Truth In Savings
Effective 4/4/2013 (Please check our rate sheet for current rates)
|Type of Account||Compounded & Credited||Dividend Period||Minimum To Open|
|Share / Savings||Quarterly||Quarterly||$5.00|
|Share Draft Checking||Quarterly||Quarterly||$0|
|Holiday / Vacation Club / Auxilliary Acct||Quarterly||Quarterly||$0|
|Individual Retirement (IRA)||Quarterly||Quarterly||$0|
The National Credit Union Administration (NCUA), a U.S. Government Agency, federally insures savings to $250,000.Additional $250,000 Insurance per Account provided by American Share Insurance.Dividends 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 calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period.Dividends will begin to accrue on the day you deposit cash or non-cash items to your account.Dividends are compounded monthly or by calendar quarter (as referenced above) and credited on the first day following the close of each dividend period.For example, the beginning date of the 1st dividend period of the calendar quarter is Jan. 1 & the ending date of such dividend period is Mar. 31.For monthly dividends the beginning date of the 1st dividend period of the calendar month is Jan. 1 & the ending date of such dividend period is Jan. 31. All other dividend periods follow these same patterns of dates. The dividend declaration date follows the ending date of a dividend period, and for the quarterly example is Apr. 1. For the monthly example it is Feb. 1. If an account is closed before the accrued dividends are credited, accrued dividends will not be paid. Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period. Dividend rates are variable and may change monthly based on the determination of the credit union board of directors. The par value of a share in this credit union is $5. A $50 minimum balance is required on the above accounts in order to obtain the disclosed APY.
The rates appearing on this rate & fee schedule are accurate and effective for accounts as of the date indicated above. If you have any questions or require current rate information, please call the credit union at (410) 663-2500.
INFORMATION ABOUT REGULATION D
The Federal Reserve System oversees the depository reserve requirements for all financial institutions. Our savings accounts are governed by this Federal regulation. Regulation D, set by the Federal Reserve System allows a maximum of six telephone, electronic, or pre-authorized transfers per month from your savings account. This refers to transfers from your savings account to your checking account (even if pre-authorized) or transfers from savings to your checking account to cover an overdraft (automatic overdraft protection).
Each time you make a transfer from your savings account by telephone, or online it counts as one transfer. If your checking account is set up for overdraft protection, each transfer from savings to cover the overdrawn check also counts as one transfer. Automatic debits from your Share Account also counts as one transfer.
IMPORTANT: Once you reach your limit of six (6) transfers, Regulation D prohibits the credit union from processing any further transfers. This means that overdraft checks could be returned unpaid.
AVAILABILITY OF DEPOSITS
Funds from deposits may not be available for immediate withdrawal. The credit union reserves the right to require a member intending to make a withdrawal from any account (except a share draft account) to give written notice of such intent up to 60 days before such withdrawal.
Under Maryland law, all funds remaining in this interest bearing or share account become the property of this State after the account has been inactive for three years and notice is sent to the member or depositor at that member's or depositor's last known address. This account will be considered inactive if the member or depositor has not: "(1) increased or decreased the amount of the account (2) presented the passbook or other similar evidence of the account for the crediting of interest or dividends (3) written to this credit union about the account (4) otherwise indicated an interest in the account as evidenced by a memorandum on file with this credit union."
HOLIDAY CLUB ACCOUNT DISTRIBUTION
On or about October 15 of each year, the balance of the Holiday Club account will be automatically transferred to the regular Savings account to allow convenient access. The account remains open for deposits for the following year.