Share Certificates: Truth in Savings Account Disclosure
Except as specifically described, the following disclosures apply to all of the accounts:
- Rate Information
The Annual Percentage Yield (APY) is a percentage rate that reflects the total amount of dividends to be paid on account based on the dividend rate and frequency of compounding for an annual period. For all accounts the dividend rate and APY are fixed and will be in effect for the term of the account. The APY is based on an assumption that dividends will remain on deposit until maturity. A withdrawal of dividends will reduce earnings. - Dividend Compounding and Crediting
The compounding and crediting of dividends applicable to each account is set forth in the Rate Schedule. - Balance Information
The minimum balance requirement applicable to each account is set forth in the Rate Schedule. For all accounts, dividends are calculated by the Daily Balance method which applies a daily periodic rate to the principal in the accounts each day. - 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 into your account. - Transaction Limitations
After your account is opened, your ability to make additional deposits to your account or withdraw dividends and any limitations on such transactions are set forth in the Rate Schedule. For a 90-day Share Certificate and Share Certificate accounts with balances of $10,000 or more, monthly dividends may be received. A withdrawal or transfer of dividends will reduce the earnings on the account. - Maturity
Your account will mature as indicated on your Renewal Notice, Account Receipt or Statement.
The rates and fees that appear on your Renewal Notice are accurate and effective for deposit accounts as of the effective date indicated on the Renewal Notice. If you have any questions or require current rate information on your accounts, please call 314-534-7610, or toll-free at 866-534-7610. - Early Withdrawal Penalty
We may impose a penalty if you withdraw any of the principal before the maturity date. - Penalty Amount
For 90-day Share Certificates and 90-day Individual Retirement Account (IRA) Share Certificate accounts, the amount of the early withdrawal penalty for your accounts is 90 days’ dividends. For Share Certificates and IRA Share Certificate accounts, the amount of the early withdrawal penalty is based on the term of your account. The penalty schedule is as follows:
Terms of 365 days or less = 90 days’ dividends Terms over 365 days = 180 days’ dividends - 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. - 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 IRA and any portion is paid within seven days after 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 1/2 or becomes disabled. - Renewal Policy
For all accounts, your account will automatically renew for another term upon maturity. For all accounts, you have a grace period of ten business days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty. - Nontransferable/Nonnegotiable
Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligations of an owner, except obligations with the Credit Union.
Except as specifically described, the following disclosures apply to all of the accounts:
- Rate Information
The Annual Percentage Yield (APY) is a percentage rate that reflects the total amount of dividends to be paid on account based on the dividend rate and frequency of compounding for an annual period. For all accounts the dividend rate and APY are fixed and will be in effect for the term of the account. The APY is based on an assumption that dividends will remain on deposit until maturity. A withdrawal of dividends will reduce earnings. - Dividend Compounding and Crediting
The compounding and crediting of dividends applicable to each account is set forth in the Rate Schedule. - Balance Information
The minimum balance requirement applicable to each account is set forth in the Rate Schedule. For all accounts, dividends are calculated by the Daily Balance method which applies a daily periodic rate to the principal in the accounts each day. - 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 into your account. - Transaction Limitations
After your account is opened, your ability to make additional deposits to your account or withdraw dividends and any limitations on such transactions are set forth in the Rate Schedule. For a 90-day Share Certificate and Share Certificate accounts with balances of $10,000 or more, monthly dividends may be received. A withdrawal or transfer of dividends will reduce the earnings on the account. - Maturity
Your account will mature as indicated on your Renewal Notice, Account Receipt or Statement.
The rates and fees that appear on your Renewal Notice are accurate and effective for deposit accounts as of the effective date indicated on the Renewal Notice. If you have any questions or require current rate information on your accounts, please call 314-534-7610, or toll-free at 866-534-7610. - Early Withdrawal Penalty
We may impose a penalty if you withdraw any of the principal before the maturity date. - Penalty Amount
For 90-day Share Certificates and 90-day Individual Retirement Account (IRA) Share Certificate accounts, the amount of the early withdrawal penalty for your accounts is 90 days’ dividends. For Share Certificates and IRA Share Certificate accounts, the amount of the early withdrawal penalty is based on the term of your account. The penalty schedule is as follows:
Terms of 365 days or less = 90 days’ dividends Terms over 365 days = 180 days’ dividends - 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. - 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 IRA and any portion is paid within seven days after 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 1/2 or becomes disabled. - Renewal Policy
For all accounts, your account will automatically renew for another term upon maturity. For all accounts, you have a grace period of ten business days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty. - Nontransferable/Nonnegotiable
Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligations of an owner, except obligations with the Credit Union.
