816 Elmwood Avenue Rear Buffalo, NY 14222 Phone: (716) 881-3767 Home Banking Loan Application

TRUTH IN SAVINGS DISCLOSURE:

This brochure is intended to provide you with information about accounts offered by this Credit Union. The dividend rate, annual percentage yield, minimum balance requirements, fees and other information are included so that you may make an informed decision about investing with us.

Should you have any additional questions, please call us at: (716) 881-3767

SHARE SAVINGS ACCOUNTS – 

Last Dividend Paid: ____/____/_______

 

*Annual Percentage Yield

Daily Balance Calculation Method:

Under the daily balance method, the dividend is computed by applying a daily periodic rate to the full amount of principal in the account each day, beginning on the day of the initial deposit.  Dividends are calculated only for those days that the balance in your account was $25.00 or more. Dividends will be compounded quarterly and will be credited quarterly. If you close your account before dividends are credited, you will not receive dividends for the period in which you closed your account.

Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.  Dividend rate and annual percentage yield may change quarterly as determined by the Credit Union’s Board of Directors.

SHARE SAVINGS STATEMENTS  

ARE MAILED QUARTERLY.

FUNDS AVAILABILITY POLICY DISCLOSURE:

Our Policy is to make funds deposited at our 816 Elmwood Avenue office available to you according within the parameter of Regulation CC. The first $100.00 of a deposited check is available the same day you make your deposit. The remainder is available the next business day.

It is important to note that this does not mean that the check has cleared the maker’s account. It can take as long as 10 business days before the Credit Union is informed that a check which was deposited is not being paid. If you have doubts if a check is “good”, you should wait 10 business days before you use those funds.

Deposits may be made to our drop box at the Lexington Co-op during Co-op business hours. These funds will be posted on the day they are removed from the box (which is emptied each day before teller hours) and made available as above.

Electronic Direct Deposits will be available to you on the day we receive the deposit.

Determining the Availability

Every day is a business day except Saturdays, Sundays, and Federal Holidays.

LONGER DELAYS MAY APPLY

In some cases, funds you deposit may be delayed for a longer period under the following circumstances:

➢ Deposits to open an account (other than cash or Bank Draft) will be made available on the fifth business day after your deposit. An extended hold may be placed on checks deposited to new accounts for the 1st 30 days. (This does not apply to existing members in good standing who open additional accounts).

➢Large check deposits totaling over $5,000 – up to 7 business days on amount over $5,000.

➢Your account has been overdrawn more than twice within the past 30 days

➢ Foreign checks will be made available on the fifth business day from deposit and subject to exchange rate adjustment for 30 days from the date of deposit.

 

MINIMUM BALANCE & 

INACTIVE ACCOUNT FEES*

Share Savings accounts in which the balance falls below the required minimum balance in any quarter will be charged $5.00 on the last day of that quarter.  When the balance reaches zero the account will be closed.

Inactive Share Draft (checking) will be charged $5.00 in any month when there has been no activity in the preceding 365 days.

*These fees are not considered account activity.

Members accounts in this credit union are federalLY insured by the national credit union share insurance fund