Truth-in-Savings Rate and Fee Schedule
Truth-in-Savings Disclosure
Except as specifically described, the following disclosures apply to all of the accounts:
- Rate Information. The Dividend Rate and Annual Percentage Yield on your accounts are set forth herein. For Share Savings, Money Market, Checking, and Accumulator (for Individual Retirement Accounts–IRA and Coverdell Education Savings Accounts–CESA) accounts, the Dividend Rate and Annual Percentage Yield may change monthly. The Money Market account is a tiered rate account. The Dividend Rate and Annual Percentage Yield applicable to the Money Market Savings and Checking accounts depend on the balance ranges set forth herein. Once a balance range is met, the dividend rate and annual percentage yield for that range will apply to the full balance of your account. For
Certificate accounts, the Dividend Rate and Annual Percentage Yield are fixed and will be in effect for the term of the account. For Guaranteed Rate Certificate accounts the Dividend Rate and
Annual Percentage Yield for one additional term will be set at account opening and will be fixed for that one additional term. For Bump-rate Certificate accounts, you may elect to adjust the Dividend Rate to the rate
currently offered for Bump-rate Certificate accounts once during the original term of the account. The Annual Percentage Yield is based on an assumption that dividends will remain on deposit until maturity. A withdrawal of dividends will reduce earnings. - 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 set forth herein are accurate as of the Effective Date and is the rate which the credit union anticipates paying for the applicable dividend period.
- Compounding and Crediting. Dividends will be compounded and credited as set forth herein. The Dividend Period for all accounts, except Accumulator and Certificate Accounts, begins on the first calendar day (effective date) of the month and ends on the last calendar day (effective date) of the month. The dividend period of Accumulator Accounts begins on the last calendar day (effective date) of the month and ends on the second to the last calendar day (effective date) of the following month. Dividends on Certificate Accounts will be credited on monthly anniversary dates.
- Accrual of Dividends. For Share Savings, Money Market, and Checking Accounts, Dividends will begin to accrue on cash and non-cash deposits on the day the credit union receives provisional credit. Dividends will begin to accrue on electronic direct deposits on the calendar day (effective date) we receive the deposit. For Accumulator, and Certificate Accounts, dividends will begin to accrue on cash and non-cash deposits on the calendar day (effective date) we receive the deposit. If you close a Share Savings, Money Market, Accumulator or Checking account before accrued dividends are credited, accrued dividends will not be paid.
- Balance Information. The minimum balance required to open each account is set forth herein. For Share Savings, Money Market, and Checking accounts, the minimum daily balance required to obtain the stated Annual Percentage Yield is set forth herein. If the minimum balance is not met, you will not earn the stated Annual Percentage Yield. For all accounts, dividends are calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.
- Savings and Checking Account Limitations. For Share Savings and Money Market accounts, transaction limitations will apply. No more than six (6) preauthorized, automatic or telephone transfers may be made from these accounts to another account of yours 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 exceed these limitations, your accounts may be subject to a fee or be closed. For Checking accounts, no account transaction limitations apply.
- Certificate Account Features.
- Account Limitations. After your account is opened, you may not make additional deposits to your account except on the Dedicated Savings option. For a Dedicated Savings Account option, you can choose a monthly amount ($10.00 minimum) to be automatically transferred from your Checking, Share Savings or Money Market; you may also make additional deposits of up to $10,000 each calendar month. On the crediting date, you may elect to have dividends transferred automatically to your Share Savings, Money Market, Checking, or Accumulator accounts. Each account is limited to $100,000 in Dedicated Savings.
- Maturity. Your Certificate Account will mature on the maturity date set forth on your Account Receipt or Renewal Notice.
- 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 is based on the term of your account. The penalty schedule is as follows: Terms of 12 months or less31 days of dividends; terms of over 12 months 90 days of dividends. Minimum penalty is $5.00.
- How the Penalty Works. The penalty is calculated as a forfeiture of part of the dividend that has been or would be earned on the amount withdrawn. It applies whether or not the dividend has been earned. 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. We may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances:
- When an account owner 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, provided that the depositor forfeits an amount of at least equal to the dividend earned in the amount withdrawn.
- Where the account is a Traditional IRA and the amount being withdrawn is to satisfy the required minimum distribution (after age 70 ½).
- When the Early Access Option is exercised, withdrawals are allowed without penalty after the first anniversary year. Withdrawals are limited to one (1) yearly, for up to 25 percent of the remaining principal.
- Renewal Policy. Regular Certificate, Dedicated Saving, IRA Certificate, and Jumbo Certificate accounts are automatically renewable accounts. Guaranteed Rate Certificate accounts are automatically renewable for only one additional term. Following one additional term, Guaranteed Rate Certificate Accounts are automatically renewable as Regular Certificates. Your account will automatically renew for another term upon maturity, and you have a grace period of ten (10) days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty. Ladder Certificates automatically renew to the longest term of the Ladder maturity structure, Bump-rate Certificates are automatically renewable as Regular Certificates. From time to time the credit union may offer certificates at special rates. These "Special Offerings" are renewable as regular certificates. You may elect not to have your Certificate Account renew at any time.
- Nontransferable/Nonnegotiable.Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation without our prior written consent.
If you have any questions or require current rate information on your accounts, please contact us.
Rate and Fee Schedule
| SHARE SAVINGS ACCOUNT FEES | |
|---|---|
| Closed Account | $10.00 if the account is closed within 90 days of opening. |
| Inactive Account | $10.00 annually if there have been no transactions for 12 months or more. |
| Dormant Account | $30.00 annually if there have been no transactions and the member has an incorrect address for 12 months or more. |
| BUSINESS CHECKING ACCOUNT FEES | |
|---|---|
| Account Set-up Fee | $45.00 - $15.00 for Endorsement Stamp Fee and $30.00 for a One–time Setup Fee |
| Monthly Maintenance Fee | $2.00 |
| Checks Cleared | $.10 each |
| Deposits | $.20 each |
| Items deposited | $.04 each |
| Bill Pay (monthly) | $9.95 for 15 payments; $1 ea. thereafter |
| ORGANIZATIONAL CHECKING ACCOUNT FEES | |
|---|---|
| Excess Checks Written (more than 10 monthly) | $.10 each |
| Excess Deposits Made (more than 10 monthly) | $.20 each |
| Items deposited | $.04 each |
| OTHER SERVICE FEES APPLICABLE TO ALL ACCOUNTS | |
|---|---|
| Account Reconciliation |
$15.00 per hour ($15.00 minimum) |
| Account Research |
$15.00 per hour |
| Statement Copy | $5.00 per copy |
| Overdrawn/Returned Items | $19.00 per item |
| Deposited Item Return | $2.00 per item |
| Bank to Bank Transfer (incoming and outgoing) | $8.00 per transfer |
| Cashier’s Check | $1.00 per check |
| Check Copy | $2.00 per check; $4.00 same day |
| Letter of Account Verification |
$5.00 per letter |
| Non-AFCU ATM Transaction Fee |
$1.50 |
| Stop Payment | $15.00 per request |
| Check Printing Fee | Prices vary depending on style |
| Rush Card Fee | $10.00 |
If you use an ATM that is not operated by us, you may be charged an ATM surcharge by the ATM operator or an ATM network utilized for such a transaction. The ATM surcharge will be debited from your account if you elect to complete the transaction. Card transactions made in foreign countries will include a fee of 1% of the transaction amount.
| CREDIT UNION MEMBERSHIP | |
|---|---|
| Membership Share | $25.00 par value; $25.00 minimum deposit |
Savings Rates
Effective Date: 05/15/2008
| Description | APY | Dividend Rate | Min. Opening Balance | Min. Earning Balance | Dividends Credited |
|---|---|---|---|---|---|
| Share Savings | 1.25% | 1.24% | $25.00 | $25.00 | Monthly |
| Money Market $0-$4,999.99 |
1.25% | 1.24% | $0.00 | $0.00 | Monthly |
| Money Market $5,000.00-$9,999.99 |
1.25% | 1.24% | $0.00 | $0.00 | Monthly |
| Money Market $10,000.00-$24,999.99 |
1.60% | 1.59% | $0.00 | $0.00 | Monthly |
| Money Market $25,000.00-$49,999.99 |
2.60% | 2.57% | $0.00 | $0.00 | Monthly |
| Money Market $50,000.00-$99,999.99 |
3.10% | 3.06% | $0.00 | $0.00 | Monthly |
| Money Market $100,000.00-$249,999.99 |
3.35% | 3.30% | $0.00 | $0.00 | Monthly |
| Money Market $250,000.00+ |
3.60% | 3.54% | $0.00 | $0.00 | Monthly |
| IRA Accumulator | 3.00% | 2.96% | $0.00 | $0.00 | Monthly |
Certificate Rates
Effective Date: 05/15/2008
| Description | APY | Dividend Rate | Min. Opening Balance | Min. Earning Balance | Dividends Credited |
|---|---|---|---|---|---|
| 3-5 Months | 3.15% | 3.11% | $500.00 | $500.00 | Monthly |
| 6-11 Months | 3.35% | 3.30% | $500.00 | $500.00 | Monthly |
| 12-23 Months | 3.50% | 3.45% | $500.00 | $500.00 | Monthly |
| 24-29 Months | 3.55% | 3.49% | $500.00 | $500.00 | Monthly |
| 30-35 Months | 3.65% | 3.59% | $500.00 | $500.00 | Monthly |
| 36-47 Months | 3.75% | 3.69% | $500.00 | $500.00 | Monthly |
| 48-59 Months | 3.85% | 3.78% | $500.00 | $500.00 | Monthly |
| 60 Months | 4.00% | 3.93% | $500.00 | $500.00 | Monthly |
Checking Rates
Effective Date: 05/15/2008
| Description | APY | Dividend Rate | Min. Opening Balance | Min. Earning Balance | Dividends Credited |
|---|---|---|---|---|---|
| Regular Checking | 0.25% | 0.25% | $0.00 | $500.00 | Monthly |
| Money Market Checking $0-$1,999.99 |
0.00% | 0.00% | $10,000.00 | $2,000.00 | Monthly |
| Money Market Checking $2,000.00-$9,999.99 |
0.25% | 0.25% | $10,000.00 | $2,000.00 | Monthly |
| Money Market Checking $10,000.00-$24,999.99 |
1.35% | 1.34% | $10,000.00 | $2,000.00 | Monthly |
| Money Market Checking $25,000.00-$49,999.99 | 2.10% | 2.08% | $10,000.00 | $2,000.00 | Monthly |
| Money Market Checking $50,000.00-$99,999.99 |
2.60% | 2.57% | $10,000.00 | $2,000.00 | Monthly |
| Money Market Checking $100,000.00-$249,999.99 | 2.85% | 2.81% | $10,000.00 | $2,000.00 | Monthly |
| Money Market Checking $250,000.00+ |
3.10% | 3.06% | $10,000.00 | $2,000.00 | Monthly |
| Organizational | 0.25% | 0.25% | $75.00 | $500.00 | Monthly |
Health Savings Account Rates
Effective Date: 05/15/2008
| Description | APY | Dividend Rate | Min. Opening Balance | Min. Earning Balance | Dividends Credited | Dividends Compounded |
|---|---|---|---|---|---|---|
| HSA - Share Savings | 1.25% | 1.24% | $0.00 | $0.00 | Monthly | Monthly |
| HSA - Money Market Savings $0-$4,999.99 |
1.25% | 1.24% | $0.00 | $0.00 | Monthly | Monthly |
| HSA - Money Market Savings $5,000-$9,999.99 |
2.50% | 2.47% | $0.00 | $0.00 | Monthly | Monthly |
| HSA - Money Market Savings $10,000-$24,999.99 |
3.00% | 2.96% | $0.00 | $0.00 | Monthly | Monthly |
| HSA - Money Market Savings $25,000-$49,999.99 |
3.50% | 3.45% | $0.00 | $0.00 | Monthly | Monthly |
| HSA - Money Market Savings $50,000 + |
4.50% | 4.41% | $0.00 | $0.00 | Monthly | Monthly |
| HSA - Money Market Checking $500-$1,999.99 |
0.25% | 0.25% | $0.00 | $500.00 | Monthly | Monthly |
| HSA - Money Market Checking $2,000 + |
2.50% | 2.47% | $0.00 | $500.00 | Monthly | Monthly |
