Truth In Savings (T.I.S.) Variable Rate Account Disclosure

REGULAR SHARES AND SECODARY SAVINGS

  1. RATE INFORMATION: As of January 1, 2015, if your balance was $25.00 or more, the dividend rate paid on the entire balance in your account was 0.50% with an annual percentage yield (APY) of 0.50%. The dividend rate and the APY may change every dividend period as determined by the credit union board of directors.
  2. COMPOUNDING AND CREDITING: Dividends will be compounded daily and credited quarterly. If you close your account before dividends are credited, you will not receive accrued dividends.
  3. MINIMUM BALANCE REQUIREMENTS: You must maintain a minimum daily balance of $25.00 in your account in order to earn a dividend for that day.
  4. BALANCE COMPUTATION METHOD: Dividends are calculated by the daily balance method which applies a periodic rate to the daily balance in your account for the period.
  5. ACCRUAL OF DIVIDENDS: Dividends will begin to accrue on the business day you deposit the cash or noncash items (e.g. checks) into your account
  6. FEES AND CHARGES: The following fees and charges may be assessed against your account: Membership fee (one-time fee) - $1.00
  7. NATURE OF DIVIDENDS: Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.
  8. PAR VALUE OF SHARES; DIVIDEND PERIOD: The par value of a regular share in this credit union is $25.00. The dividend period is quarterly, beginning on the first of the month and ending on the last day of the third month.
  9. Member accounts in this credit union are federally insured by the National Credit Union Share Insurance Fund (NCUSIF)
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