Disclosure
The Fine Print
Maryvale Schools Federal Credit Union is committed to protecting the privacy of your personal information. We value your membership. You can be confident that your financial privacy is a top priority.
Maryvale Schools Federal Credit Union Term Share Certificate Of Deposit Truth In Savings Disclosure
Agreement
The following information contains basic facts about your share certificate account. This disclosure is in addition to those on the certificate itself. By opening and maintaining a share certificate account with the Maryvale Schools Federal Credit Union, you have agreed to the terms for this account set forth here and on the certificate and any amendments thereto. If you have any questions regarding the disclosure or share certificate, please contact the office.
Nature Of Dividends
Dividends are paid for current income and accumulated earnings. For share certificates, the dividend rate and annual percentage yield are fixed and will be in effect for the term of the account. The annual percentage yield is based on the assumption that amount of money in the certificate will remain the same until maturity. A withdrawal of funds from the certificate will reduce earnings and the annual percentage yield.
Dividend Rate And Annual Percentage Yield
As used in this disclosure, dividend rate means the dividends paid (or expected to be paid) on an account, shown as an annual figure and expressed as a percentage of the account balance; and annual percentage yield or APY means a percentage rate reflecting the total amount of dividends expected to be earned in a year on an account, based on the dividend rate.
Crediting
Dividends for all term share certificate accounts are credited to you on a quarterly basis. The dividends are either transferred into a share account or mailed to you. The dividend period is quarterly and they are paid on the last business day of each quarter.
Minimum Balance Requirements
The minimum balance required to open a share certificate is $1000.00 for 6 and 12 month and $2500 for 18 and 24 month. Dividends are calculated on the daily balance method of which applies the daily periodic rate to the principal balance in the account each day.
Accrual Of Dividends
Dividends will begin to accrue on the day that your purchase your share certificate whether the purchase was made with cash or check.
Early Withdrawal Penalties
You may withdraw all or some of the principal balance of your share certificate prior to maturity; however, a penalty is imposed if the certificate funds other than dividends are withdrawn before the maturity date. The penalty is 90 days dividends on the amount withdrawn. Account cannot be taken below the minimum balance requirements indicated above. At our option, we may pay the certificate without imposing an early withdrawal penalty if the single account owner dies or is determined legally incompetent by a court or another body of competent jurisdiction. If the certificate is in two or more names and one share account owner dies or becomes mentally incompetent, the certificate will remain in effect until its scheduled maturity under the remaining joint owner’s name.
Transaction Limits
Once your share certificate is opened, you may not make additional deposits to it, however, you may open a separate certificate at the then effective dividend rate.
Renewal Policy
The share certificates will not automatically renew. The Credit Union will send you a written notice of the upcoming maturity at least ten (10) days before it matures. At maturity, you must let the Credit Union know what you would like to do with the share certificate – transfer to a new certificate and the current rate, transfer the funds to your Credit Union account or withdraw the funds. If you do not respond, the share certificate will remain idle for sixty (60) days, after that period, the Credit Union will transfer the funds to your Credit Union account and close the share certificate.
Nontransferable/Nonnegotiable
Your account is nontransferable and nonnegotiable. The funds in your share certificate may not be pledged to secure any obligation of the owner, except obligations with the Credit Union.
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