Privacy/Disclosures
Privacy Policy Disclosure
As you expect from Energy People Federal Credit Union, we maintain strong security controls to ensure that your personal information contained in our files and computers is protected. Where appropriate, we use security-coding techniques to protect against unauthorized access to personal records, to ensure the accuracy and integrity of communications and transactions, and to keep information we have about you confidential wherever possible.
We are equally committed to protecting the privacy of our members. Under federal law, we are required to give you this privacy disclosure. It describes our credit union's privacy policy and practices concerning the personal information we collect and disclose about our members. It also includes information about the parties who receive personal and sometimes non public information from us as we conduct the business of the credit union.
We will only obtain personal information about you in accordance with applicable laws, in response to your specific requests for services from us and other such legitimate business purposes. This information helps us verify your identity, mange our relationship with you and develop products and services that meet your needs.
You always have the opportunity to review the information we have on file about you and make necessary changes to ensure that our records are complete and accurate.
We exchange member information in response to lawful requests issued by a court, government agency, or regulatory authority or as permitted by law in order to administer or enforce the terms of your account(s) and/or agreements(s) with us. We also share information about you with various consumer credit reporting agencies.
Information we collect about you
We collect nonpublic personal information about you from the following sources:
• Information we receive from you on applications and other forms such as your name, address, social security number, assets and income.
• Information about your transactions with us, such as your account balance, payment history, parties to transactions.
• Information we receive from a credit reporting agency such as your credit worthiness and credit history.
• Information obtained when verifying the information you provide on an application or other forms. This may be obtained from your current or past employers or from other institutions where you conduct financial transactions.We may disclose and reserve the right to disclose all of the information that we collect, as described above, as permitted by law.
Parties who receive information from us:
We
may disclose non public personal information about you to the following
types of third parties:
•
Financial service providers, such as insurance companies,
mortgage bankers.
•
Non-financial companies, such as consumer reporting agencies,
financial statement publishers,
and government agencies, etc.
For
precautions which you may take to protect your personal information
and account:
•
Review your monthly account statements thoroughly and report any
suspicious activity to us immediately.
• Do
not response to e-mails requesting account numbers, passwords or
PIN's. Call the institution to verify the legitimacy of the e-mail.
•
Memorize PIN's and refrain from writing PIN's, Social security numbers, debit or credit card
numbers where they could be found.
•
Shred documents containing any sensitive information before
discarding, e.g.
bank statements.
•
Confirm that an Internet site is secure by checking that the URL
(Web address) begins with
"https".
•
Review your credit report at least once every year to make sure all
information is up to date.
Truth-In-Savings Disclosure
Share Savings Account
Rate Information:
The dividend rate and annual percentage yield may
change every month. We may change the dividend rate for your account
as determined by the credit union's board of directors.
Compound and Crediting:
Dividends will be compounded on a daily basis. Dividends will be
credited to your account every month.
For this
account type, the dividend period is monthly, for
example, the beginning date of the first dividend period of the
calendar year is January 1, and ending date of such dividend period
is January 3l. All other
dividend periods follow this same pattern of dates. The dividend
declaration date is the last day of the dividend period and for the
example above is January 31.
The
Daily Balance Computation Method:
Dividends
are calculated by the daily balance method which
applies a daily periodic rate to the balance in the account each day.
Accrual of Dividends on Non-cash Deposits:
Dividends
will begin to accrue on the business day you place
noncash items (for example, checks) to your account.
Effects of Closing the Account:
If
you close the account prior to the regular dividend
posting date, you will be paid any accrued dividends as of the date
you close the account.
Share Certificate Account
Rate Information:
The
dividend rate on your certificate at the time of
purchase with an annual percentage yield at time of purchase will be
paid this rate until maturity.
Compound Frequency:
Unless otherwise paid, dividends will be compounded
every day.
Crediting Frequency:
Dividends
be credited to your account monthly. Alternatively, you
may choose to have dividends paid to you or other account once
dividends are credited rather than credited to this account.
Minimum
Balance Requirements:
The
minimum balance required to open this account is
$1,000.00. You
must maintain a minimum daily balance of $1,000.00 in your account
each day to obtain the disclosed annual percentage yield.
Daily Balance
Computation Method:
Dividends
are calculated by the daily balance method which
applies a daily periodic rate to the balance in the account each
day.
Accrual of Dividends
on Non-cash Deposits:
Dividends
will begin to accrue on the business day you place
noncash items (for example, checks) to your account.
Transaction
Limitations:
After
the account is opened, you may not make additions into
the account until the maturity date stated on the account.
You
may make withdrawals of principal from your account before maturity.
Principal withdrawn before maturity is included in the amount
subject to early withdrawal penalty. You can withdraw dividends
before maturity if you make arrangements with us for periodic
payments of dividends in lieu of crediting the account.
Time Requirements:
In
certain circumstances such as the death or incompetence
of an owner of this account, the law permits, or in some cases
requires, the waiver of the early withdrawal penalty. Other
exceptions may also apply, for example, if this is part of an IRA or
other tax-deferred savings plan.
Withdrawal of
Dividends Prior to Maturity:
The
annual percentage yield is based on an assumption that
dividends will remain in the account until maturity. A withdrawal
will reduce earnings.
Automatically
Renewable Account:
This
account will automatically renew at maturity. You may
prevent renewal if you withdraw the funds in the account at maturity
if we receive written or verbal notice from you. We can prevent
renewal if we mail notice to you at least 30 calendar days before
maturity.
If
either you or we prevent renewal, your funds will be placed in a
dividend-bearing account. Each renewal term will be the same or
similar as the original term,
beginning on the maturity
date. The dividend rate will be the same we offer on new certificate
accounts on the maturity date which have the same or similar term,
minimum balance, and other features as the original certificate
account.
Effects of Closing
the Account:
If
you close the account prior to the regular dividend
posting date, you will be paid any accrued dividends as of the date
you close the account.
IRA Share Savings Account
Rate Information:
The
dividend rate and annual percentage yield may change
every month.
We may change the dividend
rate for your account as determined by the credit union's board of
directors.
Compounding and Crediting:
Dividends
will be compounded on a daily basis.
Dividends will be credited to your account every month.
Dividend Period:
For
this account type, the dividend period is monthly,
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 January 31. All other dividend periods follow
this same pattern of dates.
The dividend
declaration date is the last day of the dividend period and for the
example above is January 31.
Minimum Balance Requirements:
No
minimum balance requirements apply to this account.
Daily Balance Computation Method:
Dividends
are calculated by the daily balance method which
applies a daily periodic rate to the balance in the account each day.
Accrual of Dividends on Non-Cash Deposits:
Dividends
will begin to accrue on the business day you place
noncash items (for example, checks) to your account.
Effects of Closing the Account:
If
you close the account prior to the regular dividend
posting date you will be paid any accrued dividends as of the date
you close the account.
Common Features
Transaction Limitation:
We
reserve the right to at any time require not less than
ten day notice for any withdraw over the amount of $20,000.00 in
writing.
Nature of Dividends:
Dividends
are paid from current income and available earnings,
after required transfers to reserves at the end of a dividend
period. (This disclosure further explains the dividend feature of
your non-term share account(s)).
National Credit Union Share Insurance
Fund:
Member
accounts in this credit union are federally insured by
the National Credit Union Share Insurance Fund.
Important Information About Procedures for Opening a New Account
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We will obtain a copy of your driver's license or other form of identifying documents.
