Truth in Savings Disclosures

The FDIC Improvement Act of 1991 contained within it the Truth in Savings Act. The purpose of this act is to enable consumers to make informed decisions about deposit accounts in depository institutions.

Regular Checking

• Statement Period: Monthly
• If at any time during the statement period the balance falls below $500.00 there is a $7.50 service charge
• Cost of check printing varies depending on the style of checks ordered
• Per check charge: $.20 per check after 20 checks per month

Economy Checking

• Statement Period: Monthly
• Cost of check printing varies depending on the style of checks ordered

Super NOW & NOW Account

Special Student & Senior Checking

• Statement Period: Monthly
• Cost of check printing varies depending on the style of checks ordered

Regular Savings

• If balance goes below $100.00 during the statement period (semi-annual) there is a $2.00 service charge
• Interest will not be paid if balance falls below $100.00
• On non-cash items interest will begin to accrue on the next business day
• If you close your account before interest is credited, you will not receive the accrued interest
• Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account at any time
• Statement Period: Semi-annually
• * The Daily Balance is determined by the application of a daily periodic rate to the full amount of principal in the account each day

Certificates of Deposit (CDs)

Interest will be credited to your account or paid to you monthly, quarterly, semi-annually, annually, at maturity or as agreed upon. The annual percentage yield (APY) assumes that interest remains on deposit until maturity. A withdrawal will reduce earnings. After the account is opened, you may not make any deposits into or withdrawals from the principal in the account until the maturity date.

Premature withdrawal of fund represented by time deposits with an original maturity of 32 days or more

Depositor contracts to keep these funds on deposit until maturity date. In the event of withdrawal of all or any portion of a Certificate of Deposit or Savings Certificate with a maturity of less than 1 year before the maturity date, Federal Regulations require a penalty equal to 1 month’s interest. If the maturity of the Certificate of Deposit or Savings Certificate is in excess of 1 year, the penalty required is equal to 3 month’s interest. The application of these penalties may require a reduction in the principal amount of the deposit.

• Example 1
  If the depositor withdraws funds from a 6 months’ Certificate of Deposit or Savings Certificate after 15 days, the penalty would be equal to 1 month’s interest, even though that much interest has not yet been earned and a reduction of the principal would be necessary
• Example 2
  If the depositor withdraws funds from a 6 months’ Certificate of Deposit or Savings Certificate after 1 month, the penalty would be an amount equal to 1 month’s interest
• Example 3
  If the depositor withdraws funds from a 1% year Certificate of Deposit or Savings Certificate after 15 days, the penalty would be an amount equal to 3 months’ interest, even though that much interest has not yet been earned and a reduction of the principal would be necessary

Renewal Policy: If your Certificate is SINGLE MATURITY and does not automatically renew, present It PROMPTLY at maturity as no Interest is payable after the maturity date. If your Certificate will AUTOMATICALLY RENEW, you will have a grace period of 10 days from the maturity date to present this certificate for payment without penalty. If the certificate automatically renews, IT WILL BE RENEWED AT THE RATE IN EFFECT AT THIS INSTITUTION ON THE DATE OF MATURITY.