Truth In Savings (Certificates)

IRA Share Certificate

IRA Share Certificate:
The dividend rate on your term share account is ________% with an annual percentage yield of ________%. You will be paid this rate until first maturity.
FlexSmart Certificate:
The dividend rate on your term share account is ________% with an annual percentage yield of ________%. The dividend rate on your FlexSmart Certificate may change if you exercise your one time right to make additions to the FlexSmart Certificate and increase the dividend rate and annual percentage yield during the term of the certificate to the rate then offered by Finance Center Federal Credit Union on FlexSmart Certificates with an identical term. The rate and yield may increase only if the current rate offered by Finance Center Federal Credit Union on the FlexSmart Certificate with an identical initial term has increased and $5,000 or more is added to the certificate balance. In the event you elect to increase the dividend rate on your FlexSmart Certificate, the increase will not become effective until the first day of the month following the member's exercise of this election.
AddSmart Certificate:
The dividend rate on your term share account is ________% with an annual percentage yield of ________%. The dividend rate on the AddSmart Certificate may change if you exercise your right to make additions to the AddSmart Certificate and increase the dividend rate and annual percentage yield during the rate adjustment period of January 1 through April 15 of each year during the certificate term. The rate and yield may increase only if the current rate offered by Finance Center Federal Credit Union on the AddSmart Certificate with an identical initial term has increased and $1,000 or more is added to the certificate balance. In the event you elect to increase the dividend rate on your AddSmart Certificate, the increase will not become effective until the first day of the month following the member's exercise of this election.

Compounding frequency
Dividends will be compounded every month.

Crediting frequency
Dividends will be credited to your account every month.

Dividend period
For this account type, the dividend period is monthly.

Minimum balance requirements
The minimum balance required to open this account is $________.

Daily balance computation method
Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.

Accrual of dividends on noncash deposits
Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.

Transaction limitations:
After the account is opened, you may not make additions into the account until the maturity date stated on the account, except for FlexSmart and AddSmart Certificates, which allow for additions as outlined in the Rate Information section above.

You may make withdrawals of principal from your account before maturity. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty. For StepSmart Certificates you may make one penalty-free withdrawal of principal during the ten day grace period at the end of every 12 month term.

You can only withdraw dividends credited in the term before maturity of that term. You can withdraw dividends only on the crediting dates.

Time requirements
Your account will mature ________.

Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity)

If your account has an original maturity of less than one year:
- The penalty we may impose will equal 90 days dividends on the
  amount withdrawn subject to penalty.
If your account has an original maturity of one year to three years:
- The penalty we may impose will equal 180 days dividends on the amount withdrawn subject to penalty.
If your account has an original maturity of more than three years:
- The penalty we may impose will equal 270 days dividends on the amount withdrawn.

In certain circumstances, such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. Other exceptions may also apply, for example, if this is part of an IRA or other tax-deferred savings plan. Standard IRS regulations apply, consult your tax advisor.

For any account which earns a dividend rate that may vary from time to time during the term, the dividend rate we will use to calculate this early withdrawal penalty will be the dividend rate in effect at the time of the withdrawal.

Withdrawal of dividends prior to maturity
The annual percentage yield is based on an assumption that dividends will remain in the account until maturity. A withdrawal will reduce earnings.

Automatically renewable account
This account will automatically renew at maturity. This account will renew as a _________ month IRA Share Certificate. The dividend rate will be the same rate offered on new IRA Share Certificates for the above term. You will have a grace period of ten calendar days after maturity to withdraw the finds without being charged an early withdrawal penalty. You may prevent renewal if you withdraw the funds in the account at maturity (or within the grace period mentioned above) or we receive written notice from you within the grace period mentioned above or we receive written notice from you within the grace period mentioned above. We can prevent renewal if we mail notice to you at least 30 calendar days before maturity. If either you or we prevent renewal, your funds will be placed in an IRA dividend-bearing account.
Non-automatically renewable account
This account will not automatically renew at maturity. If you do not renew the account, your funds will be placed in an IRA dividend-bearing account.

Share Certificates

Share Certificate:
The dividend rate on your term share account is ________% with an annual percentage yield of ________%. You will be paid this rate until first maturity.
FlexSmart Certificate
The dividend rate on your term share account is ________% with an annual percentage yield of ________%. The dividend rate on your FlexSmart Certificate may change if you exercise your one time right to make additions to the FlexSmart Certificate and increase the dividend rate and annual percentage yield during the term of the certificate to the rate then offered by Finance Center Federal Credit Union on FlexSmart Certificates with an identical term. The rate and yield may increase only if the current rate offered by Finance Center Federal Credit Union on the FlexSmart Certificate with an identical initial term has increased and $5,000 or more is added to the certificate balance. In the event you elect to increase the dividend rate on your FlexSmart Certificate, the increase will not become effective until the first day of the month following the member's exercise of this election.
AddSmart Certificate:
The dividend rate on your term share account is ________% with an annual percentage yield of ________%. The dividend rate on the AddSmart Certificate may change if you exercise your right to make additions to the AddSmart Certificate and increase the dividend rate and annual percentage yield during the rate adjustment period of January 1 through April 15 of each year during the certificate term. The rate and yield may increase only if the current rate offered by Finance Center Federal Credit Union on the AddSmart Certificate with an identical initial term has increased and $1,000 or more is added to the certificate balance. In the event you elect to increase the dividend rate on your AddSmart Certificate, the increase will not become effective until the first day of the month following the member's exercise of this election.

Compounding frequency
Unless otherwise paid, dividends will be compounded every month.

Crediting frequency
Dividends will be credited to your account every month. Alternatively, you may choose to have dividends paid to you or to another account every month rather than credited to this account.

Dividend period
For this account type, the dividend period is monthly.

Minimum balance requirements
The minimum balance required to open this account is $________.

Daily balance computation method
Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.

Accrual of dividends on noncash deposits
Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.

Transaction limitations
After the account is opened, you may not make additions into the account until the maturity date stated on the account, except for FlexSmart and AddSmart Certificates, which allow for additions as outlined in the Rate Information section above.

You may make withdrawals of principal from your account before maturity. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty. For StepSmart Certificates you may make one penalty-free withdrawal of principal during the 10 day grace period at the end of every 12 month term.

You can only withdraw dividends before maturity if you make arrangements with us for periodic payments of dividends in lieu of crediting.

Time requirements
Your account will mature ________.

Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity)

If your account has an original maturity of less than one year:
- The penalty we may impose will equal 90 days dividends on the amount withdrawn subject to penalty.
If your account has an original maturity of one year to three years:
- The penalty we may impose will equal 180 days dividends on the amount withdrawn subject to penalty.
If your account has an original maturity of more than three years:
- The penalty we may impose will equal 270 days dividends on the amount withdrawn.

Withdrawal of dividends prior to maturity
The annual percentage yield is based on an assumption that dividends will remain in the account until maturity. A withdrawal will reduce earnings.

Automatically renewable account
This account will automatically renew at maturity. This account will renew as a ________ month Share Certificate. The dividend rate will be the same rate offered on new Share Certificates for the above term. You will have a grace period of ten calendar days after maturity to withdraw the funds without being charged an early withdrawal penalty. You may prevent renewal if you withdraw the funds in the account at maturity (or within the grace period mentioned above) or we receive written notice from you within the grace period mentioned above. We can prevent renewal if we mail notice to you at least 30 calendar days before maturity. If either you or we prevent renewal, your funds will be placed in a dividend-bearing account.
Non-automatically renewable account
This account will not automatically renew at maturity. If you do not renew the account, your funds will be placed in a dividend-bearing account.

HSA Share Certificate

The dividend rate on your term share account is ________% with an annual percentage yield of ________%. You will be paid this rate until first maturity.

Compounding frequency
Dividends will be compounded every month.

Crediting frequency
Dividends will be credited to your account every month.

Dividend period
For this account type, the dividend period is monthly.

Minimum balance requirements
The minimum balance required to open this account is $________.

Daily balance computation method
Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.

Accrual of dividends on noncash deposits
Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.

Transaction limitations
After the account is opened, you may not make additions into the account until the maturity date stated on the account. You may make withdrawals of principal from your account before maturity. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty. You can only withdraw dividends credited in the term before maturity of that term. You can withdraw dividends only on the crediting dates.

Time requirements
Your account will mature ___________________________.

Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity)

If your account has an original maturity of less than one year:
- The penalty we may impose will equal 90 days dividends on the amount withdrawn subject to penalty.
If your account has an original maturity of one year to three years:
- The penalty we may impose will equal 180 days dividends on the amount withdrawn subject to penalty.
If your account has an original maturity of more than three years:
- The penalty we may impose will equal 270 days dividends on the amount withdrawn.
  In certain circumstances, such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. Other exceptions may also apply, for example, if this is part of an IRA or other tax-deferred savings plan. Standard IRS regulations apply, consult your tax advisor.

In certain circumstances, such as death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawl penalty. Other exceptions may also apply, for example, if this is part of an IRA or other tax-derferred savings plan. Standard IRS regulations apply, consult your tax advisor.

Withdrawal of dividends prior to maturity
The annual percentage yield is based on an assumption that dividends will remain in the account until maturity. A withdrawal will reduce earnings.

Automatically renewable account
This account will automatically renew at maturity. You may prevent renewal if you withdraw the funds in the account at maturity (or within the grace period mentioned above) or we receive written notice from you within the grace period mentioned below, if any (or we receive written notice from you within the grace period mentioned below, if any). We can prevent renewal if we mail notice to you at least 30 calendar days before maturity. If either you or we prevent renewal, your funds will be placed in an HSA dividend-bearing account.

Each renewal term will be the same as the original term, beginning on the maturity date. The dividend rate will be the same we offer on new term share accounts on the maturity date which have the same term, minimum balance (if any) and other features as the original term share account.

You will have a grace period of ten calendar days after maturity to withdraw the funds without being charged an early withdrawal penalty.

Non-automatically renewable account
This account will not automatically renew at maturity. If either you or we prevent renewal, your funds will be placed in an HSA dividend-bearing account.

Common Features
Share Certificates may not be pledged, transferred, or assigned to any other party.

Bylaw requirements:
If you do not complete payment of one share ($5.00 per share) in a savings account within six months of admission to membership, or within six months of the increase in the par value of one share, you may be terminated from membership immediately.

If the balance in a savings account falls below the par value of one share, and you do not increase the balance to at least the par value of one share within six months of the reduction, you may be terminated from membership at the end of the six month period.

Transaction limitation
We reserve the right to at any time require not less than seven 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.

Nature of dividends
Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period. (This disclosure further explains the dividend feature of your non-term share account(s).

National Credit Union Share Insurance Fund
Member accounts in this credit union are federally insured by the National Credit Union Share Insurance Fund.

Excess Share Insurance
In addition to federal insurance coverage provided by the NCUA, qualifying member accounts have additional private insurance through Excess Share Insurance.

Current Share Certificate rates are available on the Share Certificates Rate page.