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Terms and Conditions

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Notices, Terms, and Conditions

Important Information About Procedures for Opening a New Account

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.

What this means for you: When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you.

We may also ask to see your Driver's License or other identifying documents.

Truth in Savings Disclosure

Except as specifically described, the following disclosures apply to all accounts. Accounts described in schedule are share 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 divided rate and frequency of compounding for an annual period. For savings, club, and IRA 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 rate and annual percentage yield are the prospective rate and yield that the Credit Union anticipates paying for the applicable dividend period.

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 Dividend

Savings, vacation, Christmas club, and IRA account dividends will begin to accrue on non-cash deposits on the same business day the deposit is made to the account. If you close these accounts 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 savings, vacation, Christmas club and IRA 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 vacation accounts, four (4) withdrawals allowed per year after which the account will be closed. For Christmas club accounts, the entire balance will be paid to you by check or transferred to another account of yours on or after October 1 and the account will remain open. If you withdraw any of the account balance at any time, we may impose a fee of $5.00 plus all accrued, uncredited dividends on the account but your account may remain open. You may make transfers or withdrawals in the first seven days after the account is opened without restriction. For Christmas club accounts, maximum deposit allowed is $500.00 per month. For Savings, IRA and Checking accounts, no account limitations apply.


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