Utah Community Credit Union

Savings Rates

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Main Savings

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Money Market

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Daily Savings

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Individual Retirement Account

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MoneySmart Money Market

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Youth Savers

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MoneySmart Certificates

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Regular CD's & IRA CD's (Certificates)

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TRUTH-IN-SAVINGS DISCLOSURES

Except where specifically described, the following disclosures apply to all of the accounts:
 
Rate Information - The dividend rates for all Savings, Checking, IRA, and Savings Certificate accounts are determined at the discretion of the board of directors. Savings, Plus Savings, Money Market Savings, Youth Savers, IRA, and Checking accounts are tiered rate accounts. The dividend rate and annual percentage yield applicable to these accounts depends on the balance ranges set forth herein. Once a balance range is met, the dividend rate and annual percentage yield for that range will apply to the full balance of your account. For Savings, Plus Savings, and Checking accounts, the dividend rate and annual percentage yield may change monthly. For Money Market Savings, IRA, and Youth Savers accounts, the dividend rate and annual percentage yield may change daily. For Savings Certificate accounts, the dividend rate and annual percentage yield are fixed and will be in effect for the term of the account. The annual percentage yield is based on an assumption that dividends will remain in the account until maturity. A withdrawal will reduce earnings. The dividend rates and annual percentage yields are accurate as of the date set forth herein.
 
Nature of Dividends- Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.
 
Compounding and Crediting - Dividends will be compounded monthly and credited monthly. The dividend period is monthly. The dividend period begins on the first calendar day of each month and ends on the last calendar day of the month. The dividend declaration rate is the same as the ending date of the dividend period. If you close your account before dividends are paid, you will not receive the accrued dividends.
 
Dividend Computation - For Savings, l Plus Savings, l Checking, and Savings Certificate accounts, dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. For the Money Market, IRA, and Youth Savers accounts, dividends are calculated by the daily balance method, which applies a daily periodic rate to the balance in the account each day.
 
Accrual of Dividends on Noncash Deposits - Dividends will begin to accrue on the business day you place noncash items (for example, checks) into your account.
 
Minimum Balance Requirements - The minimum balance requirements to open an account and to obtain the disclosed annual percentage yield are set forth herein.
 
Account Limitations - For Money Market and Youth Savers accounts, transaction limitations will apply. No more than six preauthorized, automatic or telephone transfers may be made from these accounts to another account of yours or to a third party in any month, and no more than three of the six transfers may be made by check, draft, debit card (if applicable), or similar order to a third party. If you exceed these limitations, your accounts may be subject to a fee or be closed. For Savings and Checking, no transaction limitations apply. Bylaw Requirements - You must complete payment of one share into your Savings account as a condition of admission to membership. The par value of a share is $5.00. If at any time your balance falls below the par value of one share and you do not increase the balance to at least the par value of one share within six months of the reduction, you may be terminated from membership.
 
Savings Certificate and IRA Certificate & Youth Savers Features
Transaction limitations - You may not make additions into a Savings Certificate or IRA Certificate account after it has been initially funded. Exceptions apply. You may elect to have dividends transferred automatically to another account at the credit union. You may elect to have your dividends mailed to you by check.
Maturity - Your Savings Certificate or IRA Certificate account will mature on the maturity date set forth on your account receipt or maturity notice. Youth Savers accounts mature on your 18th birthday.
Early withdrawal penalty for Certificates of Deposit - We may impose an early withdrawal penalty if you withdraw any of the principal before the maturity date.
(a) Amount of penalty - For Savings Certificates and IRA Certificates, the penalty we may impose will equal 180 days dividends on the amount withdrawn. There are certain circumstances, such as the death or incompetence of an owner, where we may waive or reduce this penalty. See your plan disclosure if this account is part of an IRA or other tax-qualified plan.
(b) How the penalty works - For Savings Certificates and IRA Certificates, the penalty is calculated as a forfeiture of part of the dividends that has been or would be earned on the account. It applies whether or not the dividends have been earned. If the account has not yet earned enough dividends or the dividends have already been paid, the penalty will be deducted from the principal.
Renewal policy - Your Savings Certificates and IRA Certificates will be automatically renewed at maturity for another term. You have a grace period of ten days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty. You may elect not to have your Certificate account renewed automatically.
Nontransferable/Nonnegotiable - Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation of an owner, except obligations with the credit union.
NCUA Equal Housing Lender
Utah Community Credit Union, PO Box 1900, Provo, Utah 84604, 1 (800) 453-8188. All Rights Reserved. Utah Community Federal Credit Union does business as (DBA) Utah Community Credit Union. Unauthorized account access or use is not permitted and may constitute a crime punishable by law.