Certificate of Deposit Accounts Disclosures
Truth-In Savings Account Disclosures
Except as specifically described, the following disclosures apply to all of
- 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. The Annual Percentage Yield
is based on an assumption that dividends will remain on deposit until
maturity. A withdrawal of dividends will reduce earnings.
- Dividends Compounding and Crediting. The compounding and crediting
of dividends applicable to each account is set forth in the Rate Schedule.
The Dividend Period begins on the first calendar day of the Dividend Period
and ends on the last calendar day of the Dividend Period.
- Balance Information. 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 period. The average
daily balance is determined by adding the full amount of 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. For accounts, if you close your account before
accrued dividends are credited, accrued dividends will not be paid.
- Transaction Limitations. After your account is opened, your ability
to make additional deposits to your accounts or withdrawals of dividends and
any limitations on such transactions are set forth in the Rate Schedule.
- Maturity. Your account will mature as indicated on this Rate and
Fee Schedule or on your Account Receipt or Renewal Notice.
Early Withdrawal Penalty. We may impose a penalty if you withdraw any
of the principal before the maturity date.
Amount of Penalty. For all accounts, the
amount of the early withdrawal penalty for your accounts is 90 days dividends.
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.
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; or where the
account is a Keogh Plan (Keogh) provided that the depositor forfeits an
amount of at least equal to the simple dividends earned in the amount
withdrawn; or where the account is IRA or Keogh and the owner attains age 59
1/2 or becomes disabled.
Renewal Policy. The renewal policy for your
accounts is indicated on the reverse side. For all accounts, your account will
automatically renew for another term, upon maturity. For all accounts, you have
a grace period of (10) business days after maturity in which to withdraw funds
in the account without being charged an early withdrawal penalty.
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
The rates and fees appearing in this Schedule are accurate and effective for
deposit accounts as of the Effective Date indicated on this Rate and Fee
Schedule. If you have any questions or require current rate and fee information
on your accounts, please call the Credit Union.
Rate And Fee Schedule
The rates, fees, and terms applicable to your account at the Credit Union are
provided in this Rate Schedule and Fee
Schedule. The Credit Union may offer other rates for these accounts from
time to time.
- Minimum Opening Deposit: $1,000.00
- Dividends Compounded: Monthly
- Dividend Credited : Monthly
- Dividend Period: Calendar Month
- Additional Deposits: Not Allowed
- Withdrawals: Allowed Dividends Only
- Renewable: Automatic
We're open Monday to Friday 7:30 AM to 6 PM and Saturday 9 AM to 4 PM.
[ ATM Disclosure ]
[ Savings Disclosure ]
[ PAT Disclosure ]
[ PAM (Personal Account Manager) Disclosure ]
[ Certificate Disclosure ]
[ Money Management Services ] [ Savings & Investments ] [ Loans ] [ Additional Services ] [ Fee Schedule ]