Truth in Savings Certificate of Deposit

Fees and terms applicable to your account at the Credit Union are provided with this Truth-in-Savings Disclosure. The Credit Union may offer other rates for these accounts from time to time. All Rate Types are Fixed Rate. All Dividend Period is on Account's Terms. Additional Deposits are not allowed. Withdrawals are Allow - See Transaction Limitations Section. All Automatically Renew. 

Minimum Opening Deposit

  • 30 Day & 3 Month Certificates: $2,500.00
  • Certificate: $1,000.00
  • Jumbo Certificate: $50,000.00
  • IRA Share Certificate: $500.00

Dividends Compounded

  • 30 Day & 3 Month Certificates: At Maturity
  • Certificate: Monthly
  • Jumbo Certificate: Monthly
  • IRA Share Certificate: Monthly

Dividends Credited

  • 30 Day & 3 Month Certificates: At Maturity
  • Certificate: Monthly
  • Jumbo Certificate: Monthly
  • IRA Share Certificate: Monthly

Except as specifically described, the following disclosures apply to all of the accounts. All accounts described in this Truth-in-Savings Disclosure are share 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 accounts, the dividend rate and annual percentage yield are fixed and will be in effect for the initial term of the account. For accounts subject to dividend compounding, the annual percentage yield is based on an assumption that dividends will remain on deposit until maturity. A withdrawal of dividends will reduce earnings.
  2. Dividend Period For each account, the dividend period is the account’s term. The dividend period begins on the first day of the term and ends on the maturity date.
  3. Divident Compounding and Crediting The compounding and crediting frequency of dividends are stated in the Rate Schedule.
  4. Balance Information To open any account, you must deposit or already have on deposit the minimum required share(s) in any account. Some accounts may have additional minimum opening deposit requirements. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For accounts using the average daily balance method as stated in the Rate Schedule, dividends are calculated by applying a periodic rate to the average daily balance in the account for the dividend period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.
  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 all accounts, if you close your account before accrued dividends are credited, accrued dividends will not be paid.
  6. Transaction Limitations For all accounts, your ability to make deposits to your account and any limitations on such transactions are stated in the Rate Schedule. After your account is opened, you may make withdrawals subject to the early withdrawal penalties stated below.
  7. Maturity Your account will mature as stated on this Truth-in-Savings Disclosure or on your Account Receipt or Renewal Notice.
  8. Early Withdrawal Penalty We may impose a penalty if you withdraw funds from your account before the maturity date.
    1. Amount of Penalty For all accounts, the amount of the early withdrawal penalty is based on the term of your account and you will be assessed a processing service charge as stated in the Service Schedule. The penalty schedule is as follows:
      1. Terms of 1 year or less 180 days’ dividends
      2. Terms of more than 1 year 365 days’ dividends
    2. 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 dividends have already been paid, the penalty will be deducted from the principal.
    3. 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:
      1. When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.
      2. Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after the establishment of the account; or where the account is a Keogh Plan (Keogh), provided that the depositor forfeits an amount 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 59½ or becomes disabled.
  9. Renewal Policy The renewal policy for your accounts is stated in the Rate Schedule. For accounts that automatically renew for another term, you have a grace period of ten (10) days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty.
  10. Nontransferable/Nonnegotiable Your account is nontransferable and nonnegotiable.
  11. Membership As a condition of membership, you must purchase and maintain the minimum required share(s) as set forth below.
    1. Par Value of One Share -  $5.00
    2. Number of Shares Required - 1

If you have any questions or require current rate and fee information on your accounts, please contact us online or visit one of our branch locations.