Except as specifically described, the following disclosures apply to all the accounts. All accounts described in this Truth-In-Sayings Disclosure are share certificate 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 all Certificate Accounts, the dividend rate and annual percentage yield are fixed and will be in effect for the initial term of the account. During the term of your Bump Certificate Account(s) and IRA Bump Certificate Account(s), you may increase the rate one time to the rate currently in effect for accounts of this type with the same term. For accounts subject to dividend compounding, the annual percentage yield is based on an assumption that dividends will remain on deposit until maturity. A withdrawal of dividends will reduce earnings.
- Nature of Dividends - Dividends are paid from current income and available earnings.
- Dividends Compounding and Crediting - The compounding and crediting frequency of dividends and the dividend period applicable to each account is stated 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 all earning accounts, dividends will begin to accrue on deposits on the business day you make the deposit to your account.
- Balance Information — To open any account, you must deposit or already have on deposit the minimum required share(s) in a Regular Savings account. Some accounts may have additional minimum opening deposit requirements which are set forth in the Rate Schedule. For all accounts, dividends are calculated using the average daily balance method which applies a periodic rate to the average daily balance in the account for the dividend period. The average daily balance is determined by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.
- Transaction Limitations - For all accounts, your ability to make deposits to your account and any limitations on such transactions are stated in the Rate Schedule. After your account is opened, you may make withdrawals of principal subject to the early withdrawal penalties state below.
- 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 funds from your account before the maturity date.
Terms of less than 1 year: 30 days dividends (or total dividends earned if open < 30 days)
Terms of 1 year thru 5 years: 90 days dividends (or total dividends earned if open < 90 days)
How the Penalty Works. The penalty is calculated as a forfeiture of part of the dividends that have been earned on the account.
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.
- Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after the establishment of the account; or where the account is a SIMPLE IRA or SEP plan, provided that the depositor forfeits an amount at least equal to the simple dividends earned on the amount withdrawn.
(ii) When the withdrawal from an IRA Certificate is for the member's required minimum distribution amount only.
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. For all accounts, you have a grace period of seven (7) days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty.
Nontransferable / Non-negotiable. Your account is nontransferable and nonnegotiable.
The rates and fees appearing with 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.