Truth in Savings

Share and Checking Accounts

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

1. Rate Information

The Dividend Rate and Annual Percentage Yield may change monthly as determined by the Board of Directors. The Regular Share, Shares II, Money Market, Plus Checking and SFCU Cash & Check Card accounts are tiered rate accounts. The Dividend Rates and Annual Percentage Yields applicable to each account depend on the balance ranges set forth above. Once a balance range is met, the highest Dividend Rate and Annual Percentage Yield for that range will apply to the entire balance in your account.

2. Nature of Dividends

Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period. The Dividend Rate and Annual Percentage Yield set forth above are accurate as of the Effective Date which the Credit Union anticipates paying for the applicable dividend period.

3. Compounding and Crediting

Dividends will be compounded and credited as set forth above. The Dividend Period for all dividend bearing accounts begins on the first calendar day of the month and ends on the last calendar day of the month.

4. Accrual of Dividends

Dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account. For Regular Share, Share II, Share Draft, Plus Checking, Money Market and SFCU Cash & Check Card accounts, if you close your account before accrued dividends are credited, accrued dividends will not be paid. Fees could reduce earnings on the account.

5. Balance Information

The minimum balance required to open each account is set forth above. For Share Draft, Plus Checking, Money Market and SFCU Cash & Check Card accounts, the minimum balance required to avoid a service fee and to earn dividends is set forth above. For Future Fund accounts, dividends are calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day. For all other dividend bearing accounts, dividends and minimum balance requirements are calculated by the average daily balance method. Dividends are calculated by applying a periodic rate to the average daily balance in the account for the Dividend Period. The average daily balance is determined by adding the full amount of principal in the account for each day of the period and dividing that figure by the number of days in the period.

6. Account Limitations

The account limitations for each account are set forth above. For Regular Shares, Share II, Holiday Club, Summer Club and Money Market, transaction limitations will apply. No more than six (6) preauthorized, automatic and/or telephone transfers may be made from these accounts to another account of yours or to a third party in any month. If you exceed these limitations, your accounts may be subject to a fee or be closed.

7. Holiday Club Account

The minimum balance to open the Holiday Club account is only $0.00 and the maximum amount to open is $500.00. A direct deposit of at least $5.00 and not greater than $500.00 is required each month. The balance in your Holiday Club account will automatically be transferred to your primary savings account on November 1st. If you withdraw funds from your Holiday Club account before the November 1st transfer date, any dividends earned up to the date of withdrawal will be forfeited.

8. Summer Club Account

The minimum balance to open the Summer Club account is only $0.00 and the maximum amount to open is $500.00. A direct deposit of at least $5.00 and not greater than $500.00 is required each month. The balance in your Summer Club account will automatically be transferred to your primary savings account on June 1st. If you withdraw funds from your Summer Club account before the June 1st transfer date, any dividends earned up to the date of withdrawal will be forfeited.

The rates appearing in the Schedule are accurate and effective for Savings and Checking Accounts as of the Effective Date indicated above. If you have any questions or require current rate information on your account, please call the Credit Union at (509) 328-2900 or (800) 541-4310.

Term Share Accounts and IRA Term Share Accounts

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

1. Rate Information

The Dividend Rates and Annual Percentage Yields on your accounts are set forth above. 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. 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.  Term Share, IRA and Certificate accounts earn rates based on balances stated on the first page.  Dividends are compounded monthly and credited monthly.  Members can bump their dividend rate one time prior to maturity, on terms of 12 months or greater.

2. Compounding and Crediting

Dividends will be compounded and credited as set forth above, unless you elect to have dividends transferred to another account of yours.

3. Balance Information

The minimum balances required to open each account are set forth above. Dividends are calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.

4. Accrual of Dividends

Dividends begin to accrue on cash deposits on the business day you make the deposit to your account. Dividends will begin to accrue on the business day you deposit noncash items (e.g., checks) to your account. For Term Share Accounts, if you close your account before accrued dividends are credited, accrued dividends will not be paid. Fees could reduce earnings on the account.

5. Transaction Limitations

After your account is opened, you may make one deposit of $500 or greater once during the term.  You may not withdraw accrued, uncredited dividends, and withdrawals of principal are subject to penalty.

6. Maturity

Your account will mature within the term or maturity date set forth above or as stated on your Renewal Notice.

7. Early Withdrawal Penalty

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

a. Amount of Penalty
The amount of the early withdrawal penalty is based on the term of your account.  The penalty schedule is as follows: 365 days or less - 90 days dividends; more than 365 days - 180 days dividends; or all dividends since issuance, whichever is less.
b. How the Penalty Works
The penalty is calculated as forfeiture of part of the dividends that have been earned on the account.  It applies whether or not the dividends have been accrued or paid on the account.
c. 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:
     1. When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.
     2. Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after establishment; or where the account is a Keogh Plan (Keogh) provided that the depositor forfeits an amount of at least equal to the simple Dividend earned in the amount withdrawn; or where the account is an IRA or Keogh and the owner attains age 59 1/2 or becomes disabled. 

8. Renewal Policy

Your accounts are automatically renewable accounts. Your account will automatically renew for another term upon maturity, and you have a grace period of ten (10) days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty.

9. 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.