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Due to the damage from Tropical Storm Isaias, our Stratford and Watertown branch will be closed on Saturday, August 7. Please note our Shelton Branch will be open from 9AM-1PM on Saturday and 24/7 Banking is available through online banking, our Mobile App and Bank-by-Phone.


Truth-In-Savings Account Disclosure

Reviewed: March 2020

Effective Date: May 1, 2020

The rates, fees and terms applicable to your account at Mutual Security Credit Union are provided in this Truth-in-Savings Disclosure. Mutual Security Credit Union may offer other rates for these accounts from time to time.

  1. Rate Information

The Annual Percentage Yield (APY) 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. We are prohibited by law from guaranteeing the payment of dividends or that the dividends we do pay will be at the contracted rate. 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 may change at any time as determined by the Board of Directors. A withdrawal of dividends will reduce earnings.

  1. Balance Calculation Method

You will be paid a dividend rate based on the daily method. Under the daily method, a daily periodic rate is applied to the full amount of principal in the account each day for the period.

  1. Accrual of Dividends

Dividends begin to accrue on the business day you make a deposit including non-cash (e.g. checks) items to your account.  If you close your account before accrued dividends are credited, accrued dividends may not be paid.

  1. Compounding and Crediting

Dividends will be compounded and credited monthly as set forth in our Rate Schedule.

  1. Minimum Balance to Earn Dividends

For certain accounts, we may require a minimum balance to earn dividends. The amounts of these minimum balances are set forth in our Rate Schedule. We use the daily balance method to determine if the minimum balance requirements have been met. Certain accounts may have step or tiered rate features, as set forth in our Rate Schedule.

  1. Minimum Balance to Open and Maintain Accounts

For certain accounts, we may require a minimum deposit to open the account and a minimum balance to maintain the account. These amounts are set forth in our Rate Schedule.

  1. Minimum Balance to Waive or Reduce Charges

For certain accounts, we may waive or reduce certain account charges if you maintain a specified minimum balance. The minimum balance rules for waiving or reducing charges are set forth in our Rate Schedule.

  1. Restrictions on Withdrawals

We have the right to require that you provide us at least seven (7) days written notice to withdraw from a savings or dividend bearing checking account. We may, except in unforeseen circumstances, give advance notice of our intent to impose this requirement. Except for checking and money market accounts, we can require that you make the withdrawals in person and only at the office in which you opened the account.

  1. Transaction Limitations

Federal Regulation D “Reg D” states that you may make no more than six (6) automatic, electronic or preauthorized transfers from your deposit accounts per month. Deposit accounts include share, club, money market, and additional savings accounts.  Transfers from a savings to your checking account to pay overdrafts are included with these six (6) transfers. The limitations on preauthorized transfers do not apply to transfers made to pay loans you have with us or to withdrawals or transfers to another account if made in person, by mail or through an automated teller machine. The monthly limit is based on when the transaction is processed, not when the check or item was originated or authorized. If you make a combination of checks/drafts and automatic or preauthorized withdrawals, the total monthly limit per account is still six (6). Transactions exceeding the limits may not be honored and may be subject to a fee.

  1. Fees for Overdrawing Accounts

Fees for overdrawing your account may be imposed on each check/draft, item, ATM transaction and one-time debit transaction (if member has consented to overdraft protection plan for ATM and one-time debit card transactions), 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. For ATM and one-time debit transactions, you must consent to MSCU’s Courtesy Pay Program for the transaction amount to be covered. Without your consent, MSCU may not authorize and pay an overdraft resulting from these types of transactions. Services and fees for overdrafts are shown on the Overdraft Protection Services Opt-In Form and the Fee Schedule.

  1. Bylaw Requirements

You must maintain on deposit one (1) share in your membership share account as a condition of admission to membership.  If the balance in your membership share account falls below $5, you may be terminated from membership immediately.

  1. National Credit Union Administration (NCUA)

Member accounts in MSCU are federally insured by the National Credit Union Administration (NCUA) share insurance fund for up to at least $250,000.  Individual Retirement Accounts are insured separately up to $250,000.

  1. Holiday Club Accounts

Holiday Club Accounts are allowed two (2) withdrawals per year.  Upon three (3) withdrawals, MSCU reserves the right to close the account. Please refer to the Fee Schedule for any charges.

  1. Account Eligibility

Membership and accounts are available to those 18 years of age and older unless accompanied by a joint owner over the age of 18. 

  1. Membership

As a condition of membership, you must deposit and maintain the minimum required share(s) as set forth below.

- Par Value of One Share $5

- Number of Shares Required 1

  1. Checking Accounts


Effective 5/1/2020. Essential Checking is a basic checking account with a $2 monthly service fee. Fee is waived with direct deposit of $100 per month. Fee is waived for seniors 65 and older and minors (those under 18 years of age). There is a $2 monthly paper statement fee. To avoid the paper statement fee, members have one (1) statement cycle to complete the eStatement registration process, including acceptance of eStatement disclosure.


Effective 5/1/2020. There is a $6 monthly service fee. There is a $2 monthly paper statement fee. To avoid the paper statement fee, members have one (1) statement cycle to complete the eStatement registration process, including acceptance of eStatement disclosure.


Effective 5/1/2020. There is a $8 monthly service fee. Paper Statements and Cashier’s Checks are complimentary for members enrolled in the Elevated Checking Account. APY= Annual Percentage Yield. Fees may reduce earnings on accounts. Dividend rate is paid only on the portion of the balance that falls within each specified tier. Dividends are paid monthly. Terms shown are the best terms available. Rates are subject to change without notice. Other restrictions may apply. For our most current rates, visit our webpage at www.mscu.net/rates.

  1. IRA and HSA Accounts

  IRA & HSA Accounts are governed by separate contract and by the rules of this disclosure.

  1. FEES

See separate Fee Schedule for a listing of fees and charges applicable to your account(s).


The rates and fees appearing in this schedule are accurate and effective for the accounts as of the effective date indicated on this disclosure. The rates and fees are subject to change. Fees may reduce earnings. If you have any questions or require current rate and fee information on your current accounts, please contact MSCU at 800-761-2400, or visit any of our convenient branches or go to our website at www.mscu.net.