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Disclosures
Security Statement • Privacy Statement • VISA • Financial Privacy
Metro Shores Credit Union is constantly concerned about our member’s critical information and privacy. With this in mind, we have the following security services installed on our Internet server:
If you have additional questions regarding Metro Shores Credit Union’s security issues, please feel free to contact us at (734) 676-8666, or by e-mail at info@metroshores.org. A Private Note to Our Members: SUMMARY OF TERMS
Balance Calculation Method For Purchases The Financial Charge for a billing cycle is computed by applying the monthly Periodic Rate to the average daily balance of Credit Purchases, which is determined by dividing the sum of the daily balances during the billing cycle by the number of days in the cycle. Each daily balance of Credit Purchases is determined by adding the outstanding unpaid balance of Credit Purchases at the beginning of the billing cycle any new Credit Purchases posted to your account, and subtracting any payments as received and credits as posted to your account, but excluding any unpaid Finance Charges. These disclosures are accurate as of February 1, 2004. They are subject to change periodically. Contact the credit union at (734) 676-8666 or write to 2360 West Jefferson, Trenton, MI 48183, for information on any changes to the above disclosure.
NOTICE OF YOUR FINANCIAL PRIVACY RIGHTS We, our, and us, when used in this notice, mean Metro Shores Credit Union. This is our privacy notice for our members. When we use the words "you" and "your" we mean the following types of members:
We will tell you the sources of nonpublic personal information we collect on our members. We will tell you what measures we take to secure that information. We will also tell you what information we share with other entities. We will explain what your rights are, and how you can exercise them. If you share your account relationship with someone else, for example where you are a co-borrower or joint holder of a share draft account, we suggest that you share this information with each other to ensure that each of you are aware of our policy and your options. We first define some terms.
THE INFORMATION THAT WE COLLECT We collect nonpublic personal information about you from the following sources:
THE CONFIDENTIALITY, SECURITY AND INTEGRITY OF YOUR NONPUBLIC PERSONAL INFORMATION We restrict access to nonpublic personal information about you to those employees who need to know that information to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard your nonpublic personal information.
NONPUBLIC PERSONAL INFORMATION AND NONAFFILIATED THIRD PARTIES We may disclose nonpublic personal information to nonaffiliated third parties. Here are the kinds of nonpublic personal information we disclose to nonaffiliated third parties:
You may opt out of the disclosure of the information listed above. Types of Nonaffiliated Third Parties We may disclose nonpublic personal information about you to the following types of nonaffiliated third parties:
We may also disclose nonpublic personal information about you to nonaffiliated third parties as permitted by law. Reason For Disclosing Here is why we may disclose nonpublic personal information about you to nonaffiliated third parties:
NONPUBLIC PERSONAL INFORMATION AND FORMER MEMBERS We do not disclose nonpublic personal information about former members, except as permitted by law.
YOUR RIGHTS TO BLOCK THE DISCLOSURE OF YOUR NONPUBLIC PERSONAL INFORMATION Nonaffiliated Third Parties. If you do not want us to share your nonpublic personal information with nonaffiliated third parties, you can block the release of certain nonpublic personal information. This is known as your right to "opt out." Your decision to block the disclosure of your nonpublic personal information will apply to all products and services you receive from us. If you have a joint account, an opt out instruction given by one participant of this account will affect all participants of the account. If you wish to opt out of disclosures, you may do so by checking the appropriate box(es) on the Opt Out Notice that you received with this notice and returning it to us at this address: Metro Shores Credit Union 2360 West Jefferson Trenton, Michigan 48183
TERMS AND CONDITIONS OF YOUR ACCOUNT AGREEMENT – This document along with any other documents we give you pertaining to your account(s), is a contract that establishes rules which control your account(s) with us. Please read this carefully. If you sign the signature card or open or continue to have your account with us, you agree to these rules. You will receive a separate schedule of rates, qualifying balances, and fees if they are not included in this document. If you have any questions, please call us. This agreement is subject to applicable federal laws and the laws of the state of Michigan (except to the extent that this agreement can and does vary such rules or laws.) The body of state and federal law that governs our relationship with you, however, is too large and complex to be reproduced here. The purpose of this document is to:
If any provision of this document is found to be unenforceable according to its terms, all remaining provisions will continue in full force and effect. We may permit some variations from our standard agreement, but we must agree to any variation in writing either on the signature card for your account or in some other document. An used in this document the words "we", "our" and "us" mean the financial institution and the words "you" and "your" mean the account holder(s) and anyone else with the authority to deposit, withdraw, or exercise control over the funds in the account. The headings in this document are for convenience or reference only and will not govern the interpretation of the provisions. Unless it would be inconsistent to do so, words and phrases used in this document should be construed so the singular includes the plural and the plural includes the singular. BYLAWS - Our bylaws, which we may amend from time to time, establish basic rules about our credit union policies and operations which affect your account and membership. You may obtain a copy of the bylaws on request. Our right to require you to give us notice of your intention to withdraw funds from your account is described in the bylaws. Unless we have agreed otherwise you are not entitled to receive any original item after it is paid. Dividends are based on current earnings and available earnings of the credit union, after providing for required reserves. LIABILITY - You agree, for yourself (and the person or entity you represent if you sign as a representative of another) to the terms of this account and the schedule of charges. You authorize us to deduct these changes directly from the account balance as accrued. You will pay any additional reasonable charges for services you request which are not covered by this agreement. Each of you also agrees to be jointly and severally (individually) liable for any account shortage resulting from charges or overdrafts, whether caused by you or another with access to this account. This liability is due immediately, and can be deducted directly from the account balance whenever sufficient funds are available. You have no right to defer payment of this liability, and you are liable regardless of whether you signed the item or benefited from the charge of overdraft. This includes liability for our costs to collect the deficit including, to the extent permitted by law, our reasonable attorneys’ fees. DEPOSITS – We will give only provisional credit until collection is final for any items, other than cash, we accept for deposit (including items drawn "on us"). Actual credit for deposits of, or payable in, foreign currency will be at the exchange rate in effect on final collection in U.S. dollars. We are not responsible for transactions by mail or outside depository until we actually record them. We will treat and record all transactions received after our "daily cutoff time" on a business day we are open, or received on a day we are not open for business, as if initiated on the next following business day that we are open. WITHDRAWALS – Unless clearly indicated otherwise on the account records, any of you, acting alone, who signs in the space designated for signatures on the signature card may withdraw or transfer all or any part of the account balance at any time. Each of you (until we receive written notice to the contrary) authorizes each other person signing the signature card to indorse any item payable to you or your order for deposit to this account or any other transaction with us. We may change your account for a check even though payment was made before the date of the check, unless we have received written notice of the postdating in time to have a reasonable opportunity to act. We may refuse any withdrawal or transfer request which you attempt on forms not approved by us, by any method we do not specifically permit, which is greater in number than the frequency permitted, or which is for an amount greater or less than any withdrawal limitations. Even if we honor a nonconforming request, we may treat continued abuse of the stated limitations (if any) as your act of closing the account. We will use the date the transaction is completed by us (as opposed to the date you initiate it) to apply the frequency limitations. The fact that we may honor withdrawal requests that overdraw the available account balance does not obligate us to do so later. See the funds availability policy disclosure for information about when you can withdraw funds you deposit. For those accounts for which our funds availability policy disclosure does not apply, you can ask us when you make a deposit when those funds will be available for withdraw. OWNERSHIP OF ACCOUNT AND BENEFICIARY DESIGNATION - These rules apply to this account depending on the form of ownership and beneficiary designation, if any, specified on the account records. We reserve the right to refuse some forms of ownership on any or all of our accounts. We make no representations as to the appropriateness or effect of the ownership and beneficiary designations, except as they determine to whom we pay the account funds. Individual Account – is an account in the name of one person. Joint Account - With Survivorship (And Not as Tenants In Common) is an account in the name of two or more persons. Each of you intend that when you die the balance in the account (subject to any previous pledge to which we have agreed) will belong to the survivor(s). If two or more of you survive, you will own the balance in the account as joint tenants with survivorship and not as tenants in common. Joint Account – No Survivorship (As Tenants in Common) – is owned by two or more persons, but none of you intend (merely by opening this account) to create any right of survivorship in any other person. We encourage you to agree and tell us in writing of the percentage of the deposit contributed by each of you. The information will not, however, affect the "number of signatures" necessary for withdrawal. Recoverable Trust Account – If two or more of you create such an account, you own the account jointly with survivorship. Beneficiaries cannot withdraw unless: (1) all persons creating the account die, and (2) the beneficiary is then living. If two more beneficiaries are named and survive the death of all persons creating the account, such beneficiaries will own this account in equal shares, without right of survivorship. The person(s) creating this account type reserve the right to: (1) change beneficiaries, (2) change account types, and (3) withdraw all or part of the account funds at any time. BUSINESS ACCOUNTS – Earnings in the form of interest, dividends, or credits will be paid only on collected funds, unless otherwise provided by law or our policy. We may require the governing body of the legal entity opening the account to give us a separate authorization telling us who is authorized to act on its behalf. We will honor the authorization until we actually receive written notice of a change from the governing body of the legal entity. STOP PAYMENTS – You must make any stop-payment order in the manner required by law and we must receive it in time to give us a reasonable opportunity to act on it before our stop-payment cutoff time. To be effective, your stop-payment order must precisely identity the number, date and amount of the item, and the payee. You may stop payment on any item drawn on your account whether you sign the item or not. You have an equal or greater right to withdraw from this account than the person who signed the item. A release of the stop-payment request may be made only by the person who initiated the stop-payment order. Our stop-payment cutoff time is one hour after the opening of the next banking day after the banking day on which we receive the item. Additional limitations on our obligation to stop payment are provided by law (e.g., we paid the item in cash or we certified the item). TELEPHONE TRANSFERS – A telephone transfer of funds from this account to another account with us. If otherwise arranged for or permitted, may be made by the same persons and under the same conditions generally applicable to withdrawals made in writing. Unless a different limitation is disclosed in writing, we restrict the number of transfers from a savings account to another account or to third parties, to a maximum of six per month (less the number of "preauthorized transfers" during the month). Other account transfer restrictions may be described elsewhere. AMENDMENTS AND TERMINATION – We may change our bylaws and any term of this agreement. Rules governing changes in rates are provided separately. For other changes we will give you reasonable notice in writing or by any other method permitted by law. We may close this account if your membership in the credit union terminates, or by giving reasonable notice to you and tender of the account balance personally or by mail. At our option, we may suspend your rights to member services if you violate the terms of this agreement. You must keep us informed of your current address at all times. Notice from us to any one of you is notice to all of you. STATEMENTS – You must examine your statement of account with "reasonable promptness". If you discover (or reasonably should have discovered) any unauthorized signatures or alterations, you must promptly notify us of the relevant facts. As between you and us, if you fail to do either of these duties, you will have to either share the loss with us, or bear the loss entirely yourself (depending on whether we used ordinary care and, if not, whether we substantially contributed to the loss.) The loss could not only be with respect to items on the statement but other items with unauthorized signatures or alterations by the same wrongdoer. You agree that the time you have to examine your statement and report to us will depend on the circumstances, but will not, in any circumstances, exceed a total of 30 days from when the statement is first sent or made available to you. You further agree that if you fail to report any unauthorized signatures, alterations, forgeries, or any other errors in your account within 60 days of when we first send or make the statement available, you cannot assert a claim against us on any items in that statement, and as between you and us the loss will be entirely yours. This, 60-day limitation is without regard to whether we used ordinary care. The limitation in this paragraph is in addition to that contained in the first paragraph of this section. ACCOUNT TRANSFER – This account may not be transferred or assigned without our prior written consent. DIRECT DEPOSITS - It, in connection with a direct deposit plan, we deposit any amount in an account which should have been returned to the Federal Government for any reason, you authorize us to deduct the amount of our liability with us, without prior notice and at any time, except as prohibited by law. We may also use any other legal remedy to recover the amount of our liability. TEMPORARY ACCOUNT AGREEMENT – If this option is selected, this is a temporary account agreement. Each person who signs in the space designated for signatures on the signature card (except as indicated to the contrary) may transact business on this account. However, we may at some time in the future restrict or prohibit further use of this account if you fail to comply with the requirements we have imposed within a reasonable time. RIGHT TO REPAYMENT OF INDEBTEDNESS – You each agree that we may (without prior notice and when permitted by law) change against and deduct from this account any due and payable debt owed to us now or in the future, by any of you having the right of withdrawal, to the extent of such persons’ or legal entity’s right to withdraw. If the debt arises from a note, "any due and payable debt" includes the total amount of which we are entitled to demand payment under the terms of the note at the time we change the account, including any balance the due date for which we properly accelerate under the note. Our right to repayment arising under this section does not apply to this account it: (a) it is an Individual Retirement Account or other tax-deferred retirement account, or (b) the debt is created by a consumer credit transaction under a credit card plan (but this does not affect our rights under any consensual security interest), or (c) the debtor’s right of withdrawal arises only in a representative capacity. We will not be liable for the dishonor of any check or draft when the dishonor occurs because we charge and deduct an amount you owe us from your account. You agree to hold us harmless from any claim arising as a result of our exercise of our right to repayment. AUTHORIZED SIGNER (Individual Accounts only) – A single individual is the owner. The authorized signer is merely designated to conduct transactions on the owner’s behalf. We undertake no obligation to monitor transactions to determine that they are on the owner’s behalf. RESTRICTIVE LEGENDS – We are not required to honor any restrictive legend on checks you write unless we have agreed in writing to the restriction. Examples of restrictive legends are "must be presented within 90 days" or "not valid for more than $1,000.00" PLEDGES – Unless we agree otherwise in writing, each owner of this account may pledge all or any part of the funds in it for any purpose to which we agree. Any pledge of this account must first be satisfied before the rights of any surviving account owner or account beneficiary become effective. ACH AND WIRE TRANSFERS – This agreement is subject to Article 4A of the Uniform Commercial Code – Fund Transfers as adopted in the state in which you have your account with us. If you originate a fund transfer for which Fedwire is used, and you identify by name and number a beneficiary financial institution, an intermediary financial institution or a beneficiary, we and every receiving or beneficiary financial institution may rely on the identifying number to make payment. We may rely on the number even if it identifies a financial institution, person or account other than the one named. You agree to be bound by automated clearing house association rules. These rules provide, among other things, that payments made to you, or originated by you, are provisional until final settlement is made through a Federal Reserve Bank or payment is otherwise made as provided in Article 4A-403(a) of the Uniform Commercial Code. If we receive a credit to an account you have with us by wire or ACH, we are not required to give you any notice of the payment order or credit. FACSIMILE SIGNATURES - You authorize us, at any time, to charge you for all checks, drafts, or other orders, for the payment of money, that are drawn on us regardless of by whom or by what means the facsimile signature(s) may have been affected so long as they resemble the facsimile signature specimen filled with us, and contain the required number of signatures for this purpose. ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES "NOTICE REGARDING ATM FEES BY OTHERS (a) If you use an automated teller machine that is not operated by us, you may be charged a fee by the operator of the machine and/or by an automated transfer network." Indicated below are types of Electronic Fund Transfers we are capable of handling, some of which may not apply to your account. Please read this disclosure carefully because it tells you your rights and obligations for the transactions listed. You should keep this notice for the future reference. Preauthorized credits. You may make arrangements for certain direct deposits to be accepted into your share draft or share savings account(s). Preauthorized payments. You may make arrangements to pay certain recurring bills from your share draft or share savings account(s). DIAL (Direct Information Access Line) Telephone Transfers - type of transfers - You may access your account by telephone 24 hours a day at (734) 678-8546 using your personal identification number, a touch tone phone, and your account numbers, to:
ATM Transfers - types of transfers, dollar limitations, and charges - You may access your account(s) by ATM using your ATM card and personal identification number, to:
Some of these services may not be available at all terminals. Types of Point-of-Sale Transactions - You may access your checking account(s) to purchase goods (in person) and get cash from a merchant, if the merchant permits, or from a participating financial institution. Minimum account balance –
FEES
RESPONSIBILITY OF OVERDRAFT - If you obtain cash from an ATM which creates an overdraft in your regular share account, the overdraft amount is due and payable the moment you get it; you agree to pay the full amount of it to us at an annual interest rate of 15%; you also authorize us in such case to apply from any other shares you may have in the credit union such amount as may be necessary to pay such overdraft amount. If the overdraft is created in your checking account, (1) a transfer will be made from your other share account(s) to cover the overdraft, in accordance with your checking account agreement with us, or (2) an advance on your line of credit loan account with us will be made to cover the overdraft and you will repay that advance in accordance with the terms and conditions of your line of credit plan, depending upon which overdraft protection you have selected, but if there are not sufficient funds to make a transfer according to (1) or (2) of this sentence, or if you have no overdraft protection for your checking account, then such overdraft will be paid to us as provided in the first sentence of this section.
DOCUMENTATION
PREAUTHORIZED PAYMENTS
FINANCIAL INSTITUTIONS LIABILITY Liability for failure to make transfers. If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance: (1) If, through no fault of ours, you do not have enough money in your account to make the transfer. CONFIDENTIALITY We will disclose information to third parties about your account or the transfers you make:
REGULATORY AUTHORITY If you believe that any provision of the Michigan Electronic Funds Transfer Act has been violated you should notify the Financial Institutions Bureau, Credit Union Division at 333 South Capitol Avenue, Suite A, Lansing, Michigan 48933 or the National Credit Union Administration, Division of Supervision at 4225 Naperville Road, Suite 125, Lisle, Illinois 60532. UNAUTHORIZED TRANSFERS
ERROR RESOLUTION NOTICE In Case of Errors or Questions About Your Electronic Transfers, Call or Write us at the telephone number or address listed in this brochure, as soon as you can, if you think your statement or receipt is wrong or you need more information about a transfer listed on the statement or receipt. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared.
If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days. We will determine whether an error occurred within 10 business days (20) business days if the transfer involved a new account) after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days (90 days if the transfer involved a new account, a point-of-sale transaction, or a foreign-initiated transfer) to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days (20 business days if the transfer involved a new account) for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account. Your account is considered a new account for the first 30 days after the first deposit is made, unless each of you already has an established account with us before this account is opened. We will tell you the results within three business days after completing our investigation. If we decide there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation. METRO SHORES CREDIT UNION Business Days: Monday through Friday YOUR ABILITY TO WITHDRAW FUNDS This policy statement applies to "transaction" accounts. In general, transaction accounts are accounts, which permit an unlimited number of payments to third persons and an unlimited number of telephone and preauthorized transfers to other accounts of your's with us. Share draft accounts are the most common transaction accounts. Feel free to ask us whether any of your other accounts might also be under this policy. Our policy is to make funds from your cash and check deposits available to you on the first business day after the day we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once the funds are available, you can withdraw them in cash and we will use the funds to pay checks that you have written. Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit before closing on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after closing or on a day we are not open, we will consider that the deposit was made on the next business day we are open. If you make a deposit at an ATM before 6:00 P.M. (Co-op Network) on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit at an ATM after 6:00 P.M. (Co-op Network) or on a day we are not open, we will consider that the deposit was made on the next business day we are open. If we cash a check for you that is drawn on another bank, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it. If we accept for a deposit a check that is drawn on another bank, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited. LONGER DELAYS MAY APPLY Case-by-case delays. In some cases, we will not make all of the funds that you deposit by check available to you on the first business day after day of your deposit. Depending on the type of check that you deposit, funds may not be available until the fifth business day after the day of your deposit. The first $100 of your deposits, however, may be available on the first business day. If we are not going to make all of the funds from your deposit available on the first business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the day after we receive your deposit. If you will need the funds from a deposit right away, you should ask us when the funds will be available. Safeguard exceptions. In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the eleventh business day after the day of your deposit. TRUTH-IN-SAVINGS DISCLOSURE REGULAR SHARE ACCOUNT Rate Information: The dividend rate and annual percentage yield may change every quarter. We may change the dividend rate for your account as determined by the credit union board of directors. Compounding and crediting - Dividends will be compounded every quarter. Dividends will be credited to your account every quarter. Dividend period - for this account type, the dividend period is quarter, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follows this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example above is March 31. If you close your account before dividends are paid, you will not receive the accrued dividends. Minimum balance requirements: The minimum required to open this account is the purchase of a share in the credit union. Please see the bylaw requirements in the Common Features section for additional information. You must maintain a minimum daily balance of $50.00 in your account each day to obtain the disclosed annual percentage yield. Average daily balance computation method - Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the quarterly statement cycle. Accrual of dividends on noncash deposits - Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account. Transaction limitations: During any statement period, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction. No more than three of the six transfers may be made by check, draft, ARU (D.I.A.L.), On-line Banking (CU@home), debit card (if applicable), or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the credit union. Par value of a share: The par value of a share in this account is $5.00 SPECIAL SHARE ACCOUNT Rate Information: The dividend rate and annual percentage yield may change every quarter. We may change the dividend rate for your account as determined by the credit union board of directors. Compounding and crediting - Dividends will be compounded every quarter. Dividends will be credited to your account every quarter. Dividend period - For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example above is March 31. If you close your account before dividends are paid, you will not receive the accrued dividends. Minimum balance requirements: The minimum balance required to open this account is $1,000.00. You must maintain a minimum average daily balance of $50.00 in your account each day to obtain the disclosed annual percentage yield. Average daily balance computation method - Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the quarterly statement cycle. Accrual of dividends on noncash deposits - Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account. Transaction limitations: During any statement period, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, or telephonic order or instruction. No more than three of the six transfers may be made by check, draft, ARU (D.I.A.L.), On-line Banking (CU@home), debit card (if applicable), or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the credit union. CHRISTMAS CLUB ACCOUNT Rate Information: The dividend rate and annual percentage yield may change every quarter. We may change the divided rate for your account as determined by the credit union board of directors. Compounding and crediting - Dividends will be compounded every quarter. Dividends will be credited to your account every quarter. Dividend period - For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for example above is March 31. If you close your share account before dividends are paid, you will not receive the accrued dividends. Minimum balance requirements: You must maintain a minimum daily balance of $50.00 in your account each day to obtain the disclosed annual percentage yield. Average daily balance computation method - Dividends are calculated by the daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the quarterly statement cycle. Accrual of dividends on noncash deposits - Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account. Transaction limitations: During any statement period, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer or telephonic order or instruction. No more than three of the six transfer may be made by check, draft, ARU (D.I.A.L.), On-line Banking (CU@home), debit card (if applicable), or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the credit union. CHECKING ACCOUNT Minimum balance requirements: No minimum balance requirements apply to this account. Transaction limitations: No transaction limitations apply to this account unless otherwise stated in the Common Features section. IRA SHARE ACCOUNT Rate Information: The dividend rate and annual percentage yield may change at any time, as determined by the credit union board of directors. Compounding and crediting - Dividends will be compounded every quarter. Dividends will be credited to your account every quarter. Dividend period - For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for example above is March 31. If you close your share account before dividends are paid, you will not receive the accrued dividends. Minimum balance requirements: The minimum balance required to open this account is $10.00. Average daily balance computation method - Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account each period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the quarter. Accrual of dividends on noncash desposits - Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account. Transaction limitations: You may not make any withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party. Fees and charges: An IRA maintenance fee of $6.00 will be charged each year. An IRA closing fee of $25.00 will be charged when the account is closed or transferred. TERM SHARE CERTIFICATE Rate Information - The dividend rate on your term share account is % with an annual percentage yield of %. You will be paid this rate until maturity. Compounding frequency - Dividends will not be compounded. Crediting frequency - Dividends will be credited to your account at maturity. Dividend period - For this account type, the dividend period is the same as the term, beginning on the date the account is opened, and ending on the stated maturity date. Minimum balance requirements: The minimum balance required to open this account is $1,000.00 . You must maintain a minimum daily balance of $1,000.00 in your account each day to obtain the disclosed annual percentage yield. Daily balance computation method - Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day. Accrual of dividends on noncash desposits - Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account. Transaction limitations: After the account is opened, you may not make additions into the account until the maturity date stated on the account. You may not make withdrawals of principal from your account before maturity. You cannot withdraw dividends from your account before maturity. Time requirements - Your account will mature . Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity) -
In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. See your plan disclosure if this account is part of an IRA or other tax qualified plan. Automatically renewable account - This account will automatically renew at maturity. You may prevent renewal if you withdraw the funds in the account at maturity (or within the grace period mentioned below, if any) or we receive written notice from you within the grace period mentioned below, if any. We can prevent renewal if we mail notice to you at least 30 calendar days before maturity. If either you or we prevent renewal, your funds will be placed in a dividend-bearing account. Each renewal term will be the same as the original term, beginning on the maturity date. The dividend rate will be the same we offer on new term share accounts on the maturity date which have the same term, minimum balance (if any) and other features as the original term share account. You will have a grace period of ten calendar days after maturity to withdraw the funds without being charged an early withdrawal penalty. COMMON FEATURES Bylaw requirements: You must complete payment of one share in your Regular Share account as a condition of admission to membership. Transaction limitation - We reserve the right to at any time require not less than seven days notice in writing before each withdrawal from an dividend-bearing account other than a term share account, or from any other savings account as defined by Regulation D. Nature of dividends - Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend-period. (This disclosure further explains the dividend feature of your non-term share account(s).) National Credit Union Share Insurance Fund - Member accounts in this credit union are federally insured by the National Credit Union Share Insurance Fund. The following fees may be assessed against your account and the following transaction limitations, if any, apply to your account.
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