Certificates

Share Certificates

TRUTH-IN-SAVINGS DISCLOSURE

The rates, fees and terms applicable to your account at the Credit Union are provided in this Truth-In-Savings Disclosures.  The Credit Union may offer other rates for these accounts from time to time.

    * Relationship pricing

Except as specifically described, the following disclosures apply to all of the accounts.
All accounts described in this Rate and Fee Schedule 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 Term Share Certificate accounts, The Dividend Rate and Annual Percentage Yield may change monthly as determined by the Credit Union's Board of Directors.  For accounts subject to dividend compounding, the Annual Percentage Yield is based on an assumption that dividends will remain on deposit until maturity. A withdrawal of dividends will reduce earnings.

2. Dividend Period. For each account the dividend period is the account's term.  The dividend period begins on the first day of the term and ends on the maturity date.

3. Dividends Compounding and Crediting. The compounding and crediting frequency of dividends are stated in the Rate Schedule.

4. Balance Information. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. To open any account you must deposit or already have on deposit at least the par value of one full share in a Share/Savings account.  the par value amount is stated in the Fee Schedule.  Some accounts may have additional minimum opening deposit requirements.  For Term Share Certificate accounts, dividends are calculated by the Daily Balance method, which applies a periodic rate to the balance in the account each day.

5. Accrual of Dividends. For Term Share Certificate 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. For Term Share Certificate Accounts, after your account is opened you may make withdrawals subject to the early withdrawal penalties stated below.

7. Maturity. Your account will mature as indicated on this Truth-In-Savings Disclosure or on your Account Receipt or Renewal Notice.

Early Withdrawal Penalty. We will impose a penalty if you withdraw any of the principal before the maturity date.

Amount of Penalty. For Term Share Certificate accounts the amount of the early withdrawal penalty is based on the term of your account.  The penalty schedule is as follows:
        Terms of 1 Year or less                       90 days dividends
        Terms of greater than 1 Year            180 days dividends

How the 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 Early Withdrawal Penalties. At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances:

(i) When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.

(ii) Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after establishment; or where the account is a Keogh Plan (Keogh) provided that the depositor forfeits an amount of at least equal to the simple dividends earned in the amount withdrawn; or where the account is an IRA or Keogh and the owner attains age 59 1/2 or becomes disabled.

Renewal Policy. The renewal policy for your accounts is stated in the Rate Schedule.  For Term Share Certificate accounts, your account will automatically renew for another term upon maturity.  You have a grace period of 10 days after maturity in which to withdraw funds n the account without being charged an early withdrawal penalty.

Nontransferable/Nonnegotiable. Your account is nontransferable and nonnegotiable.

Share Value

Par value of one share..........................................................$5.00

The rates and fees appearing in this Schedule are accurate as of the Effective Date indicated on the Truth-In-Savings Disclosure.  If you have any question or require current rate and fee information on your accounts, please call the Credit Union.

PO Box 305 Tombstone, AZ 85638
e-mail:  info@tombstonefcu.org
Telephone 520-457-3551 Fax 520-457-3218