Effective
June 1, 2008 |
|
The following
fees may be assessed against your account and the following
transaction limitations, if any, applied to your account. |
| Savings Excessive Withdrawals (>3 per quater) |
$5.00 |
| Total Deposits (if fall below $100) |
$5.00 |
| NSF (ACH, ATM, Check) |
$32.00 |
| Christmas Club Early Withdrawal |
$5.00 |
| Money
Market (If balance falls below minimum) |
$5.00 |
| Money
Market (>3 per month) |
$5.00 |
| Return Item |
$5.00 per check |
| Overdraft from Savings |
$5.00 |
| Stop Payment |
$30.00 |
| Check Copy |
$2.00 |
| Account Reconciliation/Research |
$20.00 per hour |
| Statement Copy |
$3.00 |
| Deposited Item Return (own account) |
$25.00 |
| Official Clerk |
$5.00 |
| Travelers Cheques |
$1.00 per 100 |
| Telephone Transfer |
FREE |
| Account Closure (if <90 days after opening) |
$15.00 |
| Money Order |
$3.00 |
| Inactive Account (if no activity >1year) |
$5.00 per month |
Check Cashing (if total account balances <$500) |
$5.00 |
| Wire Transfer (outgoing) |
$20.00 |
| Wire Transfer (Incoming) |
$10.00 |
| International Wire Transfer (outgoing) |
$50.00 |
| International Wire Transfer (Incoming) |
$10.00 |
| Checks paid in Overdraft |
$32.00 |
| Collections |
$10.00 |
| Garnishment |
$25.00 |
| Levy |
$25.00 |
| Fax Service |
$2.00 |
| Copy Service |
$0.32 per page |
| Counter Checks (up to 10) |
FREE |
| Verification of Deposits |
FREE |
| Account Summary Print Out |
$4.00 |
| MarshLine 24 Hour Telephone Account Access |
FREE |
| MarshNet 24 Hour Internet Account Access |
FREE |
|
TRUTH-IN-SAVINGS
ACCOUNT DISCLOSURES
Share
and Share Draft Accounts
The rates, fees and terms applicable to your account at the Credit Union are provided in this Truth in Savings Disclosure. The Credit Union may offer other rates for these accounts from time to time.
Except as specifically described, the following disclosures apply to all of the accounts. All accounts described in this Truth-in-Savings Account Disclosure are share and checking.
- 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 at any time as determined by the Credit Union's Board of Directors. The Dividend Rates and Annual Percentage Yields are the rates and yields as of the last dividend declaration date which is set forth in the Rate Schedule. The IRA Regular Share account is a Tiered Rate account. If your account balance is $5,000 or below, the first Dividend Rate and Annual Percentage Yield listed for this account in the Rate Schedule will apply. If your account balance is from $5,000.01 to $10,000, the second Dividend Rate and Annual Percentage Yield listed for this account will apply. If your account balance is greater than $10,000.00, the third Dividend Rate and Annual Percentage Yield listed for this account will apply. Once a particular balance range If your account balance is from $2,500.00 to $9,999.99, the first Dividend Rate and Annual Percentage Yield listed for this account in the Rate and Fee Schedule will apply. If your account balance is from $10,000 to $24,999.99, the second Dividend Rate and Annual Percentage Yield listed for this account will apply. If your account balance is from $25,000 to $49,999.99, the third Dividend Rate and Annual Percentage Yield listed for this account will apply. If your account balance is greater than $50,000, the fourth Dividend Rate and Annual Percentage Yield listed for this account will apply. Once a particular balance range is met, the Dividend Rate and Annual Percentage Yeild for that balance range will apply to the full balance of your account.
- Nature of
Dividends. Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.
- 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.
- Accrual
of Dividends. For all accounts, dividends will begin to accrue on non-cash deposits (e.g. checks) on the business day you make the deposit to your account. For all accounts, if you close your account before accrued dividends are credited, accrued dividends will not be paid.
- Balance
Information. The minimum balance requirements applicable to each account are set forth in the rate schedule. For Regular Savings, Special Share, Money Maker, Christmas Club Shares, IRA Regular Share, and Checking accounts, there is a minimum average 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 an Average Daily Balance method, dividends are calculated by applying 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.
- Account
Limitations. For Regular Savings, Special Share, Money Maker, Christmas Club Shares, and IRA Regular Share accounts, no more than six (6) preauthorized, automatic, or telephone transfers may by made from these accounts to another account of yours or to a third party in any month, and no more than three (3) of these 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 subject to a fee or be closed. For a Christmas Club Share account, the entire balance will be paid to you by check or transferred to another account of yours on or after October 15th and the account will remain open. You may be charged a withdrawal fee of $5 for each withdrawal from the account after the payout date of November 10th. You may make transfers or withdrawals in the first seven (7) days after the account is opened without restriction. For Money Maker accounts, a minimum withdrawal amount of $500 applies. For Checking Accounts, no account limitations apply.
Share
Certificate Accounts
Except as specifically
described, the following disclosures apply to all of the accounts.
- 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
are fixed and will be in effect for the term of the account. For
accounts subject to dividend compounding, the Annual Percentage
Yield is based on an assumption that dividends will remain on
deposit until maturity. A withdrawal of dividends will reduce
earnings.
- Nature of
Dividends. Dividends are paid from current income and available
earnings after required transfers to reserves at the end of the
dividend period.
- Dividends
Compounding and Crediting. The compounding and crediting of dividends
applicable to each account is set forth in the Rate Schedule.
The Dividend Period begins on the first calendar day of the Dividend
Period and ends on the last calendar day of the Dividend Period.
*For Regular Share (Monthly Dividend Withdrawal) Certificate and
IRA Share (Monthly Dividend Withdrawal) Certificate accounts,
dividends are not compounding but paid by check or transferred
to another account.
- Balance
Information. The minimum balance requirements applicable to each
account are set forth in the Rate Schedule. For all accounts,
dividends are calculated by the Daily Balance method which applies
a daily periodic rate to the principal in the account each day.
- Accrual of
Dividends. For all accounts, dividends will begin to accrue on
noncash deposits (e.g. checks) on the business day you make the
deposit to your account.
- Transaction
Limitations. After your account is opened, your ability to make
additional deposits to your account or withdrawals of dividends
and any limitations on such transactions are set forth in the
Rate Schedule.
- Maturity.
Your account will mature as indicated on this Rate and Fee Schedule
or on your Account Receipt or Renewal Notice.
Early Withdrawal
Penalty. We may impose a penalty if you withdraw any of the principal
before the maturity date.
Amount of Penalty.
For all accounts, the amount of the early withdrawal penalty is
based on the term of your account. The penalty schedule is as follows:
Terms of 1 year or less: 90 days dividends.
Terms of more than 1 year: 180 days dividends.
How the Penalty
Works. The penalty is calculated as a forfeiture of part of the
dividends that have been or would be earned on the account. It applies
whether or not the dividends have been earned. In other words, if
the account has not yet earned enough dividends or if the dividend
has already been paid, the penalty will be deducted from the principal.
Exceptions to
Early Withdrawal Penalties. At our option, we may pay the account
before maturity without imposing an early withdrawal penalty under
the following circumstances:
| (i) |
When an
account owner dies or is determined legally incompetent by a
court or other body of competent jurisdiction. |
| (ii) |
Where the
account is an Individual Retirement Account (IRA) and any portion
is paid within seven (7) days after establishment; or where
the account is a Keogh Plan (Keogh) provided that the depositor
forfeits an amount of at least equal to the simple dividends
earned in the amount withdrawn; or where the account is an IRA
or Keogh and the owner attains age 59½ or becomes disabled. |
Renewal Policy.
For all accounts, your account will automatically renew upon maturity.
For all accounts, you have a grace period of seven (7) days after
maturity in which to withdraw funds in the account without being
charged an early withdrawal penalty.
Nontransferable/Nonnegotiable.
Your account is nontransferable and nonnegotiable. The funds in
your account may not be pledged to secure any obligation of an owner,
except obligations with the Credit Union.
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