Truth in Savings

Shares in all individual accounts, including a Money Market Investment Account, will be aggregated and insured against loss up to a total of $250,000 by the National Credit Union Administration, a U.S. Government Agency. If you have an IRA with the Credit Union, it is separately insured up to $250,000.

Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period. The Dividend Rate and APY are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.

The compounding and crediting frequency of dividends applicable to each account are stated in the Personal Dividend Rate Schedule. The dividend period for all accounts is monthly. 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.

Dividends accrue on the business day that you deposit items, including noncash items (e.g. checks) to your account. Dividends will be calculated using the daily balance method, which is an application of a daily periodic rate to the full amount of principal in the account each day. Please see the Availability of Funds disclosure for more information.

To open any account, you must deposit or already have on deposit the minimum share par value in a Share Savings Account. Some accounts may have additional minimum opening deposit requirements. The minimum balance requirements applicable to each account are set forth in the Personal Dividend Rate Schedule.
For Share Savings, Money Market, Roth and IRA Share, Christmas Club, Share Checking, and Coverdell Education Savings Accounts there is no minimum daily balance required to avoid a service fee.
For Share Savings, Money Market, Roth and IRA Share, Christmas Club and Coverdell Education Savings Accounts, there is a minimum daily balance required to earn the APY disclosed for the dividend period as set forth in the Personal Dividend Rate Schedule. Dividends are calculated by applying a periodic rate to the principal in the account each day.

Fees for overdrawing your account may be imposed on each check, draft, item, ATM transaction and everyday debit card transaction 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. Please see the Availability of Funds Disclosure for further 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 see the Personal Fee Schedule for current fee information. For ATM and everyday debit card transactions, you must consent to Extended Coverage in order for the transaction amount to be covered under Overdraft Privilege. Without your consent, the Credit Union cannot authorize and pay an overdraft resulting from these types of transactions.

Shares in your Money Market Investment Account may not be pledged as collateral on any loan or used for commercial or business purposes. The use of the Money Market Investment Account may be subject to other terms, conditions, or requirements that the Credit Union establishes from time to time.

Dividends will be compounded and credited to your account no less frequently than every quarter, with the exception of accounts with terms less than one year when members may elect to have dividends credited upon maturity. For Certificate Accounts from one to five years, members may choose to have dividends allocated to a Share Savings Account. If the member chooses this allocation, dividends will be credited according to the Personal Dividend Rate Schedule for Share Accounts. For each account the dividend period is the account’s term. The dividend period begins on the first day of the term and ends on the maturity date.

Dividends begin to accrue on the day that you deposit items to your account, including non-cash items such as checks. Dividends will be calculated using the daily balance method, which is an application of a daily periodic rate to the full amount of principal in the account each day.

The minimum balance requirements applicable to each account are set forth in the Personal Dividend Rate Schedule. 

After your account is opened, you may request a withdrawal of funds from your account in any amount as indicated in the Personal Dividend Rate Schedule.

Your account will mature as indicated on the account receipt or renewal notice. At maturity, funds will automatically be renewed under the original account terms and conditions and at the new rate. The Credit Union may offer special terms and rates for Share Certificate Accounts. At maturity, these accounts will automatically be renewed as indicated on the account receipt.

Your account is an automatically renewable account unless indicated upon request before the maturity date.

After maturity, your account provides a grace period of seven days within which you may withdraw or transfer account funds without penalty.

It is calculated as a forfeiture of part of the dividends that would have been or would be earned on the account. It applies whether or not the dividends have been earned. 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.
Exception to early withdrawal penalties: At our option, we may pay the account before maturity without imposing an early withdrawal penalty when an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.

Your account is non-transferable and non-negotiable. The funds in your account may not be pledged to secure any obligation of an owner, except obligations with the Credit Union.

 When a 90 day notice is not given, a withdrawal penalty of 90 days dividend earnings will apply. Exceptions to withdrawal penalties include: (1) when an account owner dies or is determined legally incompetent by a court or other body of jurisdiction; (2) any portion which is paid within seven days after establishment; (3) where the account owner attains age 59-1/2 or becomes disabled; or (4) divorce.

An IRA Savings Account is required to open an IRA Certificate Account. All other terms and disclosures for our Individual Retirement Accounts are contained in the Credit Union’s Individual Retirement Account agreement and disclosure statement, which by this reference is incorporated into this account disclosure in its entirety. When you open your Individual Retirement Account, the Credit Union agreement and disclosure statement will be provided to you.

A Coverdell Savings Account is required to open a Coverdell Certificate. All other terms and disclosures for our Coverdell Education Savings Account are contained in the Credit Union’s Coverdell Education Savings Account agreement and disclosure statement, which by this reference is incorporated into this account disclosure in its entirety. When you open your Coverdell Education Savings Account, the Credit Union agreement and disclosure statement will be provided to you.

The rates, fees, and charges applicable to your account at the Credit Union are provided in the Personal Dividend Rate Schedule and Personal Fee Schedule. The Credit Union may offer other rates for these accounts from time to time.

OS-7-M-201028

03/23