Truth-In-Savings Account Disclosures
Except as specifically described, the following disclosures apply to all of the accounts. All accounts described in this Rate and Fee Schedule are share accounts.
1. Rate Information:
The Annual Percentage Yieid 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, Kirby Kangaroo Club,
Vacation Club and IRA Savings accounts, the Dividend Rate and Annual Percentage Yield may
change monthly as determined by the Credit Union's Board of Directors. For Holiday Club
accounts, the Dividend Rate and Annual Percentage Yield may change annually as determined
by the Credit Union's Board of Directors. The Share account is a Tiered Rate account. lf
your account balance is $1,000.00 or below, the first Dividend Rate and Annual Percentage
Yield listed for this account in the Rate Schedule will apply. If your account balance is
from $1,000.01 to $2,500.00, the second Dividend Rate and Annual Percentage Yield listed
for this account will apply. If your account balance is greater than $2,500.00, the third
Dividend Rate and Annual Percentage Yield listed for this account will apply once a
particular balance range is met, the Dividend Rate and Annual Percentage Yield for the
balance range will apply to the full balance of your account. The Dividend Rates and
Annual Percentage Yields are the prospective rates and yields that the Credit Union
anticipates paying for the applicable dividend period.
2. Nature of Dividneds:
Dividends are paid from current income and available earnings
alter required transfers to reserves at the end of the dividend period.
3. Dividend Compounding and Crediting:
The compounding and crediting of dividends and
dividend period applicable to each account are set forth 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 clay of each period and ends on
the last calendar day of the period.
4. Accrual of Dividends:
For Share, Kirby Kangaroo Club, Holiday Club, Vacation Club and
IRA Savings accounts, dividends will begin to accrue on noncash deposits (e.g. checks) on
the business day you make the deposit to your account. For Share, Kirby Kangaroo Club,
Holiday Club and Vacation Club 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 Kirby Kangaroo Club accounts, there is a
minimum daily balance required obtain the Annual Percentage Yield for the dividend period,
if the minimum daily balance is not met, you will not earn the stated Annual Percentage
Yield. For Share, Kirby Kangaroo Club, Holiday Club, Vacation Club and IRA Savings
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 Share Savings, Kirby Kangaroo Club, The Club and Holiday Club accounts, no more than six (6) pre-authorized, automatic, pr telephone transfers may be made from each account to another account or to a third party in any month, and no more than three (3) of these six (6) transfers may be made by check, draft, or debit card to a third party. If you ecveed these limitations, your account may be subject to a fee or be closed. For The Club accounts, if you withdraw from your account, you will be charged a fee as disclosed in the Fee Schedule. However, no fee will be charged if the withdrawal occurs within seven (7) days of date the account is opened. For Holiday Club accounts, the entire balance will be transferred to your suffix 70- Share Draft account (if no suffix 70 exists, funds will go to Shares 00) on or after October 1 and the account will remain open. If you withdraw from your account, you will be charged a fee as disclosed in the Fee Schedule. However, no fee will be charged if the withdrawal occurs within seven (7) days of date the account is opened. Fpr Traditional IRA Savings, Roth IRA Savings and Education IRA Savings accounts, no account limitations apply.
