Truth-In-Savings
Effective October 1, 2024
*This disclosure supersedes all previous Truth-in-Savings or brochures prior to this effective date.
| Type of Account | Dividend Rate (variable) | APY | Minimum Opening (deposit) | Minimum Balance to Avoid a Service Fee | Minimum Balance to Earn Dividend | Dividends Compounded | Dividends Credited |
| Regular Savings | 0.10% | 0.10% | $25.00 | None | $200.00 | Monthly | Monthly |
| Youth Savings | 1.00% | 1.00% | $25.00 | None | $200.00 | Monthly | Monthly |
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| Christmas Club | 0.30% | 0.30% | $5.00 | None | $200.00 | Monthly | Monthly |
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| Checking | 0.10% | 0.10% | $25.00 | None | $1,500.00 | Monthly | Monthly |
| Teen Checking | 0.10% | 0.10% | $25.00 | None | $100.00 | Monthly | Monthly |
| Individual Retirement Account (IRA Savings) | 0.30% | 0.30% | $25.00 | None | $200.00 | Monthly | Monthly |
Regular Savings
Dividend Rate (variable)
0.05%
APY
0.05%
Minimum Opening (deposit)
$25.00
Minimum Balance to Earn Dividend
$200.00
Dividends Compounded
Monthly
Dividends Credited
Monthly
Youth Savings
Dividend Rate (variable)
1.00%
APY
1.00%
Minimum Opening (deposit)
$25.00
Minimum Balance to Earn Dividend
$200.00
Dividends Compounded
Monthly
Dividends Credited
Monthly
- Youth Savings account for member 0-18 years of age
- Maximum Deposit $20,000.00
Christmas Club
Dividend Rate (variable)
0.30%
APY
0.30%
Minimum Opening (deposit)
$5.00
Minimum Balance to Earn Dividend
$200.00
Dividends Compounded
Monthly
Dividends Credited
Monthly
- Minimum Opening Deposit: $5
- Account earns dividend on balance up to $15,000.00. Once the max balance reaches $15,000.01, the account will earn a regular Share (Savings) Account
- Free withdrawals between November 1st through December 31st. If withdrawals are made early, there is a $5 fee per transaction.
Checking
Dividend Rate (variable)
0.10%
APY
0.10%
Minimum Opening (deposit)
$25.00
Minimum Balance to Earn Dividend
$1,500.00
Dividends Compounded
Monthly
Dividends Credited
Monthly
Teen Checking
Dividend Rate (variable)
0.10%
APY
0.10%
Minimum Opening (deposit)
$25.00
Minimum Balance to Earn Dividend
$100.00
Dividends Compounded
Monthly
Dividends Credited
Monthly
Individual Retirement Account (IRA Savings)
Dividend Rate (variable)
0.30%
APY
0.30%
Minimum Opening (deposit)
$25.00
Minimum Balance to Earn Dividend
$200.00
Dividends Compounded
Monthly
Dividends Credited
Monthly
Term Share Certificate
Early Withdrawal Penalties
*One year and less, 90 days of interest
*Over 1 year, 180 days of interest
| Terms | Dividend Rate | APY | Minimum Opening Deposit to Earn Dividend |
Dividends Compounded | Dividends Credited | Renewal |
| 6 Month | 2.50% | 2.53% | $1000.00 | Monthly | Monthly | Automatic with 10-day grace period |
| 12 Month | 3.50% | 3.56% | $1000.00 | Monthly | Monthly | Automatic with 10-day grace period |
| 18 Month | 4.00% | 4.07% | $1000.00 | Monthly | Monthly | Automatic with 10-day grace period |
| 24 Month | 3.00% | 3.04% | $1000.00 | Monthly | Monthly | Automatic with 10-day grace period |
| IRA Term Share Certificate | ||||||
| 12 Month | 3.50% | 3.56% | $1000.00 | Monthly | Monthly | Automatic with 10-day grace period |
| 24 Month | 3.00% | 3.04% | $1000.00 | Monthly | Monthly | Automatic with 10-day grace period |
6 Month
Dividend Rate
2.50%
APY
2.53%
Minimum Opening Deposit to Earn Dividend
$1,000.00
Dividends Compounded
Monthly
Dividends Credited
Monthly
Renewal
Automatic with 10-day grace period
12 Month
Dividend Rate
3.50%
APY
3.56%
Minimum Opening Deposit to Earn Dividend
$1,000.00
Dividends Compounded
Monthly
Dividends Credited
Monthly
Renewal
Automatic with 10-day grace period
18 Month
Dividend Rate
4.00%
APY
4.07%
Minimum Opening Deposit to Earn Dividend
$1,000.00
Dividends Compounded
Monthly
Dividends Credited
Monthly
Renewal
Automatic with 10-day grace period
24 Month
Dividend Rate (variable)
3.00%
APY
3.04%
Minimum Opening Deposit to Earn Dividend
$1,000.00
Dividends Compounded
Monthly
Dividends Credited
Monthly
Renewal
Automatic with 10-day grace period
IRA Term Share Certificate - 12 Month
Dividend Rate (variable)
3.50%
APY
3.56%
Minimum Opening Deposit to Earn Dividend
$1,000.00
Dividends Compounded
Monthly
Dividends Credited
Monthly
Renewal
Automatic with 10-day grace period
IRA Term Share Certificate - 24 Month
Dividend Rate (variable)
3.00%
APY
3.04%
Minimum Opening Deposit to Earn Dividend
$1,000.00
Dividends Compounded
Monthly
Dividends Credited
Monthly
Renewal
Automatic with 10-day grace period
- RATE INFORMATION. The Annual Percentage Yield (APY) 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. The dividend rate and Annual Percentage Yield (APY) may change monthly as determined by our Board of Directors for all savings and checking accounts. You must provide and maintain minimum opening deposits and/or minimum daily balances in order to earn the APYs stated above, if so indicated.
- COMPOUNDING AND CREDITING. The frequency with which dividends will be compounded and credited is set forth above. For all accounts, the “Month” begins on the first calendar day of the month and ends on the last calendar day of the month.
- MINIMUM BALANCE REQUIREMENTS. The minimum balance requirements for each account are set forth above. Minimum balance requirements may include a minimum opening deposit, the minimum balance that you must maintain in the account to avoid service fees, and the minimum balance that you must maintain each day to earn the stated Annual Percentage Yield for that account. The Par value of a share in this credit union is $25. The Par value should remain in your share (savings) account at all times.
- BALANCE COMPUTATION METHOD. We use the Daily Balance Method to calculate dividends on your account. The Daily Balance Method applies a daily periodic rate to the balance in the account each day.
- ACCRUAL OF DIVIDENDS. Dividends will begin to accrue on the business day that you deposit non-cash items (e.g. checks) to your account. If you close your account before dividends are paid, you will not receive the accrued dividends.
- ACCOUNT AND TRANSACTION LIMITATIONS. You may be required to allow 7 days-notice for a withdrawal from shares.
- VARIABLE RATE INFORMATION. If your rate is variable as indicated above, the rate is based on the Board of Director’s discretion. We may change the rate monthly on the first day of each month. There are no limitations on the amount the rate can change.
- CERTIFICATES MATURITY. Your account will mature according to the terms indicated above, and as indicated on your account summary or statement. The certificate will automatically renew, and you will be given a 10 day grace period.
- CERTIFICATES EARLY WITHDRAWAL PENALTIES. * We will impose a penalty if you withdraw any of the funds in your account before the maturity date. The amount of the penalty is disclosed above. The penalty is calculated as a forfeiture of part of the dividends that have been or would have been earned on the account and applies whether or not the dividends have been earned. The penalty may be deducted from the principal amount of the deposit. The Annual Percentage Yield disclosed for your account is based on an assumption that dividends will remain in the account until maturity; a withdrawal will reduce earnings. Exceptions to Early Withdrawal Penalties (1) If an account owner dies or is determined to be legally incompetent by a court or other body of competent jurisdiction; (2) If the certificate account or any portion is paid within ten days after the establishment/renewal of the account; or (3) if the account is an IRA and the owner attains the age of RMD requirements or becomes disabled.