Truth-in-Savings Certificate Disclosure

Effective Date: May 1st, 2025

Click here for a printer friendly version.

The rates and terms applicable to your account at the Credit Union are provided in this Truth-in-Savings Disclosure. The Credit Union may offer other rates for these accounts from time to time.

Share Certificate Account

Jumbo Share Certificate Account

Super Jumbo Share Certificate Account

True Youth Share Certificate Account

Except as specifically described, the following disclosures apply to all of the accounts. All accounts described in this Truth-in-Savings Disclosure are share accounts.

1. 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 dividend 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 True Youth Share Certificate accounts, dividends will be automatically transferred to your Membership Savings account.
   
   
2. 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.
   
   
3. Dividend Compounding and Crediting. The compounding and crediting frequency of dividends are stated in the Rate Schedule. For True Youth Share Certificate accounts, credited dividends will be automatically transferred to your Membership Savings account.
   
   
4. Balance Information. To open any account, you must deposit or already have on deposit the minimum required share(s) in any account. Some accounts may have additional minimum opening deposit requirements. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For accounts using the daily balance method as stated in the Rate Schedule dividends are calculated by applying a daily periodic rate to the principal in the account each day.
   
   
5. 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.
   
   
6. Transaction Limitations. For all Certificate accounts, your ability to make deposits to your account and any limitations on such transactions are stated in the Rate Schedule. After your account is opened, you may make withdrawals subject to the early withdrawal penalties stated below.
   
   
7. Account Limitations. For True Youth Share Certificate accounts, the member must be less than eighteen (18) years of age to open an account.
   
   
8. Maturity. Your account will mature as stated on this Truth-in-Savings Disclosure or on your Account Receipt or Renewal Notice.
   
   
9. Early Withdrawal Penalty. We may impose a penalty if you withdraw funds from your account before the maturity date.
   1. Amount of Penalty. For all Certificate accounts, amount of the early withdrawal penalty is based on the term of your account. The penalty schedule is as follows:
      • Terms of 12 months or less: 90 Days' Dividends
      • Terms of over 12 months: 180 Days' Dividends
   2. 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.
   3. 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 Individual Retirement Account (IRA) and any portion is paid within seven (7) days after the establishment of the account; or where the account is a Keogh Plan (Keogh), provided that the depositor forfeits an amount 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 59½ or becomes disabled.
10. Renewal Policy. The renewal policy for your accounts is stated in the Rate Schedule. For accounts that automatically renew for another term, you have a grace period of 15 days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty. For True Youth Share Certificate accounts, upon maturity of the account if the account holder has reached eighteen (18) years of age, the account will close and funds will be transferred to the Membership Savings account.
    
    
11. Nontransferable / Nonnegotiable. Your account is nontransferable and nonnegotiable.
    
    
12. Membership. As a condition of membership, you must purchase and maintain the minimum required share(s) as set forth below.
    • • Par Value of One Share: $5.00
      • Number of Shares Required: 1