TRUTH-IN-SAVINGS ACCOUNT DISCLOSURE

Except as specifically described, the following disclosures apply to all of the accounts.
 

1. Rate Information.  The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period.  For Membership Share, Insurance/Savings Share, Vacation Club Share, Christmas club, Special Share, IRA Accumulative Share, Variable Rate Share Draft, and Money Market Share Draft accounts, the Dividend Rate and Annual Percentage Yield may change at any time as determined by the Credit Union’s Board of Directors.
    

2. Nature of Dividends.  Dividends are paid from current income and available earnings after required transfers reserves at the end of the dividend period.  The Dividend Rates and Annual Percentage Yields are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.
    

3. Dividend Compounding and Crediting.  The compounding and crediting of dividends and dividend period applicable to each account are set fourth in the Rate Schedule.  The Dividend Period is the period of time at the end of which an account earns dividend credit.  The Dividend Period begins on the first calendar day of the period and ends on the last calendar day of the period.
    

4. Accrual of Dividends.  For Membership Share, Insurance/Savings Share, Vacation Club Share, Christmas Club, Special Share, IRA Accumulative Share, Variable Rate Share Draft, and Money Market Share Draft accounts, dividends will begin to accrue on noncash deposits (e.g.checks) on the business day you make the deposit to your account.  For Membership Share, Insurance/Savings Share, Vacation Club Share, Christmas Club, Special Share, IRA Accumulative Share, Variable Rate Share Draft, and Money Market Share Draft accounts, if you close your account before accrued dividends are credited, accrued dividends will not be paid.
    

5. Balance Information.  The minimum balance requirements applicable to each account are set forth in the Rate Schedule.  For Membership Share accounts, there is a minimum daily balance required to avoid a service fee for the dividend period.  If the minimum daily balance is not met, there will be a service fee as set forth on the reverse side.  For Membership Share, Insurance/Savings Share, Special Share, IRA Accumulative Share, Share Draft, Variable Rate Share Draft, and Money Market Share Draft accounts, there is a minimum daily balance required to obtain the annual Percentage Yield for the dividend period.  If the minimum daily balance is not met, you will not earn the stated Annual Percentage Yield.  For membership Share, Insurance/Savings Share, Vacation Club Share, Christmas clubs, Special Share, IRA Accumulative Share, Share Draft, Variable Rate Share Draft, and Money Market Share Draft accounts using a Daily Balance method, dividends are calculated by applying a daily periodic rate to the principal in the account each day.
    

6. Account Limitations.  For a Christmas Club account, the entire balance will be paid to you by check or transferred to another account of yours on or after October 1 and the account will remain open.  If you withdraw any of the account balance at any time, we will close your account and pay you the full account balance.  For Membership Share, Insurance/Savings Share, Vacation Club Share, Special Share, IRA Accumulative Share, Share Draft, and Variable Rate Share Draft Accounts, no account limitations apply.  For a Money Market Share Draft Account the limitations is three (3) debit (-) transactions per month, with the minimum debit amount of $500.00.

Revised December 2004

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FUNDS AVAILABILITY POLICY DISCLOSURE

YOUR ABILITY TO WITHDRAW FUNDS at TeleCommunity Credit Union.  Our policy is to make funds from your deposits available to you on the first business day after the day we receive your deposit.  At the time, you can withdraw the funs in cash and/or we will use the funds to pay checks that you have written.  For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays.  If you make a deposit before 7:00 p.m. on a business day that we are open, we will consider that day to be the day of your deposit.  However, if you make a deposit after 7:00 p.m. or on a day we are not open, we will consider that the deposit was make on the next business day we are open. 

Reservation of Right to Hold.  In some cases, we will not make all of the funds that you deposit by check available to you on the first business day after the day of your deposit.  Depending on the type of check that you deposit, funds may not be available until the fifth business day after the day of your deposit.  However, the first $100 of your deposit will be available on the first business day after the day of your deposit.  If we are not going to make all of the funds from your deposit available on the first business day, we will notify you at the time you make your deposit.  We will also tell you when the funds will be available.  If your deposit is not make directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the business day after we receive your deposit.  If you need the funds from a deposit right away, you should ask us when the funds will be available.

Longer Delays May Apply.  We may delay your ability to withdraw funs deposited by check into your account an additional number of days for these reasons: 

• You deposit checks totaling more than $5,000 on any one day.
• You re-deposit a check that has been returned unpaid.
• You have overdrawn your account repeatedly in the last six months.
• We believe a check you deposited will not be paid.
• There is an emergency, such as failure of communications or computer equipment.

We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available.  They will generally be available later than the fourth business day after the day your deposit would otherwise be available for withdrawal. 

Holds On Other Funds.  If we cash a check for you that is drawn on another bank, we may withhold the availability of a corresponding amount of funds that are already in your account.  Those funds will be available at the time funds from the check we chased would have been available if you had deposited it.  For example, if we cash a $100 local check for you, $100 of the funds already in your account will not be available until the first business day after the day we cashed the check.  If we accept for deposit a check that is drawn on another bank, we may make funds from the deposit available for withdrawal immediately but belay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us.  The funds in the other account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited. 

In order to comply with U.S.A. PATRIOT Act, TeleCommunity Credit Union is required to verify the identity of members applying for and opening new accounts or services with the Credit Union.  Information we are required to obtain include name, mailing and residence address, tax identification number, date of birth and a copy of a government issued photo ID.  Additional data may also be gathered depending on the type of account applied for or opened.  Data on existing members will be gathered as they open or use additional services offered by the credit union.  The Act requires us to maintain records of the identification verification and to periodically update this information.  Confidentiality of the information collected by the Credit Union will be maintained as required by the Privacy Act.

We may report information about your loan and deposit accounts to credit bureaus.  Late payments, missed payments, or other defaults on your accounts may be reflected in your credit report. 

The rates and fees appearing n this Schedule are accurate and effective for deposit accounts as of the Effective Date indicated on this Rate and Fee Schedule.  If you have any questions or require current rate and fee information on your accounts, please call the Credit Union.

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