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|Account||Minimum To Open||Term||Dividend Period||Minimum Balance to Earn APY||Dividend Rate %||Annual Percentage Yield % (APY)|
|Youth Share Savings||$5.00||-||Quarterly||$5.00||.03||.03|
|Secondary Share Savings||-||-||Quarterly||$100.00||.03||.03|
|IRA Share Savings||$50.00||-||Quarterly||$100.00||.03||.03|
|Business Share Savings||$25.00||-||Quarterly||$100.00||.03||.03|
|Business Secondary Share Savings||-||-||Quarterly||$100.00||.03||.03|
|Youth Certificate||$60.00||6 Months||Quarterly||$60.00||.20||.20|
|IRA Certificate||$500.00||36 Months||Quarterly||$500.00||.60||.60|
|IRA Certificate||$500.00||60 Months||Quarterly||$500.00||.75||.75|
Except as specifically described, the following disclosures apply to all of the accounts.
- Rate Information. The dividend rate and annual percentage yield on your accounts are set forth on the reverse side. 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 Share Certificates and IRA Share Certificates, the dividend rate and annual percentage yield are fixed and will be in effect for the term of the account. The annual percentage yield is based on an assumption that dividends will remain on deposit until maturity. A withdrawal will reduce earnings.
- Nature of Dividends. Dividends are paid from current income and available earnings after providing for the required reserves. The dividend rates and annual percentage yields 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 on the reverse side. The dividend period for each account is also set forth on our Rate and Fee Schedule. The dividend period begins on the first calendar day of the period and ends on the last calendar day of the period.
- Balance Information. The minimum balance required to open each account is set forth. Dividends are calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.
- Accrual of Dividends. Dividends will begin to accrue on cash deposits on the business day you make the deposit to your account. Dividends will begin to accrue on noncash deposits (checks) on the business day you make the deposit to your account. If you close your account before accrued dividends are credited, accrued dividends will not be paid.
- Account Limitations. The account limitations for each account are set forth in our Membership and Account Agreement. For a Share Savings Account in which transfer limitations may apply, there can be no more than six pre-authorized automatic withdrawals, telephone transfers or transfers initiated by personal computer to another account at the same credit union or to a third party during a calendar month or statement cycle. For a Money Market Account in which transfer limitations may apply, there can be no more than six pre-authorized automatic withdrawals, checks, telephone transfers or transfers initiated by personal computer to another account at the same credit union or to a third party during a calendar month or statement cycle. If you exceed these limitations, your account may be subject to a fee or be closed.
- Maturity. Your account will mature on the maturity date set forth on your account receipt or renewal notice.
- Early Withdrawal Penalties. A penalty may be imposed if you withdraw any of the certificate funds before the maturity date or the renewal date, if this is a renewal account.
- Amount of Penalty. For Share Certificates and IRA Share Certificates the amount of the early withdrawal penalty for your account is 90 days dividends for a term of 12 months or less, and 180 days dividends for a term over 12 months.
- How the Penalty Works. The penalty is calculated as a forfeiture of part or all of the dividends that have been earned on the account. This penalty applies to earned dividends and principal.
- Renewal Policy. Share Certificate accounts will automatically renew for another term upon maturity. You have a grace period of seven days in which to change or withdraw the funds without being charged an early withdrawal penalty.
- Exception to Early Withdrawal Penalties. At our option, we may redeem the account before maturity without imposing an early withdrawal penalty under the following circumstances: a. When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.
- Nontransferable / Nonnegotiable. Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation of an owner except obligations with the Credit Union.
- 1FEES FOR OVERDRAWN ACCOUNTS. Fees may be imposed on each check, draft item, ATM card withdrawal, 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 payment of 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, item or transaction. If we have approved an overdraft protection limit for your account such fees may reduce your approval limit.