Effective May 1, 2008
The following fees may be assessed against your account
and the following transaction limitations, if any, applied
to your account.
Excessive Withdrawal Fee
(after two (2) withdrawals per month) |
$5.00 each |
Dormant Account Fee
(after one year with no transactions for balances below $250.00) |
$5.00 per month |
Loan Application Fee |
$11.00 each |
Late Loan Payment Fee |
$15.00 each |
NSF Returned Check Fee |
$30.00 each |
Truth-In-Savings Disclosure
Except as specifically described, the following disclosures apply to all the accounts. All accounts described in this disclosure are share accounts.
- 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 Regular Shares, 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 Yields are the rates and yield as of the last dividend declaration date, which is set forth in the Rate Schedule.
- Nature of Dividends: Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.
- 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.
- Accrual of Dividends: For Regular Share accounts, dividends will begin to accrue on non-cash deposits (e.g. checks) on the business day you make the deposit to your account. If you close your account before accrued dividends are credited, you will not receive the accrued dividends.
- Balance Information: To open any account you must deposit or already have on deposit at least par value of one full share in a Share 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 Share 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 periodic rate to the Average Daily Balance in the account for the dividend period. The Average Daily Balance is calculated by applying a daily periodic rate to the balance in the account each day.
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