Truth In Savings Disclosures
Savings and
Checking Accounts
- Dividends Compounded - Quarterly
- Dividends
Credited - Quarterly
- Dividend Period - Calendar Quarter
Premier Money
Market
- Dividends compounded monthly, credited monthly,
with dividend period of a calendar month
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 all accounts, the Dividend Rate and Annual Percentage
Yield may change monthly as determined by the Credit Unions'
Board of Directors. Dividend Rates and Annual Percentage Yields
are the prospective rates and yields that the Credit Union
anticipates paying for the applicable dividend period. The
Premier Money Market account is a Tiered Rate account. If
your account balance is below $2,500, the Dividend Rate and
Annual Percentage Yield listed for this account will be one
percentage point below the Share Savings account rate in the
Rate Schedule. If your account balance is $2,500 or greater,
the Dividend Rate and Annual Percentage Yield listed for the
Premier Money Market account will apply. Each dividend Rate
will apply only to that portion of the account balance within
each balance range.
2. Nature of Dividends.
Dividends are paid from current income and available earnings
after required transfers to reserves at the end of the dividend
period.
3. Dividend Compounding
and Crediting. The compounding and 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 dividend credit.
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 all accounts, dividends will begin to accrue on non-cash
deposits (e.g. checks) on the business day you make the deposit
to your account.
5. Balance Information.
The minimum balance requirements applicable to each account
are set forth in the Rate Schedule. For Share Savings, Club,
Premier Money Market, and IRA accounts, there is a minimum
daily balance required to obtain the Annual Percentage Yield
for the dividend period. If the minimum daily balance is not
met, you will not earn the stated Annual Percentage Yield.
For all accounts using a Daily Balance method, dividends are
calculated by applying a daily periodic rate to the principal
in the account each day.
6. Account Limitations.
The Holiday Club pays out once a year on October 1,
at which time the entire balance is transferred to your Share
Savings. The Auto Club, an account to help you save
money for a vehicle, pays out the balance one time only—upon
proof of vehicle purchase and or vehicle down payment. At
that time, the entire balance will be paid to you by check
or transferred to your share account. For the Vacation
Club, two withdrawals per calendar year are allowed. For
Holiday Club, Auto Club, or Vacation Clubs, a fee of
$10.00 will be imposed for any additional withdrawals made.
For the Share Savings, withdrawals must be $10 or more. For
the Premier Money Market, a minimum of $100 is required per
deposit, transfer, or withdrawal. For Share Draft/Checking,
overdraft transfers from Share Savings are limited to three
(3) in a 90-day period.
Fee Schedule
Checking Account
Fees
Overdraft fee - $20.00 per transfer from any account OTHER
than share savings.
NSF fee (check or ACH) - $20.00 per item.
Courtesy Pay fee (check or ACH) - $20.00 per item.
Deposited Item Return fee - $10.00 per item.
Stop Payment fee (check or ACH) - $10.00 per request.
Share Draft Printing fee - Prices may vary depending upon
style.
Photo Copy of Share Draft fee - $2.00 per draft.
Duplicate Statement fee - $2.00 per page, $10.00 maximum.
Other Service Fees
(applicable to all accounts)
Verification of Deposit - $5.00 each.
Account Reconciliation fee - $12.00 per hour.
Account Research fee - $12.00 per hour.
Statement Copy fee - $2.00 per page, $10.00 maximum.
Returned Statement - $5.00 per item.
Deposited Item Return fee - $10.00 per item.
Wire Transfer (outgoing) fee - $10.00 per transfer.
Money Order fee - $1.00 per money order, no fee with direct
deposit.
Travelers Cheques - No fee.
Travelers Cheques for Two fee - $1.75 per $100.00, no fee
with direct deposit.
Loan Late Fee (after 15 days) - 3% of loan payment ($10.00
minimum) per occurrence.
Replacement Plastic Card fee - $5.00 per card.
Electronic
Funds Transfer Fees
ATM Transaction fee:
24-Hour Teller Machines
(Credit Union & Glen Arm) no charge for members/non-members
$1.00 per transaction.
Network ATMs Eight (8) transactions per month with no Credit
Union charge. Above that, $1.00 fee per transaction. ATM surcharges
could be imposed by owners.
ATM Overdraft fee $20.00 per item.
QuickTeller Audio Response/PC Access fee no charge.
IRA and Share
Certificate Accounts
- Dividends Compounded - Daily
- Dividends Credited - Monthly
- Dividend Period - Calendar Month
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 all 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. Nature of Dividends.
Dividends are paid from current income and available earnings
after required transfers to reserves at the end of the dividend
period.
3. Dividends Compounding
and Crediting. The compounding and crediting of dividends
applicable to each account is set forth in the Rate Schedule.
The Dividend Period begins on the first calendar day of the
Dividend Period and ends on the last calendar day of the Dividend
Period.
4. Balance Information.
The minimum balance requirements applicable to each account
are set forth in the Rate Schedule. For all accounts, dividends
are calculated by the Daily Balance method which applies a
daily periodic rate to the principal in the account each day.
5. Accrual of Dividends.
For all accounts, dividends will begin to accrue on non-cash
deposits ( e.g. check) on the business day you make the deposit
to your account.
6. Transaction Limitations.
After your account is opened, you ability to make additional
deposits to your account or withdrawals of dividends and any
limitations on such transactions are set forth in this Disclosure.
For IRA Share Certificate accounts, at the age of 59 1/2,
a member may withdraw from their account without a penalty.
7. Maturity. Your
account will mature as indicated on your Account Receipt or
Renewal Notice.
8. Early Withdrawal Penalty.
We may impose a penalty if you withdraw any of the principal
before the maturity date.
9. Amount of Penalty.
For Share Certificate Accounts, the amount of the early withdrawal
penalty is based on the term of your account. The penalty
schedule is as follows:
Term of 3-23 months - 90 days dividends
Term of 2 years or longer - 180 days dividends
Or…dividends earned since the date of issuance/renewal,
whichever is less.
For IRA Share Certificate Accounts,
the amount of early withdrawal penalty is based on the term
of your account. The penalty schedule is as follows:
Term of 3, 5, and 7 year
- 180 days dividends Or, dividends earned since the date of
issuance/renewal, whichever is less.
10. 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 account. It applies
whether or not the dividends have been earned. In other words,
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.
11. Renewal Policy. Your
account will automatically renew for another term upon maturity.
For all accounts, you have grace period of seven (7) days
after maturity in which to withdraw funds in the account without
being charged an early withdrawal penalty.
12. Nontransferable/Nonegotiable.
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 Baltimore County
Employees Federal Credit Union. If you have any questions
regarding accounts, terms, rates, disclosures, etc., please
contact the Credit Union during business hours at 410-828-4730
or 1-800-234-4730.
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