CERTIFICATE OF DEPOSIT ACCOUNTS TRUTH-IN-SAVINGS DISCLOSURE

Effective Date: August 1, 2013
Except as specifically described, the following disclosures apply to all of the accounts.

  1. Rate Information. The Annual Percentage Yield is a percentage rate that reflects the total amount of interest to be paid on an account based on the interest rate and frequency of compounding for an annual period. For all accounts, the Interest Rate and Annual Percentage Yield are fixed and will be in effect for the initial term of the account. For accounts subject to Interest compounding, the Annual Percentage Yield is based on an assumption that interest will remain on deposit until maturity. A withdrawal of interest will reduce earnings.
  2. Interest Compounding and Crediting. The compounding and crediting frequency of interest applicable to each account is stated in the Rate Schedule.
  3. Balance Information. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. 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. For accounts using the Average Daily Balance method as stated on the Rate Schedule, interest is 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 the principal in the account for each day of the period and dividing that figure by the number of days in the 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.
  4. Accrual of Interest. For all accounts, interest 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 interest is credited, accrued interest will not be paid.
  5. Transaction Limitations. For all accounts, after your account is opened you may make withdrawals subject to the early withdrawal penalties stated below.
  6. Maturity. Your account will mature as stated on this Truth-in-Savings Disclosure or on your Account Receipt or Renewal Notice.
    Early Withdrawal Penalty. We may impose a penalty if you withdraw from your account before the maturity date.
    Amount of Penalty. For Investor, Premier and Referral certificate accounts, the amount of early withdrawal penalty for your account is 90 days interest. For Saver certificate accounts, the amount of early withdrawal penalty for your account is 30 days interest.
    How The Penalty Works. The penalty is calculated as a forfeiture of part of the interest that has been or would be earned on the account. It applies whether or not the interest has been earned. In other words, if the account has not yet earned enough interest or if the interest has already been paid, the penalty will be deducted from the principal.
    Exceptions to Early Withdrawal Penalties. At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances:
    When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.
    Renewal Policy. The renewal policy for your accounts is stated in the Rate Schedule. For all accounts, your account will automatically renew for another term upon maturity. You have a grace period of ten (10) days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty.
    Nontransferable/Nonnegotiable. Your account is nontransferable and nonnegotiable.

FEE SCHEDULE

Share Value

  • 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.

 

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