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Truth-in-Savings

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

Selfreliance FCU may offer other rates for these accounts from time to time.

Selfreliance FCU account rates, fees, and terms

Savings Account Checking Account Market Share Account IRA Share Account
Dividends Compounded Quarterly Quarterly Monthly Quarterly
Dividends Credited Quarterly Quarterly Monthly Quarterly
Dividends Period Quarterly Quarterly Monthly Quarterly
Balance Requirements $5.00 N/A N/A N/A
Minimum Opening Deposit $5.00 N/A N/A N/A
Minimum Balance to Earn the Stated APY $10.00 $10.00 $10.00 $10.00
Maturity Date N/A N/A N/A N/A
Early Withdrawal Penalty N/A N/A N/A N/A
Balance Computation Method Daily Balance Daily Balance 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 Transfer and Withdrawal limitations apply. See Section 6 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. Bylaw Requirements. You must complete payment of one (1) share in your Savings Account as a condition of admission to membership. The par value of a share is $5.00.
  7. 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 $5,000.00 or more, you must give advance notice.
  8. 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 Schedule of Fees and Charges for additional information about charges.

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