TRUTH-IN-SAVINGS ACCOUNT DISCLOSURE
Except as specifically described, the following disclosures
apply to all of the above accounts.
1. Rate Information. The Dividend Rate
and Annual Percentage Yield on your accounts are set forth
above. 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
a 365 day period. The Dividend Rate and Annual Percentage
Yield may change monthly as determined by the Credit Union's
Board of Directors.
2. 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. All the above accounts are variable rate accounts.
The rates will be adjusted at the discretion of the Board
of Directors of the Credit Union. The Credit Union reserves
the right to change dividend rates at any time.
3. Compounding and Crediting. Dividends
will be compounded and credited as set forth above. The Dividend
Period for each account is set forth above. The Dividend
Period begins on the first calendar day of the Dividend Period
and ends on the last calendar day of the Dividend Period.
4. 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 (e.g. checks) on the business
day you make the deposit to your account. If you close your
account before the end of the dividend period, accrued dividends
will be paid.
5. Balance Information. The minimum balance
required to open each account is set forth above. Dividends
are calculated by the Average Daily Balance method which
applies a periodic rate to the Average Daily Balance in the
account for the period. The Average Daily Balance is determined
by adding the full amount of principal in the account for
each day of the period and dividing that figure by the number
of days in the period.
6. Account Limitations. Account limitations
for each account are set forth above. For Share/Savings,
Clubs, and Money Market/Flex accounts in which transfer limitations
apply, no more than six (6) preauthorized, automatic or telephone
transfers may be made from these accounts to another account
of yours or to a third party in any month. If you exceed these
limitations, your account may be closed. For a Money Market/Flex
account a minimum of $500 can be withdrawn or deposited.