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Disclosures
MONEY MARKET ACCOUNT
Rate information – Please refer to our Rates Web page for the latest rates. The dividend rate for this account is determined at the discretion of the board of directors. The dividend rate and annual percentage yield may change at any time.
Minimum Balance to open this account - $2,500.00
Withdrawal limitations – Maximum number of all withdrawals or transfers per calendar month is limited to to six (6) withdrawals. Withdrawals can be any combination of check withdrawals, over the counter, home banking or ACH. Maximum number of withdrawals by check per calendar month is limited to three (3) withdrawals. First order of fifty (50) checks is printed at no-charge to the member. If the withdrawals per calendar month reach six (6) occurrences, any future withdrawals requested during the same calendar month will be rejected. Any check presentment for payment that exceeds three (3) per calendar month will be rejected, and will be returned back to the member as an NSF (non-sufficient funds) Regulation D return.
Nature of Dividends – Dividends are paid from current income and available earnings, after required transfers to reserves at the end of the dividend period.
Crediting frequency – Dividends will be credited into Money Market accounts monthly.
Compounding frequency – Dividends will be compounded monthly.
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 1st, and the ending date of such dividend period is January 31st. All other dividend periods follow this same pattern of dates. The dividend declaration date is the same as the ending date of a dividend period and for the example above is January 31st.
Effect of closing an account – If you close your account before dividends are paid, you will not receive the accrued dividends.
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 minimum balance to compute dividends in the Money Market account is $2,500.00. If at any time the balance falls below $2,499.99, no dividends will be accrued for that daily computation period. The period we use to make this calculation is monthly.
Minimum Balance to Obtain the Disclosed Annual Percentage Yield – You must maintain a minimum average daily balance of $2,500.00 in your account to obtain the disclosed annual percentage yield.
Addition limitations – You may make unlimited additions into your account.
Monthly Fees – Money Market has no monthly fees when you maintain a minimum monthly balance of $2,500.00. Dividends will not be paid on balances of $2,499.99 and below.
ATM Access – Money Market accounts are not accessible for ATM Card Withdrawal Access.
Overdraft restrictions – The Money Market account is not available as overdraft protection or for use as loan collateral.
PRIME SHARE ACCOUNT
Rate information
Please refer to our Rates Web page for the latest rates. The dividend rate for this account is determined at the discretion of the board of directors. The dividend rate and annual percentage yield may change at any time.
Minimum Balance to Open
The minimum balance to open this account is $25.00.
Transfer Limitations
During any statement period, you may not make more than six transfers to another account of yours or to a third party by means of preauthorized or automatic transfer, or telephone order or instruction. No more than 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 this statement, your account will be subject to closure.
Withdrawal Notice
We reserve the right to at any time require not less than seven days notice in writing before each withdrawal.
Fees and Charges
The following fees and charges apply to this account: An excessive
withdrawal fee of $5.00 will be charged for each withdrawal in excess of six
during a quarter. A transfer fee of $1.00 will be charged for each automatic
overdraft transfer to your share draft account.
I.R.A.
Rate information
Please refer to our Rates Web page for the latest rates. The dividend rate for this account is determined at the discretion of the board of directors. The dividend rate and annual percentage yield may change at any time.
Minimum Balance to Open
The minimum balance required to open this account is $100.00.
Withdrawal Limitations
You may not make any withdrawals or transfers to another credit union account of yours or to a third party by means of preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party.
CHRISTMAS CLUB ACCOUNT
Rate information
Please refer to our Rates Web page for the latest rates. The dividend rate for this account is determined at the discretion of the board of directors. The dividend rate and annual percentage yield may change at any time.
Minimum balance to open
The minimum balance required to open this account is $10.00.
Withdrawal limitations
You may not make withdrawals or 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. If any withdrawal is made from this account before October 1, then this account may be closed. A fee of $10.00 will be charged if this account is closed prior to October 1st.
COMMON FEATURES of PRIME SHARES, IRA and CHRISTMAS CLUB
Nature of Dividends
Dividends are paid from current income and available earnings, after required transfers to reserves at the end of the dividend period.
Crediting Frequency
Dividends will be credited to this account quarterly.
Compounding Frequency
Dividends will be compounded monthly.
Dividend Period
For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1st, and the ending date of such dividend period is March 31st. All other dividend periods follow this same pattern of dates. The dividend declaration date is the same as the ending date of a dividend period, and for the example above is March 31st.
Effect of Closing an Account
If you close your account before dividends are paid, you will not receive the accrued dividends.
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 to make this calculation is quarterly.
Accrual of Dividends on Noncash Deposits
Dividends will begin to accrue on the business day you place noncash items (for example, checks) into your account.
Minimum Balance to Obtain the Disclosed Annual Percentage Yield
You must maintain a minimum average daily balance of $100.00 in your account to obtain the disclosed annual percentage yield.
Addition Limitations
You may make unlimited additions into your account.
SHARE DRAFT ACCOUNTS
Rate information
Please refer to our Rates Web page for the latest rates. The dividend rates for the Advantage Plus and Advantage accounts are determined at the discretion of the board of directors. The dividend rate and annual percentage yield may change at any time. Basic Checking does not earn dividends.
Nature of dividends
Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.
Crediting frequency
Dividends will be credited into Advantage and Advantage Plus accounts monthly.
Compounding frequency
Dividends will be compounded monthly.
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 1st,
and the ending date of such dividend period is January 31st. All other dividend periods follow this same pattern of dates. The dividend declaration date is the same as the ending date of a dividend period, and for the example above is January 31st.
Effect of closing an account
If you close your account before dividends are paid, you will not receive the accrued dividends.
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 begin to accrue on the business day you place noncash items (for example, checks) into your account.
Minimum Balance to Obtain the Disclosed Annual Percentage Yield
You must maintain a minimum average daily balance of $1,500.00 in your account to obtain the disclosed annual percentage yield.
Addition limitations
You may make unlimited additions into your account.
Monthly Fees
Advantage Checking has no monthly fee when you maintain a minimum monthly balance of $100. A $7 monthly fee will be charged should your balance fall below $100. Advantage Plus Checking requires a $5 monthly membership fee.
Examination
We may disregard information on any draft or check, other than the signature of the drawer, the amount and magnetic coding. You agree we do not fail to exercise ordinary care in paying an item solely because our procedures do not provide for site examination of items.
90 DAY SHARE CERTIFICATE
Rate information
Please refer to our Rates Web page for the latest rates. The dividend rate for this account is determined at the discretion of the board of directors. The dividend rate and annual percentage yield may change at any time.
Dividend period
For this account type, the dividend period is 90 days.
Time requirements - This account matures ninety day(s) after account opening.
Early withdrawal penalties
The penalty will equal thirty days' dividends on the amount withdrawn subject to penalty. The dividend rate we will use to calculate this early withdrawal penalty will be the dividend rate in effect at the beginning of the term. There are certain circumstances, such as the death or incompetence of an owner, where we may waive or reduce this penalty. See your plan disclosure if this account is part of an IRA, Keogh or other tax qualified plan.
182 DAY SHARE CERTIFICATE
Rate information
Please refer to our Rates Web page for the latest rates. The dividend rate for this account is determined at the discretion of the board of directors. The dividend rate and annual percentage yield may change at any time.
Dividend period - For this account type, the dividend period is 182 days.
Time requirements
This account matures one hundred eighty two day(s) after account opening.
Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity)
The penalty will equal sixty days dividends on the amount withdrawn subject to penalty. The dividend rate we will use to calculate this early withdrawal penalty will be the dividend rate in effect at the beginning of the term. There are certain circumstances, such as the death or incompetence of an owner, where we may waive or reduce this penalty. See your plan disclosure if this account is part of an IRA, Keogh or other tax qualified plan.
12 MONTH SHARE CERTIFICATE
Rate information
Please refer to our Rates Web page for the latest rates. The dividend rate for this account is determined at the discretion of the board of directors. The dividend rate and annual percentage yield may change at any time.
Dividend period
For this account type, the dividend period is 12 months.
Time requirements
This account matures twelve months after account opening.
Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity)
The penalty will equal one hundred twenty days dividends on the amount withdrawn subject to penalty. The dividend rate we will use to calculate this early withdrawal penalty will be the dividend rate in effect at the beginning of the term. There are certain circumstances, such as the death or incompetence of an owner, where we may waive or reduce this penalty. See your plan disclosure if this account is part of an IRA, Keogh or other tax qualified plan.
18 MONTH SHARE CERTIFICATE
Rate information
Please refer to our Rates Web page for the latest rates. The dividend rate for this account is determined at the discretion of the board of directors. The dividend rate and annual percentage yield may change at any time.
Dividend period
For this account type, the dividend period is 18 months.
Time requirements
This account matures 18 months after account opening.
Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity)
The penalty will equal one hundred eighty days dividends on the amount withdrawn subject to penalty. The dividend rate we will use to calculate this early withdrawal penalty will be the dividend rate in effect at the beginning of the term. There are certain circumstances, such as the death or incompetence of an owner, where we may waive or reduce this penalty. See your plan disclosure if this account is part of an IRA, Keogh or other tax qualified plan.
24 MONTH SHARE CERTIFICATE
Rate information
Please refer to our Rates Web page for the latest rates. The dividend rate for this account is determined at the discretion of the board of directors. The dividend rate and annual percentage yield may change at any time.
Dividend period
For this account type, the dividend period is 24 months.
Time requirements
This account matures twenty four months after account opening.
Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity)
The penalty will equal two hundred forty days dividends on the amount withdrawn subject to penalty. The dividend rate we will use to calculate this early withdrawal penalty will be the dividend rate in effect at the beginning of the term. There are certain circumstances, such as the death or incompetence of an owner, where we may waive or reduce this penalty. See your plan disclosure if this account is part of an IRA, Keogh, or other tax qualified plan.
COMMON FEATURES OF SHARE CERTIFICATES
Limitations on Rate Changes
The dividend rate for your account will never be less than 0%.
Crediting Frequency
Dividends will be credited into this account monthly. We will not credit dividends to this account, but dividends will be credited into another account of yours monthly. We will credit dividends to this account, but dividends will be mailed by check monthly.
Compunding Frequency
Dividends will be compounded monthly.
Callable Account
We may call (terminate) this account, at our option, with a 30-day notice.
Withdrawal of Dividends Prior to Maturity
the annual percentage yield is based on an assumption that dividends will remain in the account until maturity. A withdrawal will reduce earnings.
Automatically Renewable Account
Your account will automatically renew at maturity. Each renewal term will be the same as the original term; you will have a grace period of ten calendar days after maturity to withdraw the funds without being charged an early withdrawal penalty. You may prevent renewal if you withdraw the funds in the account at maturity (or within the month)
Non-Automatically Renewable Account
This account will not automatically renew at maturity.
Final Maturity
If your account is not renewed, the funds in your account will be placed in a divided-bearing 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 to make this calculation is monthly.
Accrual of Dividends on Noncash Deposits
Dividends will begin to accrue on the business day you place noncash items (for example, checks) into your account.
Minimum Balance to Open
The minimum balance required to open these accounts is $1,000.00 - $2,500.00, depending on the term.
Addition Limitations
After the account is opened, you may not make additions into the account until the maturity date stated on the account.
Withdrawal limitations
You may make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty. You can only withdraw dividends credited in the term before maturity of that term without penalty. You can withdraw dividends anytime during the term after they are credited to your account.
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