Spencerport Federal Credit Union
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Truth-In-Savings Disclosure

REGULAR SHARE ACCOUNTS

  • RATE INFORMATION – This account is a variable rate account. The dividend rate and annual percentage yield on this account may change every quarter as determined by the Credit Union Board of Directors.


  • COMPOUNDING AND CREDITING REQUENCY – Dividends will be compounded and credited quarterly on the ledger balance.


  • MINIMUM BALANCE TO OPEN THE ACCOUNT – The minimum balance required to open this account is $20.00.


  • MINIMUM BALANCE TO OBTAIN THE ANNUAL PERCENTAGE YIELD DISCOSED – You must maintain a minimum balance of $20.00 in your account each day to obtain the disclosed annual percentage yield.


  • COMPUTATION METHOD – Dividends are calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.


  • ACCRUAL OF DIVIDENDS – Dividends will begin to accrue on the business day of your deposit.


  • TRANSACTION LIMITATIONS – None.


  • NATURE OF DIVIDENDS – Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.


MONEY MARKET ACCOUNT

  • RATE INFORMATION – This account is a variable rate account. The dividend rate and annual percentage yield on this account may change every month as determined by the Credit Union Board of Directors.


  • COMPOUNDING AND CREDITING FREQUENCY – Dividends will be compounded and credited quarterly on the ledger balance.


  • MINIMUM BALANCE TO OPEN THE ACCOUNT – The minimum balance required to open this account is $2000.00.


  • MINIMUM BALANCE TO OBTAIN THE ANNUAL PERCENTAGE YIELD DISCLOSED – You must maintain a minimum balance of $2000.00 in your account each day to obtain the disclosed annual percentage yield.


  • COMPUTATION METHOD – Dividends are calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.


  • ACCRUAL OF DIVIDENDS – Dividends will begin to accrue on the day of your deposit.


  • TRANSACTION LIMITATIONS – You may not make more than 3 withdrawals per month during any statement period. The minimum withdrawal is $500.00. The minimum deposit is $100.00.


SHARE DRAFT ACCOUNT

  • RATE INFORMATION – No dividends are paid on this account.


  • MINIMUM BALANCE TO OPEN THE ACCOUNT – There is no minimum balance required to open this account.


  • MINIMUM BALANCE TO AVOID IMPOSITION OF FEES – None.


  • TRANSACTION LIMITATIONS – None.


  • FEES – An insufficient funds fee will be charged for each item returned for insufficient funds. Additional fees may apply.


CERTIFICATE ACCOUNT

  • RATE INFORMATION – This account is a fixed rate account. The Dividend rate and annual percentage yield are disclosed on the available rate sheet. You will be paid this rate until maturity. The annual percentage yield is based on the assumption that dividends remain on deposit until maturity.


  • COMPOUNDING AND CREDITING FREQUENCY – Dividends will be compounded and credited quarterly on the ledger balance.


  • MINIMUM BALANCE TO OPEN THE ACCOUNT – The minimum balance required to open this account is $500.00.


  • MINIMUM BALANCE TO OBTAIN THE ANNUAL PERCENTAGE YIELD DISCLOSED – You must maintain a minimum balance of $500.00 in your account each day to obtain the annual percentage yield disclosed.


  • COMPUTATION METHOD – Dividends are calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.


  • ACCRUAL OF DIVIDENDS – Dividends will begin to accrue on the business day of your deposit.


  • NATURE OF DIVIDENDS – Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.


  • TRANSACTION LIMITATIONS – You may not make any deposits into your account before maturity. You may not make any withdrawals of principal from your account before maturity unless withdrawal is because of the death of any owner; withdrawal is after the close of the dividend period in which the owner(s) membership was terminated under Article II, Section 5 of the bylaws; withdrawal is a result of the voluntary of involuntary liquidation of the Credit Union; the account is part of a qualified individual retirement or Keogh plan, with distribution of funds upon the participant’s disability or attainment of not less than 59 ½ years of age. We may impose a penalty if we grant your withdrawal request. You may make withdrawal of dividends from your account before maturity


  • MATURITY DATE – You will receive a notice of certificate maturity a minimum of 10 days in advance of the maturity date. If your instructions for renewal are not received by the Credit Union prior to the maturity date, the balance will be renewed for the same term at current rates.


  • EARLY WITHDRAWAL PENALTIES – Penalties may be imposed for withdrawals before maturity. If the term of the certificate is less than 18 months then the forfeiture of the dividends is the smaller of the following amount: Dividends earned since the date of issuance or renewal or 90 days dividends. If the term is 18 months or greater than the smaller of the following amount: Dividends since the date of issuance or renewal of 180 days dividends.


CLUB ACCOUNT

  • RATE INFORMATION – This account is a variable rate account. The dividend rate and annual percentage yield on this account may change every quarter as determined by the Credit Union Board of Directors.


  • COMPOUNDING AND CREDITING REQUENCY – Dividends will be compounded and credited quarterly on the ledger balance.


  • MINIMUM BALANCE TO OPEN THE ACCOUNT – The minimum balance required to open this account is $20.00.


  • MINIMUM BALANCE TO OBTAIN THE ANNUAL PERCENTAGE YIELD DISCLOSED – You must maintain a minimum balance of $20.00 in your account each day to obtain the disclosed annual percentage yield.


  • COMPUTATION METHOD – Dividends are calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.


  • ACCRUAL OF DIVIDENDS – Dividends will begin to accrue on the business day of your deposit.


  • TRANSACTION LIMITATIONS – You may not make withdrawals from this account prior to its maturity date. Early withdrawal results in forfeiture of dividends for that quarter and your account will be closed.


  • NATURE OF DIVIDENDS – Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.