Truth-in-Savings

Disclosure for share accounts

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 Regular Savings, Holiday Club, IRA Savings, Roth IRA Savings, Coverdell Education Savings, Money Maker, and Checking accounts.

The Dividend Rate and Annual Percentage Yield may change at any time as determined by the Credit Union’s Board of Directors. The Dividend Rates and Annual Percentage Yields are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.

Nature of Dividends

Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.

Dividend Compounding and Crediting

The compounding and crediting frequency of dividends and dividend period applicable to each account are stated in our account disclosure given to members when opening the account. The Dividend Period is the period of time at the end of which an account earns dividend credit. The Dividend Period begins on the first calendar day of the period and ends on the last calendar day of the period.

Accrual of Dividends

For all accounts, dividends will begin to accrue on non-cash deposits (e.g. checks) on the business day you make the deposit to your account.

Balance Information

To open any account you must deposit or already have on deposit at least the Par value of one full share in a Regular Savings Account. The par value amount is stated as $5.00. Some accounts may have additional minimum opening requirements. The minimum balance requirements applicable to each account are given to you in our account disclosure at opening.

Account Limitations

For Money Maker and Savings no more than six (6) preauthorized, automatic or telephone transfers may be made from each account to another account or to a third party.

For Holiday Club accounts, the entire balance will be transferred to another account of yours at KCU on or after May 1 or Nov 1.