Truth-in-Savings Disclosure

The rates, fees and terms applicable to your account at Science Park Federal Credit Union are provided in this Truth-In-Savings Disclosure.  The Credit Union may offer other rates for these accounts from time to time.

Account Disclosures

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.  The Dividend Rates and Annual Percentage Yields are the rates and yields as of the last dividend declaration date which is set forth.

These rates are subject to change as determined by the Credit Unions Board of Directors.  The Money Market account is a tiered rate account.

Nature of Dividends— Dividends are paid from current income and available earnings      after required transfers to reserves at the end of the dividend period.

Dividend Compounding and Crediting—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.  Dividends on all accounts are compounded and paid quarterly.

Accrual of Dividends—Dividends will begin to accrue on the business day you deposit cash and noncash items (for example checks) to your account. If you close your account before accrued dividends are credited, accrued dividends will not be paid.

Balance Information—- Dividends are calculated by the compound daily method for the entire dividend period.

Account Limitations—   There is a fee for early withdrawals from club accounts.

Fees for Overdrawing Accounts— Fees may be imposed in compliance with Regulation E on each check, draft item, preauthorized automatic debit, telephone initiated withdrawal or any other electronic withdrawal or transfer transaction that is drawn on an insufficient account balance.  ATM card withdrawal, debit card point of purchase may have a fee  if you choose to opt in to the overdraft option. The entire balance in your account may not be available for withdrawal, transfer or paying a check, draft or item.  You may consult your Funds Availability Policy for information regarding the availability of funds in your account.   Please refer to the fee schedule for current fee information.

Inactive Accounts— Share account balances with no activity and under $500.00 for a period of 24 months and no other services on the same account (loan, checking etc,) will be transferred to inactive status and subject to a monthly service fee as disclosed in the Credit Union’s Schedule of fees and charges..

Par Value of  a Share— The par value of a share is $50.00.

By Law Requirements—-You must complete payment of one share in your membership share account as a condition of admission to membership.  If the balance in your membership share account falls below $50.00, you may be terminated from membership immediately.

Transaction Limitations—We reserve the right, at any time, to require not less than a seven (7) day notice in writing.

National Credit Union Administration—-Member accounts in the Credit Union are federally insured by the National Credit Union Administration (NCUA) share insurance fund for up to at least $250,000.00. Individual Retirement Accounts are insured separately for $250,000.00.