Truth in Certificate 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.


Except as specifically described, the following disclosures apply to all of the accounts. All accounts described in this Truth-In-Savings Disclosure are Term Share/Certificate Accounts.


  1. 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 all accounts, the Dividend Rate and Annual Percentage Yield are fixed and will be in effect for the initial term of the account. 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.
  2. 2.        Dividend Period. For each account, the dividend period is the account’s term. The dividend period begins on the first day of the term and ends on the maturity date.
  3. 3.         Dividend Compounding and Crediting. The compounding and crediting frequency of dividends are stated in the Rate Schedule.
  4. 4.         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 all accounts, dividends are calculated by the Average Daily Balance method, which calculates dividends by applying a periodic rate to the Average Daily Balance in the account for the dividend 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.
  5. 5.         Accrual of Dividends. For all accounts, dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account.
  6. 6.        Transaction Limitations. For all accounts, after your account is opened you may make withdrawals subject to the early withdrawal penalties stated below.
  7. 7.        Maturity. Your account will mature as stated on this Truth-In-Savings Disclosure or on your Account Receipt or Renewal Notice.
  8. 8.        Early Withdrawal Penalty. We may impose a penalty if you withdraw from your account before the maturity date.
  9. 9.        Amount of Penalty. For a 12 month or less Share or IRA Certificate the amount of early withdrawal penalty for your account is 90 days dividend.  For an 18 and 24 month Share or IRA Certificate the amount of early withdrawal penalty for your account is 180 days dividend.  For a 36 month Share or IRA Certificate the amount of early withdrawal penalty for your account is 270 days dividend.
  10. 10.     How the Penalty Works. The penalty is calculated as a forfeiture of part of the dividends that have been earned on the account.
  11. 11.     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; or where the account is a Keogh Plan (Keogh) provided that the depositor forfeits an amount of at least equal to the simple dividends earned in the amount withdrawn; or where the account is an IRA or Keogh and the owner attains age 59 ½ or becomes disabled.
  1. 12.     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 7 days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty. 
  2. 13.     Nontransferable/Nonnegotiable. Your account is nontransferable and nonnegotiable.

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