Truth in Savings Disclosure
Rate Information: The Dividend Rate and Annual Percentage Yield on your accounts are set forth within and are subject to change. The Dividend Rates and Annual Percentage Yields applicable to the account depends on the balance range as set forth within. Once a balance range is met, the rate forth at tier will apply to the entire account balance. For Certificate accounts, the Dividend Rate and Annual Percentage Yield are fixed and will be in effect for the term of the account. For Certificate Accounts, the Annual Percentage Yield is based on an assumption that interest will remain on deposit for one year. A withdrawal of dividends will reduce earnings.
Nature of Dividends: Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period. The Dividend Rate and Annual Percentage Yield set forth within are the prospective rates that the Credit Union anticipates paying for the applicable dividend period.
Dividend Non-Payment Rule: On member’s deposits represented by a deposited check that is later dishonored, the Credit Union may determine not to pay dividends on the check amount for the time period the check was outstanding.
Compounding and Crediting: Dividends will be compounded monthly and credited monthly. The dividend period begins on the first calendar day of the month and ends on the last calendar day of the month. Dividends shall be paid on the full balance in the account for each day the accounts meet the minimum balance requirements.
Accrual of Dividends: Dividends on cash deposits will begin accruing when the deposit is received. Dividends on non-cash items such as checks, drafts, and remote deposits, may start accruing on the day the Credit Union receives provisional credit. If you close your account before accrued dividends are credited, accrued dividends will not be paid.
Balance Information: The minimum balance required to open each account and the method of dividend computation is set forth within. We use either daily balance or average daily balance computation method as set forth within. The daily balance method applies a daily periodic rate to the principal in the account each day. The average daily balance method is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period. For all accounts there is a minimum daily balance requirement to earn dividends as set forth within.
Transaction Limitations: As set forth in Federal Regulation D, Primary Savings account, Sub-savings account, Money Market Advantage & Money Market Advantage Plus account transaction limitations will apply. No more than six (6) transfers by check or debit purchase, preauthorized, automatic, online banking,telephonic, or audio response transfers to another account or to a third party during any calendar month. If you exceed these limitations, your accounts maybe subject to fees or account closure and transactions may not be honored.