accounts. If your average daily balance is $4,999.99 or below, 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 $5,000.00 to $24,999.99, the second interest rate and range of annual percentage yields listed for this account will apply. If your average daily balance is $25,000.00 to $49,999.99, the third interest rate and range of annual percentage yields listed for this account will apply. If your average daily balance is from $50,000.00 to $149,999.99, the fourth interest rate and range of annual percentage yields listed for this account will apply. If your average daily balance is $150,000.00 or greater, the fifth interest rate and range of annual percentage yields listed for this account will apply. Each interest rate will apply only to that portion of the account balance within each balance range. The dividend rates and annual percentage yields are the rates and yields as of the last dividend declaration date which is set forth in the Rate Schedule.

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 of dividends and the 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 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.

ACCRUAL OF DIVIDENDS – For Share Savings accounts, dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account. For Share Savings accounts, if you close your account before accrued dividends are credited, accrued dividends will not be paid.

BALANCE INFORMATION – To open any account, you must deposit or already have on deposit at least the par value of one (1) full share in any account. Some accounts may have additional minimum opening deposit requirements. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For Share Savings accounts, there is a minimum average daily balance required to obtain the annual percentage yield for the dividend period. If the minimum average daily balance is not met, you will not earn the stated annual percentage yield. For Share Savings accounts using an average daily balance method, dividends are calculated by applying 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 principal 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 accounts, you may make no more than six (6) transfers and withdrawals from your account to another account of yours or to a third party in any month by means of a preauthorized, automatic or Internet transfer, by telephonic order or instruction, or by check, draft, debit card or similar order. If you exceed these limitations, your account may be subject to a fee or be closed.

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 Disclosure 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 with this Schedule are accurate and effective for accounts 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.

MEMBERSHIP – As a condition of membership, you must purchase and maintain the minimum required share(s) as set forth below.

Par Value of One Share               $50.00

Number of Shares Required                  1

The rates and fees appearing with this Schedule are accurate as of the last dividend declaration date included 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.