Truth in Savings

Truth-in-Savings Disclosures for PCFCU Savings Accounts

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 in the rate sheet. For dividend bearing accounts, the Dividend Rate and Annual Percentage Yield may change monthly for Daily Access, Children’s, Money Maker, Club, Classic Club (grandfather on 6/25/2013 – no longer available), Member Choice and Interest Checking Accounts, as determined by the Board of Directors. The Money Maker, Member Choice and Interest Checking Accounts are tiered rate accounts. The Dividend Rates and Annual Percentage Yields applicable to each account depends on the balance ranges set forth in the rate sheet. For Money Maker, Member Choice and Interest Checking Accounts, once a balance range is met, the highest Dividend Rate and Annual Percentage Yield for that range will apply to the entire balance in your account.
  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 in the rate sheet  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 in the rate sheet. 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 as set forth in the rate sheet.
  4. Accrual of Dividends. Dividends will begin to accrue on non-cash deposits (e.g. checks) on the business day you make the deposit to your account.
  5. Transaction Limitations. The Member Choice Account is allowed three withdrawals per month with no fee. Additional withdrawal transactions will be charged as set forth in the rate sheet. The Club Account does not allow for periodic withdrawals. The account balance plus dividends will be credited to your primary share account on November 1st of each year. Dividends will be forfeited if account is closed before October 31st of each year. A service fee will also be assessed for early account closure as stated on the Rate & Fee Schedule.
  6. Balance Information. The minimum balance required to open each account is set forth in the rate sheet. For Checking Accounts and Interest Checking Accounts, the minimum balance required to avoid a service fee is set forth in the rate sheet. If the minimum balance is not met, there will be a service fee is set forth in the rate sheet. For Daily Access, Children’s, Member Choice, IRA Deposit, and Classic Club Accounts (grandfathered 6-25-2013 – no longer available), the minimum balance required to obtain the stated Annual Percentage Yield is shown in the rate sheet. If the minimum balance is not met, you will not earn the stated Annual Percentage Yield. For all dividend bearing accounts, dividends are calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.

Truth-in-Savings Disclosures for Certificate Accounts

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

  1. Rate Information. The Dividend Rates and Annual Percentage Yields on your accounts are set forth in the rate sheet. The Dividend rate and Annual Percentage Yields on Certificates are fixed and will be in effect for the term of the Account. For Deferred Compensation and IRA Deposit Accounts, the Dividend Rate and Annual Percentage Yield may change quarterly as determined by the Board of Directors. The Annual Percentage Yield is based on an assumption that dividends will remain on deposit until maturity. A withdrawal of dividends will reduce earnings.
  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 in the rate sheet 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 in the rate sheet The Dividend Period begins on the first calendar day of the quarter and ends on the last calendar day of the quarter.
  4. Balance Information. The minimum balances required to open each account are set forth in the rate sheet. Dividends are calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.
  5. Accrual of Dividends. Dividends begin to accrue on cash deposits on the business day you make the deposit to your account. Dividends will begin to accrue on the business day you deposit non-cash items (e.g. checks) to your account.
  6. Transaction Limitations. You may withdraw accrued, uncredited dividends upon the crediting date.
  • Additional deposits are not allowed on regular certificate accounts after the account is opened.
  • One additional deposit may be deposited per tax-year to an existing IRA Certificate.  All additional deposits will bear the same dividend rate, annual percentage yield and maturity date as the original deposit.
  • Deferred Compensation Accounts are only available to established account-holders.
  1. Maturity. Your account will mature within the term set forth in the rate sheet or maturity date set forth on your Account Receipt or Renewal Notice.
  2. Early Withdrawal Penalty. We may impose a penalty if you withdraw any of the principal before the maturity date.
  • Amount of Penalty – The amount of the early withdrawal penalty is based on the term of your account. The penalty schedule is as follows: 366 days or less–180 days dividends; more than 366 days–270 days dividends.
  • How the Penalty Works – The penalty is calculated as a forfeiture of part of the dividends that have been or would be earned on the account. It applies whether or not the dividends have been earned. In other words, if the account has not yet earned enough dividends or if the dividend 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.
    • Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after establishment; or where the account is a Keogh Plan (Keogh) provided that the depositor forfeits an amount of at least equal to the simple dividends earned in the amount withdrawn; or where the account is an IRA or Keogh and the owner attains age 59-1/2 or becomes disabled.
  1. Renewal Policy. The Certificate Accounts are automatically renewable accounts. Your account will automatically renew for another term upon maturity, and you have a grace period of ten (10) days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty.
  2. Nontransferable/Nonnegotiable. Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation of an owner, except obligations with the Credit Union.

The rates appearing in the Schedule are accurate and effective for Certificate Accounts as of the Effective Date indicated in the Rate Sheet. If you have any questions or require current rate information on your accounts, please call the Credit Union at 541-343-6238 or 1-800-477-3328.