Truth-in-Savings
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 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:
The minimum balance required to open this account is $150.00.
You must maintain a minimum daily balance of $150.00 in your account each day to obtain the disclosed annual percentage yield.
If you are not on payroll or have a loan, you must keep a minimum of $200.00 to keep your account open.
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.
Compounded Frequency:
Unless otherwise paid, dividends will be compounded every day.
Crediting Frequency:
Dividends will 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 noncash 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 Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty.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.
Effect 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 non-cash items (for example, checks) to your account.
Effect 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 a 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.