Rates and Service Charges

“Our Rates & Service Charges” explains current terms, rates and service charges applicable to the savings, checking and certificate accounts we offer. We may offer other rates and require other service charges or amend the rates and service charges, as explained in this disclosure, from time to time. Each owner on an account agrees to the terms described in this disclosure and acknowledges that it is a part of the Member Service Agreement (MSA).

Rates for Savings, Checking and Certificate Accounts

All accounts include:

• Dividends Compounded & Credited Monthly
• Monthly Dividend Period

Explanation of Rates & Service Charges

1. 1. Rate Information
      The Dividend Rate and Annual Percentage Yield on the accounts you have with us are identified above. The Dividend Rates and Annual Percentage Yields are the prospective rates as of the effective date shown above. For all accounts except certificates, the Dividend Rate and Annual Percentage Yield may change at any time as determined by the Board of Directors. For Certificate Accounts, the Dividend Rate and Annual Percentage Yield are fixed and will be in effect for the term of the account. For Certificate Accounts, the Annual Percentage Yield is based on an assumption that dividends will remain on deposit until maturity. A withdrawal of dividends will reduce earnings.
   2. Nature of Dividends
      Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period. The Dividend Rate and Annual Percentage Yield identified above are the rates and yields for the last dividend period, as shown above.
   3. Compounding and Crediting
      Dividends will be compounded and credited as identified above. For dividend-bearing accounts, the Dividend Period begins on the first calendar day of the period and ends on the last calendar day of the period.
   4. Accrual of Dividends
      Dividends will begin to accrue on noncash deposits (e.g., checks) on the business day you make the deposit to an account you have with us. If you terminate the account before accrued dividends are credited, accrued dividends will not be paid.
   5. Balance Information
      The minimum balance required to start each account and earn the stated Annual Percentage Yield is identified above. If you do not maintain the minimum balance, you will not earn the stated Annual Percentage Yield. For all accounts except certificate accounts, dividends are calculated using the Average Daily Balance method, in which dividends are calculated by applying a periodic rate to the Average Daily Balance in the account for the dividend 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. For all Certificate Accounts, dividends are calculated by using the Daily Balance method, which applies a daily periodic rate to the balance in the account each day.
   6. Account Limitations
      For a Christmas Club account, the entire balance will be paid to you by check or transferred to another account of yours on or after November 1 and the account will remain open. If any withdrawal is made from this account before the end of the club term, you will be charged an early withdrawal penalty. You may make transfers or withdrawals in the first seven (7) days the account is open without restriction.
   7. Certificate Account Features
      1. Account Limitations
         After you start the account, you may not make additional deposits to a Certificate Account.
      2. Maturity
         The Certificate Account you have with us will mature on the maturity date identified on your Account Receipt or Renewal Notice.
      3. Early Withdrawal Penalty
         We may impose a penalty if you withdraw any of the principal of the Certificate Account before the maturity date.
         1) Amount of Penalty. The penalty will equal 90 days of dividends on the amount withdrawn.
         2) How the Penalty Works. The penalty is calculated based on dividends that have been or would be earned on the amount withdrawn. If the account has not earned sufficient dividends, or if dividends have been previously withdrawn, the penalty may 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: when an owner on an account dies or is determined legally incompetent by a court or other body of competent jurisdiction. Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after establishment or where the account is an IRA and the owner attains age 59½ or becomes disabled and begins making periodic withdrawals.
      4. Renewal Policy
         Certificate Accounts are not automatically renewable. If you do not renew the account, the funds will be transferred to another dividend-bearing account.
      5. Non-transferable/Non-negotiable
         The account(s) you have with us is/are non-transferable and non-negotiable. This means that an account and the funds in the account may not be pledged to secure any obligation of an owner, except obligations with the Credit Union.

Service Charge Schedule