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 Regular Shares and IRA Accounts, the dividend rate and annual percentage yield may change quarterly as determined by the Credit Union’s Board of Directors. For Super Green 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 yield are the rates and yield as of the last dividend declaration date which is set for 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 the 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 non-cash deposits (e.g. checks) on the day the Credit Union receives provisional credit. For Regular Shares and IRA if you close your account before accrued dividends are credited, accrued dividends will not be paid.

5-Balance Information-To open any account, you must deposit or already have on deposit the par value of one full share in your account which is $25.00. In order to earn interest on the Regular Savings account you must have a minimum of $100.00 on deposit. If the minimum average daily balance is not met, you will not earn the stated annual percentage yield. Super Green accounts must be opened with a minimum of $10,000 to obtain the annual percentage yield for the dividend period. The account cannot go below the minimum balance otherwise the money is transferred into a Regular Share Account. For Regular Share and IRA 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 dividend that figure by the number of days in the period. For Super Green 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-The Christmas Club account is an club account which pays out the balance once each year on or after October 31 in the form or a check or transferred to another account of yours. For any withdrawals made we may impose a fee. The Vacation club account is a club account which pays out the entire balance once a year on or after May 31 in the form of a check or transferred to another account of yours. For any withdrawals made we may impose a fee.

Posted in: Disclosures