The rates, fees, and terms applicable to your account at the Credit Union are provided in this Truth-In-Savings Disclosure. The Credit Union may offer other rates for these accounts from time to time.
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 frequency of compounding for an annual period. For Certificate accounts, the dividend rate and annual percentage yield are fixed and will be in effect for the initial term of the account. For accounts subject to dividend compounding, the annual percentage yield is based on an assumption that dividends will remain on deposit until maturity. A withdrawal of dividends will reduce earnings.
2. DIVIDEND PERIOD -- For each account, the dividend period is the account's term. The dividend period begins on the first day of the term and ends on the maturity date.
3. DIVIDEND COMPOUNDING AND CREDITING. The compounding and crediting frequency of dividends are stated in the Rate Schedule.
4. BALANCE INFORMATION -- To open any account, you must deposit or already have on deposit the minimum required share(s) in any account. 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 all accounts, dividends are calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.
5. ACCRUAL OF DIVIDENDS -- For Certificate accounts, dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account. For Certificate accounts, if you close your account before accrued dividends are credited, accrued dividends will not be paid.
6. TRANSACTION LIMITATIONS -- For all accounts, your ability to make deposits to your account and any limitations on such transactions are stated in the Rate Schedule. After your account is opened, you may make withdrawals subject to the early withdrawal penalties stated below.
7. MATURITY -- Your account will mature as stated on this Truth-in-Savings Disclosure or on your Account Receipt or Renewal Notice.
8. EARLY WITHDRAWAL PENALTY -- We may impose a penalty if you withdraw funds from your account before the maturity date.
a. Amount of Penalty. For Certificate accounts, the amount of the early withdrawal penalty is based on the term of your account. The penalty schedule is as follows:
Terms of less than 12 months 90 days' dividends
Terms of 12 months or longer 180 days' dividends
b. b. How the Penalty Works. The penalty is calculated as a forfeiture of part of the dividends that have been or would be earned on the account. It applies whether or not the dividends have been earned. In other words, if the account has not yet earned enough dividends or if the dividends have already been paid, the penalty will be deducted from the principal.
c. Exceptions to Early Withdrawal Penalties. At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances:
(i) When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.
(ii) Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after the establishment of the account; or where the account is a Keogh Plan (Keogh), provided that the depositor forfeits an amount at least equal to the simple dividends earned in the amount withdrawn; or where the account is an IRA or Keogh and the owner attains age 59 1/2 or becomes disabled.
9. RENEWAL POLICY -- The renewal policy for your accounts is stated in the Rate Schedule. For accounts that do not automatically renew for another term, the account balance will be transferred to another account of yours upon maturity. You will not be paid dividends on the account after the maturity date.
10. NONTRANSFERABLE/NONNEGOTIABLE -- Your account is nontransferable and nonnegotiable.
11. MEMBERSHIP -- As a condition of membership, you must purchase and maintain the minimum required share(s) as set forth below.
Par Value of One Share $5.00
Number of Shares Required 1
The rates appearing in this Schedule are accurate as of the Last Dividend Declaration Date indicated on this Truth-In-Savings Disclosure. If you have any questions or require current rate and fee information on your accounts, please call the Credit Union.
*Home Equity Loans – APR = Annual Percentage Rate. Rates as low as 3.75% for up to 60 months. Actual rate may vary based on credit worthiness and the terms of the loan. Your rate can be higher depending on credit performance. Financing up to 80% of the appraised value of primary residence is available. Rates are subject to change without notice. Home Equity loans currently financed through the credit union may be subject to additional processing fees. For a limited time, FEFCU will pay all processing fees up to $400. Processing fees include appraisal, flood determination, title search, title insurance, mortgage document preparation and recording fees. $400 based on a $43,000 loan on a primary residence located in Summit County. Additional fees may apply based on amount of loan and county in which the primary residence is located. To qualify for the limited time, "Low Fee" special you must draw $30,000 for your first advance for 36 months. Actual rates, fees, and terms are based on those offered as of the date of application and are subject to change without notice. If you pay-off the loan for any reason within 36 months, a $400 fee reimbursement charge will apply to reimburse processing fees. NMLS ID: 813333
1 - Vehicle Loans – *APR = Annual Percentage Rate. Rates as low as 2.75% for up to 60 months. Actual rate may vary based on credit worthiness, age of vehicle and the terms of the loan. Your rate can be higher depending on credit performance. Financing up to the NADA average retail value of the vehicle is available. Rates are subject to change without notice.
*Vehicle loan gas card – This offer is valid only for loans over $10,000 with a minimum term of 24 months. Loans currently financed with FEFCU are not eligible for this offer.