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IRA Accounts Disclosure

Except as specifically described the following disclosures apply to all IRA accounts.

IRA Accounts Disclosure

Except as specifically described the following disclosures apply to all IRA accounts.


    The Dividend Rate and Annual Percentage Yield on your accounts are stated on the rate page. The Annual Percentage Yield is the percentage rate that reflects the total of dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period. For IRA Certificates, the Dividend Rate and Annual Percentage Yield are fixed and will be in effect for the term of the account. The Annual Percentage Yield is based on an assumption that dividends will remain on deposit until maturity. A withdrawal will reduce earnings. For IRA Savings accounts, the Dividend Rate and Annual Percentage Yield may change monthly as determined by our Board of Directors.


    Dividends will be compounded and credited as stated on the rate page. The Dividend Period for each account is also stated on the rate page. The Dividend Period begins on the first calendar day of the period and ends on the last day of the period.


    The minimum balance required to open each account is stated on the rate page. Dividends are calculated by the daily balance method, which applies a daily periodic rate to the balance in the account each day.


    Dividends will begin to accrue on cash deposits and non-cash (e.g. checks) on the business day you make the deposit to your account.


    Roth Conversion IRAs: you may not make additional deposits to your share.

    Traditional Rollover and Roth Conversion IRAs
    : You may not make additional annual contributions to your share.

    Traditional Contributory IRAs, Roth Contributory IRAs and Coverdell Education Savings Accounts: You may make additional annual contributions to your share during a term. Additions will earn dividends from date of deposit and will not change the maturity date of the investment.


    Your Certificate Account will mature within the term or at the maturity date set forth on the rate page or the maturity date set on your Renewal Notice.


    We may impose a penalty if you withdraw any of the principal before the maturity date or the renewal date.

    Amount of Certificate Account Penalty
    Premature Withdrawal Penalties:
    6-month term: 90-days' dividends
    1-year term: 180-days' dividends
    2-year term: 180-days' dividends

    How the Certificate Account Penalty Works

    The penalty is calculated as a forfeiture of part of the dividends that have been or would be earned on the account. It applies whether or not the dividends have been earned. In other words, if the account has not yet earned enough dividends or if the dividend has already been paid, the penalty will be deducted from the principal.

    Exceptions to Certificate Account Premature Withdrawal Penalties

    At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances

    1. When an account owner dies or is determined legally incompetent or disabled by a court or other body of competent jurisdiction.
    2. When a withdrawal is made within ten (10) calendar days after a specified maturity date.
    3. When the withdrawal is set up to occur automatically under a planned distribution program AND the depositor is at least 59 1/2 years old.


    Your account is an automatically renewable account. Your account will automatically renew unless you instruct the Credit Union otherwise in writing. You have a ten (10)-calendar-day grace period after the maturity date in which to withdraw funds or change terms in the account without being charged a premature withdrawal penalty.

    Your account is nontransferable/nonnegotiable. The funds in your account may not be pledged to secure any obligations of an owner.


The rates appearing in this Rate and Fee Schedule are for IRA accounts as of the date indicated on the rates page. If you have any questions or require current rate information on your accounts, please contact us.