Truth in Savings Disclosures for Certificate Accounts
Except as specifically described, the following disclosures
apply to all Certificate accounts. All accounts
described in this Truth-in-Savings Disclosure 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 all accounts, the Dividend Rate and
Annual Percentage Yield are fixed and will be in effect for the
term of the account. For accounts subject to dividend compounding,
the Annual Percentage Yield is based on an assumption that dividends
will remain on deposit until maturity. A withdrawal of dividends
will reduce earnings.
- Dividend Period. For each account, the dividend period
is the account's term. The dividend period begins on the
first day of the term and ends on the maturity date.
- Dividends Compounding and Crediting. The compounding
and crediting frequency of dividends are stated in the Rate Schedule.
For Certificate accounts, the dividends will be deposited to a
specified Share type or back to the certificate.
- Balance Information. To open any account, you must
deposit or already have on deposit the minimum required share(s)
in any account. 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 all accounts, dividends are calculated by the Average Daily
Balance method which applies a periodic rate to the average daily
balance in the account for the dividend period. The average daily balance
is calculated by adding the 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 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.
- Transaction Limitations. For all accounts, your ability
to make deposits to your account and any limitations on such
transactions are stated in the Rate Schedule. After your account
is opened, you may make withdrawals subject to the early
withdrawal penalties stated below..
- Maturity. Your accounts will mature as stated on this
Truth-in-Savings Disclosure or on your Account Receipt or Renewal
- Early Withdrawal Penalty. We may impose a penalty if
you withdraw funds from your account before the maturity date.
a. Amount of Penalty. For all accounts, the amount of the
early withdrawal penalty for your accounts is 90 days
b. 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.
c. 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.
- Where the account is an Individual Retirement Account (IRA)
and any portion is paid within seven (7) days after establishment
of the account;
or where the account is a Keogh Plan (Keogh), provided that
the depositor forfeits an amount at least equal to the
simple dividends earned in the amount withdrawn; or where
the account is an IRA or Keogh and the owner attains age 59½
or becomes disabled.
- Renewal Policy. The renewal policy for your accounts is
indicated on the Rate Schedule. For IRA Certificate accounts,
your account will automatically renew for another term upon maturity.
You do not have a grace period after
maturity to withdraw funds without being
charged an early withdrawal penalty. To avoid a withdrawal
penalty, all withdrawals must be made on the maturity date. For Certificate accounts,
your account will be automatically renewed at maturity for the
same term. The account balance will be paid to you by check or
transferred to another account of yours upon maturity. You will
not be paid dividends on the account after the maturity date.
- Nontransferable/Nonnegotiable. Your account is
nontransferable and nonnegotiable.
- Membership. As a condition of membership, you must
purchase and maintain the minimum required share(s) and pay a
nonrefundable membership fee as set forth below.
Par Values of One Share - $5.00
Number of Shares Required - 1
Membership Fee - $1.00/New account