||Share and Share Draft
Except as specifically described,
the following disclosures
apply to all of the accounts. All accounts described in
Truth-in-Savings Disclosure are share accounts.
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, Christmas Club and Special Club accounts, the
Dividend Rate and Annual Percentage Yield may change at
any time as determined by the Credit Union's Board of
Directors. For Individual Retirement accounts, the
dividend rate and annual percentage yield may change
quarterly as determined by the Credit Union's Board of
Directors. The dividend rates and annual percentage
yields are the rates and yields as of the last dividend
declaration date which is set forth in the rate schedule.
Nature of Dividends. Dividends are paid from
current income and available earnings after required
transfers to reserves at the end of the dividend period.
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
divided period begins on the first calendar day of the
period and ends on the last calendar day of the period.
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.
Balance Information. The minimum balance
requirements applicable to each account are set forth in
the Rate Schedule. For share and share draft accounts,
there is a minimum daily balance required to avoid a
service fee for the dividend period. If the minimum daily
balance is not met, there will be a service fee as set
forth. For Share accounts, service fee will be waived if
you have a Certificate or IRA. For Share Draft accounts,
the service fee is waived if you have Net Pay Deposit.
For Christmas Club and Special Club accounts, there is a
minimum average daily balance required to obtain the
Annual Percentage Yield for the dividend period. If the
minimum average daily balance is not met, you will not
earn the stated Annual Percentage Yield. For Share
accounts, there is a minimum daily balance required to
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
Christmas Club, Special Club and Individual Retirement
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.
For Share accounts using a Daily Balance method,
dividends are calculated by applying a daily periodic
rate to the principal in the account each day.
Account Limitations. For Christmas Club
accounts, if the account is closed before maturity, you
cannot re-establish this account until the new club
begins October 1st. If you withdraw any of the account
balance at any time, we will charge your account an early
withdrawal fee. You may make transfers or withdrawals in
the first seven (7) days after the account is opened
without restriction. For Special Club accounts, if the
account is closed before maturity, you cannot
re-establish this account until one year has passed. For
Special Club accounts, one (1) withdrawal is allowed
every three (3) months. For Christmas Club accounts, the
entire balance will be transferred into either your Share
or Share Draft account on or after October 1st and the
account will remain open. For Individual Retirement
accounts, no account limitations apply.
Mutual Group, 1993, 2007 #SD27052.5
Board of Directors:
John Zwilcher, Jr.
1ST VICE PRESIDENT
2ND VICE PRESIDENT
Mary Ellen Netzel