The following disclosures and terms apply to your accounts
with the Credit Union. The Rates & Fees Schedule also sets out terms of
your accounts and is hereby incorporated by reference as if fully set forth
herein.
1.
RATE INFORMATION. Please see our current
Rates & Fees Schedule for current Annual Percentage Yield (APY), any
applicable tiers, and variable rate accounts. The Annual Percentage Yield (APY)
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. The dividend rate and
Annual Percentage Yield (APY) may vary as explained in the Rates & Fees
Schedule.
2.
NATURE OF DIVIDENDS. Dividends are paid
from current income and available earnings, after required transfers to
reserves at the end of a dividend period.
3.
COMPOUNDING AND CREDITING. The frequency
with which Dividends will be compounded and credited and the Dividend Period is
set forth on the Rates & Fees Schedule. The Dividend Period begins on the
first calendar day of the Period and ends on the last calendar day of the
Period.
4.
MINIMUM BALANCE REQUIREMENTS. The
minimum balance requirements for each account is set
forth on the Rates & Fees Schedule. Minimum balance requirements may
include a minimum opening deposit, the minimum balance that you must maintain
in the account to avoid service fees, and the minimum balance that you must
maintain each day to earn the stated Annual Percentage Yield for that account.
The Par Value of a share in this credit union is also disclosed on the Rates
& Fees Schedule.
5.
BALANCE COMPUTATION METHOD. We use the Daily
Balance Method (for Savings Plus, Insured Money Market, Individual Retirement, Classic
Checking, Premier Checking, and Golden Access Checking accounts) and the
Average Daily Balance Method (for the Classic Savings Account and all
Certificate Accounts) to calculate Dividends on your account. The Daily Balance
Method applies a daily periodic rate to the balance in the account each day.
The Average Daily Balance Method applies a periodic rate to the average daily
balance in the account for the period. The average daily balance is calculated
by adding the balance in the account for each day of the period and dividing
that figure by the number of days in the period.
6.
ACCRUAL OF DIVIDENDS ON NONCASH DEPOSITS.
Dividends will begin to accrue on the business day that you deposit noncash items
(e.g. checks) to your account.
7. TERM SHARE and CERTIFICATE ACCOUNTS. The following applies to Term Share and Certificate Accounts:
Maturity. Your account will
mature according to the term indicated on the Rates & Fees Schedule, and as
indicated on your account summary or statement.
Early Withdrawal; Penalties. We will impose a penalty if you withdraw
any of the principal in your account before the maturity date. The amount of
the penalty is disclosed on the Rates & Fees Schedule. The penalty is
calculated as a forfeiture of part of the dividends that have been or would
have been earned on the account, and applies whether
or not the dividends have been earned. The penalty may be deducted from the
principal amount of the deposit. The Annual Percentage Yield disclosed for your
account is based on an assumption that dividends will
remain in the account until maturity; a withdrawal will reduce earnings. Early
withdrawal penalties may be permitted or reduced for IRA accounts or other
accounts if applicable law allows.
Renewal Policies. Your term share account may or may not automatically
renew at maturity as indicated on the Rates & Fees Schedule. If it automatically
renews you will have a grace period, also indicated on the Rates & Fees
Schedule, in which you may withdraw or transfer the funds without incurring an
Early Withdrawal Penalty. If the account does not automatically renew, the
Rates & Fees Schedule or the Account Receipt will indicate whether
dividends will continue to accrue after maturity.
8.
FEES AND CHARGES. We may impose fees,
charges, or penalties against your account(s). Please see our Rates & Fees
Schedule for the types, amounts, and conditions of the fees and charges.
9.
TRANSACTION LIMITATIONS. For Classic
Savings, Savings Plus, Insured Money Market, and Individual Retirement
accounts: During any statement period, you may not make more than six
withdrawals or transfers to another credit union account of yours or to a third
party by means of a preauthorized or automatic transfer or telephonic order or
instruction. If you exceed the transfer limitations set forth above in any
statement period, federal regulations require that your account be subject to a
fee or may be closed. Additional Limitations: Additional limitations may apply
to the use of your accounts in accordance with any other Agreements you may
have with us, e.g., Electronic Funds Transfer Agreement, Home Banking
Agreement, etc.
Written Notice of Withdrawal:
The credit union reserves the right to require a member intending to make a
withdrawal from any account (except a share draft account) to give written
notice of such intent not less than seven days and up to 60 days before such
withdrawal