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TRUTH IN SAVINGS ACCOUNT DISCLOSURE Except as specifically described, the following disclosures apply to all of the SHARE/SAVINGS accounts. 1. RATE INFORMATION: The Annual Percentage Yield is a percentage rate that is based on the total amount of dividends to be paid on an account based on the dividend rate plus the compounding for an annual period. For Share/Saving 01, Share/Savings 02, Individual Retirement Account, Checking/Frills Accounts, the dividend rate and annual percentage yield may change quarterly as determined by the Credit Union Board of Directors. 2. NATURE OF DIVIDENDS: Dividends are paid from current income and available earnings after required transfers to reserve at the end of the dividend period. The Dividend rates and Annual Percentage Yields are prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period. 3. DIVIDEND COMPOUNDING AND CREDITING: The compounding, crediting of dividends and dividend period applicable to each account are set forth in the Rate Schedule. The Dividend Period is the period of time at the end of which an account earns a dividend. The Dividend Period begins on the first calendar day of the period and ends on the last calendar day of the period. 4. ACCRUAL OF DIVIDENDS: For Share/Savings 01, Share/Savings 02, Individual Retirement Accounts, and Checking/Frills accounts, dividends will begin to accrue on non-cash deposits (checks) on the business day you make the deposit to your account. For Share/Savings 01, Share/Savings 02 individual Retirement Accounts, and Checking/Frills, accounts, if you close your account before the accrued dividends credited, accrued dividends will not be paid. 5. BALANCE INFORMATION: The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For Checking/Frills accounts, there is a minimum average daily balance required to avoid a service fee for the dividend period. If the minimum average daily balance is not met, there will be a service fee as set forth in the Fee Schedule. For Share /Savings 01, Share/Savings 02, and Checking/Frills accounts, there is a minimum average daily balance required to obtain the Annual Percentage Yield for the dividend period. If the minimum average daily balance is not met, you will not earn the Stated Annual Percentage Yield. 6. APY CALCULATION: For Share/Savings 01, Share/Savings 02, Individual Retirement Accounts, and Checking/Frills accounts using an average Daily Balance method, dividends are calculated by applying 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 principle in the account for each day of the period and dividing that figure by the number of days in the period. 7. ACCOUNT LIMITATIONS: For Share/Savings 01 and Share/Savings 02 accounts, no more than six (6) pre-authorized automatic, or telephone transfers may be made from these accounts to the Checking/Frills and Checking/No Frills accounts or to a third party in any month, and no more than three (3) of these six (6) transfers may be made by check, draft or debit card to a third party. If you exceed these limitations, your account may be subject to a fee or be closed. For Individual Retirement Accounts, no more than $2,000 excluding dividend payment(s) may be added to the balance in one (1) calendar year. (This would include all types of deposits, rollovers, transfers, etc.) For Checking/No Frills and Checking/Frills accounts no account limitations apply. CERTIFICATE OF DEPOSIT TERMS AND CONDITIONS Definitions: "We" means the credit union and "you" means the depositor(s). "Certificate" means both this form and the funds it represents. "Transfer" means any change in ownership or withdrawal rights, and specifically includes but is not limited to a pledge of this certificate as security. Primary Agreement: You agree to keep your funds with us to the maturity date and we agree to pay these funds to you when you present this certificate for payment and endorse it. We also agree to pay you interest on these funds at the rate and at the times stated here. In addition: (1) You cannot transfer this certificate unless you first get our written consent. (2) You cannot normally withdraw before a maturity date without our consent and a penalty. (3) You cannot make additions during a term. (4) You must tell us if there is any change in your address listed (5) This certificate is void if the funds are made with counterfeit money or is not immediately collected in full in U.S. dollars. Automatic Renewals: This certificate will be automatically renewed on each maturity date for a new term the same as the first one. You can stop automatic renewal by asking for payment within 10 days after a maturity date (or by sending written instructions we receive by the same deadline). We will send notice to you before a maturity date if we decide not to renew. Interest Rate on Renewals: The interest rate we will pay on the automatic (or other) renewal of this certificate will be the same rate we offer on share certificates on the renewal date having the same features as this one such as; term, dollar amount, and interest payments. Call us on or after the maturity date and we can tell you the rate for the renewal term. (952) 932-4499. No Interest After Maturity: We will not accrue interest on this certificate after maturity unless it is renewed (automatically or otherwise). Withdrawals and Transfers: Those of you named on the face of this certificate who sign in the redemption area on this form can withdraw from this certificate. The "number" of you who must consent is also shown. This means, for example, if there are two of you listed who sign this form and only one endorsement is necessary for withdrawal, then any one of you can withdraw the entire account balance and we have no duty to get the consent of any other person on the account. (We do not decide which of you actually owns the money; we agree only to honor the withdrawal rights agreed to by those of you who create the account.) Those of you who have the right to withdraw also, of course, have the right to request other changes to this account to the same extent. For example, if any one joint tenant can withdraw, then any one can change, pledge, or close the account. In addition, here are the definitions of certain types of accounts, which may be selected by you. These can be changed but only in writing with your intention clearly expressed. Joint Tenancy with Right of Survivorship: In this type of account you intend that upon the death of one of you the entire account balance will belong to the surviving joint tenant. If there is more than one joint tenant who survives, then the survivors intend to remain as joint tenants with right of survivorship. Simple Trust (assuming no additional agreement) or Pay-on-Death account The owner of either of these types of account intend (1) to retain all rights in this certificate during his or her lifetime, and (2) that any beneficiary will acquire the remaining account balance but only if the owner dies and the beneficiary is then living. Multiple owners are joint tenants with survivorship and a beneficiary has no right in this certificate until the death of the last owner. Multiple beneficiaries who survive the death of the owner(s) then share equally (without survivorship). Pledges: We will look at any debts any of you may owe us before we will give our consent to a pledge of this certificate. Also, if we consent to a pledge no one may withdraw from this certificate (including any beneficiary or survivor) until the pledge is released. Other Accounts: Additional documents will be required for other legal entities (corporations, estates, trusts, for example) and other withdrawal and survivorship agreements. Such documents should be interpreted to be consistent with this form if at all possible. Setoff: Each of you who now has or later gets the right to withdraw from this account agrees that we have the right to setoff any debt you owe us against the amount of money you could withdraw from this certificate. We will use this right only if the debt is in default, and if we do, we will waive the early withdrawal penalty if we can. We will not use this right of setoff (though we can pursue any other remedy available to us by law and contract) (1) if your debt is personal and your right of withdrawal arises solely in a representative capacity (or vice versa) or (2) if setoff is otherwise prohibited by law. PENALTY FOR EARLY WITHDRAWALIf certificate funds other than dividends are withdrawn prior to maturity, A SUBSTANTIAL PENALTY IS IMPOSED as follows: the Accountholder shall forfeit an amount equal to the greater of: 1. 90 days dividend (if the account is less than one year) or 2. 120 days dividend (if the maturity of the account is greater than six months) whether earned or not, on the amount withdrawn at the nominal rate being paid in the account, regardless of the length of time the funds withdrawn have remained in the account. The penalty prescribed herein will not be imposed for withdrawal of principle subsequent to the death of the owner; withdrawal after the close of the dividend period in which the owner's credit union membership was terminated. Any withdrawal, which reduces the account balance below the Minimum Balance Requirement, or any change in the term of the dividend shall be considered as a withdrawal of the entire account balance and shall be subject to the penalty prescribed herein. To the extent necessary to comply with these requirements, deductions shall be made from the amount withdrawn or the remaining account balance. ELECTRONIC FUNDS TRANSFER: YOUR RIGHTS AND RESPONSIBILITIES Indicated below are the types of Electronic Funds Transfers we are capable of handling, some of which may not apply to your account. Please read this disclosure carefully because it tells you your rights and obligations for the transactions listed. You should keep this notice for future reference. PREAUTHORIZED PAYMENTS: You may make arrangements with other entities to pay certain recurring bills from your share draft or primary share account(s). However, we are not originators and will act only as a recipient of these transactions. SUPERTELLER TELEPHONE TRANSFERS - types of transfers: You may access your account(s) by telephone 24 hours a day using your personal identification number (PIN), a touch tone phone, and your account numbers, to:
TRANSACTION LIMITATIONS: During any month, you may not make more than six withdrawals or transfers to another credit union account by means of a telephonic order. If you exceed the transfer limitations set forth above, your account will be subject to closure by the credit union. ATM DOLLAR LIMITATIONS AND CHARGES: You may access your account(s) by ATM using your ATM card or check card and personal identification number (PIN) to:
CHECK CARD AND ATM CARD AGREEMENT AND DISCLOSURE STATEMENT
PEOPLES COMMUNITY CREDIT UNION (PCCU) CHECK CARD ACCESS AND TRANSACTIONS: Use of the card, the account number on the card, the PIN or any combination, for payment, purchases or to obtain any cash advance is an order by you for the withdrawal of funds from your account. Each withdrawal by you will be charged to your checking account. Alternatively, your checking account will be credited when a merchant processes a return using your card. Check card transactions will generally post one business day after the transaction date. PCCU will charge withdrawals to the account in any order they determine and regular checks may be dishonored if funds are not sufficient to cover all withdrawals. You understand we CANNOT honor stop payment requests on check card withdrawals. PCCU ATM ACCESS AND TRANSACTIONS: You may use your card at most ATMs to withdraw cash from your accounts and make deposits, however, not all ATM machines will accept deposits. ATM withdrawals may be limited to $200.00 per day. Generally, the transactions will be posted the next business day. OVERDRAFTS: You promise to reimburse PCCU for the amount of any card withdrawal that we honor which cannot be paid out of the account. When determining the balance available for authorizing transactions on your account, we will include the amount available on your overdraft protection if you have one. OVERDRAFT REPAYMENT/PAYROLL DEDUCTION: By signing your multi-application you agree that the credit union may initiate payroll deduction repayment to this account with or without prior verbal agreement or the benefit of signature authorization. LOST CHECK CARD NOTIFICATION: If you believe your check card, account number, PIN or any combination thereof has been lost or stolen, you will immediately call 952-932-4499. LOST ATM CARD NOTIFICATION: If your ATM card, the PIN number or both have been lost or stolen, you will immediately call 952-932-4499. LIABILITY FOR UNAUTHORIZED USE: You understand that your total liability for card withdrawals made from your account resulting from loss, theft, or other unauthorized uses of the card, subject to applicable law, is limited as follows: For card withdrawals that are made by electronic fund transfer, the lesser of the actual loss or $50.00 if you notify us within two business days after learning of the loss or theft, up to $500.00 if you fail to notify PCCU within two business days, and up to the entire account balance if you fail to notify us within 60 days after we mail a statement showing an unauthorized transfer. You agree to notify us or our agent of the loss or theft of the card within 24 hours after learning of such a fact. IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC TRANSFERS: If you believe your statement or transaction receipt is incorrect, write us at: PEOPLES Community Credit Union or, call us during any business day at 952-932-4499 as soon as possible. We must be notified by you no later than 60 days after we mailed you the FIRST statement on which the problem or error appeared. We need to know 1) Your name and account number, 2) The dollar amount and date of the suspected error, 3) A description of the transaction error, 4) Your explanation of why you believe there is an error. We will investigate the problem and attempt to resolve it within 10 business days from the date we receive your inquiry. If we need more time, we may take up to 45 days, however, we will credit your account for the amount you think is an error. You will have use of the money while we complete our investigation. DISCLOSURE: PCCU will not disclose any information about your account or the transactions you make except (a) when they need to complete transactions, (b) to verify the existence and condition of your account for a third party, such as a merchant or credit bureau; (c) to comply with a government agency or court order, (d) in connection with examinations by state and federal banking authorities or your authorized auditors, or (e) if you give written permission. FEES: See your Truth in Savings (TIS) statement. CARD OWNERSHIP: The card will remain the property of the credit union and you agree to surrender the card to PCCU at any time upon request. FINANCIAL INSTITUTION'S LIABILITY
LIABILITY FOR FAILURE TO MAKE TRANSFERS: If we do not complete a transfer to or from your account on time or in correct amount according to your agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:
CONFIDENTIALITY: We will disclose information to third parties about your account or the transfers you make:
NO FRILLS SHARE DRAFT ACCOUNTS:
FRILLS SHARE DRAFT ACCOUNT: When choosing our $500.00 minimum daily balance account, your money earns interest, accrued daily, paid monthly into your account
OVERDRAFT PROTECTION: Having non-sufficient funds in a share draft account can be embarrassing and costly. You may qualify for Overdraft Protection, providing up to six electronic transfers a month. Overdraft transfers are made in $100.00 increments. When you do not have $100.00, the available balance from the designated accounts will be transferred automatically. CONSUMER IDENTIFICATION POLICY: |
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