Truth-in-Savings Disclosure

DIVIDEND INFORMATION

The following dividend information applies to all accounts unless otherwise indicated in the Specific Account Requirements of this disclosure.


Rate information:
The dividend rate and annual percentage yield may change every dividend period. We may change the dividend rate for your accounts as determined by the Credit Union Board of Directors.

Compounding and crediting:
Dividends will be compounded every month. Dividends will be credited to your accounts every month.

Dividend period:
The dividend period for your accounts is monthly. For example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is January 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period and for the above example is January 31.


Daily balance computation method:

Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in your accounts each day.


Accrual of dividends on noncash deposits:

Dividends will begin to accrue on the business day you place noncash (for example, checks) to your account.

Overdraft and Related Fees: The following transactions can trigger overdraft fees on your account, ATM withdrawals, checks, in-person withdrawals, or other electronic means as applicable. Whether your overdraft(s) will be paid is discretionary and we reserve the right not to pay. Please refer to our separate fee schedule for additional information.

SPECIFIC ACCOUNT REQUIREMENTS

SHARE ACCOUNT

Minimum balance requirements:
The minimum balance required to open this account is a $5.00 deposit.

You must maintain a minimum daily balance (as stated in separate fee schedule) in your account each day to obtain the disclosed annual percentage yield.

Transaction limitations:

The non-transaction account is subject to Federal Reserve Regulation D, which permits no more than six debits or transfers (to include overdraft protection transfers) per statement cycle to another account of yours at this institution or to a third party. These transfers may be preauthorized or automatic transfer or telephonic agreement, but no more than three of the six may be by check, checks converted to electronic transactions or electronic bill payments to third parties. Transactions not within these limitations may result in the closure of your account. TRANSFERS THAT ARE UNLIMITED: Transfers made in person or by messenger, transfers made by mail, transfers made through an ATM, transfers by telephone only if a check is mailed to the depositor, and transfers to repay loans at the same institution such as prearranged or automatic internal loan payments, including the repayment of a loan created by a written overdraft plan.

Par value or a share:

The par value of a share in this account is $5.00.

NON-DIVIDEND SHARE ACCOUNT

Rate information:
This account does not earn dividends.

Minimum balance requirements:
The minimum balance required to open this account is a $5.00 deposit.

Transaction limitations:
The non-transaction account is subject to Federal Reserve Regulation D, which permits no more than six debits or transfers (to include overdraft protection transfers) per statement cycle to another account of yours at this institution or to a third party. These transfers may be preauthorized or automatic transfer or telephonic agreement, but no more than three of the six may be by check, checks converted to electronic transactions or electronic bill payments to third parties. Transactions not within these limitations may result in the closure of your account. TRANSFERS THAT ARE UNLIMITED: Transfers made in person or by messenger, transfers made by mail, transfers made through an ATM, transfers by telephone only if a check is mailed to the depositor, and transfers to repay loans at the same institution such as prearranged or automatic internal loan payments, including the repayment of a loan created by a written overdraft plan.

Par value of a share:
The par value of a share in this account is $5.00.

CHECKING ACCOUNT

Minimum balance requirements:
The minimum balance to open this account is $5.00 or arrangement of payroll deduction to this account.


Transaction limitations:
No transaction limitations apply to this account unless otherwise stated in the Common Features section.


If you choose to earn dividends on this account the following applies:
You must maintain a minimum balance (as stated in our separate fee schedule) in your account each day to obtain the disclosed annual percentage yield. You must maintain a minimum balance (as stated in our separate fee schedule) in your account each day to avoid a service fee.

There is a maximum number of checks that can clear the account each month before a per-check fee will be charged unless you maintain a minimum daily balance (as stated in our separate fee schedule) in your account. Please refer to our separate fee schedule for more information.


If you choose not to earn dividends on this account the following applies:
No dividends will be earned.
No minimum balance to avoid a service fee will be required.
No per-check fee will be applied to checks that clear the account, regardless of the number.


MONEY MARKET ACCOUNT

Applicable to accounts opened on or after June 1, 2009

Minimum balance requirements:
The minimum balance required to open this account is $1,000.00. However, for the account to remain open, there is no ongoing minimum balance requirement. You must maintain a minimum balance (as stated in our separate fee schedule) in your account each day to obtain the disclosed Annual Percentage Yield (APY).

You must maintain an average daily balance (as stated in our separate fee schedule) in your account to avoid a service fee.


Transaction limitations:
You can deposit to and withdraw from this account in any amount. Transactions and funds transfers may be made in any of our branch offices, by preauthorized or automatic transfer, or by telephone.

This account is subject to Federal Reserve Regulation D, which permits no more than six debits or transfers (to include overdraft protection transfers) per statement cycle to another account of yours at this institution or to a third party. These transfers may be preauthorized or automatic transfer or telephonic agreement either by check, checks converted to electronic transactions or electronic bill payments to third parties. Transactions not within these limitations may result in the closure of your account. TRANSFERS THAT ARE UNLIMITED: Transfers made in person or by messenger, transfers made by mail, transfers by telephone (only if a check is mailed to the depositor), and transfers to repay loans at the same institution such as prearranged or automatic internal loan payments, including the repayment of a loan created by a written overdraft plan.


IRA (Traditional, Roth) OR COVERDELL EDUCATION SAVINGS ACCOUNT

Minimum balance requirements:
The minimum balance required to open this account is $5.00.

You must maintain a minimum daily balance (as stated in separate fee schedule) in your account each day to obtain the disclosed annual percentage yield.


Transaction limitations:
Please refer to your IRA or Coverdell Education Savings Account custodial agreement for information regarding transaction limitations.


CLUB ACCOUNTS

Rate information:
Please refer to our separate rate sheet for current dividend rate and annual percentage yield information.


Compounding and crediting:
Dividends will not be compounded. Dividends will be credited to your account at the end of the club year.


Minimum balance requirements:
The minimum balance required to open this account is $5.00.

You must maintain a minimum daily balance (as stated in separate fee schedule) in your account each day to obtain the disclosed annual percentage yield.


Transaction limitations:
The maximum deposit we allow is $500.00 per month. The non-transaction account is subject to Federal Reserve Regulation D, which permits no more than six debits or transfers (to include overdraft protection transfers) per statement cycle to another account of yours at this institution or to a third party. These transfers may be preauthorized or automatic transfer or telephonic agreement, but no more than three of the six may be by check, checks converted to electronic transactions or electronic bill payments to third parties. Transactions not within these limitations may result in the closure of your account. TRANSFERS THAT ARE UNLIMITED: Transfers made in person or by messenger, transfers made by mail, transfers made through an ATM, transfers by telephone only if a check is mailed to the depositor, and transfers to repay loans at the same institution such as prearranged or automatic internal loan payments, including the repayment of a loan created by a written overdraft plan.


Time Requirements:
Holiday Club Accounts mature every October 31.
Vacation Club Accounts mature every April 30.


Holiday Club dividend period: For this account type, the dividend period is annual. For example, the beginning date of the first dividend period of the calendar year is November 1, and the ending date of such dividend period is October 31 of the following year. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period and for the example above is October 31.

If you close your account before dividends are paid, you will not receive the accrued dividends.

Vacation Club dividend period:
For this account type, the dividend period is annual. For example, the beginning date of the first dividend period of the calendar year is May 1, and the ending date of such dividend period is April 30 of the following year. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period and for the example above is April 30.

If you close your account before dividends are paid, you will not receive the accrued dividends.

SHARE CERTIFICATE

Rate information: Please refer to our separate rate sheet for current dividend rate and annual percentage yield information. You will be paid this rate until maturity.

Compounding frequency:
Unless otherwise paid, dividends will be compounded every month.


Crediting frequency:
Dividends will be credited to your account every month and at maturity. Alternatively, you may choose to have dividends paid to you or transferred to another account every month rather than credited to this account.


Minimum balance requirements:
There is a minimum balance required to open this account. Please refer to our separate rate sheet for this information. You must maintain a minimum daily balance (as stated in separate fee schedule) in your account each day to obtain the disclosed annual percentage yield.


Transaction limitations:
After the account is opened, we reserve the right to refuse or allow additions into your account. You may make withdrawals of principal from your account before maturity. Principal withdrawn before maturity is subject to early withdrawal penalty. The minimum withdrawal of principal we allow is $500.00 per withdrawal. You can only withdraw dividends credited in the term before maturity of that term without penalty. You can withdraw dividends anytime during the term of crediting after they are credited to your account.


Withdrawal of dividends prior to maturity:
The annual percentage yield is based on an assumption that dividends will remain in the account until maturity. A withdrawal will reduce earnings.


Time requirements:
Please refer to our separate disclosure or your certificate for information regarding term length.


Early withdrawal penalties:
A penalty may be imposed for withdrawals before maturity. If your account has an original maturity of one year or less, the penalty we may impose will be the greater of:<./p>

  • seven days dividends on the amount withdrawn, or
  • all dividends that have been earned, since date of issuance or last renewal, not to exceed 90 days.

If your account has an original maturity of more than one year, the penalty we may impose will be the greater of:

  • seven days dividends on the amount withdrawn, or
  • all dividends that have been earned, since date of issuance or last renewal, not to exceed 180 days.

In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. See your plan disclosure if this account is part of an IRA or other tax qualified plan.


Automatically renewable account:
This account will automatically renew at maturity. You may prevent renewal if you withdraw the funds in the account at maturity (or within the grace period mentioned below, if any). If you prevent renewal, your funds will be disbursed in accordance with your instructions.

Each renewal term will be the same as the original term beginning on the maturity date. The dividend rate will be the same we offer on new term share accounts on the maturity date which have the same term, minimum balance (if any) and other features as the original term share account.

You will have a grace period of ten calendar days after maturity to withdraw the funds without being charged an early withdrawal penalty. However, dividends will not accrue during this period.


Bump-Rate Certificate:
If your certificate offers this option, you will have the opportunity, once during the term of this special certificate, to increase the rate of your certificate. If the published rate for a Share Certificate is higher than your original rate, with the same term, you may notify us to increase the rate of your Bump Rate Certificate to the higher rate. You will earn that higher rate for the remainder of your original term.

At the time of your rate adjustment, you may also add additional funds to the Bump Rate Certificate. You will earn dividends on the total balance of your Certificate from the date of that additional deposit through the maturity date for the Certificate.

If you exercise your option to "bump" the rate of your certificate, your certificate will not renew as a Bump Rate Certificate at maturity. At the time of maturity, all funds in your Bump Rate Certificate will automatically transfer to a certificate with the same term as your existing certificate unless you choose to do otherwise. The dividend rate will be the same we offer on new term share accounts on the maturity date which have the same term, minimum balance (if any) and other features as the original term share account.

Not all certificates qualify for this Bump Rate option. The Bump Rate Certificate is a promotional product and may be discontinued at any time.


COMMON FEATURES

Bylaw requirements:
You must complete payment of $5.00 in either a Transaction Share or Share Account within 6 months of admission to membership. You must maintain a minimum daily balance of $5.00 in the account at all times to maintain your status as a member in good standing and to be eligible for other credit union services.



Non-Participation Policy

A member may have membership privileges revoked for non-participation. Non-participation is based upon any one of the following:

  • The member’s failure to purchase and maintain a share at par value as defined within the Bylaws (currently $5 with 6 months to complete the purchase), or
  • The member’s failure to vote in three (3) consecutive annual credit union elections, or
  • The member maintains only a share at par value and has failed to obtain a loan from, or lend to the Credit Union for a period of at least 6 months. Additionally, the member has not responded to direct communication to become a participating member within 30 days from non-participation notification.

Transaction limitation:
We reserve the right to at any time require not less than 30 days notice in writing before each withdrawal from a dividend-bearing account other than a share certificate, or from any other savings account other than a share certificate, or from any other savings account as defined by Regulation D.


Nature of dividends:

Dividends are paid from current income and available earrings, after required transfers to reserves at the end of a dividend period. (This disclosure further explains the dividend feature of your non-term share account(s).)


Federal Deposit Insurance:

Member accounts in this Credit Union are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government through National Credit Union Administration, a U.S. Government Agency. Individual Retirement Accounts (IRAs) are separately insured up to $250,000.

National Credit Union Share Insurance Fund:


Member accounts in this Credit Union are federally insured to 250,000.00 by the National Credit Union Share Insurance Fund. Individual Retirement Accounts (IRAs) are insured to $250,000.


Truth-in-Savings Disclosure

Please refer to our fee schedule for information about charges. Please refer to our rate sheet for current dividend rate and annual percentage yield information.