Except as specifically described, the following disclosures apply to
all of the accounts. All accounts described in this Rate and Fee Schedule are
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 Certificate and IRA Share
Certificate accounts, the Dividend Rate and Annual Percentage Yield are fixed
and will be in effect for the term of the account. For Share, Share Draft,
Vacation Club, Escrow Accounts, Christmas Club, and IRA accounts, the Dividend
Rate and Annual Percentage Yield may change quarterly as determined by the
Credit Unionís Board of Directors. 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 SHARE CERTIFICATE AND IRA SHARE
CERTIFICATE ACCOUNTS ONLY
Maturity. Your account will mature as
indicated on this Rate and Fee Schedule or on your Account Receipt or Renewal
Early Withdrawal Penalty. We may impose a penalty if you withdraw any of
the principal before the maturity date.
Amount of Penalty. For all Certificate accounts, the amount of the early
withdrawal penalty to your account is 90 days dividend.
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.
Exceptions to Early Withdrawal Penalties. At our option, we may pay the
account before maturity without imposing an early withdrawal penalty under the
When an account owner dies or is
determined legally incompetent by a court or a body of competent
Where the account is an Individual
Retirement Account (IRA) and any portion is paid within ten (10) days after
establishment; the account is an IRA and the
owner attains age 59 1/2 or becomes disabled.
Renewal Policy. The renewal policy for
your accounts is as follows:
Nontransferable/Nonnegotiable. Your account is nontransferable and
nonnegotiable. The funds in your account may not be pledged to secure any
obligation of an owner, except obligations with the Credit Union.
The rates and fees appearing in this Schedule
are accurate and effective for accounts as of the Effective Date indicated on
this Rate and Fee Schedule. If you have any questions or require current rate
and fee information on your accounts, please call the Credit Union.