The rates appearing in this Schedule are accurate as of DATE. The Credit Union may offer other rates for these accounts from time to time. 

RATE SCHEDULE
Rate = Dividend Rate;  APY = Annual Percentage Yield
Account Type Rate/APY MVP-Only
Rate/APY
Term Minimum Opening Deposit & Balance to Earn Dividend Dividends
Compounded
Dividends
Credited
Dividend
Period
Additional Deposits Renewal
3 Month     Fixed    Monthly  Monthly Account Term   Not Allowed Automatic
6 Month     Fixed    Monthly  Monthly Account Term  Not Allowed  Automatic
12 Month     Fixed    Monthly  Monthly Account Term  Not Allowed  Automatic
18 Month     Fixed    Monthly  Monthly Account Term  Not Allowed  Automatic
24 Month     Fixed    Monthly  Monthly Account Term Allowed Only
for 18 & older;
non-IRA 
Automatic
30 Month     Fixed    Monthly  Monthly Account Term   Not Allowed Automatic
30 Month
Youth Only
    Fixed    Monthly  Monthly Account Term Allowed  Automatic
36 Month     Fixed    Monthly  Monthly Account Term  Not Allowed  Automatic
36/12 Callable     Fixed Call Date    Monthly  Monthly Account Term  Not Allowed  Automatic to 36-month
42 Month Add-On
IRA Only
    Fixed    Monthly  Monthly Account Term  Allowed Automatic
48 Month     Fixed    Monthly Monthly Account Term   Not Allowed Automatic
48/18 Callable     Fixed Call Date   Monthly Monthly Account Term Not Allowed Automatic to 48-month
54 Month     Fixed    Monthly Monthly Account Term  Not Allowed  Automatic
54/24 Callable     Fixed Call Date    Monthly Monthly Account Term  Not Allowed  Automatic to 54-month
84 Month Raise Up
(if available)
    Fixed first 5 years,
then variable
Member's Discretion
   Monthly Monthly Account Term  Not Allowed  Automatic
84/48 Callable 
(if available)
    Fixed Call Date    Monthly Monthly Account Term  Not Allowed  Automatic to 84-month
10 Year
 Lifetime IRA
(if available)
    Variable Rate
Board of
Directors Discretion
   Monthly Monthly Account Term  Not Allowed  No
Account Disclosure

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 Certificate and Callable certificate accounts, the Dividend Rate and Annual Percentage Yield are fixed and will be in effect for the initial term of the account. During the term of your 84-month Raise-Up Certificate account, you may increase the rate one time to the rate currently in effect for accounts of this type with the same term. The raise up option on the 84 month certificate cannot be exercised until after month 60. For Lifetime IRA Certificate accounts, the Dividend Rate and the Annual Percentage Yield may change at year 5 at the end of the certificate's anniversary month as determined by the Credit Union's Board of Directors, but will never be less than 2.5%. 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. The one-month certificate is a special available only to members receiving Loyal or Premier Relationship Rewards.
  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.
  4. Balance Information. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. To open any account, you must deposit or already have on deposit at least the par value of one full share in a Share Savings account. The par value amount is $5.00. Some accounts may have additional minimum opening deposit and balance requirements to earn a dividend. For all accounts, dividends are calculated by the Daily Balance method, which applies a periodic rate to the balance in the account each day.
  5. 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.
  6. Transaction Limitations. For Lifetime IRA Certificate accounts open longer than seven (7) days, you may make withdrawals up to 5% of the principal balance each year without penalty if you are over the age of 59 ½. For all other accounts, after your account is opened you may make withdrawals subject to the early withdrawal penalties stated below.
  7. Maturity. Your account will mature as stated on this Truth-in-Savings Disclosure or on your Account Receipt or Renewal Notice. For Callable Certificate accounts, you have the option to call your account due within 30 days after the Call Date as disclosed in the Rate Schedule. If you choose to exercise this call option, your account will not be subject to the early withdrawal penalties as described below.
  8. Early Withdrawal Penalty. We may impose a penalty if you withdraw from your account before the maturity date.
  9. Amount of Penalty. For all accounts, the 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 12-30 months = 180 days' dividends; Terms of 36-54 months = 360 days' dividends; Terms of 84-months or greater = 540 days' dividends. For Callable Certificate accounts, however, the early withdrawal penalty will not apply when you exercise your call option as described in Section #7 above.
  10. 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 dividend has already been paid, the penalty will be deducted from the principal.
  11. 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: (i) When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction. (ii) Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after the 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 59½ or becomes disabled.
  12. Renewal Policy. The renewal policy for your accounts is stated in the Rate Schedule. For all renewable accounts, your account will automatically renew for another term upon maturity. For all non-renewable accounts, your account will automatically transfer to your regular share account upon maturity. You have a grace period of seven (7) days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty. The Call, Raise-up or variable rate Lifetime IRA options may not be available at renewal time. If the option is not available, the certificate will be renewed for a standard term. Upon maturity, Jumbo Certificate accounts will automatically renew at the prevailing rate being offered on regular Certificate Accounts with the same term.
  13. Nontransferable/Nonnegotiable. Your account is nontransferable and nonnegotiable.