Rate and Fee Schedule
The rates, fees and terms applicable to your account at the Credit Union are provided in this Rate and Fee Schedule. The Credit Union may offer other rates for these accounts from time to time.
Certificate Rates Effective: JANUARY 1, 2015
IRA Share Certificate Account
Share Certificate Account
TRUTH-IN-SAVINGS ACCOUNT DISCLOSURES
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 the dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period. For Certificate accounts, the Dividend Rate and Annual Percentage Yield are fixed and will be in effect for the term of the account. *Dividends are not compounded. They are paid monthly by check or transferred to another account.
2. 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.
3. Balance Information.
The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For Certificate accounts, dividends are calculated by the Daily Balance method which applies a daily periodic rate to the principal in the account each day.
4. Accrual of Dividends.
For Certificate accounts, dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account.
5. 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.
Your account will mature as indicated on this Rate and Fee Schedule or on your Account Receipt of 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 Certificate accounts, the amount of the early withdrawal penalty is based on the term of your account. The penalty schedule is as follows:
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 59 1/2 or becomes disabled.
The renewal policy for your accounts is indicated on the reverse side. For Certificate accounts, your account will not automatically renew, but you may renew the account at your option. Dividends will not be paid after maturity. The balance will be transferred to another account of yours.
Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligations with the Credit Union.
The rates and fees appearing in this Schedule are accurate and effective for deposit accounts as of the Effective Date indicated on this Rate and Fee Schedule. If you have any questions or require current rate and fee information on your accounts, please call the Credit Union.
Administration/Operations: (808) 935-2969
Loan Department Line: (808) 961-5550
Fax Line: (808) 961-5932