Truth In Savings Account Disclosure
Savings/Checking Accounts
Except as specially described, the following disclosures apply to all of the accounts. All accounts described in this Rate & Fee Schedule are savings 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 Regular Savings, Good Savers, and Variable IRA accounts, the Dividend Rate and Annual Percentage Yield may change at any time as determined by the Credit Union’s Board of Directors. For Christmas Club and Vacation Club accounts, the Dividend Rate and Annual Percentage Yield may change annually as determined by the Credit Union’s Board of Directors. 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. The Regular Savings account is a Tiered Rate account. Dividends are paid on average daily balance.
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. Dividend 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 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 the Regular Savings Account, Good Savers Account and the Variable IRA, dividends are compounded and credited monthly. For both the Vacation and Christmas Club Accounts, dividends are compounded and credited annually.
4. Accrual of Dividends. For Regular Savings, Good Savers, Variable IRA, Christmas Club and Vacation Club accounts, dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account. For Regular Savings, Good Savers, Variable IRA, Christmas Club, and Vacation Club accounts, if you close your account before accrued dividends are credited, accrued dividends will not be paid.
5. Balance Information. The minimum balance requirements applicable to each account are set forth in the Rate Schedule.The minimum opening deposit for Regular Savings is $5.00. For Good Savers Accounts the minimum opening deposit is $2500.00. The Variable IRA, Christmas Club and Vacation Club Accounts do not have a minimum opening deposit. For Regular Savings, Good Savers, Variable IRA, Christmas Club and Vacation Club 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.
6. Account Limitations. For Regular Savings accounts, no more than six (6) preauthorized, automatic, or telephone transfers may be made from 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. For a Christmas Club account, the entire balance will be paid by transferring the funds to your Regular Savings account on or after November 1 and the account will remain open. If you withdraw any of the account balance at any time, we may impose a fee of all accrued, uncredited dividends on the account and your account will be closed. You may make transfers or withdrawals in the first seven (7) days after the account is opened without restriction.For a Vacation Club account, the entire balance will be paid by transferring the funds to your Regular Savings account on or after May 1 and the account will remain open. If you withdraw any of the account balance at any time, we may impose a fee of all accrued, uncredited dividends on the account and your account will be closed. You may make transfers or withdrawals in the first seven (7) days after the account is opened with restriction. For Good Savers accounts, withdrawals after the 10th of the month incur a forfeiture penalty of 90 days dividends, and minimum withdrawals of $100.00 are allowed. For Variable Rate IRA and Checking accounts, no account limitations apply.