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Disclosures
Truth-In-Savings Disclosure 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 Yields may change quarterly as determined by the Credit Union's Board of Directors. The Dividend Rates and Annual Percentage Yields are the rates and yields as of the last dividend declaration date which is set forth in the Rate Schedule. 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. For all accounts, if you close your account before accrued dividends are credited, accrued dividend are credited, accrued dividends will not be paid. 5. Balance Information. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For Share and Share Draft 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 Premium accounts, there is a minimum average daily balance required to botain the Annual Percentage Yield for the dividend period. If the minimum average balance is not met, you will not earn the stated Annual Percentage Yield for this account but it will be paid the same Annual Percentage Yield as the Share account. 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 Share accounts, withdrawals are limited to $ 1,000.00 in cash (currency) per day. For Premium accounts, withdrawals made must be in increments of $ 5,000.00 or dividends earned. The Christmas Club account is a club account which pays out the balance once each year on or after October 31. On or after that date, the entire balance will be paid to you by check or transferred to another account of yours. For any early withdrawals made, you will lose all accrued, uncredited dividends on that amount withdrawn. For IRA, Vacation, and Share Draft accounts, no account limitations apply.
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