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TRUTH IN SAVINGS
ACCOUNT
The Truth in Savings Act (T-I-S) is a section of the Federal Deposit Insurance Corporation Improvement Act of 1991. The National Credit Union Administration is charged with enforcing the act which applies to ALL credit unions. The purpose of T-I-S is to promote and simplify comparisons among accounts at all financial institutions. T-I-S enables consumers to make informed choices / comparisons among competing claims of financial institutions by requiring disclosure of the interest rates payable on these accounts and the fess assessable against these accounts. It is the intent of Eaton County Education Credit Union to maintain compliance with this federal law pertaining to full disclosure regarding the terms and conditions of all savings programs. The following disclosure information illustrates the various savings alternatives available at Eaton County Education Credit Union. The Rate Information and Fess and Charges Schedule sets forth certain conditions, rates, fees and charges applicable to your accounts at the Eaton County Education Credit Union as of January 1, 1995. That schedule is incorporated as part of this disclosure. If you have questions regarding any of the accounts offered at Eaton County Education Credit Union, please let a credit union representative assist you. BYLAW REQUIREMENTS A member who fails to complete payment of one share within six months of his admission to membership, or within six months from an increase in the par value in shares, or a member who reduces his share balance below the par value of one share and does not increase the balance to at least the par value of one share within six months of the reduction may be terminated from membership at the end of the dividend period. Shares may be transferred only from one member to another, by written instrument in such form as the credit union may prescribe. The credit union reserves 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. No member may withdraw shareholdings that are pledged as required on security on loans without the written approval of the credit committee or a loan officer, except to the extent that such shares exceed the memberīs total primary and contingent liability to the credit union. No member may withdraw any shareholdings below the amount of his/her primary or contingent liability to the credit union if he/she is delinquent as a borrower, or if borrowers for whom he/she is comaker, endorser, or guarantor are delinquent, without the written approval of the credit committee or a loan officer. PAR VALUE OF SHARES; DIVIDEND PERIOD The par value of a regular share in the credit union is $5. The credit union declares and pays dividends semiannually. DEPOSIT ACCOUNT SUFFIXES Primary Share Accounts have the 00 suffix. Organizational Share Accounts have the 01 suffix. Christmas Club Accounts have the 02 suffix. Individual Retirement Accounts have the 03 suffix. Special Share Accounts have the 04 suffix. Share Draft Accounts have the 70 suffix. Certificates of Deposit have the 80-89 suffixes. SHARE ACCOUNT "Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period." COMPOUNDING AND CREDITING Dividends will be compounded semiannually and will credited semiannually. For this type of account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is 01/01/95 and the ending date of such dividend period is 06/30/95. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date follows the ending date of a dividend period, and for the example is 07/01/95. If you close your account before dividends are paid, you will not receive the accrued dividends. ACCOUNT RESTRICTIONS AND FEATURES Withdrawals and transfers to other credit union accounts are not allowed. Checks in the amount of principal plus interest credited to the account are issued on November 1 of each year. Any withdrawal, at any other time, must be for the entire balance of the account and will cause the account to be closed. Such withdrawals will be subject to an early withdrawal penalty of $10. BALANCE COMPUTING METHOD Dividends are calculated by the 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. MINIMUM BALANCE REQUIREMENTS The minimum balance required to open this account is the purchase of $5.00 share in the credit union. You must maintain a minimum daily balance of $100.00 in your account to obtain the disclosed annual percentage yield. You must maintain a minimum balance of $100 in your account to avoid a service fee. If during any month, your account balance falls below the required minimum daily balance, your account will be subject to a service fee of $1.00 for that month. ACCRUAL OF DIVIDENDS Dividends will begin to accrue on the business day you deposit non-cash items (e.g., checks) to your account CHRISTMAS CLUB ACCOUNT "Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period." COMPOUNDING AND CREDITING Dividends will be compounded quarterly and will be credited quarterly. For this type of account type, the dividend period is semiannually, for example, the beginning dates of the first dividend period of the calendar year is 01/01/95 and the ending date of such dividend period is 06/30/95. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period, and for the example is 07/01/95. If you close your account before dividends are paid, you will not receive the accrued dividends. ACCOUNT RESTRICTIONS AND FEATURES Withdrawals and transfers to other credit union accounts are limited. Please refer to the Individual Retirement Account Agreement for specifics regarding transfers and withdrawals from this account. Other restrictions apply - refer to the Individual Retirement Account Agreement for specific restrictions. BALANCE COMPUTATION METHOD Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day. MINIMUM BALANCE REQUIREMENTS The minimum balance to open this account is the purchase of a $5 share in the credit union. ACCRUAL OF DIVIDENDS ON NON-CASH DEPOSITS Dividends will begin to accrue on the business day you deposited non-cash items (e.g., checks) to your account. CERTIFICATES OF DEPOSIT COMPOUNDING AND CREDITING Interest shall begin to accrue when the certificate of deposit is issued. Interest is not compounded and is paid monthly or at maturity. ACCOUNT RESTRICTIONS AND FEATURES After the account is opened, you may not make deposits into or withdrawals from the account until the maturity date. Please refer to the Certificate of Deposit for specifics regarding transfers and withdrawals from this account. Other restrictions apply - refer to the Certificate of Deposit for specific restrictions. BALANCE COMPUTATION METHOD Interest is calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day. MINIMUM BALANCE REQUIREMENTS You must deposit a minimum of $5,000 to open this account. You must maintain a minimum balance of $5,000 in your account every day to obtain the annual percentage yield listed. ACCRUAL OF DIVIDENDS ON NON-CASH DEPOSITS Dividends will begin to accrue on the business day you deposited non-cash items (e.g., checks) to your account.
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