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Countryside Federal Credit Union Truth-in-Savings Disclosure
Members should be aware that credit unions are member owned financial cooperatives. Dividends paid to members are based on earnings; therefore future dividends cannot be guaranteed. We invite your comparison of our services with those offered by any other financial institution. This credit union is Federally Insured by the National Credit Union Administration.
Savings/Checking/Clubs/Money Market/Certificate/IRA Account Disclosure
I. Accounts we offer: Savings, Checking, Club(s), Money Market, Certificates, IRAs/IRA Certificates
II. Terms of Dividends:
1. For most recent rates and APYs see the rate sheet [on the reverse side]. Please call us if you have a question.
2. All dividends are computed on the actual dollar value. Minimum average daily balance to earn dividends is: Savings $100, Club Accounts $0 and $5,000 daily balance for Money Market.
3. Dividends on accounts are paid at the close of the dividend period, which is every month. Certificate dividends are credited to principal or account designated by member monthly on the Certificate anniversary. Certificate APYs assume that dividends are credited to Certificate principal.
4. Accounts earning dividends are based on the average daily balance. Money Market accounts based on daily tiered balances.
5. Accounts closed prior to the end of the dividend period earn dividends to the date the account is closed, less any penalties detailed below for Certificates.
6. Dividends are declared monthly, indexed to Banx.com 'Major Bank Savings Rates' and may change monthly except for Certificates which have rates fixed at purchase and Money Market accounts may change weekly.
7. Notification of Certificate renewal will be provided 10 working days prior to maturity date with a 10 working day grace period following the maturity date for comparison shopping before renewal.
8. Account rates are indexed to the rates from Banx.com 'Major Bank Savings Rates' each Thursday.
III. Conditions:
1. Minimum withdrawal from savings is $20. Minimum audio withdrawal check $25. Each month maximum of six preauthorized, automatic or telephone transfers from savings and three from Money Market.
2. Minimum opening Savings account balance $5, Club $1, Checking $0, Money Market $5,000, IRA $5, Certificate $500, IRA Certificate $500.
3. Accounts below minimum balance will be closed at the discretion of the credit union.
4. Maximum number of withdrawals permitted from Club accounts: Four times each calendar year. Excessive withdrawals may result in closing of the club account.
5. All member funds are available on demand, subject to limitations detailed in our bylaws.
6. Early withdrawal of Certificates are subject to a penalty: For terms of 1 Year or less the penalty is equal to 3 months dividends. For 13 to 36 months the penalty is equal to 6 months dividends. For 37 to 60 months the penalty is 12 months dividends. For IRA Certificates, no penalty for withdrawals to meet minimum required distributions at age 70 1/2.
7. Premature withdrawals from IRA accounts or certificates may result in IRS penalties.
8. No member may withdraw any share holdings below the amount of the member's primary or contingent liability to the Credit Union if the member is delinquent as a borrower, or if borrowers for whom the member is co-maker, endorser or quarantor are delinquent, without the approval of the Credit Committee or loan officer, except that shares issued in an irrevocable trust (as provided in Section 6 of this Article) are not subject to restrictions upon withdrawal except as stated in the Trust Agreement.
IV. Fees: Members should note that fees may reduce your earnings on certain accounts.
1. $1 debit charge after 4 (four) VISA ATM/Plastic Check (PIN based) withdrawals in a calendar month.
2. $1 charge for credit union drawn third party check.
3. $1 for any member service that could have been handled by our automated systems.
4. $2 for eight customized counter checks, no charge for new accounts.
5. $3 charged for: for each statement copy, for Certified Check (Draft), for paid Check copy (Bill Pay Check copy $20), for current audit history of account, this includes (no charge if our error).
6. $5 automatic transfer fee to cover overdraft(s) from savings, maximum six per month.
7. $5 on any new account closed within 90 days.
8. $5 quarterly for no account activity after 12 months
9. $5 for a line of credit advance, less than $100, to cover any item presented for payment against insufficient funds.
10. $10 for duplicate vehicle lien release.
11. $10 quarterly charge if member statements are returned address unknown.
12. $10 to place a stop payment on any item or series of items. Bill pay stop payment $25.
13. $10 for any transaction after third withdrawal or transfer each calendar month for Money Market account.
14. $10 for a replacement VISA debit card.
15. $15 for a returned deposited check returned for any reason including loan payments.
16. $20 return charge for a check, or ACH debit item, presented against non-sufficient funds.
17. $25 domestic wire transfer, $35 for International wire.
18. $25 Foreign Collection item, not U.S. funds.
19. $25 Check Protest.
20. $30/Hour research, including check reconciliation, minimum charge $12.50 (no charge if our error).
21. $50 early termination penalty on Roth, Traditional, or Coverdell IRA accounts open less than 1 year.
22. $50 for duplicate Mortgage satisfaction.
23. Western Union. First wire in month at our actual cost, 2nd and subsequent our cost plus $10.
24. Check cashing, if approved against non-offsetting/available funds, 2%, min. charge $2, max. charge $5.
25. Check printing at actual cost, plus shipping and applicable sales tax, charged to your checking account.
26. 5% Charge on Rolled Coin deposited the same day over $25.
R40 eff. 06/2007
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