Except as specifically described, the following disclosures apply to all accounts. All accounts described in this Truth-In-Savings Disclosure are share 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 Share and
Kid's Klub accounts, the Dividend Rate and Annual Percentage Yield may change
monthly as determined by the Credit Union's Board of Directors. The Share and
Kid's Klub Share accounts are Tiered Rate accounts. If your daily balance is
$999.99 or below, the first Dividend Rate and Annual Percentage Yield listed for
this account in the Rate Schedule will apply. If your daily balance is from
$1,000.00 to $2,499.99, the second Dividend Rate and Annual Percentage Yield
listed for this account will apply. If your daily balance is from $2,500.00 to
$4,999.99, the third Dividend Rate and Annual Percentage Yield listed for this
account will apply. If your daily balance is from $5,000.00 to $39,999.99, the
fourth Dividend Rate and Annual Percentage Yield listed for this account will
apply. If your daily balance is greater $40,000.00, the fifth Dividend Rate and
Annual Percentage Yield listed for this account will apply. Once a particular
balance range is met, the Dividend Rate and Annual Percentage Yield for that
balance range will apply to the full balance of your account.
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 of
dividends are dividend period applicable to each account are set forth in the Rate
Schedule. The Dividend Period is the period of time at the end of which an
account earns dividend credit. The Dividend Rates and Annual Percentage Yield
are the rates and yields as of the last dividend declaration date which is set forth
in the Rate Schedule.
4. Accrual of Dividends. For all accounts, dividends will begin to accrue on
noncash deposits (e.g. checks) on the day the Credit Union receives provisional
credit. If you close your account before accrued dividends are credited, accrued
dividends will not be paid.
5. Balance Information. To open an account, you must deposit or already have on
deposit at least the par value of one full share account. The par value amount is
stated in the Fee Schedule. Some accounts may have additional minimum
opening deposits. The minimum balance requirements applicable to each
account are set forth in the Rate Schedule. To avoid a service fee for the
dividend period there is a minimum average daily balance required on Share
accounts. If the required balance is not met, there will be a service fee as set
forth in the Fee Schedule. For all 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 Annual Percentage Yield.
For accounts using the Daily Balance method as stated on the Rate Schedule,
dividends are calculated by applying a periodic rate to the balance in the account
6. Account Limitations. For Share and Kid's Klub Share accounts, no more than
six (6) preauthorized, automatic, or telephone transfers may be made from these
accounts to another account of yours or to a third party in any month, and no
more than six (6) 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 Share accounts, six (6) withdrawals per
month are allowed, after which a fee will be imposed. 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 for
information regarding the availability of funds in your account. Fees for over-
drawing your account may be impossed 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.
** Fees could reduce earnings on the account.