Truth in Savings Disclosure

Except as specifically described, the following disclosures apply to all the accounts.
  1. 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 regular share, club and share draft accounts, the Dividend Rate and Annual Percentage Yield may change at any time as determined by the Board of Directors. For IRA accounts, the Dividend Rate and Annual Percentage Yield may change monthly based on our index of the 26 week Treasury Bill Rate as of the first Tuesday of each month.

  2. 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 are based on the Credit Union's earnings at the end of a dividend period and cannot be guaranteed.

  3. Dividends Compounding and Crediting. The compounding 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.

  4. Balance Information. The minimum balance requirements applicable to each account are set forth in the above 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.

  5. 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. For Holiday/Vacation Club and IRA accounts, if you close your account before accrued dividends are credited, accrued dividends will not be paid.

  6. Transaction Limitations. For Holiday and Vacation Accounts the balance will be transferred to your regular share account on or after November 1 for Holiday, June 1 for Vacation, and the account will remain open. For Holiday, Vacation and First State Saves if you withdrawal any of the balance at any time, we may impose a fee of up to 180 days dividends on the account and the account will be closed. You may make transfers or withdrawals in the first seven days the account is opened without restriction. For First State Saves Accounts you must make regular periodic deposits only; you may withdrawal without penalty when your balance is over $500; when you reach the maximum $1,000 balance you must withdrawal, invest in a certificate or the balance will be transferred to your regular share account. For Money Market Accounts six (6) withdrawals per month are allowed, three (3) may be by check, additional withdrawals will be charged per item. For all other share, share draft and IRA accounts, no account limitations apply.