Savings Account Disclosures

Truth-In-Savings Account Disclosures

Except as specifically described, the following disclosures apply to all of the accounts.

Rate Information. The Annual Percentage yield is a percentage rate that reflects the total amount of interest to be paid on an account based on the interest rate and frequency of compounding for an annual period. For all accounts, the Interest Rate and Annual Percentage yield may change at any time as determined by the Credit Union’s Board of Directors. Regular share and platinum money market accounts are tiered rate accounts. 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.

Interest Compounding and Crediting. The compounding and crediting of interest applicable to each account are set forth in the Rate Schedule. The Interest Period begins on the first calendar day of the period and ends on the last calendar day of the period.

Accrual of Interest. For all accounts, interest will begin to accrue on cash or non cash deposits (e.g. checks) on the business day you make the deposit to your account. For all accounts, if you close your account before accrued interest is credited, accrued interest will not be paid.

Balance Requirement Information. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For Regular Share, Christmas / Vacation Club, and Platinum Money Market Accounts, there is a minimum balance required to obtain the annual percentage yield for the interest period. The account must maintain an actual daily balance greater than or equal to that balance for the entire interest period to be eligible for interest calculations. If the account falls below the minimum balance, interest will not be paid. For the Check Plus Account, interest is calculated using the Daily Balance Method. Interest will not be paid for each day the daily balance is less than the required amount.

Account Limitations. For your Christmas Club Account, you may transfer or withdraw the balance between November 1 and December 24. If you withdraw any of the account balance at any other time, we may close your account for one (1) year. For Vacation Club Account, you may transfer or withdraw the balance between May 1 and July 31. If you withdraw any of the account balance at any other time, we may close your account for one (1) year. Commercial / Business Checking Accounts are restricted from earning a dividend.