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REGULAR SHARE ACCOUNT DISCLOSURES

Following are the prospective rates and the anticipated annual yields on your account for the dividend period.
These are Tiered Rate Accounts - METHOD A WITH A YIELD QUOTED FOR EACH TIER.
Dividends are paid monthly.
 
Rate information tier 1: If your daily balance is $500.00 or more but less than $10,000.00, the dividend rate paid on the entire balance in your account will be .20%, with a prospective annual percentage yield (APY) of .20%.
 
Rate information tier 2: If your daily balance is $10,000.00 or more, but less than $50,000.00, the dividend rate paid on the entire balance in your account will be .25%, with a prospective annual percentage yield (APY) of .25%.
 
Rate information tier 3: If your daily balance is $75,000.00 or more, the dividend rate paid on the entire balance in your account will be .35%, with a prospective annual percentage yield (APY) of .35%.
 
The Dividend rate and annual percentage yield may change every month
as determined by the Credit Union Board of Directors.
 
1. To obtain the annual percentage yield disclosed: You must maintain a minimum daily balance of $ 500.00 in your account each day to obtain the disclosed annual percentage yield. A specified dividend rate may result in a lower effective yield based upon account activity or the actual balance of the account on which dividends will be paid.   No maximum or minimum percentage of change, either increase or decrease, has been set.
 
2. Compounding and crediting: Dividends will be compounded and credited MONTHLY. For this account type, the dividend period is MONTHLY, 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 JANUARY 31. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period, and for the example is FEB. 1. If you close your regular share account before dividends are credited, you will not receive accrued dividends.
 
3. Minimum balance requirements: The minimum balance to open this account is the purchase of a $10.00 share in the Credit Union. You must maintain a minimum daily balance of $1,000.00 in your account to avoid a service fee. If, during any day during a MONTH, your account balance falls below the required minimum daily balance, a service fee of $1.00 for ANY AMOUNTS WITHDRAWN will be charged. MINIMUM BALANCE REQUIRED TO EARN DIVIDENDS IS $500.00.
 
4. Balance computation method: Dividends are calculated by the average daily balance method .The average daily balance is determined by adding the full amount of principal in the account for each day of the period and dividing that figure by the number of days in the period.
 
5. Accrual of dividends: Dividends will begin to accrue on the business day you deposit non-cash items (e.g., checks) to your account. Dividends begin to accrue on cash deposits on the business day funds are received.
 
6. Fees and charges: SEE FEE SCHEDULE
 
7. Transaction limitations: The Credit Union reserves the right to require a member intending to make a withdrawal from any account, except a checking account, to give written notice of such intent not less than seven (7) days and up to sixty (60) days before such withdrawal. We may refuse to allow a withdrawal in some situations, and we will advise you accordingly: for example: (1) a dispute between account owners (unless a court has ordered the credit union to allow the withdrawal); (2) a legal garnishment or attachment is served: (3) the account secures any obligation to us; (4) required documentation has not been presented; (5) you fail to repay a credit union loan on time.
 
8. Nature of dividends: Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period. The Board of Directors reserves the right to change the dividend rate at the end of each dividend period. Rate changes are solely at the Credit Union's discretion.
 
9. Bylaw Requirements: A member who fails to complete payment of one share within SIX MONTHS of his admission to membership, or within SIX MONTHS from the increase in the par value in shares, or a member who reduces his share balance below the par value of one share and does not increase the balance to at least the par value of one share within SIX MONTHS of the reduction may be terminated from membership at the end of a dividend period. [All blanks should be filled with time chosen by credit union board of directors, but must be at least 6 months.] Shares may be transferred only from one member to another, by written instrument in such form as the Credit Union may prescribe. The Credit Union reserves the right, at any time, to require members to give, in writing, not more than 60 days notice of intention to withdraw the whole or any part of the amounts so paid in by them. No member may withdraw shareholdings that are pledged as required on security on loans without the written approval of a loan officer, except to the extent that such share(s) exceed the member's total primary and contingent liability to the Credit Union. No member may withdraw any shareholdings below the amount of his/her primary or contingent liability to the Credit Union if he/she is delinquent as a borrower, or if borrowers for whom he/she is co-maker, endorser, or guarantor are delinquent, without the written approval of a loan officer.
 
10.  Par value of shares; Dividend period: The par value of a regular share in this Credit Union is $ 10.00. The dividend period of the Credit Union is MONTHLY.
 
11MEMBER INSURANCE: Member accounts in this Credit Union are federally insured by the National Credit Union Share Insurance Fund.
 
12. Other Terms and Conditions:

Minors: The Credit Union may accept accounts from or on behalf of minors. We may require any account established by a minor to be a joint account with an owner who has reached the age of majority under state law and who shall be jointly and entirely liable to us for any returned item, or unpaid charges or amounts on such accounts. We may pay funds directly to the minor without regard to his or her minority. Unless a guardian or parent is an account owner with the minor, the guardian or parent shall not have any account access rights.   We have no duty to inquire about the use or purpose of any transaction. We will not change the account status when the minor reaches the age of majority, unless authorized in writing by all account owners. The relationship between the Credit Union and any such minor person in connection with such account shall be in all respects the same as if the minor was of legal age. The Credit Union shall incur no liability for any transaction with respect to the account because of such minority.

ACCOUNT ACCESS: Your signature on the Account Card authorizes your account access. Title and ownership of accounts shall be as reflected in our records. Account owners shall furnish the Credit Union with specimen signatures and other written instructions and authorities, including resolutions, in a form satisfactory to the Credit Union. We will be responsible for recognizing only those signatory instructions on file in transacting business on or for an account.

Authorized Signature: We will not be liable for refusing to honor any item or instruction if we believe the signature is not genuine. We have the right to review and approve any form of power of attorney and may restrict account withdrawals or transfers. We are under no obligation to honor any power of attorney.

Accounts will not be established where 2 signatures are required.

RIGHTS OF JOINT ACCOUNT HOLDERS: Any owner is authorized and deemed to act for any other owner and may instruct us regarding transactions and other account matters. Each owner guarantees the signature of any other owner. Any owner may withdraw all funds, transfer, or pledge to us all or any part of the shares without the consent of the other owner. We reserve the right to require written consent of all owners for any change to or termination of an account. If we receive written notice of a dispute between owners or inconsistent instructions from them, we may suspend or terminate the account and require a court order or written consent from all owners to act.

All sums deposited shall be with the right of survivorship, and shall be payable to or withdrawn by either or the survivor of them. Each appoints the other attorney, with power to endorse and either cash or deposit in said joint account any checks, or other instruments payable to the order of the other or to both joint depositors. A surviving owner’s interest is subject to the Credit Union’s statutory lien for the deceased owner’s obligations, and to any security interest or pledge granted by a deceased owner, even if a surviving owner did not consent to it.

VERBAL REQUESTS TO MAIL CHECK: we will accept verbal request to mail checks home but only from the owner of the account. Requests from persons other than the owner will not be accepted or authorized. We will ONLY mail checks to the home address.

We require a social security number to open an account. Your failure to furnish a correct Taxpayer Identification Number (TIN) or meet other requirements may result in backup withholding. If your account is subject to backup withholding, we must withhold and pay to the Internal Revenue (IRS) a percentage of dividends. If you fail to provide your TIN, we will suspend opening your account.

Payable on Death: Death certificate in most cases will be required. Beneficiary must be named on Credit Union Beneficiary form.

Deceased Members: Payment will be made to the Administrator or Executor as appointed by the court. In some cases, where there is little property to administer or only a small amount in the account (amounts below $1,000), the Credit Union (after taking proper steps to assure we will not have to pay the funds out twice), may pay to the widow or widower or children or other next of kin upon proper assurance that all debts, including funeral expenses have been paid. Funds held jointly, by husband and wife, will be released to the surviving spouse.

Trust Accounts: Trust accounts are discouraged, but if accepted, a complete and full copy of the trust agreement must be provided to the Credit Union. ANY PROVISIONS OF THE TRUST MUST BE COMPLIED WITH FULLY BY THE CREDIT UNION. The individuals establishing the trust must be members. A trust account constitutes a solemn fiduciary relationship that is carefully scrutinized by the courts, thus discouraged. IRA Trust accounts are not acceptable at this time.

Final Payment: All items, transfers, credits, or deposits credited to your account are provisional until we receive final payment. If final payment is not received, we may charge your account for the amount of such items or ACH or EFT transfers and impose a return item charge on your account. Any collection fees we incur may be charged to your account. We reserve the right to refuse or return any item or funds transfer.   We reserve the right to debit, credit, or adjust any transactions which may be posted to any account.

Right to decline a deposit or check: The Credit Union reserves the right to refuse to accept any deposit at any time and the right to return all or any part of any deposit or deposits, whenever it may deem such action expedient.   A written notice of such action shall be mailed to the depositor at the last address on file with the Credit Union. Stale dated or post dated checks will not be accepted.

Uniform transfer to minor act accounts: as a financial institution, we are not required to (A) determine whether the person designated by the purported donor or transferor, or the person or company purporting to act as a custodian has been duly designated. (B) Inquire into the validity or propriety of any instrument or instructions executed or given by a person purporting to act as a donor or transferor or by a person or trust company purporting to act as a custodian. The custodian shall have all powers to collect, hold, manage, invest, or reinvest the custodial property. The Credit Union will require a copy of appointment of custodian. If the custodial account is being held for a minor, property may be delivered over to the minor upon attaining the age of twenty-one years. Upon the death of a minor, the property shall be delivered over to the estate of the minor.

QUARTERLY MAILING OF STATEMENTS: For all accounts except checking accounts. However, history of an account during the period will be available upon request.

Notice is hereby given to you, the member, that the credit union has the right to impress and enforce a statutory lien against your shares and dividends in the event of failure to satisfy a financial obligation, and may enforce the right without further notice to the you.

Any financial service provided by Local Union 392 Federal Credit Union (hereafter Credit Union) may be used for any transaction permitted by law. I agree that illegal use of any financial service will be deemed an action of default and /or breach of contract and such service and/or other related services may be terminated at the Credit Union’s discretion. I further agree, should illegal use occur, to waive the right to sue the Credit Union for such illegal activity directly or indirectly related to it. I also agree to indemnify and hold the Credit Union harmless from any suits or other legal action or liability, directly or indirectly, resulting from such illegal use.

The Credit Union retains the right to change the above agreement from time to time. Such changes will be posted in the Credit Union office at least 30 days prior to the effective date.


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