TRUTH-IN-SAVINGS
ACCOUNT DISCLOSURE
Except as specifically
described, the following disclosures apply to all of the accounts.
1. 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 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
required transfers to reserves at the end of the dividend period. The Dividend
Rates and Annual Percentage Yields are the prospective rates and yield that the
credit Union anticipates paying for the applicable dividend period.
3. Dividend
Compounding and Crediting. The compounding and crediting of dividends and
dividend period applicable to each account are set forth 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.
4. Accrual of
Dividends. For all accounts, dividends will begin to accrue on cash and noncash
deposits (e.g., checks) on the business day you make the deposit to your account.
5. Balance Information.
The minimum balance requirements applicable to each account are set forth in the
Rate Schedule. For all accounts, there is a minimum daily balance required to
obtain the Annual Percentage Yield for the dividend period. If the minimum average
daily balance is not met, you will not earn the stated Annual Percentage Yield.
For all accounts using a Daily Balance method, dividends are calculated by applying
a daily periodic rate to the principal in the account each day.
6. Account Limitations.
For all accounts, no account limitations apply.
