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Truth-In-Savings Disclosure
Except as specifically described, the following disclosures apply to all accounts:
1. Rate Information: The Annual Percentage Yield (APY) 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 share accounts, the Dividend Rate and APY may change quarterly as determined by the Credit Union's Board of Directors. For Club accounts, the Dividend Rate and APY may change annually as determined by the Credit Union's Board of Directors. For Share Draft accounts, the Dividend Rate and APY may change monthly as determined by the Credit Union's Board of Directors.
2. Nature of Dividends: Dividends are paid from current income and available earnings after the required transfers to reserve at the end of the dividend period.
3. Dividend Compound and Crediting: The compounding and crediting of dividends and dividend period applicable to each account are set forth in the Rate Schedule. The period is the period of time at the end of which an account earns dividend credit. The Dividend Rates and APY are the rates and yields as of the last dividend declaration date which is set forth in the Rate Schedule.
4. 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.
5. Balance Information: The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For Share and Share Draft accounts, there is a minimum average daily balance required to obtain the APY for the dividend period. If the minimum average daily balance is not met, you will not earn the stated APY. For all accounts using an Average Daily Balance method, dividends are calculated by applying a periodic rate to the average daily balance in the account for the period. The average daily balance is determined by adding the full amount of principal in the account for each day of the period and dividing that figure by the number of days in the period.
6. Account Limitations: For Club accounts, maximum deposits of $500 per month are allowed.
7. ACH Transactions: Under the operating rules of the National Automated Clearing House Association(NACHA) which are applicable to Automated Clearing House(ACH) transactions involving your account, the credit union is not required to give next day notice to you of receipt of an ACH item and the credit union will not do so. However, the credit union will continue to notify you of the receipt of payments in the periodic statements which are provided to you. The credit union may accept on your behalf payments to your account which have been transmitted through one or more ACH and which are not subject to Electronic Fund Transfer Act. Your rights and obligations with respect to such payments shall be construed in accordance with the government by the laws of the state of Pennsylvania as provided by the operating rules of the NACHA, which are applicable to ACH transactions involving your account. Credit given by the credit union to you will respect to an ACH entry is provisional until the credit union receives the final settlement for the entry through a Federal Reserve Bank. If the credit union does not receive such final settlement, you are hereby notified and agree that the credit union is entitled to a refund of the amount credited to you, and the party originating the payment to you shall not be deemed to have paid you.
** See UCC4A
1. Rate Information: The Annual Percentage Yield (APY) 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 share accounts, the Dividend Rate and APY may change quarterly as determined by the Credit Union's Board of Directors. For Club accounts, the Dividend Rate and APY may change annually as determined by the Credit Union's Board of Directors. For Share Draft accounts, the Dividend Rate and APY may change monthly as determined by the Credit Union's Board of Directors.
2. Nature of Dividends: Dividends are paid from current income and available earnings after the required transfers to reserve at the end of the dividend period.
3. Dividend Compound and Crediting: The compounding and crediting of dividends and dividend period applicable to each account are set forth in the Rate Schedule. The period is the period of time at the end of which an account earns dividend credit. The Dividend Rates and APY are the rates and yields as of the last dividend declaration date which is set forth in the Rate Schedule.
4. 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.
5. Balance Information: The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For Share and Share Draft accounts, there is a minimum average daily balance required to obtain the APY for the dividend period. If the minimum average daily balance is not met, you will not earn the stated APY. For all accounts using an Average Daily Balance method, dividends are calculated by applying a periodic rate to the average daily balance in the account for the period. The average daily balance is determined by adding the full amount of principal in the account for each day of the period and dividing that figure by the number of days in the period.
6. Account Limitations: For Club accounts, maximum deposits of $500 per month are allowed.
7. ACH Transactions: Under the operating rules of the National Automated Clearing House Association(NACHA) which are applicable to Automated Clearing House(ACH) transactions involving your account, the credit union is not required to give next day notice to you of receipt of an ACH item and the credit union will not do so. However, the credit union will continue to notify you of the receipt of payments in the periodic statements which are provided to you. The credit union may accept on your behalf payments to your account which have been transmitted through one or more ACH and which are not subject to Electronic Fund Transfer Act. Your rights and obligations with respect to such payments shall be construed in accordance with the government by the laws of the state of Pennsylvania as provided by the operating rules of the NACHA, which are applicable to ACH transactions involving your account. Credit given by the credit union to you will respect to an ACH entry is provisional until the credit union receives the final settlement for the entry through a Federal Reserve Bank. If the credit union does not receive such final settlement, you are hereby notified and agree that the credit union is entitled to a refund of the amount credited to you, and the party originating the payment to you shall not be deemed to have paid you.
** See UCC4A
