|
Account |
Rate |
APY* |
Penalty |
Minimum |
|
Share |
0.10% |
0.10% |
N/A |
$50.00 |
|
Sub-share |
0.10 |
0.10 |
N/A |
N/A |
|
Checking |
0.05 |
0.05 |
N/A |
N/A |
|
Club** |
0.10 |
0.10 |
5.00 |
N/A |
|
Money Market*** |
0.05 |
0.05 |
N/A |
2,500.00 |
Share Certificate |
Rate |
APY* |
Penalty |
Minimum |
6 Month |
0.10 |
0.10 |
90 days |
2,000.00 |
|
12 Month |
0.15 |
0.15 |
90 days |
2,000.00 |
|
0.30 |
0.30 |
90 days |
2,000.00 |
|
|
36 Month |
0.50 |
0.50 |
180 days |
2,000.00 |
|
60 Month |
0.75 |
0.75 |
180 days |
2,000.00 |
* Annual Percentage Yield
** Christmas Club will mature on October 1. Vacation Club will mature on June 30. Summer Savings Club maturity depends on club type.
*** Maximum withdrawals: 6 per month. Account earns Checking Account rate if it falls below minimum balance.
All rates, penalties and minimum balances subject to
change without notice. Note that fees could reduce the earnings on the
account.
This credit union is federally insured by the National Credit Union
Administration.
TRUTH-IN-SAVINGS ACCOUNT DISCLOSURES
Except as specifically described, the following disclosures apply to all accounts. All accounts described in this document are share accounts.
1. Par Value. The minimum required to open and maintain an account is the purchase of one share in the credit union at a par value of $50.00.
2. Rate Information. The Annual Percentage Yield (APY) 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. The
dividend rate and APY for all accounts may change daily, as determined by
the credit
union’s board of directors.
3. Nature of Dividends. Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.
4. Dividend Compounding and Crediting. The compounding of dividends for all accounts is monthly. If you close your account before dividends are paid, you will not receive the accrued dividends.
5. Accrual of Dividends. For all account types dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account.
6. Dividend Period. For all account types, 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 coincides with the ending date of a dividend period, and for this example is January 31.
7. Balance Information. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For Share Accounts there is a minimum balance required to remain a member of the credit union. For Money Market Accounts there is a minimum daily balance required to earn the stated APY for the dividend period. If the minimum daily balance is not met, you will not earn the stated APY. All accounts use a daily balance calculation method. Dividends are calculated by applying a daily periodic rate to the principal in the account each day.
8. Account Limitations. For Club Accounts, the entire balance will be transferred to your Share Account or mailed to you as a check on or after the club’s maturity date, and the account will remain open. The APY and maturity date for Share Certificates is set on the issue date. Withdrawals before the maturity date of Club and Certificate Accounts will be subject to an early withdrawal penalty.
9. Inactivity. After one year of no activity: Checking Accounts may be closed and any remaining balance transferred to the Share Account; Share Accounts may be charged an Inactive Account fee.