Truth in Savings

Please refer to our separate Schedule of Fees and charges applicable to each particular account.  Fees or other conditions could reduce the earnings on your account.  For all certificates penalties may apply for early withdrawal. 

Membership Accounts, Special Savings or Christmas Club Accounts, Payroll IRA Savings and Super Savers

Rate Information
After account opening the Dividend Rate and Annual Percentage Yield may change daily as determined by the Board of Directors.  The Dividend Rate and Annual Percentage Yield are the projected rates and yields that the Credit Union anticipates paying for the applicable dividend period. 
Accrual of Dividends
For cash and non-cash deposits, dividends will begin to accrue on the business day you deposit them in your account.  Dividends will be compounded and paid to your account on the last day of every calendar month.
Effect of Closing
Dividends are not paid on closed accounts.
Account Limitations
No more than six (6) transfers by telephone, preauthorized order, or automatic transfer to another account of the member or a third party will be permitted from any savings account per month.
Minimum Balance Requirements
The minimum deposit required to open these accounts and earn dividends is disclosed in the Savings & Checking Rates & Terms disclosure. The Super Saver and all IRA Savings accounts are tiered accounts which pay the stated interest rate that corresponds to the applicable deposit tier on the full balance in the account.  Refer to Savings Rate table.
Daily Balance Computation Method
Dividends are calculated by the daily balance method which applies a periodic rate to the balance in the account at the end of each day.
Dividend Period
For these account types, the dividend period is monthly.  For example, the beginning date of the dividend period of the calendar year is January 1 and the ending date of the dividend period is January 31.  All other dividend periods follow the same pattern of dates.  The dividend declaration date is each month at the regular monthly board meeting.
Nature of Dividends
Dividends are paid from current income and available earnings after transfers to reserves at the end of the dividend period.
Par Value of a Share
The par value of a share is $25.00
IRA Savings Accounts
If a non-qualified withdrawal is made from an IRA Savings Account, a fee will be charged for each withdrawal of funds.  (IRA Accounts may not be pledged, transferred or assigned.) Refer to Schedule of Fees & Charges.

High Yield Money Market Account

Rate Information
After account opening the Dividend Rate and Annual Percentage Yield may change daily as determined by the Board of Directors.  The Dividend Rate and Annual Percentage Yield are the projected rates and yields that the Credit Union anticipates paying for the applicable dividend period. 
Accrual of Dividends
For cash and non-cash deposits, dividends will begin to accrue on the business day you deposit them in your account.  Dividends will be compounded and paid to your account on the last day of every calendar month.
Effect of Closing
Dividends are not paid on closed accounts.
Account Limitations
No more than six (6) transfers by telephone, preauthorized order, or automatic transfer to another account of the member or a third party will be permitted from any savings account per month.
Minimum Balance Requirements
The minimum deposit required to open these accounts if $10,000.  You must maintain a minimum daily balance of $10,000 in your account to avoid a monthly fee.  If during any month your daily balance is below the required minimum, your account will be subject to a monthly fee once during the statement cycle.  However, the account is a tiered account which pays the stated interest rate that corresponds to the applicable deposit tier on the full balance in the account. If minimum monthly balance is not maintained, a monthly fee will be charged. Refer to Schedule of Fees & Charges.
Daily Balance Computation Method
Dividends are calculated by the daily balance method which applies a periodic rate to the balance in the account at the end of each day.
Dividend Period
For these account types, the dividend period is monthly.  For example, the beginning date of the dividend period of the calendar year is January 1 and the ending date of the dividend period is January 31.  All other dividend periods follow the same pattern of dates.  The dividend declaration date is each month at the regular monthly board meeting.
Nature of Dividends
Dividends are paid from current income and available earnings after transfers to reserves at the end of the dividend period.

BASIC Checking Account

Minimum Balance Requirements
No minimum balance requirements apply to this account.
Account Limitations
No transaction limitations apply to this account.

Interest Checking Account

Rate Information
After account opening the Dividend Rate and Annual Percentage Yield may change daily as determined by the Board of Directors.  The Dividend Rate and Annual Percentage Yield are the projected rates and yields that the Credit Union anticipates paying for the applicable dividend period. 
Accrual of Dividends
For cash and non-cash deposits, dividends will begin to accrue on the business day you deposit them in your account.  Dividends will be compounded and paid to your account on the last day of every calendar month.
Effect of Closing
Dividends are not paid on closed accounts.
Account Limitations
No transaction limitations apply to this account.
Minimum Balance Requirements
The minimum deposit required to open these accounts is $2,500.  You must maintain a minimum daily balance of $2,500 in your account to avoid a monthly fee.  If during any month your daily balance is below the required minimum, your account will be subject to a monthly fee once during the statement cycle.  However, the account is a tiered account which pays the stated interest rate that corresponds to the applicable deposit tier on the full balance in the account.  If minimum monthly balance is not maintained, a monthly fee will be charged. Refer to Schedule of Fees & Charges.
Daily Balance Computation Method
Dividends are calculated by the daily balance method which applies a periodic rate to the balance in the account at the end of each day.
Dividend Period
For these account types, the dividend period is monthly.  For example, the beginning date of the dividend period of the calendar year is January 1 and the ending date of the dividend period is January 31.  All other dividend periods follow the same pattern of dates.  The dividend declaration date is each month at the regular monthly board meeting.
Nature of Dividends
Dividends are paid from current income and available earnings after transfers to reserves at the end of the dividend period. Please refer to our separate General Service Charges for fees applicable to each particular account.  Fees or other conditions could reduce the earnings on your account.

Please refer to our separate General Service Charges for fees applicable to each particular account.  Fees or other conditions could reduce the earnings on your account.

TRUTH-IN-SAVINGS ACCOUNT DISCLOSURE FOR CERTIFICATES

Effective March 1, 2008

Rate Information
The Dividend Rate and Annual Percentage Yield may change daily as determined by the Board of Directors. The Annual Percentage Yield is based on an assumption that dividends will remain on deposit until maturity. Withdrawal of dividends reduces earnings and the Annual Percentage Yield. For all certificates, the Dividend Rate and the Annual Percentage Yield are fixed and will be in effect for the term of the certificate except as stated in the next paragraph. The Dividend Rate and Annual Percentage Yield are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.
Plus-rate feature
 A Plus-rate feature may be attached to any certificate term determined by the Board of Directors from time to time. With a Plus-rate feature, you have the option to exercise a one-time or two-time rate change during the term of the certificate. A certificate with a Plus-rate feature is a variable rate account. The Dividend Rate and the Annual Percentage Yield disclosed for a Plus-rate certificate do not take into consideration a rate change during the term. 
Minimum Balance Information
The minimum balance required to open each certificate type is set forth in the Certificate Rate Table. IRA Certificates are issued with a minimum $1,000 deposit.
Daily Balance Computation Method, Compounding & Crediting
Dividends are calculated by the daily balance method that applies a daily periodic rate to the balance in the certificate account each day. Dividends are compounded daily. Dividends will be credited to your certificate account every month. Alternatively, you may choose to have dividends paid to another account every month rather than credited to the certificate account. You may have the dividends paid to you by check every month if the certificate account balance is equal to or greater than $5,000.00.
Accrual of Dividends
For cash and non-cash deposits, dividends will begin to accrue on the business day you place them in your certificate account. Dividends are available to the owner(s) of the certificate once the dividends have been paid and may be withdrawn without penalty.
Dividend Period
For these account types, the dividend period is monthly, for example, the beginning date of the 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 each month at the monthly board meeting.
Partial Withdrawals
Partial withdrawals are allowed prior to maturity. The amount withdrawn is subject to early withdrawal penalties. The remaining balance must meet the minimum opening balance requirements of the certificate.
Certificate & IRA Certificate Early Withdrawal Penalties
For certificates with terms one year or less, the penalty is 90 days dividends on the amount withdrawn. For certificates with terms greater than one year, the penalty is 180 days dividends. In addition to the early withdrawal penalty, non-qualifying withdrawals from an IRA certificate will be charged a fee. Refer to Schedule of Fees & Charges.
Exceptions to Certificate Early Withdrawal Penalties
A dividend penalty will not be imposed for early withdrawals of certificate funds in the event the withdrawal is subsequent to the death or disability of any owner listed on the certificate. However, if the member was disabled at the time the certificate was opened, the “Exception to Certificate Early Withdrawal Penalties” does not apply.
Exceptions to IRA Certificate Early Withdrawal Penalties
A dividend penalty will not be imposed if (1) the IRA account holder is 70 1/2 and the withdrawal is required to meet the normal or required IRS distribution of retirement funds; or (2) the member has an IRS qualified withdrawal.
Renewal Policy
These certificates will automatically renew at maturity for the same term at the current Dividend Rate available. You can prevent renewal by contacting the credit union before maturity of your intention not to renew.  You can withdraw the funds in the certificate account at maturity by check or through automatic transfer.
Grace Period
There is no grace period after maturity.  A 30-day advance notice of maturity is provided to all account holders.
Exceptions to Renewal Policy for CU Succeed Teen Club Members
Certificates maturing on club accounts after members reach age of 19 must meet the minimum balance requirement of the regular certificate terms and conditions at maturity or the funds will revert to the Share Savings Account and earn the current dividend and annual percentage yield in effect at that time.
Account Limitations
After a certificate account is opened, you may not add funds to the certificate account until the maturity date stated on the certificate.