Disclosures |
Truth-in-Savings DisclosureRegular Shares AccountRate Information:The dividend rate and annual percentage yield may change every dividend period. We may change the dividend rate for your account as determined by the credit union board of directors. Compounding and CreditingDividends will be compounded every quarter. Dividends will be credited to your account every quarter. Dividend PeriodFor this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period, and for the example above is April 1. If you close your share account before dividends are paid, you will not receive the accrued dividends. Minimum Balance RequirementsThe minimum required to open this account is the purchase of five shares in the credit union. Please see the bylaw requirements in the Common Features section for additional information. You must maintain a minimum daily balance of $5.00 in your account each day to obtain the disclosed annual percentage yield. Daily Balance Computation MethodDividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day. Accrual of Dividends on non-cash DepositsDividends will begin to accrue on the business day you place non-cash items (for example, checks) to your account. Transaction Limitations:During any statement period, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer or telephonic order or instruction. No more than three of the six transfers may be made by check, draft, debit card (if applicable), or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the credit union. Par value of a shareThe par value of a share in this account is $5.00. Share Draft AccountRate InformationThe dividend rate and annual percentage yield may change every dividend period. We may change the dividend rate for your account as determined by the credit union board of directors. Compounding and CreditingDividends will be compounded every quarter. Dividends will be credited to your account every quarter. Dividend PeriodFor this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period, and for the example above is April 1. If you close your share account before dividends are paid you will not receive the accrued dividends. Minimum Balance RequirementsThe minimum balance required to open this account is $25.00. You must maintain a minimum daily balance of $25.00 in your account each day to avoid fees. Daily Balance Computation MethodDividends are calculated by the daily balance method which applies a daily periodic rate to the account each day. Accrual of Dividends on non-cash depositsDividends will begin to accrue on the business day you place non-cash items (for example, checks) to your account. Transaction LimitationsNo transaction limitations apply to this account unless otherwise stated in the Common Features section. Christmas Club AccountRate InformationThe dividend rate and annual percentage yield may change every dividend period. We may change the dividend rate for your account as determined by the credit union board of directors. Compounding and CreditingDividends will be compounded every quarter. Dividends will be credited to your account every quarter. Dividend PeriodFor this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period, and for the example above is April 1. If you close your share account before dividends are paid you will not receive the accrued dividends. Minimum Balance RequirementsThe minimum balance required to open this account is $5.00. You must maintain a minimum daily balance of $5.00 in your account each day to obtain the disclosed annual percentage yield. Daily Balance Computation MethodDividends are calculated by the daily balance method which applies a daily periodic rate to the account each day. Accrual of Dividends on non-cash depositsDividends will begin to accrue on the business day you place non-cash items (for example, checks) to your account. Transaction LimitationsYou may not make any withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party. Par value of a shareThe par value of a share in this account is $5.00 Vacation Club AccountRate InformationThe dividend rate and annual percentage yield may change every dividend period. We may change the dividend rate for your account as determined by the credit union board of directors. Compounding and CreditingDividends will be compounded every quarter. Dividends will be credited to your account every quarter. Dividend PeriodFor this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period, and for the example above is April 1. If you close your share account before dividends are paid you will not receive the accrued dividends. Minimum Balance RequirementsThe minimum balance required to open this account is $5.00. You must maintain a minimum daily balance of $5.00 in your account each day to obtain the disclosed annual percentage yield. Daily Balance Computation MethodDividends are calculated by the daily balance method which applies a daily periodic rate to the account each day. Accrual of Dividends on non-cash depositsDividends will begin to accrue on the business day you place non-cash items (for example, checks) to your account. Transaction LimitationsYou may not make any withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party. Par value of a shareThe par value of a share in this account is $5.00 IRA Savings AccountRate InformationThe dividend rate and annual percentage yield may change every dividend period. We may change the dividend rate for your account as determined by the credit union board of directors. Compounding and CreditingDividends will be compounded every quarter. Dividends will be credited to your account every quarter. Dividend PeriodFor this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period, and for the example above is April 1. If you close your share account before dividends are paid you will not receive the accrued dividends. Minimum Balance RequirementsThe minimum balance required to open this account is $100.00. You must maintain a minimum daily balance of $100.00 in your account each day to obtain the disclosed annual percentage yield. Daily Balance Computation MethodDividends are calculated by the daily balance method which applies a daily periodic rate to the account each day. Accrual of Dividends on non-cash depositsDividends will begin to accrue on the business day you place non-cash items (for example, checks) to your account. Transaction LimitationsYou may not make any withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party. Par value of a shareThe par value of a share in this account is $25.00 Other Shares AccountRate InformationThe dividend rate and annual percentage yield may change every dividend period. We may change the dividend rate for your account as determined by the credit union board of directors. Compounding and CreditingDividends will be compounded every quarter. Dividends will be credited to your account every quarter. Dividend PeriodFor this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period, and for the example above is April 1. If you close your share account before dividends are paid you will not receive the accrued dividends. Minimum Balance RequirementsThe minimum balance required to open this account is $5.00. You must maintain a minimum daily balance of $5.00 in your account each day to obtain the disclosed annual percentage yield. Daily Balance Computation MethodDividends are calculated by the daily balance method which applies a daily periodic rate to the account each day. Accrual of Dividends on non-cash depositsDividends will begin to accrue on the business day you place non-cash items (for example, checks) to your account. Transaction LimitationsYou may not make any withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party. Par value of a shareThe par value of a share in this account is $5.00 Certificate of DepositCompounding FrequencyInterest will not be compounded. Crediting FrequencyInterest will be credited to your account every six months and then will be immediately transferred to your Regular Share account. Interest cannot otherwise be withdrawn before maturity. Effect of Closing and AccountIf you close your account before interest is paid, you will not receive the accrued interest. Minimum Balance RequirementsThe minimum balance required to open this account is $2,500.00. You must maintain a minimum daily balance of $2,500.00 in your account each day to obtain the disclosed annual percentage yield. Daily Balance Computation MethodInterest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day. Accrual of Interest on non-cash DepositsInterest will begin to accrue on the business day you deposit non-cash items (for example, checks) to your account. Transaction LimitationsAfter the account is opened, you may not make deposits into the account until the maturity date stated on the account. Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity)The penalty we may impose is the greater of:
There are certain circumstances, such as the death or incompetence of an owner, where we may waive or reduce this penalty. See your plan disclosure if this account is part of an IRA or other tax qualified plan. Non-Automatically Renewable AccountThis account will not automatically renew at maturity. If you do not renew the account, your deposit will be placed in a dividend-bearing account. Common FeaturesBylaw Requirements:You must complete payment of 5 shares in your Regular Share account as a condition of admission Transaction LimitationWe reserve the right to at any time require not less than seven days’ notice in writing before each withdrawal Nature of DividendsDividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period. (This disclosure further explains the dividend feature of your non-term share account(s)). National Credit Union Insurance FundMember accounts in this credit union are federally insured by the National Credit Union Share Insurance Fund. Please refer to our separate fee schedule for additional information about charges. |