Truth In Savings
ACCOUNT DISCLOSURESExcept as specifically described, the following disclosures apply to all of the accounts. All accounts described in this Truth-in-Savings Disclosure are share accounts.
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 Regular Share, Sub-Share, IRA Share, Business Share, Organization Share, Trust and Youth Savings accounts, the dividend rate and annual percentage yield may change quarterly as determined by the Credit Union's Board of Directors. For Money Market, Personal Share Draft, Premier Business Share Draft and Organization Share Draft accounts, the dividend rate and annual percentage yield may change monthly as determined by the Credit Union's Board of Directors. The dividend period begins on the first calendar day of the period and ends on the last calendar day of the period. The Regular Share, Money Market, Business Share, Organization Share, Personal Share Draft, Premier Business Share Draft and Organization Share Draft accounts are Tiered Rate accounts. The balance ranges, Dividend Rates and Annual Percentage Yields applicable to each tier are disclosed in the Rate Schedule. Once a particular balance range is met, the Interest Rate and Annual Percentage Yield for that balance range will apply to the full balance of your account.
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. The dividend rates and annual percentage yields are the prospective rates and yields that the Credit Union anticipates paying for the applicable 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 earning accounts, 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, Sub-Share, Business Share, Organization Share, Trust and Youth Savings accounts, if you close your account before accrued dividends are credited, accrued dividends will not be paid.
5. BALANCE INFORMATION- To open any account, you must deposit or already have on deposit at least the par value of one full share in any account. The par value amount is stated in the Fee Schedule. Some accounts may have additional minimum opening deposit requirements. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For Regular Share, Money Market, Sub-Share, Business Share, Organization Share, and Trust accounts, there is a minimum average daily balance required to avoid a service fee for the dividend period. If the minimum average daily balance is not met, there will be a service fee as set forth in the Rate Schedule. For all accounts except Basic Business Share Draft, there is a minimum average daily balance required to obtain the annual percentage yield for the dividend period. If the minimum average daily balance is not met, you will not earn the stated annual percentage yield. For accounts using an average daily balance method, dividends are calculated by applying a periodic rate to the average daily balance in the account for the 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- For Regular Share, Sub-Share, IRA Share, Business Share, Organization Share, Trust and Youth Savings accounts, you may make no more than six (6) transfers and withdrawals from your account to another account of yours or to a third party in any month by means of a preauthorized, automatic or internet transfer, by telephonic order or instruction, or by check, draft, debit card or similar order. If you exceed these limitations, your account may be subject to a fee or be closed. For Youth Savings account, your balance may not exceed $10,000.00. For Money Market accounts, three (3) withdrawals per month are allowed before a fee will be imposed. For Money Market accounts, there is a minimum of $100.00 per withdrawal. For Personal Share Draft, Basic Business Share Draft, Premier Business Share Draft and Organization Share Draft accounts, no account limitations apply.
7. FEES FOR OVERDRAWING ACCOUNTS- Fees may be imposed on each check, draft, item, ATM card withdrawal, debit card point of purchase, preauthorized automatic debit, telephone initiated withdrawal or any other electronic withdrawal or transfer transaction that is drawn on an insufficient available account balance. The entire balance in your account may not be available for withdrawal, transfer or paying a check, draft or item. You may consult the Funds Availability Policy Disclosure for information regarding the availability of funds in your account. Fees for overdrawing your account may be imposed for each overdraft, regardless of whether we pay or return the draft, item or transaction. If we have approved an overdraft protection limit for your account, such fees may reduce your approved limit. Please refer to the Fee Schedule for current fee information. The rates and fees appearing with this schedule are accurate and effective for deposit accounts as of the effective date indicated on this Truth-in-Savings Disclosure. For current rate and fee information please call the Credit Union. 877-968-7828 (toll free)
or write to:
Ukrainian Federal Credit Union
824 Ridge Road East
Rochester, NY 14621