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TRUTH-IN-SAVINGS
ACCOUNT DISCLOSURES
Except as specifically described, the
following disclosures apply to all of our accounts.
1. Rate Information.
The Dividend Rate and Annual Percentage
Yield on your accounts is set forth above. The Dividend Rate is
the interest rate to be paid on an account which does not reflect
compounding. The Annual Percentage Yield is an annualized rate that
reflects the relationship between the amount of dividends earned
on an account and the frequency of compounding for a 365-day period.
The Dividend Rate and Annual Percentage Yield may change as determined
by RCFCU's Board of Directors.
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. Compounding and Crediting.
Dividends will be compounded every day
they are on deposit at the end of the business day and credited
to your account every month. The dividend period for each account
is monthly. The Dividend Period begins on the first calendar day
of the period and ends on the last day of the period.
4. Accrual of Dividends. Dividends
on deposits will begin to accrue the business day you make the deposit.
If you close your account before dividends are posted, accrued dividends
will not be paid. Dividends are not earned on the day of withdrawal.
5. Balance information. The
minimum balance required to open each account is shown on the reverse
side. Dividends are calculated by the daily balance method which
applies a daily periodic rate to the balance in the account each
day.
6. Transaction Limitations.
The transaction limitations for each account
are set forth on the reverse side. For Regular Savings Accounts
and Special Reserve Accounts on which transfer limitations apply,
no more than six (6) pre-authorized, automatic, or telephone transfers
may be made from these accounts to another account of yours or to
a third party in any month, and not 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 closed.
7. Withdrawal of Share Certificate
Dividends. You may only withdraw dividends
on Share Certificate Accounts before maturity if you make arrangements
with us for periodic payments of dividends in lieu of crediting.
The Annual Percentage Yield is based on an assumption that dividends
will remain in the account until maturity. A withdrawal will reduce
earnings.
8. Maturity. Your
Share Certificate Account will mature at the maturity date set forth
on your certificate or renewal notice. If your certificate automatically
renews at maturity, you may prevent renewal if we receive notice
from you within seven calendar days after maturity. If you prevent
renewal or your Share Certificate Account does not automatically
renew, your deposit will be placed in a dividend-bearing account
without any early withdrawal penalty. Each automatic renewal term
will be the same as the original term, beginning on the maturity
date. The dividend rate will be the same we offer on new Share Certificate
Accounts on the maturity date which have the same term, minimum
balance (if any) and other features as the original Share Certificate
Account.
9. Additional Deposits. Additional
deposits are allowed to savings and checking accounts, but not to
share certificates.
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