Disclosures

 

TRUTH-IN-SAVINGS DISCLOSURE





Common Features
Transaction limitation -
We reserve the right to at any time require not less than 30 days notice in writing before each withdrawal from an interest-bearing account other than a time deposit, or from any other savings account as defined by Regulation D.
Cash withdrawal limitation - The maximum amount you may withdraw in cash per day is $2500.00.
National Credit Union Share Insurance Fund - Member accounts in this credit union are federally insured by the National Credit Union Share Insurance Fund.

Regular Share Savings Account
Rate Information:
The dividend rate and annual percentage yield may change every dividend period.  We may change the dividend rate for your account as determined by the credit union board of directors.
Compounding and Crediting - Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.
Dividend period - For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31.  All other dividend periods follow this same pattern of dates.  The dividend declaration date is the last day of the dividend period, and for the example above is March 31.
If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements:
The minimum balance required to open this account is the purchase of a share in the credit union. 
You must complete payment of one share in your Share Savings account as a condition of admission to membership.
If the balance in your Share Savings account falls below the par value of one share, and you do not increase the balance to at least the par value of one share within 30 days of the reduction, you may be terminated from membership at the end of the 30 days.
You must maintain a minimum average daily balance of $300.00 in your account to obtain the disclosed annual percentage yield.
Average daily balance computation method - Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period.  The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period.  The period we use is quarterly quaterly quarterly cycle.
Accrual of dividends on noncash deposits - Dividends will begin to accrue in the business day you place noncash items (for example, checks) to your account.
Transaction limitations:
No transaction limitations apply to this account.  This may be subject to change.
Par value of a share:
The par value of a share in this account is $25.00.

Side Share Savings Account
Rate Information:
The dividend rate and the annual percentage yield may change every dividend period.  We may change the dividend rate for your account as determined by the credit union board of directors.
Compounding crediting - Dividends will be compounded every quarter.  Dividends will be credited to your account every quarter.
Dividend period - For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31.  All other dividend periods follow this same pattern of dates.  The dividend declaration date is the last day of the dividend period, and for the example above is March 31.
If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements:
No minimum balance requirements requirements to this account.
Average daily balance computation method - Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period.  The average daily balance is calculated by adding the balance balance the account the account each day of the period and dividing that figure by the number of days in the period.  The period we use is the quarterly statement cycle.
Accrual of dividends on noncash deposits - Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations:
You may not make any withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party.

Christmas Club Account
Rate Information:
The dividend rate and annual percentage yield may change every dividend period.  We may change the dividend rate for your account as determined by the credit union board of directors.
Compounding and crediting - Dividends will be compounded every quarter.  Dividends will be credited to your account every quarter.
Dividend Period - For this account type, the dividend period is annual, for example, the beginning date of the first dividend period of the calendar year is November 1, and the ending date of such dividend period is October 31 of the following year.  All other dividend periods follow this same pattern of dates.  The dividend declaration date is the last day of the dividend period, and for the example above is October 31.
If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements:
No minimum balance requirements apply to this account.
Average daily balance computation method - Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period.  The average daily balance is calculated by adding the balance balance the account for each day of the period and dividing that figure by the number of days in the period.  The period we use is the quarterly statement cycle.
Accrual of dividends on noncash deposits - Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations:
You may not make any withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party.

Daily IRA Flex Account
Rate Information:
The dividend rate and annual percentage yield may change every dividend period.  We may change the dividend rate for your account as determined by the credit union board of directors.
Compunding Compounding crediting - Dividends will be compounded every quarter.  Dividends will be credited to your account every quarter.
Dividend period - For this account type, the dividend period is quarterly, for example, the beginning date of the forst first period of the calendar year is January 1, and the ending date of such dividend period is March 31.  All other dividend periods follow this same pattern of dates.  The dividend declaration date is the last day of the dividend period, and for the example above is March 31.
If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements:
No minimum balance requirements apply to this account.
Average daily balance computation method - Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period.  The average daily balance is calculated by adding the balamce balance the account for each day of the period and dividing that figure by the number of days in the period.  The period we use is the quarterly statement cycle.
Accrual of dividends on noncash deposits - Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations:
You may not make any withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party.

Share Draft Account
Minimum balance requirements:
No minimum balance requirements apply to this account.
Transaction limitations:
No transaction limitations apply to this account.

__________  IRA/Certificate of Deposit
Rate Information -
The interest rate on your account is _________% with an annual percentage yield of _________%.  You will be paid this rate until first maturity.
Compounding frequency - Unless otherwise paid, interest will be compounded every _______________________________________________________.
Crediting frequency - Interest will be credited to your account every _____________ .
Alternatively, you may choose to have interest paid to you or to another account every ________________ rather than credited to this account.
Minimum balance balance:
The minimum balance required to open this account is $___________.
You must maintain a minimum daily balance of $____________ in your account each day to obtain the disclosed annual percentage yield.
Daily balance computation method - Interest is calculated by the daily balance method which applies a daily periodic rate to the balance balance the account each day.
Accrual of interest in noncash deposits - Interest will begin to accrue on the business business you deposit noncash items (for example, checks) to your account.
Transaction limitations:
After the account is opened, you may not make deposits into the account until the maturity date stated on the account.
You may make withdrawals withdrawals principal from your account before maturity only if we agree at the time you request the withdrawal.  Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty.
You can only withdraw interest interest maturity if you make arrangements arrangements us for periodic payments of interest in lieu of crediting.
Time Requirements - Your account will mature ___________________________________________.

Callable account - We may redeem this account , at our option, at any time.
Early withdrawal penalties ( penalty may be imposed for withdrawals before maturity) - The penalty we may impose will equal six months interest on the amount withdrawn subject to penalty.
In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty.  See your plan disclosure if this account is part of an IRA or other tax qualified plan.

Withdrawal of interest prior to maturity - The annual percentage yield is based on an assumption that interest will remain in the account until maturity.  A withdrawal will reduce earnings.

Automatically renewable account - This account will automatically renew at maturity.  You may prevent renewal if you withdraw the funds in the account at maturity (or within the grace period mentioned below, if any) or we receive written notice from you within the grace period mentioned below, if any.  We can prevent renewal if we mail notice to you at least 30 calendar days before maturity.  If either you or we prevent renewal, your deposit will be placed in an interest-bearing account.
Each renewal term will be the same as the original term, beginning on the maturity date.  Th e interest rate will be the same as we offer on new time accounts on the maturity date which have the same term, minimum balance (if any) and other features as the original time account.
You will have a grace period of ten calendar days after maturity to withdraw the funds without being charged an early withdrawal penalty.

Non-automatically renewable account - This account will not automatically renew at maturity.  If you do not renew the account, your deposit will be placed in a dividend-bearing account.

 


 

MasterCard Credit Disclosures

ANNUAL PERCENTAGE RATE (APR) FOR PURCHASES
CLASSIC
PLATINUM
16.56%
7.49%
OTHER APRs
CLASSIC
PLATINUM
Balance Transfers APR: 16.56%
Cash Advances APR: 16.56%
Balance Transfers APR: 7.49%
Cash Advances APR: 7.49%
MINIMUM FINANCE CHARGE
ANNUAL MEMBERSHIP FEE
CLASSIC
PLATINUM
CLASSIC
PLATINUM
-0-
-0-
$25.00
-0-
GRACE PERIOD FOR REPAYMENT OF THE BALANCE FOR PURCHASES
CLASSIC
PLATINUM
25 Days
25 Days
LATE PAYMENT FEE
OVER THE LIMIT FEE
CLASSIC
PLATINUM
CLASSIC
PLATINUM
$25.00
$25.00
$25.00
$25.00
INTERNATIONAL TRANSACTION FEE
1% of Foreign Transactions
METHOD OF COMPUTING THE BALANCE FOR PURCHASE
Average Daily Balance including new purchases
This information was purchased on November 1, 2005, and was accurate as of that date. This information is subject to change after if was printed. You should contact us for any change in this information since it was printed. You may write us at 600 Layfayette East, Detroit, MI 48226-2946 for this purpose.

 


 

 

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Copyright 2010. Health One Credit Union. All Rights Reserved..
This credit union is federally insured by the National Credit Union Administration.
Accounts and shares of members are insured by the Administration to at least
$
250,000 for each member or shareholder.