Dividend Rates Schedule:
|Last Dividend Declaration Date: 5/19/2010||Share Account||Christmas Club||Escrow Accounts||Vacation Club||Checking Account|
|Dividend Rate/Annual Percentage Yield||.15%||.15%||.15%||.15%||.15%|
|Dividend Period||Calendar Quarter||Calendar Quarter||Calendar Quarter||Calendar Quarter||Monthly|
|Minimum Opening Deposit||$5.00||—||—||—||$25.00|
|Minimum Balance to Avoid a Service Fee||—||—||—||—||—|
|Minimum Balance to Earn the Stated APY||$100.00||$100.00||$100.00||$100.00||$100.00|
|Balance Method||Daily Balance||Daily Balance||Daily Balance||Daily Balance||Daily Balance|
See Section 6 in “Truth-in-Savings”
|—||Account withdrawal limitations apply||—||Account withdrawal limitations apply||—|
Truth-in-Savings Account Disclosures:
Except as specifically described, the following disclosures apply to all of the accounts in the “Dividend Rates” list above. All accounts described here are share accounts.
- 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 Share, Christmas Club, Escrow, and Checking accounts, the Dividend Rate and Annual Percentage Yield may change daily as determined by the Credit Union’s Board of Directors. For Vacation Club accounts, the Dividend Rate and Annual Percentage Yield may change at any time as determined by the Credit Union’s Board of Directors. The Dividend Rates and Annual Percentage Yields are the rates and yields as of the last dividend declaration date, which is set forth in the Rate Schedule.
- Nature of Dividends. Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.
- Dividend Compounding and Crediting. The compounding and crediting frequency of dividends and dividend period applicable to each account are stated in the Rate Schedule. The Dividend Period is the period of time at the end of which an account earns dividend credit. The Dividend Period begins on the first calendar day of the period and ends on the last calendar day of the period.
- Accrual of Dividends. For all accounts, dividends will begin to accrue on non-cash deposits (e.g. checks) on the business day you make the deposit to your account. If you close your account before accrued dividends are credited, accrued dividends will not be paid.
- Balance Information. To open any account you must deposit or already have on deposit at least the par value of one full share in a Share account. The par value amount is stated in the Fee Schedule. Some accounts may have additional minimum opening deposit requirements. The minimum balance requirements applicable to each account are stated in the Rate Schedule. For all accounts, there is a minimum Daily Balance required to earn the Annual Percentage Yield disclosed for the dividend period. If the minimum daily balance is not met each day of the dividend period, you will not earn the stated Annual Percentage Yield. For accounts using the Daily Balance method as stated on the Rate Schedule, dividends are calculated by applying a daily periodic rate to the balance in the account each day.
- Account Limitations. For Christmas Club accounts, the entire balance will be paid to you by check on or after October 31st and the account will remain open. NO withdrawals are permitted at any other time. You may close your account at another time by you will be charged a fee as disclosed in the Fee Schedule. For Christmas Club accounts, no fee will be charged if the withdrawal occurs within seven (7) days of the date the account is opened. For Vacation Club accounts, the entire balance will be paid to you by check on or after April 30 and the account will remain open. For Vacation Club accounts, if you withdraw from you account, you will be charged a fee as disclosed in the Fee Schedule. No withdrawals are permitted at any other time. You may close you account at another time but you will be charged a fee as disclosed in the Fee Schedule. For Vacation Club accounts, no fee will be charged if the withdrawal occurs with seven (7) days of date the account is opened. For Share Escrow, and Checking accounts, no account limitations apply.