Truth in Savings Disclosures for Share Accounts

Except as specifically described, the following disclosures apply to all Share accounts.  All accounts described in this Truth-in-Savings Disclosure are share accounts.

1. 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 Christmas Share accounts, the Dividend Rate and Annual Percentage Yield are fixed and will be in effect annually.  For Regular Share, GradVantage Share, Special Share, Club Share, Youth Share and IRA-Passbook accounts, the Dividend Rate and Annual Percentage Yield may change monthly as determined by the Credit Union’s Board of Directors.  The Dividend Rates and Annual Percentage Yields are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.
2. Nature of Dividends.  Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.
3. Dividend Compounding and Crediting.  The compounding and crediting of dividends and dividend period applicable to each account are 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 period and ends on the last calendar day of the period.
4. Accrual of Dividends.  For all accounts, 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, you will not receive the accrued dividends.  However, for Christmas Share accounts, any accrued dividends will be paid if you close the account within seven (7) days of the date you open it.
5. Balance Information.  To open any account, you must deposit or already have on deposit at least the par value of one full share in any account.  The par value amount is stated in the Fee Schedule.  Some accounts may have additional minimum opening deposit requirements.  The minimum balance requirements applicable to each account are set forth in the Rate Schedule.  For Regular Share, GradVantage Share, Special Share, Club Share, and Youth Share accounts, there is a minimum average daily balance required to obtain the Annual Percentage Yield for the dividend period.  If the minimum average daily balance is not met, you will not earn the stated Annual Percentage Yield.  For all accounts using an Average Daily Balance method, dividends are calculated by applying 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.
6. Account Limitations.  For Regular Share, GradVantage Share, Special Share, Club Share, and Youth Share accounts, no more than six (6) preauthorized, automatic, telephone transfers or withdrawals may be made from these accounts to another account of yours or a third party in any month, and no more than three (3) of these six (6) transfers may be made by check, draft, or access card to a third party.  If you exceed these limitations, your account may be subject to a fee or be closed.  For a Christmas Share 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, you will be charged 2% of the amount of withdrawal.  However, no fee will be charged if the withdrawal occurs within seven (7) days of the date the accounts is opened.  For IRA-Passbook accounts, no account limitations apply.
7. Fees For Overdrawing Accounts.  Fees may be imposed on each check, draft, item, ATM card withdrawal, debit card point of purchase, preauthorized automatic debit, telephone initiated withdrawal or any other electronic withdrawal or transfer transaction that is drawn on an insufficient available account balance.  The entire balance in your account may not be available for withdrawal, transfer or paying a check, draft or item.  You may consult the Funds Availability Policy Disclosure for information regarding the availability of funds in your account.  Fees for overdrawing your account may be imposed for each overdraft, regardless of whether we pay or return the draft, item or transaction.  If we have approved an overdraft protection limit for your account, such fees may reduce your approved limit.  Please refer to the Fee Schedule for current fee information.