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Truth in Savings Disclosure
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The rates and fees appearing in this Schedule are accurate and effective for Regular Savings, Market Rate Savings, Checking, IRA, Teachers Deposit Fund, and Certificate of Deposit accounts. See Membership and Account Agreement for complete account disclosure. If you have any questions or require current rate information on your accounts, please call OnPoint.
Member Services
(503) 228-7077
(800) 527-3932
Telephone Teller
(503) 228-4567
(800) 654-7828
Savings Rate Line
(503) 273-1756
1. Rate Information
The Interest/Dividend Rate and Annual Percentage Yield (APY) on your accounts are set forth on the Deposit Rate Sheets. For all deposit accounts (except Certificate of Deposit) the interest rate and APY may change at any time as determined by OnPoint. For Market Rate Savings and FlexSmartSM Money Market Accounts, the interest rate and APY are tiered as set forth on the Deposit Rate Sheet. All earnings (whether designated as dividends or interest) are, for income tax purposes, reported to the IRS in the member's name and Social Security number. For Certificate of Deposit accounts, the APY is based on an assumption that interest will remain on deposit until maturity. A withdrawal of interest will reduce earnings.
- Booster Rate Certificate of Deposit. You may elect to adjust your rate, based on the rate currently offered for this account, once during the original term of the Certificate of Deposit. Booster rate feature excludes promotional rate offers. Subsequent deposits are allowed only on Roth and Traditional IRA Certificate of Deposit.
2. Compounding and Crediting
Interest will be compounded and credited as set forth on the Deposit Rate Sheet. The Interest Period for all deposit savings accounts begins on the first calendar day of the month and ends on the last calendar day of the month. If the account is closed before interest is credited, you will not receive accrued interest.
3. Accrual of Interest
Interest will begin to accrue on non-cash deposits (e.g. checks) on the business day you make the deposit to your account. For any Certificate of Deposit account, you may elect at account opening to have accrued interest transferred to another of your OnPoint accounts. This transfer election and the APY for your account will be shown on your Certificate of Deposit Receipt.
4. Balance Information
The minimum balance required to open each account is set forth on the Deposit Rate Sheet. For all accounts, interest is calculated by the daily balance method that applies a daily periodic rate to the principal in the account each day.
5. Transfer Limitations
For Regular Savings, Market Rate Savings, FlexSmartSM Money Market Accounts, and Teachers Deposit Fund Accounts, you may make up to six (6) transfers per calendar month. The transfer limitation applies to preauthorized, automatic, overdraft, and telephone transfers (including the Telephone Teller™ and Online Banking) to another account of yours or to a third party. Of these six, you may make no more than three (3) transfers to a third party by check or debit card purchase. A preauthorized transfer includes any arrangement with OnPoint to pay a third party from your account upon written or oral orders (such as your automobile insurance company or health club), including orders received through the Automated Clearing House (ACH). There is no limit on the number of transactions you may make to another OnPoint account or withdrawals (checks made directly to you) when such transfer or withdrawal is initiated in person, by mail or at an ATM. If a transfer request would exceed the transfer limitations set forth above, OnPoint may refuse or reverse the transfer. In order to reduce OnPoint reserve requirements, Checking account balances are reported as two subaccounts, a checking and savings subaccount. For reporting purposes only, the Credit Union may make up to 6 transfers per month between the savings and checking subaccounts. This reporting structure does not affect the balance, interest earnings, statement activity or NCUA insurance applicable to your Checking account.
6. Certificate of Deposit Account Features
- Account Limitations: After your standard Certificate of Deposit is opened, you may make additional deposits only if it is for a term of 3, 6, 12, 18, or 24 months. Subsequent deposits must be for a minimum of $100.00 each. Subsequent deposits on IRA certificates are unlimited. Subsequent deposits are not allowed on promotional offerings unless otherwise stated. Earnings credited to this account may be withdrawn without penalty at any time during the term in which earned. You may elect to have earnings credited or transferred to another account of yours at the credit union. If the Certificate of Deposit falls below the minimum required balance, the Certificate of Deposit will be closed and the remaining funds will be transferred to your primary savings account.
- Maturity: Your Certificate of Deposit account will mature within the term set forth above or maturity date set forth on your Certificate of Deposit Receipt or Renewal Notice.
- Early Withdrawal Penalty: We may impose a penalty if you withdraw any of the principal of your Certificate of Deposit account before the maturity date. For an Annual Withdrawal Certificate of Deposit, we may impose a penalty if you withdraw any of the principal of your Account within the first year or if you make an annual withdrawal after the first year anniversary in excess of 20% of the original principal balance.
- Amount of Penalty. The amount of the early withdrawal penalty is based on the following penalty schedule:
3 - 15 month Certificate of Deposit: 90 days of interest
18 - 60 month Certificate of Deposit: 180 days of interest.
- How the Penalty Works. The penalty is calculated as a forfeiture of part of the interest that has been or would be earned at the nominal interest rate 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.
- Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after establishment; provided that the depositor forfeits an amount at least equal to the simple interest earned in the amount withdrawn; or where the account is an IRA and the account owner dies, becomes disabled, or the withdrawal is set up to occur under a planned distribution program and the IRA owner has attained the age of 59 1/2.
- Renewal Policy: Certificate of Deposit accounts are automatically renewable accounts. You have a grace period of seven (7) calendar days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty. For Certificate of Deposit accounts, with the exception of IRA Certificate of Deposit, you may elect to have a non-renewing account in which your account balance will be transferred to another account of yours at OnPoint. If your Certificate of Deposit has a term of 3, 6, 12, 18, 24, 36, 48 or 60 months, your account will automatically renew for another similar term upon maturity. If your Certificate of Deposit has a term of 11 or 15 months, your account will renew into a standard 12-month term upon maturity. If your Certificate of Deposit has a term of 7 or 9 months, your account will renew into a standard 6-month term upon maturity.
- 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 OnPoint.
Revised: 2/21/08
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