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2306 North Main • Hutchinson, Kansas 67502 • 620-662-8050 • HOURS: 9:00 to 5:00 Monday - Friday
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TRUTH-IN-SAVINGS ACCOUNT DISCLOSURES  

*Except as specifically described, the following disclosures apply to all of the accounts.

  1. Rate Information.  The annual percentage yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period.  For Share Certificate accounts, 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 an assumption that dividends will remain on deposit until maturity.  A withdrawal of dividends will reduce earnings.

  2. Dividends Compounding and Crediting.  The compounding and crediting of dividends applicable to each account is set forth in the Rate Schedule.  For      Share Certificate accounts, 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 determined by adding the full amount of the principal in the account for each day of the period and dividing that figure by the number of days in the period.

  3. Balance Information.  The minimum balance requirements applicable to each account are set forth in the Rate Schedule.  For Share Certificates accounts, 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 determined by adding the full amount of the principal in the account for each day of the period and dividing that figure by the number of days in the period.

  4. Accrual of Dividends.  For Share Certificate accounts, dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account.  For Share Certificate accounts, if you close your account before accrued dividends are credited, accrued dividends will not be paid.

  5. Transaction Limitations.  After your account is opened, your ability to make additional deposits to your account or withdrawals of dividends and any limitations on such transactions are set forth in the Rate Schedule.

  6. Maturity.  Your account will mature as indicated on this Rate and Fee Schedule or on your Account Receipt or Renewal Notice.

Early Withdrawal Penalty.  We may impose a penalty if you withdraw any of the principal before the maturity date.

Amount of Penalty.  For Share Certificate accounts, the amount of the early withdrawal penalty for your accounts is 90 days dividends.  Beginning with the 91st day, dividend rate will be that of the Regular Share Account.

How the Penalty Works.  The penalty is calculated as a forfeiture of part of the dividends that have been or would be earned on the accounts.  If the account has not yet earned enough dividends or if the dividend has already been paid, the penalty will be deducted from the principal.

Exceptions to Early Withdrawal Penalties.  At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances:

When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.

Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after establishement; or where the account is a Keogh Plan (Keogh) provided that the depositor forfeits an amount of a least equal to the simple dividends earned in the amount withdrawn; or where the account is an IRA or Keogh and the owner attains age 59 ½ or becomes disabled.

Renewal Policy.  The renewal policy for your accounts is indicated on the reverse side.  For Share Certificate accounts, your account will automatically renew, but you may close the account at your option within the ten  (10) day grace period.  Dividends will be paid after maturity within ten (10) days after maturity and until payment or transfer of the account balance.  The balance will be transferred to another account of yours or it will be paid to you by check.

Nontransferable/Nonnegotiable.  Your account is nontransferable and nonnegotiable.  The funds in your account may not be pledged to secure any obligation of an owner, except obligations with the Credit Union.

 

The rates and fees appearing in this schedule are accurate and effective for deposit accounts as of the Effective Date indicated on this Rate and Fee Schedule,  If you have any questions or require current rate and fee information on your accounts, please call the credit union at 620-662-8050.

 

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