Truth in Savings Disclosure


The rates and terms applicable to your account at the Credit Union are provided in this Truth-In-Savings Disclosure.

The Credit Union may offer other rates for these accounts from time to time.

  1. Rate Information –The Dividend Rate and Annual Percentage Yield on your accounts are stated in the Rate and Fee Schedule accompanying this disclosure. The Annual Percentage Yield (APY) is a percentage rate reflecting the total amount of dividends paid on an account, based on the Dividend Rate and the frequency of compounding. The APY is calculated by assuming that the funds remain in the account untouched for a full year. A fee may lower the APY.
  2. Dividend Period – Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period. The Dividend Rate and APY are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.
  3. Compounding and Crediting – Dividends will be compounded and credited quarterly. The Dividend Period for each account 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; dividends will be credited on April 1. All other dividend periods follow this same pattern of dates.
  4. Accrual of Dividends – Dividends will begin to accrue on the business day you make a deposit to your account. This would include, but is not limited to, checks, cash, direct deposit, and wire transfers. Foreign items sent for collection will begin to accrue dividends on the business day we receive the final payment.
  5. Minimum Balance Information – The minimum balance necessary to open an account is $5.00. The minimum required balance in the Share Savings Account is the membership share. It must be maintained to retain the membership in the Credit Union. For the accounts using the daily balance method, a daily periodic rate is applied to the full amount of principal in the account each day unless the current day’s balance drops below the minimum required balance.
  6. Account Limitations – For any Savings Account to which transfer limitations apply, no more than six (6) pre-authorized, automatic, telephone, online banking, fax, or audio response transfers may be made to another account of yours or to a third party in any month. No more than three (3) of the six (6) transfers may be made by check or debit card purchase. If a transfer request would exceed these limitations in any month, the Credit Union may refuse the transfer. Your account may be subject to suspension or closure. The Credit Union may impose a charge as set forth on this disclosure.
  7. Fees for Overdrawing Accounts – Fees may be imposed on each check, draft item, debit card withdrawal, debit card point of purchase, preauthorized automatic debit, and telephone initiated withdrawal or any other electronic withdrawal or transfer transaction that is drawn on an insufficient available account balance.  The entire balance in your account may not be available for withdrawal, transfer or paying a check, draft or item.  You may consult the Funds Availability Policy Disclosure for information regarding the availability of funds in your account.  Fees for overdrawing your account may be imposed for each overdraft, regardless of whether we pay or return the draft, item or transaction.  If we have approved an overdraft protection limit for your account, such fees may reduce your approval limit.  Please refer to the Fee Schedule for current fee information.
  8. Variable Rate Accounts – This term applies to an account when the Dividend Rate may change after the account is opened. This Credit Union reserves the right to change Dividend Rates as determined by the Board of Directors.
  9. Inactive Account – If your account falls below the minimum required balance, and/or you have not made a withdrawal from, deposit to, or transfer involving your account for more than one year (12 months), the Credit Union may classify your account as an inactive account and charge a fee. If we impose a fee we will notify you at your last known address. Refer to “Membership Agreement” for more information.

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