The rates, fees and terms applicable to your account at the Credit Union are provided in this Truth-in-Savings Disclosure. The Credit Union may offer other rates for these accounts from time to time.
| RATE SCHEDULE | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Account Type | Dividends | Balance Requirements | Account Limitations | ||||||
| Dividend Rate/ Annual Percentage Yield (APY) | Dividends Compounded | Dividends Credited | Dividend Period | Minimum Opening Deposit | Minimum Balance to Avoid a Service Fee | Minimum Balance to Earn the Stated APY | Balance Method | See Section 6 | |
| Share Savings Account | / | Monthly | Monthly | Calendar Month | $5.00 | — | $5.00 | Daily Balance | Account transfer and withdrawal limitations apply. |
| Capital Money Market Account | / | Monthly | Monthly | Calendar Month | — | — | $2,500.00 | Daily Balance | Account transfer and withdrawal limitations apply. |
| IRA Savings Account | / | Quarterly | Quarterly | Calendar Month | — | — | — | Daily Balance | — |
| Club Savings Account | / | Monthly | Monthly | Calendar Month | — | — | — | Daily Balance | Account transfer limitations apply. |
| Organizational Savings Account | / | Monthly | Monthly | Calendar Month | $5.00 | — | $5.00 | Daily Balance | Account transfer limitations apply. |
| Share Savings With Checking Account | / | Monthly | Monthly | Calendar Month | $5.00 | — | $0.00 | Daily Balance | Account transfer limitations apply. |
| Checking Account | / | Monthly | Monthly | Calendar Month | — | — | — | Daily Balance | — |
ACCOUNT DISCLOSURES
Except as specifically described, the following disclosures apply to all of the 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 all accounts, the Dividend Rate and Annual Percentage Yield may change at any time 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.
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.
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 Share Savings, Capital Money Market, Organizational Savings and Share Savings With Checking accounts, there is a minimum daily balance required to obtain the Annual Percentage Yield for the dividend period. If the minimum daily balance is not met, you will not earn the stated Annual Percentage Yield. For accounts using a Daily Balance method, dividends are calculated by applying a daily periodic rate to the principal in the account each day.
6. Account Limitations. For Share Savings, Capital Money Market, Club Savings and Organizational Savingsaccounts, no more than six (6) preauthorized, automatic, or telephone transfers may be made from these accounts to another account of yours or to a third party in any month, and 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. For Share Savings accounts, six (6) withdrawals per month are allowed after which a fee will be imposed.
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 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.