Truth-In-Savings Disclosure

Truth-In-Savings Account Disclosures

Except as specifically described, the following disclosures apply to all the above accounts.

1. Rate Information. The Dividend Rate and Annual Percentage Yield on your accounts, as of the last Dividend Declaration Date, are set forth above. 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 a 365-day period. The Dividend Rate and Annual Percentage Yield may change monthly as determined by the Credit Union’s Board of Directors.
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. Dividends are not guaranteed.
3. Compounding and Crediting. Dividends will be compounded and credited as set forth above. The Dividend Period for each account is set forth above. The Dividend Period begins on the first calendar day of each month and ends on the last calendar day of each month. Except for Money Market Accounts, if your account is closed before accrued dividends are credited, dividends will not be paid.
4. Accrual of Dividends. Dividends will begin to accrue on both cash deposits and noncash deposits (e.g., checks) on the business day that you make the deposit to your account.
5. Balance Information for Non-Money Market Accounts. The minimum balance to open an account, and the minimum average daily balance you must maintain to avoid fees and to earn the annual percentage yield stated for your account is set forth above. Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in your account for the period. The average daily balance is calculated by adding the balance in your account for each day of the period and dividing that figure by the number of days in the period. Balance Information for Money Market Accounts. The minimum balance to open an account, and the minimum daily balance you must maintain to avoid fees and to earn the annual percentage yield stated for your account is set forth above. Dividends are calculated based upon the daily balance method which applies a daily periodic rate to the balance in the account each day.
6. Failure to Maintain Minimum Balance. If you fail to maintain the minimum balance required to earn the applicable dividend rate and annual percentage yield, then you will not earn the dividend rate and annual percentage yield for the period in which you do not meet this requirement, and you will be assessed applicable fees.
7. Transaction Limitations: For Peak Money Market Accounts transfer limitations apply. No more than six (6) withdrawals preauthorized, automatic, digital banking, telephone transfers, or transfers made by check may be made from these accounts to another of yours or to a third party in any month.
8. Additional Limitations for IRA Savings Accounts: You are solely responsible for complying with any requirements including transaction limitations and penalties for early withdrawal under the Internal Revenue Code or other applicable Federal or State law governing any IRA account. Deposits are not limited. Transfers to a Credit Union IRA Certificate are allowed subject to applicable law, and the minimum balance requirements and other restrictions applicable to the Certificate Account.
9. National Credit Union Share Insurance Fund. Member accounts in this Credit Union are federally insured by the National Credit Union Share Insurance Fund.
10. Limitations on Maximum Shares Held by One Member. The Credit Union’s Board of Directors may limit the maximum amount of shares one member may hold by resolution, which they may set or change from time to time.
11. Transfer and Assignment. Ownership of an account is not transferable without the written consent of the Credit Union. The Credit Union may, before giving its consent, use any of the funds in the account to repay any debt due to it from any named account owner. Your accounts may be pledged to secure your existing or future obligations owed to this Credit Union.
12. Fees and Charges. Applicable fees and charges set forth in this Disclosure will be assessed against your account(s). A copy of the Credit Union’s Fee Schedule is provided at account opening or by contacting us at 1-877-964-3262.
13. Par Value Requirements. The Par Value of a membership share, which must be fully paid to become a member or maintain membership or to receive and maintain any accounts or services with us is $5.00. The amount of your membership share must be paid into and retained in your share savings account.