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Truth in Savings Disclosure - Annual Withdrawal Certificate of Deposit
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The rates and fees appearing in this Schedule are accurate and effective for Annual Withdrawal Certificate of Deposit accounts. See Membership and Account Agreement for complete account disclosure. If you have any questions or require current rate information on your accounts, please call OnPoint.
Member Services
(503) 228-7077
(800) 527-3932
Telephone Teller
(503) 228-4567
(800) 654-7828
Savings Rate Line
(503) 273-1756
1. Rate Information
The interest rate and Annual Percentage Yield/Annual Dividend Rate for the Annual Withdrawal Certificate of Deposit account “Account” are set forth on the Deposit Rate Sheet. Once you meet the applicable opening balance requirement, the interest rate and Annual Percentage Yield for that balance will apply to all funds in the Account. All earnings (whether designated as dividends or interest) are, for income tax purposes, reported to the IRS in the member’s name and Social Security number. The Annual Percentage Yield is based on an assumption that interest will remain on deposit until maturity. A withdrawal of interest will reduce earnings.
2. Compounding and Crediting
Interest will be compounded and credited as set forth on the Deposit Rate Sheet. The Interest Period begins on the first calendar day of the month and ends on the last calendar day of the month.
3. Accrual of Interest
Interest will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account. For any Certificate of Deposit account, you may elect at account opening to have accrued interest transferred to another account of yours at the Credit Union. For Certificate of Deposit accounts, this transfer election and the Annual Percentage Yield for your account will be shown on your Certificate of Deposit Receipt.
4. Balance Information
The minimum balance required to open this Account as well as the minimum balance to keep the Account open are set forth on the Deposit Rate Sheet. Interest is calculated by the daily balance method that applies a daily periodic rate to the principal in the Account each day.
5. Certificate of Deposit Account Features
- Account Limitations: After your Account is opened, you may not make additional deposits to your Account. Earnings credited to this Account may be withdrawn without penalty at any time during the term in which earned. You may elect to have earnings credited or transferred to another account of yours at the Credit Union. If the Account falls below the minimum balance required to keep the Account open, the Certificate of Deposit will be closed and the remaining funds will be transferred to your primary savings account.
- Transaction Limitations: In addition to withdrawals of earnings described above, on or after each anniversary date of account opening, you may withdraw up to twenty percent (20%) of your original principal balance each year without penalty. Only one penalty-free withdrawal of principal may be made per year. If you do not withdraw principal during any one year, you cannot add that amount to any future principal withdrawal.
- Maturity: Your Certificate of Deposit account will mature within the term set forth above or maturity date set forth on your Certificate of Deposit Receipt or Renewal Notice.
- Early Withdrawal Penalty: We may impose a penalty if you withdraw any of the principal of your Account within the first year, or if you make an annual withdrawal after the first year anniversary in excess of twenty percent (20%) of the original principal balance.
- Amount of Penalty. The amount of the early withdrawal penalty is one hundred and eighty (180) days of interest.
- How the Penalty Works. The penalty is based upon the opening balance of your Certificate of Deposit. It is calculated as a forfeiture of part of the interest that has been or would be earned at the nominal interest rate on the Account. It applies whether or not the interest has been earned. In other words, if the Account has not yet earned enough interest or if the interest 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 when an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.
- Renewal Policy: Upon maturity of your Annual Withdrawal Certificate of Deposit account, your Account will automatically renew into another sixty (60) month Annual Withdrawal Certificate of Deposit account, unless the Account is no longer offered by the Credit Union. Otherwise your Account will automatically roll over into a regular sixty (60) month Certificate of Deposit account. You have a grace period of seven (7) calendar days after maturity in which to withdraw funds in the Account without being charged an early withdrawal penalty. Upon maturity of your Annual Withdrawal Certificate of Deposit account, you may elect to transfer your account balance to a non-renewing account of yours at the Credit Union.
- 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.
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