Effective July 22, 2008
ACCOUNT TYPES |
DIVIDEND INFORMATION |
MINIMUM BALANCE REQUIREMENTS |
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Dividend
Rate |
Annual
Percentage
Yield |
Required to open account |
Required to earn the advertised Annual Percentage Yield |
| Share (Savings) |
0.45% |
0.45% |
$15.00 |
$75.00 |
| Share Draft (Checking ) |
0.00% |
0.00% |
$ - |
$- |
| Regular Clubs (Christmas) |
0.45% |
0.45% |
$ - |
$75.00 |
IRA Clubs
-Tier 1 (Under 10,000) |
1.49% |
1.50% |
$25.00 |
$75.00 |
| -Tier 2 (Under 10,000) |
1.98% |
2.00% |
$25.00 |
$75.00 |
Money Market Clubs
-Tier 1 (Under $2,500) |
0.00% |
0.00% |
$25.00 |
$25.00 |
Money Market Clubs
-Tier 2 ($2,500 - 9,999.99) |
1.49% |
1.50% |
$25.00 |
$2,500.00 |
| -Tier 3 ( $10,000 - 49,999.99) |
1.73% |
1.75% |
$25.00 |
$2,500.00 |
| -Tier 4 ( Over $50,000 ) |
1.98% |
2.00% |
$25.00 |
$2,500.00 |
TRUTH - IN - SAVINGS DISCLOSURES
Except as specifically described, the following disclosures apply to all of the above accounts.
1. Rate Information. The Dividend Rate and Annual Percentage Yield ( APY ) on your accounts as of the last dividend declaration date, are set forth above. 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 a 365 day period. The Dividend Rate and Annual Percentage Yield may change monthly for Regular Share Accounts, Draft Accounts, IRA Accounts, and Club Accounts as determined by the Credit Union's Board of Directors. The Dividend Rate and Annual Percentage Yield for Money Market Accounts may change monthly as determined by the Credit Union's Board of Directors. The Annual Percentage Rate is based on the value of an index. The index is the prime rate as published in the Wall Street Journal. To determine the annual percentage rate that will apply to your account, we deduct a margin from the value of the index and then round this figure to the nearest .25%. Ask us for the current index value, margin and annual percentage yield.
2. Nature of Dividends. Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.
3. Compounding and Crediting. Dividends will be compounded and credited as set forth above. The Dividend Period for each account is set forth above. The Dividend Period begins on the first calendar day of each month and ends on the last calendar day of each month.
4. Accrual of Dividends. Dividends will begin to accrue on both cash and non cash deposits ( e.g. checks ) on the business day you make the deposit to your account.
5. Balance Information. The minimum balance required to open each account and to earn dividends is set forth above. Dividends and minimum balance requirements are calculated by the Average Daily Balance Method, which adds the full amount of principal in the account each day of the period, then divides that figure by the number of days in that period, and applies a periodic rate to the result. The dividend rate and corresponding annual percentage yield earned on Regular Share Accounts and Draft Accounts will depend on the average daily balance in the accounts as set forth above. As of the last dividend declaration date, if the average daily balance in a Regular Share Account was under $75.00, no dividends would have been paid.
6. Account Limitations. Account limitations for each account are set forth above. For a Share Account in which transfer limitations 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 account may be subject to a fee or be closed. * If a Money Market Account exceeds these limitations, a fee will be assessed.
Rates, Terms, and Disclosures listed above are accurate as of July 22, 2008
ACCOUNT RATES AND TERMS - TIME DEPOSIT ACCOUNTS
SHARE / IRA SHARE CERTIFICATES: |
TERM |
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TRANSACTION LIMITATIONS |
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Dividend Rate |
Annual Percentage Yield |
Minimum Opening Deposit |
Additional Deposit |
Dividend Withdrawal |
Renewable |
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| Monty Moose Youth Savers |
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2.32% |
2.35% |
$250.00 |
At Maturity |
Monthly |
Automatic |
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| 3 Month |
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2.32% |
2.35% |
$500.00 |
At Maturity |
Monthly |
Automatic |
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| 6 Month |
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2.42% |
2.45% |
$500.00 |
At Maturity |
Monthly |
Automatic |
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| 9 Month |
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2.62% |
2.65% |
$1,000.00 |
At Maturity |
Monthly |
Automatic |
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| 12 Month |
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2.76% |
2.80% |
$1,000.00 |
At Maturity |
Monthly |
Automatic |
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| 18 Month |
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2.96% |
3.00% |
$1,000.00 |
At Maturity |
Monthly |
Automatic |
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| 24 Month |
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3.15% |
3.20% |
$1,000.00 |
At Maturity |
Monthly |
Automatic |
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| 30 Month |
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3.25% |
3.30% |
$1,000.00 |
At Maturity |
Monthly |
Automatic |
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| 36 Month |
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3.44% |
3.50% |
$1,000.00 |
At Maturity |
Monthly |
Automatic |
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| 48 Month |
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3.69% |
3.75% |
$1,000.00 |
At Maturity |
Monthly |
Automatic |
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| 60 Month |
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3.93% |
4.00% |
$1,000.00 |
At Maturity |
Monthly |
Automatic |
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| Jumbo Certificate |
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Upon Request |
Upon |
$25,000.00 |
At Maturity |
Monthly |
Automatic |
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Request |
TRUTH - IN - SAVINGS DISCLOSURES
Except as specifically described, the following disclosures apply to all of the above accounts.
1. Rate Information. The Dividend Rate and Annual Percentage Yield ( APY ) on your accounts as of the last dividend declaration date, are set forth above.. 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 the term of the account. The Annual Percentage Yield is based on an assumption the dividends will remain on deposit until maturity. Any withdrawal will reduce earnings.
2. Nature of Dividends. Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.
3. Compounding and Crediting. Dividends will be compounded and credited as set forth above. The Dividend Period for each account is set forth above. The Dividend Period begins on the first calendar day of each month and ends on the last calendar day of each month.
4. Balance Information. The minimum balance required to open each account and to earn dividends is set forth above. Dividends and minimum balance requirements are calculated by the Average Daily Balance Method. 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 that period.
5. Accrual of Dividends. Dividends will begin to accrue on cash deposits and non cash deposits (e.g. checks) on the business day you make the deposit to your account. On Certificate accounts, if you close before dividends are posted, they will not be paid.
| 6. Transaction Limitations. After your account is opened, you may add funds to your account or make withdrawals of dividends from your account in any amount as indicated above. |
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| 7. Maturity. Your account will mature within the term set forth above or the maturity date set forth on you Certificate or Maturity Notice. The Credit Union will give the owner(s) at least 10 days' notice prior to maturity. |
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| 8. For Fixed Rate Accounts. The rate and yield will remain in effect for the entire term of the account. |
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| Early Withdrawal Penalty. We may impose a substantial penalty if you withdraw any of the principal before the maturity date, or the renewal date, if this is a renewal account. |
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| Amount of Penalty. For Three Month Share Certificates and IRA Share Certificate accounts the amount of the early withdrawal penalty for your account is 30 days dividends. For Six to Nine Month Share Certificate and IRA Share Certificate accounts, the amount of the early withdrawal penalty of your account is 90 days dividends. For One Year Share Certificate and IRA Share Certificate accounts, the amount of the early withdrawal penalty of your account is 180 days dividends. |
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| How the Penalty Works. The penalty is calculated as a forfeiture of the part of the dividends that have been or would have been earned on the account. It applies whether or not the dividends have been earned. If they have not been earned, the penalty will be deducted from the principal. |
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| 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: |
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| (i) When an account owner dies or is determined legally incompetent by a court of other body of competent jurisdiction. |
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| (ii) Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after establishment. |
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| (iii) If withdrawal occurs within six (6) business days of the automatic renewal date. |
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| Renewal Policy. Your account is an automatically renewable account. |
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| Nontransferable / Nonnegotiable. Your account is nontransferable. The funds in your account may not be pledged to secure an obligation of owner, except obligations with the credit union. |
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The rates and yields appearing in this Rate Schedule are accurate and effective for accounts as of the date indicated below. If you have any questions or require current rate information on your accounts, please call Howland-Enfield Federal Credit Union.
Rates, Terms, and Disclosures listed above are accurate as of July 22, 2008 |
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