Disclosures

Mid Oregon Credit Union Disclosures and Policies

TRUTH-IN-SAVINGS ACCOUNT DISCLOSURES

Savings

Except as specifically described, the following disclosures apply to all the accounts. All accounts described in this Truth-in-Savings Disclosure are share 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 Regular Share, Business Share, Secondary Share, and IRA or HSA Share accounts, the Dividend Rate and Annual Percentage Yield may change at any time as determined by the Credit Union’s Board of Directors. The High Yield, IRA/HSA High Yield, and Business Money Market Plus accounts are tiered rate accounts, the Dividend Rate and Annual Percentage Yield on these accounts may change at any time as determined by the Credit Union’s management. Once a balance range is met, the Dividend Rate for that balance will apply to the entire balance.
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 dividend period.
3. Dividend Compounding and Crediting. For dividend bearing accounts, dividends will be compounded and credited monthly. The Dividend Period begins on the first calendar day of the month and ends on the last calendar day of the month.
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. To open any account, you must deposit, or already have on deposit, at least the par value of one full share in any account. The par value amount is stated in the Fee Schedule. Some accounts may have additional minimum opening deposit requirements. The minimum balance requirements applicable to each account are set forth above in the Rate Schedule. For High Yield and IRA, HSA High Yield, or Business Money Market Plus accounts, there is a minimum balance required to obtain the Annual Percentage Yield for the dividend period. If the minimum balance for each tier is not met, you will not earn the stated Annual Percentage Yield. All accounts use the Daily Balance method, dividends are calculated by applying a daily periodic rate to the principal in the account each day.
6. Account Limitations. No more than six (6) preauthorized, automatic, or telephone transfers or online banking transfers may be made from any of these accounts to another account of yours or to a third party in any month. If you exceed these limitations, your account may be subject to a fee or be closed. Checks are offered on the High Yield Account and Business Money Market Plus Accounts.

 

Certificates

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 Rate and Annual Percentage Yield are fixed and will be in effect for the term of the account. The Annual Percentage Yield for this account is set forth in this Rate Schedule.
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.
3. Dividend Compounding and Crediting. Dividends are not compounding and are credited at maturity.
4. Balance Information. The minimum balance requirements applicable to each account are set forth in this Rate Schedule. For all accounts, 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. 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.
6. Transaction Limitations. After your account is opened, you may not make additional deposits to your account except through automatic transfer.
7. Maturity. Your account will mature as indicated on this Truth-in-Savings Disclosure or on your Account Receipt or Renewal Notice.
8. Early Withdrawal Penalty. No dividends earned if withdrawn before the maturity date.
9. Amount of Penalty. No dividends will be paid.
10. Renewal Policy. For all accounts, your account will automatically renew for another term upon maturity. You have a grace period or ten (10) days after maturity in which to withdraw funds in the account without being assessed an early withdrawal penalty.
11. Nontransferable/Nonnegotiable. Your account is nontransferable and nonnegotiable. The funds in the account may not be pledged to secure any obligation of an owner, except obligations with the Credit Union.

 

Checking

Except as specifically described, the following disclosures apply to all accounts. All accounts described in this Truth-in-Savings Disclosure are checking 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 Direct Interest, 50+, Premium Interest, or Business Interest Checking, the Dividend Rate and Annual Percentage Yield may change at any time as determined by the Credit Union’s management. The Premium Interest Checking Account is a tiered rate account. Once a balance range is met, the Dividend Rate for that balance will apply to the entire balance.
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 dividend period.
3. Dividend Compounding and Crediting. For dividend bearing accounts, dividends will be compounded and credited monthly. The Dividend Period begins on the first calendar day of the month and ends on the last calendar day of the month.
4. Accrual of Dividends. For all dividend bearing 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. To open any account, you must deposit, or already have on deposit, at least the par value of one full share in any account. The par value amount is stated in the Fee Schedule. Some accounts may have minimum opening deposit requirements. The minimum balance requirements applicable to each account are set forth above in the Rate Schedule. For Business Interest Checking there is a minimum balance required to obtain the Annual Percentage Yield for the dividend
period. If the minimum balance for each tier is not met, you will not earn the stated Annual Percentage Yield. All accounts use the Daily Balance method, dividends are calculated by applying a daily periodic rate to the principal in the account each day. Commercial Checking uses an Average Daily Balance method. If the minimum Average Daily Aggregate Balance is not met, a monthly service fee will be assessed. The fee is stated in the Fee Schedule.
6. Account Limitations. Commercial Checking requires a 24-month commitment for the Remote Deposit Capture equipment to be free. Early termination will result in a pro-rated fee assessed to the account.
7. Other Features. For Premium Interest Checking accounts, we will reimburse up to $10 per month in fees for withdrawals made at ATMs that we do not own.