TRUTH-IN-SAVINGS DISCLOSURE
SHARE SAVINGS ACCOUNT
Rate information:
The dividend rate and annual percentage yield may change at any time, as determined by the credit union board of directors.
Compounding and crediting - Dividends will be compounded every quarter.
Dividend period - For this type of account, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the above example is March 31.
If you close your share account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements:
The minimum required to open this account is the purchase of a share in the credit union. Please see the bylaw requirements in the Common Features section for additional information.
You must maintain a daily balance of $25.00 in your account each day to obtain the disclosed annual percentage yield.
Daily balance of computation method - Dividends are calculated by the daily computation method which applies a daily rate to the balance in the account each day.
Accrual of dividends on noncash deposits - Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations:
During any statement period, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer or telephonic order or instruction. No more than three of the six transfers may be made by check, draft. debit card (if applicable), or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the credit union.
Par value of a share:
The par value of a share in this account is $5.00.
MONEY MARKET ACCOUNT
Rate Information:
The dividend rate and annual percentage yield may change at any time, as determined by the credit union board of directors.
Compounding and crediting - Dividends will be compounded every month. Dividends will be credited to your account every month.
Dividend period - For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, an the ending date of such dividend period is January 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is is the last day of the dividend period, and for the above example is January 31.
If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements:
The minimum balance to open this account is $2,500.00. You must maintain a daily balance of $2,500.00 in your account each day to obtain the disclosed annual percentage yield.
Daily balance computation method - Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of dividends on noncash deposits - Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations:
The minimum amount you may withdraw is $500.00 per withdrawal. During any month, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer or telephonic order or instruction. No more than two of the six transfers may be made by check, draft, or similar order to a third party. If you exceed the transfer limitations set forth above any statement period, your account will be subject to closure by the credit union.
LOLLIPOP CLUB ACCOUNT
(Available to persons 10 years of age or younger)
Rate Information:
The dividend rate and annual percentage yield may change at any time, as determined by the credit union board of directors.
Compounding and crediting - Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.
Dividend period - For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example above is March 31.
If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements:
The minimum balance to open this account is $5.00.
You must maintain a minimum balance of $5.00 in your account each day to obtain the disclosed annual percentage yield.
Daily balance computation method - Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of dividends on noncash deposits - Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations:
You may not make any withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party.
YOUNG ADULT CLUB ACCOUNT
(Available to persons 11 years of age through 17 years of age.)
Rate Information:
The dividend rate and annual percentage yield may change at any time, as determined by the credit union board of directors.
Compounding and crediting - Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.
Dividend period - For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example above is March 31.
If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements:
The minimum balance required to open this account is $5.00.
You must maintain a daily balance of $10.00 in your account each day to obtain the disclosed annual percentage yield.
Daily balance computation method - dividends are calculated by the daily balance method which applies a periodic rate to the balance in the account each day.
Accrual of dividends on noncash deposits - Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations:
You may not make any withdrawals or transfer to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party.
CHRISTMAS CLUB ACCOUNT
Rate Information:
The dividend rate and annual percentage yield may change at any time, as determined by the credit union board of directors.
Compounding and crediting - Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.
Dividend period - For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example above is March 31. If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements:
You must maintain a daily balance of $25.00 in your account each day to obtain the disclosed annual percentage yield.
Daily balance computation method - dividends are calculated by the daily balance method which applies a periodic rate to the balance in the account each day.
Accrual of dividends on noncash deposits - Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations:
You may not make any withdrawals or transfer to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party. If any withdrawl is made from this account before the end of the club year, you will be charged $3.00 per withdrawal.
SHARE DRAFT ACCOUNT
This is a "no monthly fee" draft account.
Minimum balance requirements:
The minimum balance required to open this account will equal the cost of the checks and check cover.
Transaction limitations:
No transaction limitations apply to this account unless otherwise stated in the common features section.
We offer Courtesy Pay Overdraft Protection with this account for qualified members. Courtesy Pay Overdraft per item:
*fee applies when overdraft is created by check, in-person withdrawal, ATM withdrawal, or other electronic means
INDIVIDUAL RETIREMENT ACCOUNT
Rate Information:
The dividend rate and annual percentage yield may change at any time, as determined by the credit union board of directors.
Compounding and crediting - Dividends will be compounded every quarter. Dividends will be credited to your account every quarter. Dividend period - For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example above is March 31. If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements:
No minimum balance requirements apply to this account.
Daily balance computation method - dividends are calculated by the daily balance method which applies a periodic rate to the balance in the account each day.
Accrual of dividends on noncash deposits - Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations:
During any month, you may not make more than three withdrawls or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephoic order or instruction or similar order to a third party. If you exceed the transfer limitations set forth above, your account is subject to closure by the credit union.
SHARE CERTIFICATE
Rate information:
The dividend rate on your term share account is ____% with an annual percentage yield of _____%. You will be paid this rate until first maturity.
Compounding frequency - Unless otherwise paid, dividends will be compounded every month.
Crediting frequency - Dividends will be credited to your account every quarter. Alternatively, you may choose to have dividends paid to you or to another account every quarter rather than credited to this account.
Dividend period - For this type of account, the dividend period is quarterly.
Effect of closing an account - If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements:
The minimum required to open this account is $500.00 or $1,000.00.
You must maintain a daily balance of $500.00 or $1,000.00 in your account each day to obtain the disclosed annual percentage yield.
Daily balance of computation method - Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of dividends on noncash deposits - Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations:
After the account is opened, you may not make any additions into the account until the maturity date stated on the account.
You may make withdrawals of principal from your account before the maturity only if we agree at the time you request the withdrawal. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty. You can only withdraw dividends credited in the term before maturity of that term without penalty. You can withdraw dividends only on the crediting dates.
Time requirements - Your account will mature on ___________.
Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity) -
*If your account has an original maturity of one year or less:
The penalty we may impose will equal 30 days dividends on the amount withdrawn subject to penalty.
*If your account has an original maturity date of more than one year:
The penalty we may impose will equal 90 days dividends on the amount withdrawn subject to penalty.
In certain circumstances such as death or incompetence of the owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. See your plan disclosure if this account is part of an IRA or other tax qualified plan.
Withdrawal of dividends prior to maturity - The annual percentage yield is based on an assumption that dividends will remain in the account until maturity. A withdrawal will reduce savings.
Automatically renewable account - This account will automatically renew at maturity. You may prevent renewal if you withdraw the funds in the account at maturity (or within the grace period mentioned below, if any) or we receive written notice from you within the grace period mentioned below, if any. We can prevent renewal if we mail notice to you at least 30 calendar days before maturity. If either you or we prevent renewal, dividends will not accrue after final maturity.
Each 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 term share accounts on the maturity date which have the same term, minimum balance (if any) and other features as the original term share account.
You will have a grace period of ten calendar days after maturity to withdraw the funds without being charged an early withdrawal penalty.
Business Share Draft Account
Rate information:
The dividend rate and annual percentage yield may change at any time, as determined by the credit union board of directors.
Compounding and crediting - Dividends will be compounded every quarter. Dividends will be credited to you account every quarter.
Dividend period – For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31, All other dividend periods follow this same pattern of dated. The dividend declaration date is he last day of the dividend period, and for the example above is March 31,
If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements:
The minimum balance Minimum balance requirements:
The minimum balance requirement to open this account is $500.00 You must maintain a minimum daily balance of $250.00 In your account each day to obtain the disclosed annual percentage yield.
Daily balance computation method – Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Accrual of dividends on noncash deposit – Dividends will begin to accrue on the business day you place on noncash items.
Transaction Limitation:
Non-transaction limitations apply to this account unless other wise stated in the Common Features section.
Fees and charges.
A fee of $.20 will be charged for each check written. A monthly service charge fee of $10.00 will be charged each monthly statement cycle.
Small Business Share Draft Account
Rate Information:
The dividend rate and annual percentage yield may change at any time, as determined by the credit union board of directors.
Compounding and crediting- Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.
Dividend Period – For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending dare of such dividends period is March 31, All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example above is March 31. If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements
The minimum balance requirements to open this account is $100.00 You must maintain a minimum daily balance of $100.00 in your account each day to obtain the disclosed annual percentage yield.
Daily balance computation method – Dividends are calculated by the daily balance method, which applies a daily period rate to the balance in the account each day.
Accrual of dividends on noncash deposits – Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations:
No transaction limitations apply to this account unless otherwise stated in the Common Features Section
Fees and charges:
An account maintenance fee of $5.00 will be charged each month.
COMMON FEATURES
Bylaw requirements:
You must complete payment of one share in your Share Savings account as a condition of admission to membership.
Transaction limitation:
We reserve the right to at any time require not less than seven days notice in writing before each withdrawl from an interest-bearing account other than a time deposit, or from any other savings account as defined by Regulation D.
Nature of Dividends:
Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.
National Credit Union Share Insurance Fund:
Member accounts in this credit union are federally insured by the National Credit Union Share Insurance Fund.
Please Click here to view our Fee Schedule.
Courtesy Pay Information
Courtesy Pay is a service that allows us to pay an item presented against your checking account even if it causes the account to become overdrawn.
Courtesy Pay may provide certain accountholder in “good standing” with the ability to overdraw their checking account up to $500. The Courtesy Pay limit includes any overdraft fees assessed.
If the account has been open at least 30 days and maintained in good standing, defined as A) Making regular deposits sufficient to cover transactions; B) Bringing the account to a positive balance at least once every thirty days or less, and; C) There are no legal orders outstanding on your account, we may, at our sole discretion, pay overdrafts up to the limits mentioned above, including our normal Non-Sufficient Funds or Courtesy Pay charge(s). *Fee applies when overdraft is created by check, in-person withdrawal, ATM withdrawal, or other electronic means. Whether we pay or return an item, your account will assessed a fee, either as a Courtesy Pay charge or a Non-Sufficient funds charge but you will not be charged both fees. Our current charge per item is $28, which may be charged with prior notice to you.
Courtesy Pay offers additional flexibility and convenience in managing accountholder funds, and provides peace of mind knowing that items may be paid up to the authorized overdraft limit. Using Courtesy Pay may be more costly than other overdraft payment options we may offer. Please speak to a representative to see if you qualify.
This non-contractual courtesy of payment overdrafts requires no accountholder action. No additional agreements need to be signed, and it cost nothing unless the privilege is used by initiating checks, electronic funds transfers, or other payment or withdrawal request for more than is on deposit in the account. If you maintain the account in good standing and have need for this “courtesy”, we may, at our sole discretion, pay the item(s) up to the authorized limit, and we will charge the account our normal Non Sufficient Funds or Courtesy Pay charge for each item that overdraws the account. We will send you a notice each time an overdraft occurs.
Although you are not charged for using Courtesy Pay unless you have an overdraft, you may opt-out of Courtesy Pay at any time. If you do not want us to pay your overdrafts, you must tell us (“opt-out”). If you receive a direct deposit social security or other federal benefit check, you must opt out if you do not want us to apply those funds to repay an overdraft.
Courtesy Pay allows Erie Community Federal Credit Union to provide a higher level of service to our accountholders by helping to protect your account and reputation when an inadvertent overdraft occurs.
Additional information is found in your account agreement. If you have further questions, do not hesitate to call us at 419-626-4283.
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