The Truth-In-Savings Act governs the disclosure of rate information, frequency of compounding and crediting, balance information, fees, bonuses, and certain features of term share accounts, as well as the method of calculation and payment of dividends. Truth-In-Savings requires all federal and state-chartered credit unions to be in compliance by January 1, 1995. The disclosures contained herein are to be used in conjunction with those stated following this section, and with the separate Service Fee Disclosure.
Par Value of Share. The par value of a regular share in this credit union is $25.00.
Federal Insurance. Members' accounts in the Credit Union are federally insured to $100,000 by the National Credit Union Share Insurance Fund.
Holds on Deposits. Refer to our separate Funds Availability disclosure.
Payroll Deduction. Payroll deduction deposits can be made to share savings, money market, share draft checking, Holiday club, education savings accounts, and IRA share accounts. The minimum deduction is $5.00 per account.
Collection and Handling of Funds. All items cashed or deposited will be handled by the Credit Union as agent for the member(s), subject to charge back or refund if for any reason final payment is not received in a form acceptable to the Credit Union. If a claim is made with respect to any item, subsequent to final payment, on the grounds that such item was altered or bore a forged or unauthorized endorsement or was otherwise not properly payable, the Credit Union may withhold an amount equal to the amount claimed from the Account until a final determination of such claim is made. All deposits are received and credited by the Credit Union subject to final collection. Collected funds to cover withdrawals must be on deposit the day before withdrawal is presented.
This Account is subject to the rules and regulations of the Credit Union, and especially the following Rules and Regulations for Share Accounts:
Rate. Your Share Account (Savings) earns a dividend at a tiered rate. The rates are variable and are at the sole discretion of the Credit Union, and are determined by the Credit Union's Board of Directors. See balance information below for details on tier levels. The Credit Union may change the dividend rate(s) and annual percentage yield(s) for your account(s) at any time. The dividend rate and annual percentage yield for this account are available on our Rate Sheet and are posted in our branches. You may also call TeleBranch 24 at 410-955-4500 or l-800-JHFCU7O for current rates, or visit our Internet Branch at www.jhfcu.org.
Balances. The minimum balance to open and maintain an account and to be a member in good standing is $25.00 (one full share). The minimum balance to earn dividends and the stated annual percentage yield is $25.00. The minimum balance to earn a higher annual percentage yield is $5,000.00. Corresponding annual percentage yields for the above balances are included in the Money Matters newsletter, are posted in the Credit Union's branch offices, are available by calling TeleBranch 24, and are listed on our Internet Branch at www.jhfcu.org.
Compounding and Dividend Period. Dividends are accrued daily from date of deposit to date of withdrawal and compounded daily, and are credited to your account balance quarterly. The dividend period for the first quarter is January 1 - March 31. All other periods follow the same pattern of dates. The dividend is posted to your account on the first day of the next quarter ending March 31, June 30, September 30, and December 31.
Balance Computation Methods. Dividends are calculated using the "daily balance method" which applies a daily periodic rate to the actual balance in the account each day. Balances are based on the ledger balance method. The actual amount of funds on deposit at the close of the business day will be considered on deposit for the full day for dividend earning purposes.
Nature of Dividends. Dividends are paid at the end of a dividend period from current income and availableearningss, after required transfers to reserves and thus dividends cannot be guaranteed.
Accrual of Dividends. Dividends will begin to accrue as of the date you deposit cash or a non-cash item (for example, checks) to your account.
Effect of Closing the Account. If you close the account prior to the regular dividend posting date, you will be paid any accrued dividends as of the date you close the account.
Fees. All applicable fees and charges are determined periodically by the Credit Union and are listed on the corresponding Service Fee Disclosure. Fees may reduceearningss on your account.
Transaction Limitations. Withdrawals made in any of our Credit Union branches from Share Savings are limited to three per month. Each withdrawal made in excess of this number will be subject to a fee as disclosed in the Service Fee Disclosure. Also, during any statement period, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a pre-authorized or automated transfer or tele-phonic order or instruction. No more than three of the six transfers may be made by check, draft, debit card, if applicable, or similar order to a third party.
Credit Union bylaws give the Credit Union the authority to impose a notice of up to 60 days for withdrawal of shares.
This Account is subject to the rules and regulations of the Credit Union, and especially the following Rules and Regulations for Money Market Accounts. Rules and regulations governing the use of Money Market Accounts may be revised or amended by the Credit Union at any time.
Rate. Your Money Market Account earns a dividend at a variable rate. The dividend rate and annual percentage yield are at the discretion of the Credit Union, and are determined by the Credit Union's Finance Committee. The rate and corresponding annual percentage yield may change at any time. The dividend rate and annual percentage yield for this account are set forth in the Rate Sheet in the branches, are on our TeleBranch 24 , and on our Internet Branch at www.jhfcu.org.
Balances. The minimum balance to open and maintain a Money Market account and to earn dividends and the stated annual percentage yield is $10,000.00. If your balance is reduced below the stated minimum, your rate will revert to the applicable rate for Share Savings (see Balance information in the Share Savings section). Corresponding annual percentage yields for the above balances are included in the Money Matters newsletter and in the Credit Union's Rate Sheet available in branch offices, and are available on our TeleBranch 24 and Internet Branch services. Under no circumstances will the collected balance on an account be allowed to be drawn below a zero balance.Compounding and Dividend Period. Dividends are accrued daily from date of deposit to date of withdrawal and compounded daily, and are credited to your account balance quarterly. The dividend period for the first quarter is January 1 - March 31. All other periods follow the same pattern of dates. The dividend is posted to your account on the first day of the next quarter ending March 31, June 30, September 30, and December 31.
Balance Computation Methods. Dividends are calculated using the "daily balance method" which applies a daily periodic rate to the actual balance in the account each day. Balances are based on the ledger balance method. The actual amount of funds on deposit at the close of the business day will be considered on deposit for the full day for dividend earning purposes.
Nature of Dividends. Dividends are paid at the end of a dividend period from current income arid available earnings, after required transfers to reserves and thus dividends cannot be guaranteed.
Accrual of Dividends. Dividends will begin to accrue as of the date you deposit cash or a non-cash item (for example, checks) to your account.
Effect of Closing the Account. If you close the account prior to the regular dividend posting date, you will be paid any accrued dividends as of the date you close the account.
Fees. All applicable fees and charges are determined periodically by the Credit Union and are listed on the corresponding Service Fee Disclosure and are subject to change. Fees may reduce earnings on your account.
Transaction Limitations. Withdrawals made in any of our Credit Union branches from Money Market Accounts are limited to two per month. Each withdrawal made in excess of this number will be subject to a fee as disclosed in the Service Fee Disclosure. Also, during any statement period, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a pre-authorized or automated transfer or telephonic order or instruction. No more than three of the six transfers may be made by check, draft, debit card, if applicable, or similar order to a third party. Withdrawals or transfers in excess of these limitations may subject the account to loss of transfer capabilities or to being closed by the Credit Union.
Deposits in Money Market Accounts may be withdrawn at any time. However, Credit Union bylaws give the Credit Union the authority to impose a notice of up to 60 days for withdrawal of shares.
The Credit Union reserves the right, at its discretion, to refuse a Money Market Account or further deposits in any existing Money Market Account. The Credit Union also reserves the right, at its sole discretion, to discontinue or limit the practice of allowing withdrawals of any type, and to terminate the Account at any time upon notice to the member(s).
This Account is subject to the rules and regulations of the Credit Union, and especially the following Rules and Regulations for Holiday Club Accounts:
Rate. Your Holiday Club Account earns a dividend at a tiered rate. The rates are variable and are at the sole discretion of the Credit Union, and are determined by the Credit Union's Board of Directors. See balance information below for details on tier levels. The Credit Union may change the dividend rate(s) and annual percentage yield(s) for your account(s) at our discretion at any time. The dividend rate and annual percentage yield for this account are the same as those established for our Share Savings Accounts, as shown on the Rate Sheet in our branches.
Balances. There is no minimum balance to open a Holiday Club account. The minimum balance to earn dividends and the stated annual percentage yield is $100.00. The minimum balance to earn a higher annual percentage yield is $5,000.00. Under no circumstances will the collected balance on an account be allowed to be drawn below a zero balance.
Compounding and Dividend Period. Dividends are accrued daily from date of deposit to date of withdrawal and compounded daily, and are credited to your account balance quarterly. The dividend period for the first quarter is January 1 - March 31. All other periods follow the same pattern of dates. The dividend is posted to your account on the first day of the next quarter ending March 31, June 30, September 30, and December 31.
Balance Computation Methods. Dividends are calculated using the "daily balance method" which applies a daily periodic rate to the actual balance in the account each day. Balances are based on the ledger balance method. The actual amount of funds on deposit at the close of the business day will be considered on deposit for the full day for dividend earning purposes.
Nature of Dividends. Dividends are paid at the end of a dividend period from current income and available earnings, after required transfers to reserves and thus dividends cannot be guaranteed.
Accrual of Dividends. Dividends will begin to accrue as of the date you deposit cash or a non-cash item (for example, checks) to your account.
Effect of Closing the Account. If you close the account prior to the regular dividend posting date, you will be paid any accrued dividends as of the date you close the account.Fees. All applicable fees and charges are determined periodically by the Credit Union and are listed on the corresponding Service Fee Disclosure. Fees may reduce earnings on your account.
Transaction Limitations. Holiday Club Accounts can be opened any time during the year. There is no limit on over the counter deposits. Payroll deposits must be $5.00 or more. Credit Union bylaws give the Credit Union the authority to impose a notice of up to 60 days for withdrawal of shares.
Early Withdrawal Penalties. There is no penalty for withdrawal for the first six (6) days after the account has been opened. After the initial six day period, one withdrawal may be made before October 1st of each year subject to a penalty equal to the dividends paid during the preceding six months or $5.00, whichever is greater. The Credit Union reserves the right to discontinue or limit the practice of allowing withdrawals of any type except upon maturity (see below) and to terminate the account at any time without notice.
Maturity. Your Holiday Club matures on October 1st of each calendar year. On October 1st (or the first business day thereafter) all shares and dividends in your Holiday Club account will be automatically transferred to your regular Share Savings Account and will be available for withdrawal.
Renewal Policy. This account renews automatically on October 1st unless you instruct us otherwise. This account will remain in force until canceled in writing or by discontinuing payroll deductions by completing a payroll deduction slip. There is no grace period.
This account is designed to provide a convenient and flexible savings program offering higher yields for education purposes.
This Account is subject to the rules and regulations of the Credit Union, and especially the following Rules and Regulations for Education Savings Accounts:
Terms. There is a choice of two (2) terms; three (3) years and five (5) years. Your term affects your rate, and your transaction limitations as described in the sections below.
Rate. Your Education Savings Account has a variable rate. The dividend rates and corresponding annual percentage yields are at the sole discretion of the Credit Union, are determined by the Credit Union's Board of Directors, and are based on the term of the account you select. The Credit Union may change the dividend rate(s) and annual percentage yield(s) for your account(s) at any time. The dividend rate and annual percentage yield for the 3 year term account are the same as those established for the higher tier of our Share Savings Account. The dividend rate and annual percentage yield for the 5 year term account are the same as those for the Money Market Account. See applicable sections in this disclosure for more details. Rates and annual percentage yields are available in our branches, by calling TeleBranch 24 at 410-955-4500 or I -800-JHFCU7O, or by visiting our Internet Branch at www.jhfcu.org.
Balances. The minimum balance to open an Education Savings Account and to earn dividends and the stated annual percentage yield is $100.00 unless opened by payroll deduction. The minimum payroll deduction is $5.00 per pay. Under no circumstances will the collected balance on an account be allowed to be drawn below a zero balance.
Compounding and Dividend Period. Dividends are accrued daily from date of deposit to date of withdrawal and compounded daily, and are credited to your account balance quarterly. The dividend period for the first quarter is January 1 - March 31. All other periods follow the same pattern of dates. The dividend is posted to your account on the first day of the next quarter ending March 31, June 30, September 30, and December 31.
Balance Computation Methods. Dividends are calculated using the "daily balance method" which applies a daily periodic rate to the actual balance in the account each day. Balances are based on the ledger balance method. The actual amount of funds on deposit at the close of the business day will be considered on deposit for the full day for dividend earning purposes.
Nature of Dividends. Dividends are paid at the end of a dividend period from current income and available earnings, after required transfers to reserves and thus dividends cannot be guaranteed.
Accrual of Dividends. Dividends will begin to accrue as of the date you deposit cash or a non-cash item (for example, checks) to your account.
Effect of Closing the Account. If you close the account prior to the regular dividend posting date, you will be paid any accrued dividends as of the date you close the account.
Fees. All applicable fees and charges are determined periodically by the Credit Union and are listed on the corresponding Service Fee Disclosure. Fees may reduceearningss on your account.
Transaction Limitations. Education Savings Accounts can be opened any time during the year. There is no limit on over the counter additions to the account. Payroll deductions must be $5.00 or more.
Withdrawals made during the initial term are subject to a penalty (see below). After the initial term, withdrawals are limited to one per calendar quarter. Withdrawals made in excess of one per calendar quarter are subject to the same penalty as those made during the initial term.
Credit Union bylaws give the Credit Union the authority to impose a notice of up to 60 days for withdrawal of shares.
Early Withdrawal Penalties. There is no penalty for withdrawal for the first six (6) days after the account has been opened. After the initial six day period, withdrawals made before the end of your agreed term (3 or 5 years) are subject to a penalty equal to the dividends paid during the preceding six months or $15.00, whichever is greater. The Credit Union reserves the right to discontinue or limit the practice of allowing withdrawals of any type and to terminate the account at any time without notice.
Maturity. Your Education Savings Account matures at the end of your initial 3 or 5 year term as selected. The shares and dividends will then be available for withdrawal subject to the limitations above. The account will continue to earn the same rate and annual percentage yield, and may change, as described in the Rate section above.
Renewal Policy. This account does not renew automatically. Once your initial term is complete you are entitled to make withdrawals and to deposit monies as described in the Transaction Limitations section above. However, unless you instruct us otherwise, payroll deductions to this account will remain in force until canceled in writing or by completing a payroll deduction slip. There is no grace period.
This Account is subject to the rules and regulations of the Credit Union, and especially the following Rules and Regulations for the Savings Bond Account. Please note that this disclosure only applies to the account used to accrue money for purchase of a U.S. Savings Bond. This disclosure does not apply to the Savings Bond itself.
Rate. The Savings Bond Account earns no dividends.
Balances. There is no minimum balance to open or maintain this account, Compounding and Dividend Period. Not applicable for this account.
Balance Computation Methods. Not applicable for this account.
Nature of Dividends. Not applicable for this account.
Accrual of Dividends. Not applicable for this account.
Effect of Closing the Account. Since the account does not earn dividends, there will be no effect on dividends if you close the account. However, you will not be allowed to re-open the account for the period of one year after closing the account.
Fees. All applicable fees and charges are determined periodically by the Credit Union and are listed on the corresponding Service Fee Disclosure. Fees may reduce earnings on your account.
Transaction Limitations. Transactions to purchase U.S. Savings Bonds will be made when the balance in the account equals the purchase price of the Bond you have designated the Credit Union to purchase on your behalf. Purchases for Bonds will be processed once a week. You may not make any other withdrawals from this account unless you are closing the account.
This Account is subject to the rules and regulations of the Credit Union, and especially the following Rules and Regulations for Share Draft Checking Accounts:
Rate. Your Share Draft Checking Account earns a dividend at a variable rate. The rate is solely at the discretion of the Credit Union, and is determined by the Credit Union's Board of Directors. The Credit Union may change the dividend rate and annual percentage yield for your account at any time. The dividend rate and annual percentage yield for this account are available on our Rate Sheet, and are posted in our branches and on our Internet Branch at www.jhfcu.org. You may also call TeleBranch 24 at 410-955-4500 for current rates.
Balances. There is no minimum balance to open or maintain a Share Draft Checking Account. The minimum balance to earn dividends and the stated annual percentage yield is $500.00.
Compounding and Dividend Period. Dividends are accrued daily from date of deposit to date of withdrawal and compounded daily, and are credited to your account balance monthly. The dividend period is monthly starting with the first day of each calendar month. The dividend period for the first month is January 1 - January 31. All other periods follow the same pattern of dates. The dividend is posted to your account on the first day of the next month.
Balance Computation Methods. Dividends are calculated using the "daily balance method" which applies a daily periodic rate to the actual balance in the account each day. Balances are based on the ledger balance method. The actual amount of funds on deposit at the close of the business day will be considered on deposit for the full day for dividend earning purposes.
Nature of Dividends. Dividends are paid at the end of a dividend period from current income and available earnings, after required transfers to reserves and thus dividends cannot be guaranteed.
Accrual of Dividends. Dividends will begin to accrue as of the date you deposit cash or a non-cash item (for example, checks) to your account.
Effect of Closing the Account. If you close the account prior to the regular dividend posting date, you will be paid any accrued dividends as of the date you close the account.
Fees. All applicable fees and charges are determined periodically by the Credit Union and are listed on the corresponding Service Fee Disclosure. Fees may reduce earnings on your account.
Transaction Limitations. There are no limitations on withdrawals made from this account. The Credit Union may close your account and transfer the balance to Share Savings after a period of inactivity.
