Share Savings Accounts

The terms applicable to your account at the credit union are provided in this Truth-in-Savings Disclosure. Rates and fees are covered in the Rate Schedule and Fee Schedule. Except as specifically described, the following disclosures apply to all Regular, Christmas, Vacation, and IRA Share Savings Accounts.

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 Regular, Christmas, Vacation, and IRA Share Savings accounts, the dividend rate and annual percentage yield may change quarterly as determined by the Credit Union’s Board of Directors. The dividend rates and annual percentage yields are the rates and yield as of the last dividend declaration date, which is set forth in the Rate Schedule.

2. Nature of Dividends – Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.

3. Dividend Compounding and Crediting – The compounding and crediting frequency of dividends and the dividend period applicable to each account are stated in the Rate Schedule. The dividend period is the period of time at the end of which an account earns dividend credit. The dividend period begins on the first calendar day of the period and ends on the last calendar day of the period.

4. 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. If you close your account before accrued dividends are credited, you will not receive the accrued dividends.

5. Balance Information – To open any account, you must deposit or already have on deposit at least the par value of one full share in a Share account. The par value amount is stated in the Fee Schedule. Some accounts may have additional minimum opening deposit requirements. The minimum balance requirements applicable to each account are stated in the Rate Schedule. For Regular, Christmas, Vacation, and IRA Share Savings accounts, there is a minimum daily balance required to obtain the annual percentage yield for the dividend period. If the minimum daily balance is not met, you will not earn the stated annual percentage yield. For accounts using the daily balance method as stated on the Rate Schedule, dividends are calculated by applying a daily periodic rate to the balance in the account each day.

6. Account Limitations – For Regular, Christmas, Vacation, and IRA Share Savings accounts, no more than six (6) preauthorized automatic, or telephone transfers may be made from each account to another account or to a third party in any month, and no more than three (3) of these six (6) transfers may be made by check, draft, or debit card to a third party. If you exceed these limitations, your account may be subject to a fee or be closed. For Christmas accounts, the entire balance will be transferred to another account of yours on or after October 1 and the account will remain open. For Share Draft accounts, no account limitations apply.

7. Fees for Overdrawing Accounts – Fees may be imposed on each check, draft, item, ATM card withdrawal, debit card point of purchase, preauthorized automatic debit, telephone initiated withdrawal or any other electronic withdrawal or transfer transaction that is drawn on an insufficient available account balance. The entire balance in your account may not be available for withdrawal, transfer or paying a check, draft or item. You may consult the Funds Availability Policy Disclosure for information regarding the availability of funds in your account. Fees for overdrawing your account may be imposed for each overdraft, regardless of whether we pay or return the draft, item or transaction. If we have approved an overdraft protection limit for your account, such fees may reduce your approved limit. Please refer to the Fee Schedule for current fee information.


Share Certificate Accounts

The rates and terms applicable to your account at the credit union are provided in this Truth-in-Savings Disclosure and the Rate Schedule. Applicable fees are covered in the Fee Schedule. Except as specifically described, the following disclosures apply to all Regular and IRA Share Certificate Accounts.

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 compounding for an annual period. For Share Certificate accounts, the dividend rate and annual percentage yield are fixed and will be in effect for the 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. 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. Dividend Compounding and Crediting – The compounding and crediting frequency of dividends are stated in the Rate Schedule.

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 (1) full share in any account. The par value amount is $5.00. For Share Certificate accounts, dividends are calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.

5. Accrual of Dividends – For Share Certificate accounts, dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account. If you close your account before accrued dividends are credited, accrued dividends will not be paid.

6. Transaction Limitations – For all accounts, after your account is opened you may make withdrawals subject to the early withdrawal penalties stated below.

7. Maturity – Your account will mature as indicated on this Truth-in-Savings Disclosure or on your Account Receipt or Renewal Notice.

Early Withdrawal Penalty – We may impose a penalty if you withdraw any of the principal before the maturity date.

Amount of Penalty – For Share Certificate accounts, the amount of the early withdrawal penalty is based on the term of your account. The penalty schedule is as follows:

Terms of 6 months 60 days’ dividends
Terms of 12 months 90 days’ dividends
Terms of 24 and 36 months 180 days’ dividends
Terms of 60 months 270 days’ dividends



How the Penalty Works – The penalty is calculated as a forfeiture of part of the dividends that have been or would be earned on the account. It applies whether or not the dividends have been earned. In other words, if the account has not yet earned enough dividends or if the dividend has already been paid, the penalty will be deducted from the principal.

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:

(i) When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.
(ii) Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after 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 59½ or becomes disabled.

Renewal Policy – The renewal policy for your accounts is indicated in the Rate Schedule. For Share Certificate accounts, your account will automatically renew for another term upon maturity. You have a grace period of five (5) days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty.

Nontransferable/Nonnegotiable – Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation of an owner, except obligations with the Credit Union.