Consumer Deposit Rates

Truth in Savings Disclosure

The following disclosures apply to all Consumer deposit accounts, as applicable. These terms and conditions do not apply to Business deposit accounts.

1. Rate Information. The Dividend Rate (DR) and Annual Percentage Yield (APY) on your accounts are set forth above. The DR and APY are declared at the end of the dividend period and may change as determined by the Board of Directors. The rate cited is as of the last declaration of the Board of Directors. Express Checking and Money Market Savings accounts are Tiered Rate Accounts. For these accounts, The Dividend Rate for a particular tier will apply to the entire account balance if the account balance is within the balance range for that tier. For Certificate Accounts, the Dividend Rate and Annual Percentage Yield are fixed and will be in effect for the term of the account. For Summit Share Certificate accounts, you may elect to increase the Dividend Rate to the current Dividend Rate for Summit Share Certificates. You may increase the Dividend Rate once during the term for Single Step Summit Share Certificates and twice during the term for Dual Step Summit Share Certificates. For Certificate accounts, the Annual Percentage Yield is based on an assumption that dividends will remain on deposit until maturity. A withdrawal of dividends will reduce earnings.

2. Nature of Dividends. Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period. The Dividend Rate and Annual Percentage Yield set forth above are the rates and yields for the last dividend period as set forth above.

3. Compounding and Crediting. Dividends will be compounded and credited as set forth above. The Dividend Period begins on the first calendar day of the period and ends on the last calendar day of the period. For certificate accounts, the Dividend Period is the term of the account. For all other accounts the period is monthly or quarterly as stated above.

4. Accrual of Dividends. Dividends will begin to accrue on noncash deposits (e.g., checks) on the business day you make the deposit to your account. If you close your account before accrued dividends are credited, accrued dividends will not be paid.

5. Balance Information. The minimum balance required to open each account and earn the stated Annual Percentage Yield is set forth above. If you do not maintain the required minimum balance, you will not earn the stated Annual Percentage Yield. For all accounts, dividends are calculated using the Daily Balance method, in which dividends are calculated by applying a periodic rate to the average daily balance in the account for the dividend period. 

6. Account Limitations. For all accounts except checking accounts, no more than six preauthorized, automatic, or telephone transfers may be made from these accounts to another account of yours, or to a third party, in any month. If you exceed these limitations, your account may be subject to a fee or be closed. For a Holiday account, the entire balance will be paid to you by check or transferred to another account of yours on or after November 1 and the account will remain open. If more than one withdrawal is made from this account before the end of the term, then the account will be closed.

7. Certificate Account Features.
a. Account Limitations. After your account is opened, you may not make additional deposits to a Certificate account unless otherwise stated herein or by special disclosure.
b. Maturity. Your Certificate account will mature on the maturity date set forth on your Account Receipt or Renewal Notice.
c. Early Withdrawal Penalty. We may impose a penalty if you withdraw any of the principal of your Certificate account before the maturity date.

                     (1) Amount of Penalty. The amount of the early withdrawal penalty is 45 days’ dividends calculated on the amount withdrawn (for certificate terms of less than six months), 90 days’ dividends (for certificate terms from six months but less than 12 months), and 180 days’ dividends (for certificate terms 12 months or more). For certificates with terms less than 45 days, the penalty is dividends earned.

                     (2) How the Penalty Works. The penalty is calculated as a forfeiture of part of the dividends that have been earned at the dividend rate on the account.

                     (3) 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: when an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.

 d. Renewal Policy. Certificate accounts are automatically renewable accounts. Automatically renewable accounts will renew for another term upon maturity unless you specify otherwise at time of account opening. You have a seven day grace period after the certificates reinvests to withdraw funds without penalty.
e. 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.
f. Youth Certificates. You may add additional funds to this certificate (up to a total of $3,300 on deposit).