Use the table below to access specialized sections of the
Truth-In-Savings Disclosure:
Member Account Agreement:
Terms & Conditions
This information is intended to provide you with
information about one or more accounts offered by the Family First of NY
Federal Credit Union (the "Credit Union"). It contains rules which govern
your account(s) with us. Please read this information carefully as you are
entering into a binding agreement with the Credit Union. If you sign an
Account agreement Card and use your account after you receive this
information it means you understand and agree to these rules. Much of our
relationship with our members is governed by our bylaws and by state and
federal law, both of which may change from time to time. The Credit Union
may make changes to this agreement at any time. You will receive written
notice of any changes to the extent required by law. If you have any
questions, please contact a Member Service Rep.
As used in this information, the word "we" means the
Credit Union and the word "you" means the account holder. The word
"ACCOUNT" means any one or more deposit accounts you have with the Credit
Union, including, but not limited to, regular share (savings) or share
draft (checking) accounts. Words and phrases used in this information
should be interpreted so that the singular includes the plural and the
plural includes the singular (except where we clearly intend otherwise.)
The Credit Union reserves the right to waive the enforcement of any of the
terms in this Agreement with respect to any transaction to the extent
permitted by law. Any such waiver would not affect the right of the Credit
Union to enforce any of its rights with respect to other members, or to
enforce any right with respect to a later transaction with you.
Deposits:
Any noncash item deposited to your
account (including items drawn "on us") will be given provisional credit
only until collection of the item is final. We are not responsible for
transactions initiated by mail or an outside depository until we actually
record them. All transactions received after our "daily cutoff time" on a
business day we are open, or received on a day on which we are not open
for business, will be treated and recorded as if initiated on the next
business day that we are open.
Withdrawals:
Any one who signs in the space
designated for Signature on the Account Agreement Card may withdraw or
transfer all or any part of the account balance at any time. Each of you
authorizes the other person signing the Account Agreement Card to endorse
any item payable to you or your order for deposit to your account or any
other transaction with us (until we receive written notice to the
contrary.) We reserve the right to refuse any withdrawal or transfer
request which is attempted by any method not specifically permitted or
which exceeds frequency limitation or violates any minimum or maximum
dollar limitation. We will use the date a transaction is completed by us
(as opposed to the date you initiate it) to apply any frequency
limitation. Withdrawals will first be made from collected funds and we may
refuse any withdrawal request against uncollected funds. The Credit Union
usually allows funds to be withdrawn at any time without previous notice,
but reserves the right to demand 60 days written notice of withdrawal from
any account (except a checking account).
Liability:
Each of you agrees, for yourself
(and the person or entity you represent if you sign as a representative of
another) to the terms of this account and the charges that we may impose.
Today you received a copy of the Fee Schedule which itemizes all charges
and is part of this agreement. You authorize us to deduct these charges
directly from the account balance as incurred. You also agree to pay
additional reasonable charges we may impose for services you request which
are not contemplated by this agreement or your account. Each of you also
agrees to be jointly and severally liable for any account deficit
(resulting, for example, from charges imposed, overdrafts, or items cashed
or deposited that are returned unpaid) whether caused by you or another
authorized to withdraw from your account, together with the costs we incur
to collect the deficit including, to the extent permitted by law, our
reasonable attorney's fees. In addition the member waives the right to a
jury trial in disputes concerning their accounts with the Credit
Union.
Minimum Membership Requirement:To be and remain a
member of this Credit Union, you must subscribe to at least one $5.00
share. Your membership will terminate if you withdraw all of your
shares.
Types of Accounts:As a Credit Union member you may
take advantage of many different accounts to help you manage your money
and increase your savings. Please ask us about the specific accounts we
offer.
Liens or Garnishment of Your Account(s):We have a
lien on all funds in all your accounts with us. This lien extends to funds
now or hereafter deposited with us (plus dividends and any insurance
benefits.) This lien secures loans, charges, overdrafts or any amount you
may now or hereafter owe us. We may enforce this lien by applying your
funds directly to any amount you owe us and we may exercise this right
without obtaining a court judgement and as otherwise permitted by law.
Set off is the right of one who is indebted to another to
reduce or eliminate the indebtedness by charging against the debt any
amount which the creditor in that transaction may owe him in another
transaction as borrower or guarantor. The Credit Union may use the account
to pay the debt even if withdrawal results in an interest penalty or
dishonor of subsequent drafts.
Any garnishment, levy or execution against the account is
subject to the Credit Union's right of set off and security interest. If
garnishment, levy, or execution is brought upon the account, the Credit
Union may refuse to allow any withdrawals until the dispute is resolved.
In such a case, the Credit Union will not be liable to the member, even if
paying the money to the third party leaves insufficient funds to cover
outstanding drafts. All expenses in responding to a court order are
chargeable to the member.
Fees:The Credit Union has the right to charge fees
in connection with its services. These fees may change from time to time.
The current Fee Schedule is available and the member will receive written
notice of any changes as required by law.
Account Transfer:Shares may be transferred from
one member to another, only by written instrument, in such form as the
Credit Union may prescribe.
Direct Deposits:
If, in connection with a
direct deposit plan, we deposit any amount in an account which should have
been returned to the Federal Government or another party via the Automated
Clearing House (ACH) for any reason, you authorize us to deduct the amount
of our liability from your account without prior notice and at any time,
except as prohibited by law. We may also use any other legal remedy to
recover the amount of our liability.
Rights & Responsibilities of a Custodian with
Accounts Set Up Under the Uniform Gifts to Minors Act:
• A gift
made in the manner presented by the Uniform Gifts to Minors Act is
irrevocable and conveys to the minor indefeasibly vested title to the
money. Once a custodial account is opened, the donor cannot change his
mind and
revoke the transfer.
• The custodian has broad powers and
duties over the account. The custodian has the duty of collecting,
holding, managing, investing and reinvesting the custodial property. The
custodian has the duty to expend for the minor's benefit, so much or all
of the custodial property as he deems advisable for the minor's support,
maintenance, education and benefit. The custodian has complete discretion
as to the time and the amount of such payment, and he need not take into
account the duty of himself or any other person to support the minor, or
his ability to do so; nor must he take into account other income
or
property of the minor which may be available.
• Any unexpended
custodial property or money generally must be paid over to the minor upon
his attaining the age of 18 years or 21 years if the account designates
this. If the account was established prior to January 1, 1980, the
minor is not entitled to such funds until he reaches the age of 21
years.
Joint Account Ownership:
Any account in two (2)
or more names, that is payable to either of the named persons, or to any
survivor, will be treated as a joint account provided that all the account
holders have signed the Account Agreement Card. A joint account creates a
legal form of ownership which is called a "joint tenancy". Each joint
owner named on the account, who has signed the Account Agreement Card, is
considered to be an owner of the account. Every owner has an equal and
undivided interest in all monies deposited into, and any interest earned
on the account even though he or she may not have owned the monies
originally. This means that while all the owners are living, we, the
Credit Union, may honor withdrawal requests, checks or orders drawn by any
owner for part or all of the monies in the account. The Credit Union may
do this without giving notice to or receiving the consent of the other
owner(s), unless we first receive a written notice signed by any owner
directing the Credit Union not to pay or deliver any part of the joint
account. If the Credit Union receives such a notice, we may require
written authorization from all owners before we allow any payment or a
transfer from the account. This written notice does not prevent us from
making or make us liable for, any payment from the account to any third
party or us, as described above.
Additional Rules for Checking (Share Draft)
Accounts:
The word "item" will mean a check and any other means of
deposit or withdrawal. (For example, an "item" could be a check deposited
to or written on an account, or an electronic deposit to, transfer, or
withdrawal from an account.) The following rules apply to our checking
accounts:
Forms: You must use only approved check forms to
withdraw funds from this type of account. Withdrawals by electronic funds
transfer will be explained in the Electronic Funds Transfer Services
Disclosure and Agreement.
Overdrafts: We are under no obligation to pay
an item which exceeds the collected balance in your account. If however,
we do pay such an item, you are still responsible for the overdraft and
any fee we may impose for it.
Overdraft Protection: If, the authorized
owner(s) writes a check that would exceed the collected balance, the
Credit Union may: 1) treat such checks as a request for an advance from
your Line of Credit loan account if you have one (in multiples of $100)
sufficient to pay such checks, and/or 2) transfer shares from any other
regular share account from which the authorized owner(s) is then eligible
to withdraw shares. A fee is charged for each transfer, as disclosed in
the Fee Schedule.
Payment of Checks: We may pay a check on whatever day
it is presented for payment, no matter what date appears on the check. If
a member dies or is adjudicated incompetent, the Credit Union retains the
reasonable opportunity to act on it. Even with knowledge, the Credit Union
may, for ten (10) days after the date of death, pay drafts drawn before
death unless ordered to stop payment by a person claiming an interest in
the account.
The Credit Union is protected from liability when it
continues to honor a member's draft even though it has received notice of
an adverse claim to the account. Unless the Credit Union is served with
appropriate court order or the claim provides the Credit Union with
indemnity (at a level acceptable to the Credit Union) it may ignore the
adverse claim.
Paid Checks: Paid checks will not be returned to
you. We will make photocopies available to you of specific paid checks
upon your request. A fee is charged for each check copied, as disclosed in
the Fee Schedule.
Stop Payments: You may stop payment on a check
drawn on your account. An oral stop order is effective for only fourteen
(14) days and must be followed up with written notice that is effective
for six (6) months. The Credit Union will not honor a stop payment order
on a cashier's check or certified check. You must inform the Credit Union
of the account number, the check number and the dollar amount of the
check. Also, the Credit Union is entitled to a reasonable period of time
following the stop order to notify its employees. A fee is charged for
each stop payment order placed, as disclosed in the Fee Schedule.
Wrongful Dishonor: If we dishonor an item by
mistake, our liability is limited to actual damages proved. The Credit
Union retains the right to pay or dishonor a check more than six (6)
months old without prior notice to the member. The Credit Union retains
the right to disregard information on the check other than the
identification of the payor, payable through bank, payee, and the
amount.
Statements: The Credit Union will mail statements
monthly to the member. You are expected to examine the statements
carefully and reconcile the account. If there are any discrepancies, the
Credit Union should be notified immediately, as the statement is
considered correct unless the Credit Union is notified of any errors
within sixty (60) days after you receive the statement.
Termination of Account: We may close your checking
account at any time by mailing you a notice with a remittance for the
balance in it. We are not liable for refusing to pay any check presented
after an account is closed.
Our Liability: You may terminate the account
relationship upon written ten (10) day notice. The termination, however,
does not release you from the obligation of payment of accrued fees or
liability for drafts in process, and entitles you to the return of the
balance less any appropriate debit items.
FUNDS
AVAILABILITY
Our policy is to make funds from your
deposits available to you on the first business day after the day we
receive your deposit. At that time, you can withdraw the funds and we will
use the funds to pay checks that you have written.
Please remember that even after we have made funds
available to you, and you have withdrawn the funds, you are still
responsible for checks you deposit that are returned to us unpaid and for
any other problems involving your deposit.
For determining the availability of your deposits, every
day is a business day, except Saturdays, Sundays, and federal holidays. If
you make a deposit after our closing time or on a day we are not open, we
will consider that the deposit was made on the next business day we are
open.
Longer Delays May Apply:
In some cases, we will
not make all of the funds that you deposit by check available to you on
the first business day after the day of your deposit. Depending on the
type of check that you deposit, funds may not be available until the fifth
business day after the day of your deposit. However, the first $100 of
your deposit will be available on the first business day after we receive
your deposit. If we are not going to make all of the funds from your
deposit available on the first business day, we will notify you at the
time you make your deposit. We will also tell you when the funds will be
available. If your deposit is not made directly to one of our employees,
or if we decide to take this action after you have left the premises, we
will mail you the notice by the day after we receive your deposit. If you
need the funds from a deposit right away, you should ask us when the funds
will be available.
In addition, funds you deposit by check may be delayed
for a longer period under the following circumstances:
• We believe a check you deposited will not be paid.
•
You deposit checks totaling more than $5,000 on any one day.
• You
redeposit a check that has been returned unpaid.
• You have overdrawn
your account repeatedly in the last six months.
• There is an
emergency, such as failure of communications or computer equipment.
We will notify you if we delay your ability to withdraw
funds for any of these reasons, and we will tell you when the funds will
be available. They will generally be available no later than the eleventh
(11) business day after the day of your deposit.
Deposits At Automated Teller Machines
(ATM):
Funds from any deposit (cash or check) made at automated
teller machines (ATM's) we do not own or operate may not be available
until the fifth business day after the day of your deposit.
Funds from deposits made at Family First of NY Federal
Credit Union owned ATM's are available in accordance with the normal
schedules set forth above.
All ATM's that we own or operate are identified as "our
machines".
Special Rules for New Accounts:
If you are a
new member, the following special rules will apply during the first thirty
(30) days your account is open. Funds from electronic direct deposits to
your account will be available on the day we receive the deposit. Funds
from deposits of cash, wire transfers and the first $5,000 of a day's
total deposits of cashier's, certified, teller's, traveler's and federal,
state and local government checks will be available on the first business
day after the day of your deposit if the deposit meets certain conditions.
For example, the checks must be payable to you. The excess over $5,000
will be available on the ninth business day after the day of your
deposit.
If your deposit of these checks (other than a U.S.
Treasury check) is not made in person to one of our employees, the first
$5,000 will not be available until the second business day after the day
of your deposit. Funds from all other check deposits will be available on
the tenth (10) business day after the day of your deposit.
ACCOUNT STRUCTURE
Service charges and fees are based on the
account relationship you have with the Credit Union. The higher your
relationship is, the lower your service charges and fees. Your CU
Relationship is the total of all shares, holiday, vacation, certificates,
escrow, IRA's, loans, in- house mortgage and Visa balance in one base
account number. There are five levels of relationships:
E-Member -
No Minimum Relationship
Bronze - Relationship less than or equal to
$2,500
Silver - $2,501-$10,000
Gold - $10,001-$40,000
Platinum
- $40,001 and up in CU Relationship
Account Relationship
Fee: Waived for the first 3 months. The service charges exclude
members ages 22 and younger. Loans 30 days or more delinquent, including
Visa, are not included in the relationship. See the Fee Schedule for
current service charges and fees. Business and organization accounts have
different charges and fees. Refer to information presented at the opening
of the account or ask an MSR for details.
TRUTH IN SAVINGS DISCLOSURE
SHARE ACCOUNTS PAYING
DIVIDENDS
Computation Method: Dividends are
calculated by the daily balance method which applies a daily periodic rate
to the principal in the account each day.
Accrual of Dividends: Dividends will begin to
accrue on noncash deposits (i.e. checks, wire transfers) on the business
day you make the deposit to your account.
Nature of Dividends: Dividends are paid from
current income and available earnings, after required transfers to
reserves at the end of a dividend period. Dividends are determined by the
Credit Union Board of Directors.
Rate Information: Consult the Current Investment
Rate Schedule.
SHARE SAVINGS
ACCOUNTS
Regular
share (including Holiday and Vacation Club, Other Share Savings, Loan
Payment Savings) & IRA Share Accounts
Par Value of a Share:
The par value of a
regular share in this credit union is $5.00.
Rate Information:
This account is a variable
rate account. The dividend rate and annual percentage yield on this
account may change quarterly.
Compounding & Crediting Frequency:
Dividends are compounded daily and credited quarterly on the ledger
balance.
Minimum Balance to Open the Account:
$5.00
within the share account, except Holiday, Vacation, and IRA shares which
is $0.
Minimum Balance to Avoid Imposition of Service
Charge:
If your CU Relationship balance is Level 2 or higher,
there is no service charge. If you have a checking account, this charge
does not apply. If your CU Relationship is Level 1, the service charge,
which is posted quarterly, is based on the balance of your CU
Relationship. This balance is calculated using the statement period's
average of the three months' average daily balances of shares and the
quarter end loan balances.
Minimum Balance to Obtain the Annual Percentage Yield
Disclosed: $25.00
TRANSACTION
LIMITATIONS
• Regular Share Accounts: None
•
IRA Share Account: A fee may be charged for each withdrawal. Refer
to the Fee Schedule and see your IRA plan disclosure.
• Holiday
Club: There are no withdrawals from this account prior to its maturity
date. Early withdrawal results in forfeiture of all dividends earned on
this account or seven days' dividends, whichever is greater . This account
matures on September 30th of each year. Funds are transferred to the
regular share account (-00).
MONEYBUILDERS/MONEYBUILDERS IRA ACCOUNTS
Rate Information:
This account is a variable rate account. The dividend rate and
annual percentage yield may change weekly.
Compounding and Crediting Frequency: Dividends are
compounded daily and credited monthly on the ledger balance.
Minimum Balance To Open the Account and Obtain the
Annual Percentage Yield Disclosed:
Tier 1: $ 1,500 within this
account
Tier 2: $ 2,500 within this account
Tier 3: $10,000 within
this account
Tier 4: $25,000 within this account
Tier 5: $50,000
or more within this account
Fees:
Checks and electronic transactions are
not allowed with the Retirement MoneyBuilder. Retirement MoneyBuilder is
part of a qualified individual retirement or Keogh plan and, therefore, a
penalty and/or tax witholding may be required for a withdrawal of
principal except upon the participant's disability or attainment of not
less than 59 1/2 years of age. A fee may be charged for each IRA
withdrawal. Refer to the Fee Schedule and see your IRA plan disclosure.
Additional fees may apply. Refer to the Fee Schedule. For those accounts
where checks are allowed, an insufficient funds fee will be charged for
each item returned for insufficient funds. The CU supplies MoneyBuilder
checks at no cost to the member.
Transaction
Limitation:MoneyBuilders
During any statement
period, you may not make more than six transfers to another Credit Union
account of yours or to a third party by means of preauthorized or
automatic transfer or telephone order or instruction. No more than three
of the six transfers may be made by check, draft, debit card, if
applicable, or similar order to third party. If you exceed the transfer
limitations during your monthly cycle, your account will be subject to
closure by the Credit Union, and you may be charged a fee for each excess
item . If your account balance falls below Tier I you will not earn a
dividend for that period.
Transaction Limitation:MoneyBuilders
IRA
Retirement Money Builder is limited to manual
distributions through a Member Service Representative. Any withdrawal is
considered a distribution from your plan. Penalties and witholding may
apply.
Money Market Gold Rate Information:
This
account is a variable rate account. The dividend rate and annual
percentage yeild may change weekly.
Compounding and Crediting Frequency:
Dividends
are compounded daily and credited monthly on the ledger balance.
Minimum Balance to Open The Account:
At least
$25,000 is required to open this account.
Minimum Balance to Obtain Disclosed APY:
To
receive the disclosed Annual Percentage yeild, the end-of-day ledger
balance for each day in the monthly cycle must always be $25,000.00 or
greater. If on any day the ledger balance drops below $25,000.00, the
account will accrue no dividends for that month.
Fees:
Certain fees may apply. Refer to our Fee
Schedule.
Transaction Limitations:
No checks may be
processed against this account. If attempted, they will reject and a fee
may be charged.
During any statement period, no more than three
withdrawals may be made to another Credit Union account or a third party
by means of preauthorized or automatic transfer, telephone order, or
written instruction. Any transaction that exceeds the transfer limitations
or reduces the balance below $25,000.00, subjects the account to closure
and fees.
Account Access:
Members may access this
account through:
- Teller Line
- PAL
- CU@Home
BASIC CHECKING / SHARE
DRAFT ACCOUNT
Rate
Information: Dividends are not paid an checking/share draft accounts.
Minimum Balance to Open Account: None
Transaction Limitations: None
Fees: An insufficient funds fee will be charged
for each item returned for insufficient funds. Members pay check printing
charges. Additional fees may apply. Refer to the Fee Schedule.
Service Charge: If your CU Relationship is Level 3
or higher, there is no service charge. If your CU Relationship is Level 1
or 2, the service charge, which is posted monthly, is based on the balance
of your CU Relationship. This balance is calculated using the statement
period's average daily balance of shares and the month end loan
balances.
CHECKING WITH INTEREST ACCOUNT
Rate Information:
This account is a variable rate account. The dividend rate and
annual percentage yield may change monthly.
Compounding & Crediting Frequency: Dividends
are compounded daily and credited monthly on the ledger balance.
Minimum Balance to Obtain the Annual Percentage Yield
Disclosed: $1,500
Minimum Relationship to Avoid Imposition of Service
Charges:
If your CU Relationship is $2,500 or higher, there is no
service charge. If your CU Relationship is below $2,500, a service charge
is posted monthly. This relationship is calculated using the statement
period's average daily balance of shares and the month end loan balances.
Transaction Limitations: None
Fees: An insufficient funds fee will be charged
for each item returned for insufficient funds. Members pay check printing
charges. Additional fees may apply. Refer to the Fee Schedule.
PREMIER CHECKING ACCOUNT
Rate Information:
This account is a variable rate
account. The dividend rate and annual percentage yield may change monthly.
Compounding & Crediting Frequency:
Dividends are compounded daily and credited monthly on the ledger
balance.
Minimum Balance to Obtain the Annual Percentage Yield
Disclosed: $7,500
Minimum Relationship to Avoid Imposition of Service
Charges:
Average daily balance in the Premier Checking of $7,500
or higher.
Fees: An insufficient funds fee will be charged
for each item returned for insufficient funds. Members pay check printing
charges. Additional fees may apply. Refer to the Fee Schedule.
Service Charge: If your average daily balance is
below $7,500 at month end, a service fee will be charged.
ELECTRONIC CHECKING
ACCOUNT (E-CHECKING)
Rate
Information: Dividends are not paid on E-checking
Minimum Balance to Open Account: None
Transaction Limitations: 10 free ATM withdrawals
per month then $1.00 per transaction thereafter. A fee will be charged for
any teller transactions that could have been completed through automated
services, unless those services are not operational. The only exception is
a deposit.
A fee will be charged for any Call Center transaction
that could have been completed through automated services, unless those
services are not operational.
Fees: An insufficient funds fee will be charged
for each item returned for insufficient funds. Members pay check printing
charges. Additional fees may apply. Refer to the Fee Schedule.
Service Charge: None
TERM SHARE ACCOUNTS
(CERTIFICATE ACCOUNTS) & Jump-Up CERTIFICATE
Rate Information:
This account is a fixed
rate account. 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. The
dividend rate and annual percentage yield is based on the assumption that
dividends remain on deposit until maturity. A withdrawal of dividends will
reduce earnings.
"Jump-Up" Certificate Maturity Information: "Jump-Up"
certificates will renew based on the following schedule depending on the
original term you select. The schedule covers all terms. However, we
reserve the right to limit the terms available to you.
Selected terms of 12 to 17 months will renew to the rate
of a 12-month certificate.
Selected terms of 18 to 23 months will renew
to the rate of a 18-month certificate.
Selected terms of 24 to 35
months will renew to the rate of a 24-month certificate.
Selected terms
of 36 to 47 months will renew to the rate of a 36-month
certificate.
Selected terms of 48 to 59 months will renew to the rate
of a 48-month certificate.
Selected terms of 60 months will renew to
the rate and term of a 60 month certificate.
Compounding and Crediting Frequency:
Term
Accounts: Dividends are compounded daily and credited quarterly and at
maturity on the ledger balance on all certificates with a term of 1 year
or more. Dividends are compounded daily and credited at maturity on the
ledger balance on all certificates with a term less than 1
year.
"Jump-Up" Certificate: Dividend will be compounded daily and
credited quarterly and at maturity on the ledger
balance.
Minimum Balance To Open the Account and Obtain the
Annual Percentage Yield Disclosed:
Regular Certificates: $500
Mini Jumbo Certificate: $50,000
Jumbo Certificate: $100,000
IRA Certificate: $500
"Jump-Up" Certificate $1,000 (New Money)
Transaction Limitation:
You may not make any
deposits into your account before maturity. You may make withdrawal of
dividends from your account before maturity if the certificate term is one
year or more and this option is made at the time of the certificate
purchase. You may not make any withdrawals of principal from your account
before maturity unless withdrawal is because of the death of any owner;
withdrawal is after the close of the dividend period in which the owner(s)
membership was terminated under Article II, Section 5 of the bylaws;
withdrawal is a result of the voluntary or involuntary liquidation of the
Credit Union; the account is part of a qualified individual retirement or
Keogh plan, with distribution of funds upon the participant's disability
or attainment of not less than 59 1/2 years of age. We may impose a
penalty if we grant your withdrawal request.
Maturity Date:
You can choose the term of
maturity from any period of three (3) to sixty (60) months. You will
receive a certificate of maturity notice at least ten days in advance of
the maturity date of your certificate. If your instructions for renewal
are not received by the Credit Union prior to the maturity date, the
certificate will automatically be renewed for the same term at the
prevailing annual percentage rate. You may withdraw the deposited shares
without penalty for 10 calendar days after the maturity date.
Early Withdrawal Penalties:
Penalties may be
imposed for withdrawals before maturity. If the certificate term is less
than one year, a penalty of 90 days dividends will be imposed based on the
current rate of the account. If the certificate term is one year or
greater, a penalty of 180 days dividends will be imposed. This may invade
the principal. There are certain circumstances, such as the death or
incompetence of an owner, where we may waive or reduce this penalty. See
your plan disclosure if this account is part of an IRA or other tax
qualified plan. If this account is part of an IRA, there may be a
withdrawal fee. Consult the Fee Schedule.
Exceptions to Early Withdrawal Penalties:
At
our option, 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.
Renewal Policy:
As an automatically renewable
account, your account will automatically renew for another term upon
maturity at the prevailing rate. You have a grace period of ten (10) days
after maturity in which to withdraw funds in the new account without being
charged an early withdrawal penalty. Refer to the paragraph titled
"Jump-Up" Certificate Maturity Information for information about the
renewal terms and rates. The "Jump-Up" option is no longer available after
the maturity date of the
certificate.
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.
