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NorState Federal
Credit Union offers a variety of services to fit your needs at competitive
rates. Please
select the type of Account you want.
All rates
stated in the pages below are effective as of 05/05/08.
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, and no more than three (3) of the 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 closed.
For a Money Market/Flex account a minimum of $500 can be withdrawn
or deposited.
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