Truth in Savings Disclosure
Last Updated: 11/13/2013
REGULAR SHARE ACCOUNT
$PECIAL $HARE ACCOUNT
Rate Information:
The dividend rate and annual percentage yield may change every dividend period. We may change the dividend rate for your account as determined by the credit union board of directors.
Compounding and crediting- Dividends will be compounded every month. 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 the same pattern of dates. The dividend declaration date follows the ending date of the dividend periods, and for the above is January 31.
If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements:
The minimum required to open this account is the purchase of a share in the credit union. Please see the bylaw requirements in the Common Features section of the important information for our members disclosure.
Average daily balance computation method- Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance 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. The period we use is the monthly statement cycle.
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:
The minimum credit union check withdrawal we allow is $20.00 per withdrawal.
During any statement period, you may not make more than six withdrawals or transfers to another credit union account of your or to a third party by means of a preauthorized or automatic transfer, computer transfers, or telephonic order or instruction. No more that three of the six transfers may be made by check, draft, debit card (if applicable), or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the credit union.
Par value of a share:
The par value of a share in this account is $5.00.
Fees and charges:
Excess transaction fees of $2.00 per transaction may be charged for check withdrawals in excess of two per month and transfers in excess of two per month. A minimum withdrawal fee of $2.00 will be charged for each withdrawal that is less than $20.00, and each transfer that is less than $100.00.
PASSPORTE CHECKING ACCOUNT
Minimum balance requirements:
The minimum balance required to open this account is $25.00.
Transaction limitations:
The minimum credit union transfer to the Share draft account is $100.00.
The minimum credit union check withdrawal we allow is$20.00 per withdrawal.
WEALTH BUILDER MONEY MARKET ACCOUNT
The Credit Union reserves the right, at its sole discretion, to refuse to open a Money Market account or accept any further deposits.
Rate Information:
The dividend rate and annual percentage yield may change every month. We may change the dividend the dividend rate for your account as determined by the credit union board of directors.
Compounding and Crediting – Dividends will be compounded every month. 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 if 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 January31. If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements:
The minimum balance required to open this account is $25,000.00.
If this account falls below $25,000.00 the dividends paid on the account will be computed at a lower rate as declared by the Board of Directors.
Average daily balance computation method – Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the 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. The period we use is the monthly statement cycle.
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:
During any statement period, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, computer transfers, or telephonic order or instruction. No transfers may be made by check, draft, debit card (if applicable), or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the credit union.
Par value of a share:
The par value of a share in this account is $1.00.
Fee and changes:
An excess withdrawal fee of $20.00 will be charged for each withdrawal in excess of two during a month.
IRA
Rate Information:
The dividend rate and annual percentage yield may change every dividend period. We may change the dividend rate for your account as determined by the credit union board of directors.
Compounding and crediting – Dividends will be compounded every month. 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 follows the ending date of a dividend period, and for the example above is January 31. If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements:
The minimum balance required to open this account is $100.00
Average daily balance computation method – Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the 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. The period we use is the monthly statement cycle.
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:
You may not make any withdrawals of transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party.
CHRISTMAS CLUB ACCOUNT
Rate Information:
The dividend rate and annual percentage yield may change every dividend period. We may change the dividend rate for your account as determined by the credit union board of directors.
Compounding and crediting – Dividends will be compounded every month. 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 follows the ending date of a dividend period, and for the example above is January 31. If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements:
No minimum balance requirements apply to this account.
Average daily balance computation method – Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the 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. The period we use is the monthly statement cycle.
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:
The maximum deposit we allow is $1,000.00 per month.
The minimum deposit we allow is $5.00 per deposit.
This account is subject to early withdrawal penalties and will automatically renew upon maturity. Any withdrawal prior to maturity is subject to a $20.00 fee.
Withdrawals are limited to the balance in the account after being subject to the early withdrawal fee of $20.00.
Each participation year goes from November 2nd through November 1st of the following year. You may sign up at any time during this period. The balance in this account will be disbursed by check or transferred to your savings or checking between November 1st and November 15th. Please note that this account is on-going and automatically renews each year. Your payroll deduction to the Christmas Club account will continue until you notify us to cancel. Following maturity, we allow a 30-calendar day grace period to withdraw the balance without penalty.