TRUTH IN SAVINGS DISCLOSURE
SAVINGS ACCOUNTS: PRIME SHARES, IRA SHARES, EDUCATION, VACATION, CHRISTMAS, SPECIAL, INSURANCE, KIRBY KANGAROO® CLUB, & CU SUCCEED®
DRAFT ACCOUNTS: SHARE DRAFTS & MONEY MARKET ACCOUNTS
Rate Information: Dividend rate and Annual Percentage Yield (APY) information for each account are listed on the savings rates page of this site. The dividend rate and APY for savings accounts may change quarterly as determined by the Board of Directors. The dividend rate and APY for Money Market accounts may change monthly as determined by the Board of Directors. No dividends will be paid on Share Draft accounts.
Compounding and Crediting: For savings accounts, dividends will be compounded and credited quarterly. For these accounts, the dividend period is quarterly. For example, the beginning date of the first dividend period of the calendar year is January 1st and the ending date of such dividend period is March 31st. For Money Market accounts, dividends will be compounded and credited monthly. The dividend period for Money Market accounts is monthly. For example, the beginning date of the first dividend period of the calendar year is January 1st and the ending date of such period is January 31st. All other dividend periods follow these patterns of dates. The dividend declaration date follows the ending date of a dividend period and for the examples above is April 1st and February 1st, respectively. If an account is closed before dividends are credited, accrued dividends will be paid.
Minimum Balance Requirements: The minimum balance required to open each account is $5.00, the par value. There is a minimum daily balance required to earn dividends on Prime Shares of $100 and on Money Market accounts of $2,500.00. To earn the disclosed APY, you must maintain, at least, an account's minimum daily balance to earn dividends for the dividend period. Dividends will not be earned on days when the account balance falls below the minimum.
Balance Computation Methods: Dividends are calculated by the Daily Balance Method. Dividends are calculated under this method by applying a daily periodic rate to the balance in the account each day of the period. The daily periodic rate is calculated by dividing the dividend rate by 365.
Accrual of Dividends: Dividends begin to accrue on the business day you deposit either cash or noncash (for example, checks) items to your account.
Transaction Limitations: For all savings accounts, the following limitation applies. No more than a total of six (6) preauthorized, automatic, or telephonic transfers may be made per month to a Share Draft account, Money Market account, or third party. If these limitations are exceeded, we may refuse such transfer requests or close the account. Share Draft and Money Market accounts are allowed an unlimited number of such transfers or payments. Transaction limitations are also in effect which allow you to avoid some service fees. Please refer to the Schedule of Fees for more information.
Also, the following restrictions apply to all accounts according to the Bylaws of Autotruck FCU:
a. The Board shall have the right, at any time, to require members to give, in writing, not more than 60 days notice of intention to withdraw the whole or any part of the amounts so paid in by them.
b. No member may withdraw shareholdings that are pledged as required security on loans without the written approval of the credit committee or a loan officer, except to the extent that such shares exceed the member's total primary and contingent liability to the credit union.
c. No member may withdraw any shareholdings below the amount of his or her primary or contingent liability to the credit union if he is delinquent, as a borrower, of if borrowers for whom he is comaker, endorser, or guarantor are delinquent, without the written approval of the credit committee or a loan officer.
Nature of Dividends: Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.
Fees and Charges: The fees and charges that may be charged on an account are itemized in the "Schedule of Fees" available on this site. These fees may reduce the earnings on your account. The amount of each fee will be charged to your account when incurred, unless you pay the amount separately. We may charge another account of yours for a fee incurred if the account on which the fee was assessed has been closed or if it has an insufficient balance to pay the charge.
Bonuses: Initial deposits to CU Succeed accounts will be matched up to $25. Funds must remain in the account for at least 90 days or bonus will be forfeited. Only one bonus payment per person is allowed.
SHARE CERTIFICATE ACCOUNTS
Maturity or Term: The terms available are listed on the savings rates page of this site, and the account will mature at the end of that term on its maturity date. The actual maturity date of an account will be determined when the account is opened and will be shown on the receipt evidencing ownership of the account.
Rate Information: The dividend rate and Annual Percentage Yield (APY) for each type of share certificate account are listed on the savings rates page of this site. The applicable dividend rate will remain fixed for the term of the account, unless modified as follows. One time during the original term of an account issued for 18, 30, or 42 months only, you may request to increase the rate for the remainder of that account’s term to the corresponding rate being offered for newly issued accounts, to become effective as of the date of the request. The APY disclosed on the savings rate page of this site assumes dividends are to be retained in the account until maturity. Withdrawals will reduce the earnings on the accounts.
Compounding and Crediting: Dividends will be compounded and credited quarterly and the dividend period is quarterly. For example, the beginning date of the first dividend period of the calendar year is January 1 and the ending date of such dividend period is March 31. All other dividend periods follow these patterns of dates, except at maturity. The last accrued dividend will be paid at maturity. If an account is closed before dividends are credited, accrued dividends will be paid, however, an early withdrawal penalty may be imposed.
Early Withdrawal Penalties: Except where noted below, for withdrawals made from accounts with an original term of 12 months or less, a penalty will apply equal to the lesser of: 1. 90 days dividends on the amount withdrawn or 2. dividends since issuance or renewal on the amount withdrawn. For withdrawals made from accounts with an original term of more than 12 months, a penalty will apply equal to the lesser of: 1. 180 days dividends on the amount withdrawn or 2. dividends since issuance or renewal on the amount withdrawn. A minimum penalty of 7 days dividends will apply to withdrawals made within 6 days of the original opening of any share certificate account.
The only exceptions to the above penalties will be in cases where an account holder dies or is declared incompetent, withdrawals to complete a required minimum distribution from an IRA, or withdrawals of dividends credited since issuance or renewal, whichever is most recent.
Renewal Policies: Account holders have the option of selecting whether or not to have a share certificate account automatically renew. If the account is selected to automatically renew, there will not be a grace period after renewal in which to withdraw funds penalty free. Notice will be mailed to account holders at least 30 days prior to maturity. If the account is not selected to automatically renew, the owner(s) should select a method prior to maturity for disbursement of the ending balance of the account. Dividends will not be paid on the share certificate account after maturity.
Minimum Balance Requirements: The minimum balances required for opening each share certificate account and to earn the disclosed APY are listed on the savings rates page of this site. In addition, a Prime Shares account must be maintained with its minimum daily balance and par value of $5.00.
Balance Computation Method: Dividends are calculated by the Daily Balance Method. Dividends are calculated under this method by applying a daily periodic rate to the balance in the account each day of the period. The daily periodic rate is determined by dividing the dividend rate by 360.
Accrual of Dividends: Dividends begin to accrue on the day you deposit either cash or non-cash (for example, checks) items into your account.
Transaction Limitations: Certificate accounts are not transferable or negotiable. No deposits may be made after the account is opened. Also, the following restrictions apply to all accounts according to the Bylaws of Autotruck FCU: (a) The Board shall have the right, at any time, to require members to give, in writing, not more than 60 days notice of intention to withdraw the whole or any part of the amounts so paid in by them; (b) No member may withdraw shareholdings that are pledged as required security on loans without the written approval of the credit committee or a loan officer, except to the extent that such shares exceed the member's total primary and contingent liability to the credit union; (c) No member may withdraw any shareholdings below the amount of his or her primary or contingent liability to the credit union if he or she is delinquent as a borrower, or if borrowers for whom he or she is co-maker, endorser, or guarantor are delinquent, without the written approval of the credit committee or a loan officer.
Fees and Charges: Fees will not be assessed to certificate accounts. However, if another account of yours incurs an overdraft due to the imposition of a fee or any other reason, then we may use our right of offset against the certificate to collect the amount of the overdraft.
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