Truth-in-Savings Disclosure

The rates, fees, and terms applicable to your account at Selfreliance Ukrainian American Federal Credit Union (SUAFCU) are provided in this Truth-in-Savings Schedule.

SUAFCU may offer other rates for these accounts from time to time.

  Share Account Share Draft Account Market Share Account Share Certificate IRA Share Account IRA Share Certificate
Dividends Compounded Quarterly Quarterly Monthly Daily
Monthly
Quarterly
Annually
Quarterly Daily
Monthly
Quarterly
Annually
Dividends Credited Quarterly Quarterly Monthly Monthly
Quarterly
Annually
Maturity
Quarterly Monthly
Quarterly
Annually
Maturity
Dividend Period Quarterly Quarterly Monthly Monthly
Quarterly
Quarterly Monthly
Quarterly
Balance Requirements $5.00       N/A  
Minimum Opening Deposit $5.00 $200.00     N/A $500.00
Minimum Balance to Earn the Stated APY $10.00 $10.00 $10.00   $10.00 $500.00
Maturity Date N/A N/A N/A   N/A  
Early Withdrawal Penalty N/A N/A N/A See Section 7 Below N/A See Section 7 Below
Balance Computation Method Daily Balance Daily Balance DailyBalance DailyBalance Daily Balance Daily Balance
Account Limitations Account Transfer and Withdrawal limitations apply. See Section 6 Below. None Account Transfer and Withdrawal limitations apply. See Section 6 Below. Account Deposit, Transfer and Withdrawal limitations apply. See Section 8 Below. Account Transfer and Withdrawal limitations apply. See Section 6 Below. Account Deposit, Transfer and Withdrawal limitations apply. See Section 8 Below.

Except 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 the frequency of compounding for an annual period.  The dividend rate and annual percentage yield may change at any time, as determined by the Credit Union 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. Dividend Compounding and Crediting.  The compounding and crediting frequency of dividends applicable to each account is set forth in the Rate Schedule above.  The Dividend Period begins on the first calendar day of the Dividend Period and ends on the last calendar day of the Dividend Period.  If you close your account before dividends are paid, you will receive the accrued dividends.
  4. Accrual of Dividends on non-cash deposits. Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
  5. Balance Information. The minimum balance requirements applicable to each account are set forth in the Rate Schedule above.  If the minimum daily balance is not met, you will not earn the stated Annual Percentage Yield.  For all accounts using a Daily Balance method, dividends are calculated by applying a daily periodic rate to the principal in the account each day.
  6. Account Limitations. During any month, you may not make more than six (6) withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, online transactions, ACH, overdraft, or telephonic order or instruction. If you exceed the transfer limitations set forth above in any statement period, we may refuse or reverse a transfer that exceeds these limitations and may assess fees against, suspend or close your account with the credit union.
  7. Effect of closing an account. A penalty may be imposed for withdrawals before maturity. The penalty we may impose will equal all dividends earned not to exceed the last three months, with a minimum of seven (7) days dividends. There are certain circumstances, such as death or incompetence of an owner, where we may waive or reduce this penalty. See your plan disclosure if this account is part of an IRA or other tax qualified plan.
  8. Transaction Limitations. After the account is opened, you may not make additions into the account until the maturity date stated on the account. You may make withdrawals of principal from your account before maturity.  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 anytime during the term of crediting after they are credited to your account. This dividend withdrawal limitation does not apply if you have arranged to have dividends paid to you or to another account in lieu of having them credited to this account.
  9. Withdrawal of dividends prior to maturity for IRA Share Certificates and Share Certificates. The annual percentage yield is based on an assumption that dividends will remain in the account until maturity.
  10. Automatically renewable Share Certificates and IRA Share Certificates. 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 notice from you within the grace period mentioned below, if any.  We can prevent renewal if we mail notice to you at least 20 calendar days before maturity.  If either you or we prevent renewal, your deposit will be placed in a dividend-bearing account.  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 that 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 (10) calendar days after maturity to withdraw the funds without being charged an early withdrawal penalty.
  11. Bylaw Requirements. You must complete payment of one (1) share in your Share Account as a condition of admission to membership.  The par value of a share is $5.00.
  12. Transaction Limitation. We reserve the right to at any time require not less than seven (7) days notice in writing before each withdrawal from an interest-bearing account other than a time deposit, or from any other savings account as defined by Regulation D (item #6 Above). For any withdrawal of $3,000.00 or more, you must give advance notice.
  13. National Credit Union Share Insurance Fund. The National Credit Union Share Insurance Fund federally insures member accounts in this Credit Union.

Please refer to our separate fee schedule for additional information about charges.