Truth in Savings

Truth in Savings Disclosure

Dividend Information

Primary Share AccountSecondary Share AccountIRA Savings AccountChecking (Share Draft) with e-StatementsChecking (Share Draft) with Paper Statements
Dividends CompoundedQuarterlyQuarterlyQuarterlyQuarterlyQuarterly
Dividends CreditedQuarterlyQuarterlyQuarterlyQuarterlyQuarterly
Dividend PeriodQuarterlyQuarterlyQuarterlyQuarterlyQuarterly

Balance Requirements

Primary Share AccountSecondary Share AccountIRA Savings AccountChecking (Share Draft) with e-StatementsChecking (Share Draft) with Paper Statements
Minimum Opening Deposit$50.00$50.00$200.00$1.00$1.00
Minimum Balance to Avoid Service Fee$0.00$0.00$0.00$0.00$0.00
Minimum Balance to Earn Stated APY$50.00$50.00$200.00$1.00$1.00
Balance MethodDaily BalanceDaily BalanceDaily BalanceDaily BalanceDaily Balance
Monthly Bill PayN/AN/AN/AN/AN/A

Account Limitations

ACCOUNT LIMITATIONS

Except as specifically described, the following disclosures apply to all of the accounts:

  1. Rate Information: The Annual Percentage Yield 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. For all accounts, the Dividend Rate and Annual Percentage Yield may change monthly as determined by the Credit Union’s Board of Directors. Up to date dividend rate and annual percentage yield information can be found at www.merckcu.com.

  2. Nature of Dividends: 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 are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.

  3. Dividend Compounding and Crediting: The compounding and crediting of dividends and dividend period for each account are set forth in the Rate Schedule. The Dividend Period is the period of time at the end of which an account earns dividend credit. The Dividend Period begins on the first calendar day of the period and ends on the last calendar day of the period. The IRA Account pays a dividend from the day of deposit to the day of withdrawal.

  4. Accrual of Dividends: For all accounts, dividends will begin to accrue on non-cash deposits (e.g. checks) on the business day you make the deposit to your account.

  5. Balance Information: The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For all accounts, there is a minimum daily balance required to obtain the Annual Percentage Yield for the dividend period. If the minimum daily balance is not met, you will not earn the stated Annual Percentage Yield. For all accounts using a Daily Balance method, dividends are calculated by applying a daily periodic rate to the principal in the account each day.

  6. Account Limitations: There are no limitations on the dollar amount of withdrawals or deposits which may be made from the Primary Share, Secondary Share and Checking (Share Draft) Accounts.

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