Truth in Savings Disclosure

Rate information

The dividend rate and Annual Percentage Yield (APY) may change monthly as determined by the Board of Directors. 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. Accounts closed prior to crediting dividends will not receive accrued dividends. For Free Checking and TLT Checking accounts the rate may also fluctuate based on your Member Merits category. For members in the Essential category, no dividends will be paid; for members in the Enhanced and Premier categories the dividend rate and Annual Percentage Yield are set forth in the Rates and Fees page. The dividend rate and Annual Percentage Yield for the next month is based upon your Member Merit status on the last day of the previous month. The Investor’s Money Market account is a tiered rate account. The dividend rate and Annual Percentage Yield applicable to each account depends on the balance ranges set forth in the Rates and Fees page. Once a balance range is met, the dividend rate and Account Percentage Yield for that range will apply to the entire balance in your account.

Nature of dividends

Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period. The dividend rate and Annual Percentage Yield set forth above are the prospective rates that the Credit Union anticipates paying for the dividend period. The dividend period begins on the first calendar day of the month and ends on the last calendar day of the month. Dividends begin to accrue on cash and non-cash (e.g., checks) deposits on the business day you make the deposit to your account. Dividends are compounded and credited monthly.

Balance information

Dividends and minimum balances for all accounts except Free Checking and TLT Checking accounts are calculated by the daily balance method, which applies a daily periodic rate to the principal in the account each day. Dividends and minimum balance for Free Checking and TLT Checking accounts are calculated by the average daily balance method, which applies 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 Money Market accounts there is a minimum balance requirement of $1,000 to avoid a service fee. For Investor’s Money Market accounts there is a minimum balance requirement of $10,000 to avoid a service fee.

Transaction limitations

For savings and money market accounts, Federal Regulation D limits pre-authorized, automatic telephone transfers and online transfers to another account of yours or to a third party in any amount to no more than six per calendar month. If you exceed these limitations, the transfer may be refused or returned and your account may be subject to a fee or be closed. 

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