Truth-In-Savings Account Disclosures
Except as specifically described, the following disclosures apply to all of the accounts. All accounts described in this Rate and Fee Schedule are share accounts.
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 Certificate and IRA Share Certificate accounts, the Dividend Rate and Annual Percentage Yield are fixed and will be in effect for the term of the account. For Share, Share Draft, Vacation, Scottie Savers Club, Christmas Club, and IRA accounts, the Dividend Rate and Annual Percentage Yield may change quarterly as determined by the Credit Unionís Board of Directors. The Annual Percentage Yield is based on an assumption that dividends will remain on deposit until maturity. A withdrawal of dividends will reduce earnings.
Nature of Dividends. Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.
Dividends Compounding and Crediting. The compounding and crediting of dividends applicable to each account is 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 Period begins on the first calendar day of the Dividend Period and ends on the last calendar day of the Dividend Period. The Dividend Rates and Annual Percentage Yields are the rates and yields as of the last dividend declaration date which is set forth in the Rate Schedule.
Balance Information. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For all Share Certificate and IRA 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. For all other accounts, dividends are calculated by using an 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 determined by adding the full amount of principal in the account for each day of the period and dividing that figure by the number of days in the period.
Accrual of Dividends. For all accounts, dividends will begin to accrue on noncash deposits (e.g., checks) on the first business day after the day you make the deposit to your account. For all accounts, if you close your account before accrued dividends are credited, accrued dividends will not be paid.
Transaction Limitations. For Share and Vacation 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 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 a Christmas Club account, the entire balance will be paid to you by check or transferred to another account of yours on or after October 1 and the account will remain open. If you withdraw any of the account balance at any time, we will impose a fee of all dividends and close account. For Scottie Savers Club and Share Draft accounts, no account limitations apply. For Share Certificate and IRA Share Certificate accounts, your ability to make additional deposits to your account or withdrawals of dividends after your account is opened, and any limitations on such transactions, are set forth in the Rate Schedule. Withdrawals may be made but not enough to fall below the minimum required balance.
FOR SHARE CERTIFICATE AND IRA SHARE CERTIFICATE ACCOUNTS ONLY
Maturity. Your account will mature as indicated on this Rate and Fee Schedule 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 all 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 12 months and over - 30 days dividends; Terms of 24 months and over - 90 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:
Renewal Policy. The renewal policy for your accounts is as follows:
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.
The rates and fees appearing in this Schedule are accurate and effective for accounts as of the Effective Date indicated on this Rate and Fee Schedule. If you have any questions or require current rate and fee information on your accounts, please call the Credit Union.
FUNDS AVAILABILITY POLICY
General Policy. Our policy is to make funds from your deposits available to you on the first business day after the day we receive your deposit. At that time, you can withdraw the funds in cash and we will use the funds to pay checks that you have written. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays and Federal Holidays. If you make a deposit before 5:00 p.m. on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after 5:00 p.m. or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
Longer Delays May Apply. In some cases, we will not make all of the funds that you deposited by check available to you on the first business day after the day of your deposit. Depending on the type of check that you deposit, funds may not be available until the seventh business day after the day of your deposit. However, the first $200.00 of your deposit will be available on the first business day. **If we are not going to make all of the funds from your deposit available on the first business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take action after you have left the premises, we will mail you the notice by the day after we receive your deposit.** Funds you deposit by check may be delayed for a longer period under the following circumstances:
We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the third business day after the day of your deposit.
Special Rules for New Accounts. If you are a new customer, the following special rules will apply during the first 30 days your account is open: 1. The first $5,000.00 from a deposit of U.S. Treasury checks will be available on the first business day after the day of your deposit. The excess over $5,000.00 will be available on the seventh business day after the day of your deposit. Funds from wire transfers into your account will be available on the first business day after the day we receive the transfer. 2. Funds from deposits of cash and the first $5,000.00 of a dayís total deposits of cashierís certified, tellerís, travelerís, and state and local government checks will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you and you may have to use a special deposit slip. The excess of $5,000.00 will be available on the seventh business day after the day of your deposit. If you do not make the deposit in person to one of our employees, the first $5,000.00 will not be available until the second business day after the day of your deposit. Funds from all other check deposits will be available on the ninth business day after the day of your deposit.