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CERTIFICATE OF DEPOSIT TRUTH-IN-SAVINGS DISCLOSURES
Except as specifically described, the following disclosures apply
to all certificates of deposit listed above.
1. RATE INFORMATION: The interest rate and annual percentage yield
on your accounts are specified. The annual percentage yield is a
percentage rate that reflects the total amount of interest to be
paid on an account based on the interest rate and frequency of
compounding for an annual period. The annual percentage yield is
based on an assumption that interest will remain on deposit until
maturity. A withdrawal will reduce earnings. The Bump-A-Rate
CD includes the option to "bump" the rate one time during the term
of the CD to the current rate being paid for a standard 24-month
CD.
2. COMPOUNDING AND CREDITING: Interest is compounded and credited
to your account monthly. The interest period begins on the first
calendar day of the month and ends on the last calendar day of the
month.
3. ACCRUAL OF INTEREST: Interest will begin to accrue on the
business day you make the deposit to your account.
4. MINIMUM BALANCE REQUIREMENTS: The minimum balance required to
open each account is specified above.
5. DAILY BALANCE COMPUTATION METHOD: Interest is calculated by the
daily balance method which applies a daily periodic rate to the
principal in the account each day.
6. MATURITY: Your account will mature at the maturity date set
forth on your account receipt or renewal notice. All CDs will be
automatically renewed for the same term (unless specified
otherwise) but at the new rate. If the term is unavailable, the CD
will be renewed into a term that is similar to the original
offered, unless notification is received by the credit union
before the maturity date. The Bump-A-Rate CD will renew to a
standard 24-month CD without the "bump" option. You will
have a grace period of ten (10) calendar days after the maturity
date to deposit, change terms, or withdraw from the account
without penalty.
7. EARLY WITHDRAWAL PENALTY: A penalty may be imposed for
withdrawals before maturity. For accounts with maturities of 12
months or less, the penalty is loss of 90 days interest. For
accounts with maturities of more than 12 months and less than 60
months, the penalty is loss of 180 days interest. For accounts with
maturities of 60 months or more, the penalty is loss of 1 year interest. Penalties will be applied first towards interest, then
towards principal. For variable rate accounts, the penalty will be
assessed using the most current interest rate.
SHARE ACCOUNT TRUTH-IN-SAVINGS DISCLOSURES
Except as specifically described, the following disclosures apply
to all share accounts listed above.
1. RATE INFORMATION: The dividend rate and annual percentage
yield may change as determined by the credit union. Fees may
reduce earnings.
2. NATURE OF DIVIDENDS: Dividends are paid from current income
and available earnings after required transfers to reserves at the
end of each month.
3. COMPOUNDING AND CREDITING: Dividends are compounded and
credited to your account monthly. The dividend period begins on
the first calendar day of the month and ends on the last calendar
day of the month.
4. ACCRUAL OF DIVIDENDS: Dividends will begin to accrue on the
business day you make the deposit to your account. If you close
your account before accrued dividends are credited, accrued
dividends will not be paid.
5. MINIMUM BALANCE REQUIREMENTS: Minimum balance is set forth
above.
6. DAILY BALANCE COMPUTATION METHOD: Dividends are calculated by
the daily balance method which applies a daily periodic rate to
the principal in the account each day.
All accounts are insured up to $350,000.
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