Account Terms

Truth In Savings – Share Accounts

• The dividend rate and APY may change every dividend period as determined by the credit union board of directors.
• Compounding and crediting. Dividends will be compounded quarterly and will be credited quarterly. For these account types, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1 and the ending date of such dividend period is March 31.

All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period, and for the example above is April 1. If you close your account before dividends are credited, you will not receive accrued dividends.

• Balance computation method. Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in your account for the period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.
• Accrual of dividends. Dividends will begin to accrue on the business day you deposit cash and noncash items (e.g. checks) to your account.
• Nature of dividends. Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.

Regular Share and Share Draft Accounts only.

• Transaction limitations. During any statement period, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer or telephonic order or instruction. No more than three of the six transfers may be made by check, draft, debit card, if applicable, or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the credit union.

Truth In Savings – Certificate Accounts

• Compounding and crediting. Dividends will be simple and will be credited monthly. If you close your certificate account before dividends are credited, you will not receive accrued dividends.
• Balance computation method. Dividends are calculated by the daily balance method, which applies a daily periodic rate to the principal in your account each day.
• Accrual of dividends. Dividends will begin to accrue on the business day you deposit cash and noncash items (e.g. checks) to your account.
• Transaction limitations. After the account is opened, you may not make deposits into the account until the maturity date stated on the certificate.
• Early withdrawal penalties. We may impose a penalty if you withdraw any of the funds before the maturity date. The penalty will equal 90 days dividends on your deposit.
• Renewal policies. Your certificate account will not automatically renew at maturity. Your certificate account will automatically redeem to your regular share account at maturity.
• Nature of dividends. Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.