TRUTH IN SAVINGS DISCLOSURE FOR SHARE ACCOUNTS
As of July 1, 2011 the prospective Dividend Rate and Annual Percentage Yield (APY) for the following accounts are:
The Dividend Rate and Annual Percentage Yield (APY) for each account is set forth above. The Dividend Rate and APY for all accounts except Share Drafts may change quarterly, as determined by the Board of Directors. For Share Draft accounts, the Dividend Rate and APY may change monthly, as determined by the Board of Directors.
COMPOUNDING AND CREDITING
Dividends will be compounded and credited as set forth above. For all accounts except Share Drafts, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. For Share Draft Accounts, the dividend period is monthly, for example, the beginning date for the first dividend period of the calendar year is January 1, and the ending date of such dividend period is January 31. All other dividend periods follow these patterns of dates. The dividend declaration date is the ending date of the dividend period, and for the two examples above, the dividend declaration dates are March 31, and January 1, respectively. If you close your account before dividends are credited, you will receive accrued dividends at the prospective rate in existence at the time of closure.
The minimum balance required to open each account is set forth above. In order to use any other service which the Credit Union offers, you must maintain a balance of $5.00 in your Regular Share Account. To avoid dormant account fees, the balance must be $50.00.
Dividends are calculated by the Average Daily Balance method which applies a periodic rate to the average daily balance in the account at the end of the dividend period. The Average Daily Balance is calculated by adding the ending balances in the account for each day and dividing by the number of days in the dividend period.
Dividends begin to accrue on the business day you deposit cash or non-cash items (checks) to your account.
The transaction limitations for each account are set forth above. For those accounts that it is indicated that transaction limitation (1) applies; no more than six (6) pre-authorized, automatic, or telephone transfers may be made from this account to another account of yours or to a third party, in any month, and no more than three (3) of these six (6) transfers may be made by check, draft, or debit card to a third party. Excessive withdrawal fees will be charged against this account. (See “Fees and Charges” below.)
NATURE OF DIVIDENDS / PAR VALUE OF SHARES
Dividends are paid from current income and available earnings, after required transfers to reserves, at the end of a dividend period and cannot be guaranteed. The par value of share in the Credit Union is $5.00. The dividend period of the Credit Union is identified in the “Dividends Compounded” and “Dividends Credited” section of this disclosure.
ADDITIONAL TERMS AND CONDITIONS
A Dormant Account fee will be assessed quarterly to accounts when there is no activity, other than dividends, on any Credit Union account for a six (6) month period and the balance in the account is less than $50.00.
A New Account Closing fee will be assessed to any regular share account which is closed within six (6) months of the date it was opened.
All deposits in the Louisville Medical Federal Credit Union are insured to at least $250,000 by the National Credit Union Administration (NCUA), a U.S. Government Agency and are backed by the full faith and credit of the Unites States Government.
REGULATION CC DISCLOSURE
Our policy is to make funds from your cash and check deposits available to you on the first business day after the day we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once the funds are available, you can withdraw them in cash and we will use them to pay checks that you have written. Withdrawals in excess of $1,000 will be made by corporate check.
For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays and federal holidays. If you make a deposit before 2:00 p.m. on a business day that we are open, we will consider that to be the day of your deposit. However, if you make a deposit after 2:00 p.m. or on a day we are not open, we will consider that deposit was made on the next business day we are open.
Longer Delays May Apply
In some cases we will not make all of the funds you deposit by check available to you on the first business day after your deposit. Depending on the type of check you deposit, funds may not be available until the second (2nd) business day after the day of your deposit. However, the first $100 of your deposit will be available on the first business day.
If we are not going to make all of your funds from your deposit available on the first business day after the day of your deposit, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, of if we decide to take this action after you have left the premises, we will mail you a notice by the day after we receive your deposit.
If you will need the funds from a deposit right away, you should ask us when the funds will be available.
In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
• We believe a check you deposit will not be paid.
• Your deposit checks totaling more than $5,000 in any one day.
• You re-deposit a check which has been returned “un-paid.”
• You have overdrawn your account repeatedly in the last six (6) months.
• Your account is new (i.e. your account has been open less than six (6) months.)
• There is an emergency such as failure of communication or computer equipment.
We will notify you if we delay your ability to withdraw funds for any of these reasons and will tell you when the funds will be available. They will generally be available no later than the fifth (5th) business day after your deposit.
Holds on Other Funds (Check Cashing)
If we cash a check for you that is drawn on another bank, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it.
Special Rules for New Accounts
If you are a new member, the following special rules will apply during the first six (6) months your account is open.
Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,000 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, and federal, state and local government checks will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you (and you may have to use a special deposit slip). The excess over $5,000 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,000 will not be available until the second business day after the day of your deposit.
Checks you deposit which are drawn on one of our sponsor organizations will not be subject to hold.
Funds from all other check deposits will be available on the fifth (5th) business day after the day of your deposit.
Interest Payment Policy
Funds you deposit to your account earn dividends (interest) from the day of deposit to the day of withdrawal. Dividends are calculated using the Average Daily Balance method. For additional information regarding dividends, see our Truth In Savings Disclosure for Share accounts (shown above.)
Revised July 23, 2011
CUSTOMER IDENTIFICATION PROGRAM
To help the government fight the funding of terrorism and money laundering activities, Federal Law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.
What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may ask to see your driver's license or other identifying documents.
If the address on your ID does not match the address on the application we will ask you why they do not match and we will need additional verification of your current address.
FACT ACT DISCLOSURE
VISA Credit Card Disclosure
If you have or are applying for a VISA Credit Card with your Credit Union, you may click HERE to read and/or print our VISA Classic Credit Card Disclosure.
If you have or are applying for an ATM Card or a VISA Debit Card, you may click HERE to read and/or print our Electronic Funds Transfer Agreement.