Truth in Savings
Deposit Accounts
Except as specifically described, the following disclosures apply to all deposit accounts.
- Rate Information. The Dividend Rate and Annual Percentage Yield on your accounts as of the last dividend Declaration Date are set forth above. 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 a 365-day period. The Dividend Rate and Annual Percentage Yield may change monthly.
- Nature of Dividends. Dividends are paid from current income and available earnings after providing for the required reserves. The Dividend Rates and Annual Percentage Yields are prospective rates that the Credit Union anticipates paying for the applicable dividend period.
- Compounding and Crediting. Dividends will be compounded and credited as set forth above. The Dividend Period for each account is set forth above. The Dividend Period begins on the first calendar day of each month and ends on the last calendar day of each month.
- Accrual of Dividends. Dividends will begin to accrue on cash and non-cash (e.g. checks) deposits on the business day you make the deposit to your account. Dividends are forfeited if the account is closed for any reason prior to scheduled dividend payment date.
- Balance Information. The minimum balance required to open each account is established on the Rates page. Dividends and minimum balances are calculated using the balance method defined in each section. The Average Daily Balance method is determined by adding the full amount of principal in the account each day of the period and dividing that figure by the number of days in that period. The Daily Balance method applies a daily periodic rate to the principal balance in the account each day.
- Account Limitations. The account limitations for each account are as established on the Rates page. For a Savings account in which transfer limitations apply, no more than six (6) preauthorized, automatic or telephone transfers may be made from these accounts to another of yours or to those of 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.
- Par Value Requirements. The Par Value of a membership share is $25.00. This must be fully paid to become a member or maintain membership or to receive and maintain any accounts or services with us. The sum of your membership share shall be paid into and retained in your savings account.
