Savings Truth-In Savings Disclosures

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

1. Rate Information. The Dividend Rate and Annual Percentage Yield on your accounts are set forth above. For dividend bearing accounts, the Dividend Rate may change monthly as determined by the Board of Directors. 
2. Nature of Dividends. Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period. The Dividend Rate and Annual Percentage Yield set forth above are accurate as of the Effective Date, which the Credit Union anticipates paying for the applicable dividend period. 
3. Compounding and Crediting. Dividends will be compounded and credited as set forth above. The Dividend Period for all dividend-bearing accounts begins on the first calendar day of the dividend period and ends on the last calendar day of the dividend period. 
4. Accrual of Dividends. Dividends will begin to accrue on cash and non-cash contributions on the business day you make the deposit to your account. If you close your account before accrued dividends are credited, accrued dividends will be paid. 
5. Balance Information. The minimum balance required to open each account is set forth above. For IRA Savings, dividends are calculated by the daily balance method, which applies a daily periodic rate to the principal in the account each day. For the Monthly IRA Share accounts periodic deposits are required in the form of direct deposit, payroll deduction, or automatic transfers. Deposits shall be a monthly minimum of $50.00 with an annual maximum of the contribution limit, $5,000 or $6,000 for age 50 + years for 2009. Additional contributions may be made at any time as long as monthly contributions are still made. Once monthly contributions end the account will be transferred to a regular IRA share account. Monthly IRA Share accounts are current year contributions only; prior year contributions, rollovers, and transfers, internally or externally, are not eligible. 
6. Premier IRA. A $10 annual fee will be assessed between January 15 and January 31. The fee is deducted from the IRA principal, and does not count as a withdrawal for IRS purposes.

The rates appearing in this schedule are accurate and effective for savings accounts as of the effective date indicated above. If you have any questions or require current rate information on your accounts, please call the credit union at the telephone numbers on the reverse side.

Certificate Truth-In Savings Disclosures

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

1. Rate Information. The Interest Rate and Annual Percentage Yield (APY) on your accounts are set forth above. The APY is a percentage rate that reflects the total amount of interest to be paid on an account based on the Interest Rate and frequency of compounding for an annual period. The Interest Rate and APY are fixed and will be in effect for the term of the account. For Bump-Up Option Certificate, you may elect to adjust your Dividend Rate to a new fixed Dividend Rate based on the rate currently offered for the standard 24-month certificate account once during the term of the account. 
2. Compounding and Crediting. Interest will be computed and credited as set forth above. The Interest Period begins on the first calendar day of the Interest Period and ends on the last calendar day of the Interest Period. 
3. Balance Information. *The minimum balances required to open each account are set forth above. Interest is calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day. 
4. Accrual of Interest. Interest begins to accrue on cash and noncash (e.g., checks) deposits on the business day you make the deposit to your account. 
5. Transaction Limitations. After your account is opened, you may not make additional deposits to your account until after the maturity date. 
6. Maturity. Your account will mature within the term set forth above or the maturity date set forth on your Account Receipt or Renewal Notice. 
7. Early Withdrawal Penalty. Partial withdrawals are not allowed and a penalty will be imposed if you withdraw the principal before the maturity date. Interest may be withdrawn before the maturity date without penalty, however if the account is compounded, the APY will be reduced. 
   • Amount of Penalty. The amount of the penalty for early withdrawal of the principal is based on the term of your account. The penalty schedule is as follows: Certificates 365 days or less, 90 days interest; more than 365 days, 180 days interest. The penalty is calculated as a forfeiture of part of the interest that has been earned on the account and is calculated on the original balance of the certificate on the opening or most recent rollover date. How the Penalty Works. The penalty is calculated as a forfeiture of part of the interest that has been or would be earned on the account. It applies whether or not the interest has been earned. In other words, if the account has not yet earned enough interest or if the interest has already been paid, the penalty will be deducted from the principal. 
   • Exceptions to Early Withdrawal Penalties. At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances: When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction. 
   • IRA Accounts. You may designate certificates with periods from 6 to 60 months as an IRA account; however all IRA limitations and withdrawal restrictions apply, specifically the 10% early withdrawal penalty if you are under 59 ½ years of age, refer to the credit union IRA Disclosure Statement in your IRA Trust Application Packet. 
8. Renewal Policy. Your account will automatically renew for another term upon maturity at the then current interest rate. You have a grace period of ten (10) days after maturity in which to make deposits or withdrawals without being charged a penalty. If deposits or withdrawals are made during the grace period your APY may be effected. No interest will accrue after the maturity date if the account is not renewed. Your certificate will renew at the next shortest standard certificate term if your current certificate is not a standard term. The standard certificate terms are 3, 6, 12, 18, 24, 30, 36, 48, and 60 months. For example, a 13-month certificate will automatically renew for 12 months at the current 12-month dividend rate and APY. Except the 5-month certificates will automatically renewal for 6 months at the current 6 month dividend rate and APY and the 22-month bump-up certificates will automatically renewal for 24 months at the current 24-month dividend rate and APY. In addition, 30 month bump certificate will renew as a regular 30 month certificate. 
9. Nontransferable/Nonnegotiable. Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligations of an owner, except obligations with the credit union.

The rates appearing in this schedule are accurate and effective for certificate accounts as of the effective date indicated above. If you have any questions or require current rate information on your accounts, please call the credit union at 503.588.0181 or 1.800.688.0181 ext. 3811.

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

1. Rate Information. The Interest Rate and Annual Percentage Yield (APY) on your accounts are set forth above. The APY is a percentage rate that reflects the total amount of interest to be paid on an account based on the Interest Rate and frequency of compounding for an annual period. The Interest Rate and APY are fixed and will be in effect for the term of the account.
2. Compounding and Crediting. Interest will be computed and credited as set forth above. The Interest Period begins on the first calendar day of the Interest Period and ends on the last calendar day of the Interest Period.
3. Balance Information. *The minimum balances required to open each account are set forth above, except there is a minimum opening balance of $100 for the First Step account. Interest is calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.
4. Accrual of Interest. Interest begins to accrue on cash and non-cash (e.g., checks) deposits on the business day you make the deposit to your account.
5. Transaction Limitations. After your account is opened, you may not make additional deposits to your account until after the maturity date. For Monthly IRA Option accounts, periodic deposits are allowed in the form of direct deposit, payroll deduction or automatic transfers. Deposits shall be a monthly minimum of $50.00 up to the annual maximum allowed by law. For the Growth Rate Certificate, deposits and withdrawals are allowed annually for a period of 10 days following the anniversary of the account opening.
6. Maturity. Your account will mature within the term set forth above or the maturity date set forth on your Account Receipt or Renewal Notice.
7. Early Withdrawal Penalty. Partial withdrawals are not allowed and a penalty will be imposed if you withdraw the principal before the maturity date. Interest may be withdrawn before the maturity date without penalty, however if the account is compounded, the APY will be reduced.
   1. Amount of Penalty. The amount of the penalty for early withdrawal of the principal is based on the term of your account. The penalty schedule is as follows: Certificates 365 days or less, 90 days interest; more than 365 days, 180 days interest. The penalty is calculated as a forfeiture of part of the interest that has been earned on the account and is calculated on the original balance of the certificate on the opening or most recent rollover date. For Monthly IRA Option certificates, the above penalty calculation is based upon the current balance. How the Penalty Works. The penalty is calculated as a forfeiture of part of the interest that has been or would be earned on the account. It applies whether or not the interest has been earned. In other words, if the account has not yet earned enough interest or if the interest has already been paid, the penalty will be deducted from the principal.
   2. Exceptions to Early Withdrawal Penalties. At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances: When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.
   3. IRA Accounts. You may designate certificates with periods from 6 to 48 months as an IRA account; however all IRA limitations and withdrawal restrictions apply, specifically the 10% early withdrawal penalty if you are under 59 ½ years of age, refer to the Credit Union IRA Disclosure Statement in your IRA Trust Application Packet. *Monthly IRA Option only applies to 12 month certificates.
8. Renewal Policy. Your account will automatically renew for another term upon maturity at the then current interest rate. You have a grace period of ten (10) days after maturity in which to make deposits or withdrawals without being charged a penalty. If deposits or withdrawals are made during the grace period your APY may be effected. No interest will accrue after the maturity date if the account is not renewed. 30-month bump certificate will renew as a regular 30 month certificate.
9. Nontransferable/Nonnegotiable. Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligations of an owner, except obligations with the credit union. 

The rates appearing in this schedule are accurate and effective for Certificate Accounts as of the Effective Date indicated above. If you have any questions or require current rate information on your accounts, please call the Credit Union at 503.588.0181, ext. 3811 or 1.800.688.0181, ext. 3811.