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 for share savings accounts is monthly.  The dividend declaration date is the last business day of the dividend period. The Board of Directors reserves the right to declare or withhold dividends at their discretion.

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

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: $3.00 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 thirty months (or two and a half 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: $25.00
  • Overdraft fee: $25.00
  • Check Copy request: $25.00
  • Statement Copy request: $3.00 per month
  • An inactive account fee of $10.00 will be charged every month if there has been no activity in the account during the prior thirty months (or two and a half years).

ATM Withdrawal and Transaction Fees:

  • Free at Uptown branch, 1011 W. Lawrence Ave.
  • $1.50 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 $1.50 fee from North Side Community FCU.

All share draft accounts consist of a savings sub-account. A savings account is required of all members, and minimum balance requirements cannot be waived. 

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  variable based on the term of the CD.  Please contact the credit union for current rates.  You will be paid this rate until maturity.

Compounding frequency: Unless otherwise paid, dividends will be compounded every day. Dividends are paid as a lump sum at maturity.

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 any withdrawal from an interest-bearing account other than a time deposit, or from any other savings account as defined by Regulation D. All savings accounts are governed by Regulation D, which limits the number of transactions on Share Savings Accounts not performed in person to six per month.

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