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IV. TRUTH-IN-SAVINGS DISCLOSURES

  1. SAVINGS AND CHECKING –Except as specifically described, the following disclosures apply to all of the accounts. All accounts described in the Truth-in-Savings Disclosure are share accounts.


  2. RATE INFORMATION – The Annual Percentage Yield 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 all accounts, the Dividend Rate and Annual Percentage Yield may change quarterly as determined by the Credit Union’s Board of Directors. The Dividend Rates and Annual Percentage Yields are the rates and yield as of the last dividend declaration date, which is set forth in the Rate Schedule.


  3. NATURE OF DIVIDENDS – Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.


  4. DIVIDEND COMPOUNDING AND CREDITING – The compounding and crediting frequency of dividends and dividend period applicable to each account are stated in the Rate Schedule. 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.


  5. ACCRUAL OF DIVIDENDS – For all accounts, dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account.


  6. BALANCE INFORMATION – To open any account you must deposit or already have on deposit at the least the par value of one full share in a Regular Savings account. The par value amount is stated in the Fee Schedule. Some accounts may have additional minimum opening deposit requirements. The minimum balance requirements applicable to each account are stated in the Rate Schedule. For Regular Savings, Special Savings, Priority Club Savings, Future Savers Savings and Christmas Club accounts, there is a minimum Daily Balance required to earn the Annual Percentage Yield disclosed for the dividend period. If the minimum daily balance is not met each day of the dividend period, you will not earn the stated Annual Percentage Yield. For accounts using the Daily Balance method as stated on the Rate Schedule, dividends are calculated by applying a daily periodic rate to the balance in the account each day.


  7. ACCOUNT LIMITATIONS – For all accounts, no more than six (6) preauthorized, automatic, or telephone transfers may be made from each account to another account or to a third party in any month, and no more than three (3) of these six (6) transfers may be made by check, draft, or debit card to a third party. If you exceed these limitations, your account may be subject to a fee or be closed. For Christmas Club accounts, the entire balance will be transferred to another account of yours on or after October 1st and the account will remain open. For Christmas Club accounts, if you withdraw from your account, you will be charged a fee as disclosed in the Fee Schedule. However, no fee will be charged if the withdrawal occurs within seven (7) days fo the date the account is opened.


  8. FEES FOR OVERDRAWING ACCOUNTS – Fees for overdrawing your account may be imposed on each check, draft, item, ATM card withdrawals, debit card withdrawal, debit card point of purchase, 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. You may consult the Funds Availability Policy for 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 approval limit. Please refer to the Fee Schedule for current fee information.
  
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