Truth-in-Savings Disclosure and Fees

Share Savings Account

Minimum balance requirements: The minimum balance required to open this account is $15.00. You must maintain a minimum daily balance of $5.00 in your account each day to obtain the disclosed annual percentage yield.

Nature of dividends: Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period. (This disclosure further explains the dividend feature of your non-term share account(s).)

Rate Information: The dividend rate and annual percentage yield may change every quarter. We may change the dividend rate for your account as determined by the credit union’s board of directors.

Dividend period: For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period and for the example above is March 31.

Compounding and crediting: Dividends will be compounded on a daily basis and credited to your account every quarter.

Daily balance computation method: Dividends are calculated by the daily balance method that applies a daily periodic rate to the balance in the account each day.

Accrual of dividends on non-cash deposits: Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account

Transaction limitations:
No transaction limitations apply to this account unless otherwise stated in the Common Features section.

Fees and charges:

  • If your balance falls below $100.00 when you conduct a withdrawal, a $1.00 fee will be charged.
  • If your balance falls below $50.00 when you conduct a withdrawal, a $5.00 fee will be charged.
  • Statement Copy request: $2.00 per quarter
  • An inactive account fee of $10.00 will be charged every month if there has been no activity in the account during the prior four years.

Share Draft “Checking” Account

Rate Information: Share Draft “Checking” Accounts do not earn dividends.

Minimum balance requirements: There are no minimum balance requirements, but you are required to have $100.00 frozen in your Share Savings Account in order to have a Share Draft “Checking” Account. $50.00 is required as a minimum deposit in the share draft account.

Fees and charges:

  • Stop payment of check: $20.00
  • Overdraft fee: $20.00
  • Check Copy request: $20.00
  • Statement Copy request: $2.00 per quarter
  • An inactive account fee of $10.00 will be charged every month if there has been no activity in the account during the prior four years.

ATM Withdrawal and Transaction Fees:

  • Free at Uptown branch, 1011 W. Lawrence Ave.
  • $1.00 if used within participating surcharge-free network www.co-opnetwork.org.
  • Other ATMs and point of sale purchases with ATM card are subject to service fees plus $1.00 fee from North Side Community FCU.

All share draft accounts consist of a savings sub-account. Funds available in a share savings sub-account will be used to cover share draft ACH, ATM, and check withdrawals when there are not enough funds to cover these withdrawals in the share draft account.  Funds in the savings sub-account will automatically transfer into the share draft account to cover these withdrawals.  There is no fee for this automatic transfer.

Holiday Club Account

Minimum balance and deposit requirements: A $15.00 minimum deposit is required. A $5.00 minimum balance requirement applies to this account.

Maximum balance limitations: A $5,000 maximum balance limitation applies to this account. Each year after December 31st any balance amount over $5,000 will be transferred to your primary share account.

Transaction limitations: You are allowed to withdraw funds from this account from October 1st through December 31st without a penalty. Any withdrawals outside of this time period will incur a $15.00 withdrawal fee

Rate Information: The dividend rate and annual percentage yield is set on January 1st of every year. We may change the dividend rate for your account as determined by the credit union’s board of directors.

Compounding and crediting: Dividends will be compounded on a monthly basis. Dividends will be credited to your account every month.

Dividend period: For this account type, the dividend period is monthly.

Share Certificate Account

Minimum balance requirements: The minimum balance required to open this account is $2,500.

Transaction limitations: After the account is opened, you may not make additions into the account until the maturity date stated on the account.

You may make withdrawals of principal from your account before maturity. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty.

You can withdraw dividends before maturity if you make arrangements with us for periodic payments of dividends in lieu of crediting the account.

Rate Information: The dividend rate on your certificate is  %%%% with an annual percentage yield of %%%%.  You will be paid this rate until maturity.

Compounding frequency: Unless otherwise paid, dividends will be compounded every day.

Crediting frequency: Dividends will be credited to your account monthly, quarterly, and at maturity. Alternatively, you may choose to have dividends paid to you or to another account once dividends are credited rather than credited to this account.

Daily balance computation method: Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.

Dividend period: For this account type, the dividend period is the same as the term.

Common Features

Transaction limitation We reserve the right to at any time require not less than seven days notice in writing before   each withdrawal from an interest-bearing account other than a time deposit, or from any other savings account as defined by Regulation D.

National Credit Union Share Insurance Fund Member accounts in this credit union are federally insured up to $250,000 by the National Credit Union Share Insurance Fund.

Common Features

Transaction limitation We reserve the right to at any time require not less than seven days notice in writing before   each withdrawal from an interest-bearing account other than a time deposit, or from any other savings account as defined by Regulation D.

National Credit Union Share Insurance Fund Member accounts in this credit union are federally insured up to $250,000 by the National Credit Union Share Insurance Fund.

Important Information About Procedures for Opening a New Account

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.  We may also ask to see your driver’s license or other identifying document