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disclosures
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Truth in Savings Disclosures
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 dividing 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. For all accounts,
dividends must be paid directly to you; dividends cannot be added to
the account.
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.
DIVIDEND COMPOUNDING AND CREDITING:
The compounding and crediting frequency of dividends is stated in the
Rate Schedule.
BALANCE INFORMATION:
The minimum
balance requirements applicable to each account are set forth in the
Rate Schedule. To open any account, you must deposit or already
have on deposit at least the par value of one full share in a Share
Savings Account. The par value amount is stated in the Fee Schedule.
Some accounts may have additional minimum opening deposit requirements.
For all accounts, dividends are calculated by the Daily Balance method,
which applies a periodic rate to the balance in the account each day.
ACCRUAL OF DIVIDENDS:
For all
accounts, dividends will begin to accrue on noncash deposits (i.e. checks)
on the business day you make the deposit to your account.
TRANSACTION LIMITATIONS:
For
all accounts, after your account is opened, you may make withdrawals
subject to the early withdrawal penalties stated below.
MATURITY:
Your account will
mature as stated on this Truth-In-Savings Disclosure or on your Account
Receipt or Renewal Notice.
EARLY WITHDRAWAL PENALTY:
We
may impose a penalty if you withdraw from your account before the maturity
date.
AMOUNT OF PENALTY:
For all
accounts, the amount of early withdrawal penalty for your account is
90 days dividend.
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:
- When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.
- Where the account is an Individual Retirement Account (IRA) and any potion is paid within
seven (7) days after the 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 59.5 or becomes
disabled.
RENEWAL POLICY:
The renewal
policy for your accounts is stated in the Rate Schedule. For all
accounts, your account will not automatically renew for another term.
Dividends will not be paid after maturity. Upon maturity, the
account balance will be transferred to another account of yours.
NONTRANSFERRABLE / NONNEGOTIABLE:
Your account is nontransferable and nonnegotiable.
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