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Truth in Savings

Membership Information: Membership requires the opening of a Primary Share Savings account in the minimum amount disclosed. The share par value of $5.00 must be maintained as a minimum balance in the Primary Share Savings account.

Insurance: Shares in all individual accounts, including a Money Market 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.

Share and Money Market Investment Accounts

Rate Information:  The Annual Percentage Yield (APY) is a percentage rate that reflects the total amount of dividend to be paid on an account based on the dividend rate and frequency of compounding for an annual period. For Share Savings, Money Market, Roth and IRA Share, Christmas Club, and Share Checking Accounts, the dividend rate and APY may change at any time. The dividend rates and APY are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period. Share Checking and Money Market Accounts are tiered rate accounts. The balance ranges and corresponding dividend rates and APY applicable to each tier are disclosed in the Personal Dividend Rate Schedule. For Money Market Accounts, once a particular range is met, the dividend rate and APY for that balance range will apply to the full balance of your account. For Share Checking Accounts, a balance which exceeds one or more tiers will have an APY which falls within the APY range attained by that balance.

Nature of Dividends: 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.

Compounding and Crediting: Dividends will be compounded and credited as set forth in the Rate and Fee Schedule. The Dividend Period for each account begins on the first calendar day of the period and ends on the last calendar day of the period.

Accrual of Dividends: 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.

Balance 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, 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 Money Market Accounts, if the balance of the account drops below $2,500 at any point during the month, you will be charged a minimum daily balance fee as set forth in the Personal Fee Schedule.

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.

Account Limitations: Regulation D is a federal regulation that limits the number of electronic transfers or checks from a non-transaction account such as the Share Savings or Money Market Account. Under Regulation D, a maximum of six (6) transfers per month from a nontransaction account are allowed. These transactions include phone requests, overdraft transfers, online banking transfers, ACH transfers, and email and fax requests. There are no limitations on ATM, inbranch or shared branch transactions. Exception: Transfers made to pay a UVA Community Credit Union loan do not count towards the six. For Share Savings and Money Market Accounts, a maximum of six (6) withdrawals are allowed per month. For Christmas Club Accounts, a maximum of two (2) withdrawals are allowed and a $5 fee will apply for each early withdrawal.

Transfers and Withdrawals:

If you exceed, or attempt to exceed, these transfer limits, the excess transfer request may be refused or reversed. Additionally, the Credit Union may attempt to reclassify or close the account. The minimum amount that may be withdrawn for a Money Market Account is $100 per transaction. A $20 fee will apply for any withdrawal or draft from a Money Market Account under $100. The minimum account balance for Money Market Accounts is $2,500. If the balance of the account drops below this amount, a $10 minimum daily balance fee will apply. This fee is assessed at the end of the month.

Fees for Overdrawing Accounts: 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. 

Other Terms and Conditions: 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.

IRA Certificate and Certificate Accounts

The APY 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 IRA Certificate and Certificate Accounts, the dividend rate and APY are fixed and will be in effect for the term of the account. The APY is based on an assumption that dividends will remain on deposit until maturity. A withdrawal will reduce earnings. Members may choose to have dividends credited to their account or at maturity.

Compounding and Crediting: Dividends will be compounded and credited to your account no less frequently than every quarter, with the exception of three, six, and seven month terms when members elect to have dividends credited upon maturity. For Certificate Accounts from one and 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.

Accrual of Dividends: 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.

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

Transaction Limitations: 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.

Maturity: Your account will mature within the term or at the maturity date set forth above or the maturity date set forth on your Account Receipt or Renewal Notice. At maturity, funds will automatically be renewed under the original account terms and conditions and at the new rate. Periodically the Credit Union offers special savings terms (7, 13, 25, and 37 month) and rates on Certificate Accounts. At maturity, your Certificate Account balance will automatically be renewed according to the following account terms:

Original Term                       Renewal Certificate Term
7 month                                 Six months at the new rate 
13 month                               One year at the new rate
25 month                               Two years at the new rate
37 month                               Three years at the new rate

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

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

Withdrawal Penalties

IRA Certificate and Certificate Accounts: We may impose a penalty if you withdraw any of the principal before the maturity date, or the renewal date, if this is a renewal account. The penalty for early withdrawal is as follows: 45 day dividend loss if the maturity term is 3 months, 90 day dividend loss if the maturity term is one year or less, 180 day dividend loss if the maturity term is more than one year.

How the penalty works: 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.

Non-transferable/Non-negotiable: 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.

IRA Accounts: 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.

Additional Disclosures for IRA Agreement and Disclosures

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.

Additional Disclosures for Coverdell Education Savings Account Agreement and Disclosure

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.

Personal Dividend Rate Schedule and Fee Schedule

The rates, fees, and charges applicable to your account at the Credit Union are provided in the 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
Rev. 11/20

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