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Truth-In-Savings Account Disclosure

Reviewed: March 2019

 

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.

2. 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.

3. 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.

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

5. 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.

6. 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.

7. 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.

8. 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.

9. 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.

10. 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 in order 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.

11. 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.

12. 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.

13. 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.

14. 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.

15. 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

16. Checking Accounts

Gain More Checking
APY=Annual Percentage Yield. No minimum balance to earn dividends. No monthly service fee. This account is a tiered rate account. Dividends earned in your Gain More Account are automatically transferred into your Save More Account, if one exists. The minimum service qualifications include: 1) make at least 12 signature based (non-pin) debit card point-of-sale purchases or online purchases that post and settle during the “qualification cycle” in the amount of $5 or more; 2) make at least one direct deposit, ACH debit or online bill payment in this account. Transfers between accounts do not count as qualifying transactions. No ATM rebates. Must be enrolled in and agree to receive eStatements.

When the Gain More Checking qualifications are met, the interest rate on your account and corresponding annual percentage yield (APY) is described in the chart below:

Balance Tier
Annual Percentage Yield (APY)
$0-$10,000
1.50%
$10,000.01 and Above
0.05%

When the Gain More Checking qualifications are NOT met, the dividend rate on your account and corresponding annual percentage yield (APY) is described in the chart below:

Balance Tier
Annual Percentage Yield (APY)
All Balances
0.01%

Save More Savings

While not specifically a checking account, the Save More Savings Account is an optional add-on to your Gain/Earn More Checking Account. APY=Annual Percentage Yield. No minimum balance to earn dividends. No monthly service fee. This account is a tiered rate account and is available only to holders of a Gain/Earn More Checking Account. Must be enrolled in and agree to receive eStatements.

When you meet the qualifications on the Gain/Earn More Checking, you also qualify on your Save More Savings. The interest rate on your account and corresponding annual percentage yield (APY) is described in the chart below:

Balance Tier
Annual Percentage Yield (APY)
$0-$50,000
0.50%
$50,000.01 and Above
0.10%

When the qualifications are NOT met, the dividend rate on your account and corresponding annual percentage yield (APY) is described in the chart below:

Balance Tier
Annual Percentage Yield (APY)
All Balances
0.01%

Earn More Checking

No minimum balance. No monthly service fee. This account allows you to earn cash back up to 2% of the first $300 in posted monthly purchases for maximum monthly cash back of $6, if the minimum service qualifications are met. The minimum service qualifications are: 1) make at least 12 signature based (non-pin) debit card point-of-sale purchases or online purchases that post and settle during the “qualification cycle” in the amount of $5 or more; 2) make at least one direct deposit, ACH debit or online bill payment in this account. Transfers between accounts do not count as qualifying transactions. Your cash back credit, up to a maximum of $6 will be credited to your account after the close of the “qualification cycle.” No ATM rebates. Must be enrolled in and agree to receive eStatements.

Advantage Checking
This is a dividend earning account. There is a $4 monthly service fee. The fee will be waived if: 1) You are over the age of 65; OR 2) If you maintain a minimum daily balance** of $5,000.

** Minimum Daily Balance = Account balance must not fall below the minimum stated amount; otherwise, your account will be subject to the fee.

Classic Checking
Classic Checking is a basic checking account with a monthly fee of $4. This fee can be reduced or completely eliminated by meeting the following activities during each “qualification cycle”: 1) be enrolled in and agree to receive eStatements and you will reduce your fee by $2; and 2) signature based (non-pin) debit card point-of-sale purchases or online purchases that post and settle during the “qualification cycle” in the amount of $5 or more will reduce your fee by $0.25 each, up to a max of $2.

*Each “qualification cycle” start and end dates will vary from month to month, depending on weekends and Federal Holidays. To verify qualification cycle dates, please visit our website at www.mscu.net.or call or visit any convenient branch for a qualification calendar for the current year.

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

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.