Truth in Savings Disclosure Statement
This is your disclosure pursuant to the Truth in Savings Act regarding your money market account with us. We may impose requirements for opening and maintaining this account. These requirements are listed below.
Disclosure Date
In addition to the rate and Annual Percentage Yield (APY), the fees and charges are also accurate as of the effective date. Please call a Member Services Representative at 1-888-322-2848 to obtain current rate information.
Dividend rates are determined by the Jersey Shore Federal Credit Union’s Asset Liability Committee and subject to change without notice. The APY is based on the assumption that funds remain on deposit. A withdrawal will reduce earnings.
Minimum Balance Requirement to Open an Account
The minimum balance required to open and maintain a money market account with us is $500.00. You must maintain a main share savings account with us to open all other deposit accounts.
Minimum Balance Requirement to Obtain Annual Percentage Yield
You must maintain a minimum balance of $ 500.00 in your money market account each day to obtain the disclosed APY. If your account falls below the required minimum daily balance on any day during the month, your APY is 0.0% and you will not earn a dividend for that day.
Minimum Balance Requirement to Avoid a Monthly Fee
$500.00
Compounding and Crediting
Dividends will be compounded daily and credited monthly. Dividends are calculated daily based on the full balance in the money market account at the end of the business day using the highest applicable dividend rate. If you close your money market account before dividends are paid, you will not receive the accrued dividends.
Date Dividends Accrue
If we provide a dividend on this account, dividends will begin to accrue on the business day you deposit cash and non-cash items (e.g. share drafts) into this account.
Balance Computation Method
If we provide a dividend on this account, dividends are calculated by the daily balance method that applies a daily periodic rate to the principal in this account each day.
Transaction Limitation
We do not have a minimum or maximum withdrawal amount from your money market account. During any calendar month, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, or instruction or through eBranch (online banking), or by check, draft, or similar order to a third party. You will incur a fee if a transaction limitation is exceeded.
Fees and Charges
Per fee schedule.
Bylaw Requirements
If you reduce your share balance below the par value of one share and do not increase the balance to at least the par value of one share, you may be terminated from membership at the end of three months. We reserve the right to require you to give us written notice of your intent to make a withdrawal in excess of $10,000 from any account not less than seven and up to 10 days before the withdrawal. You may not withdraw shareholdings that are pledged as required on security on loans without our written approval, except to the extent that such shares exceed your total primary or contingent liability with us. You may not withdraw any shareholdings below the amount of your primary or contingent liability to us if you are delinquent as a borrower, or if borrowers for whom you are co-maker, endorser, or guarantor are delinquent, without our written approval.
Share Insurance
Your funds are federally insured by the National Credit Union Share Insurance Fund according to the rules and regulations of the National Credit Union Administration.
Amendments
We reserve the right to amend this disclosure statement from time to time without notice to you.
Statutory Lien or Setoff
We have the right of setoff on all of your deposit accounts with us as provided by contract or statute.
Reliance on Signature Card
By signing an account signature card, you agree that you have received a copy of this disclosure statement. Further, you have agreed to abide by the terms and conditions outlined in this disclosure.
Incorporation by Reference
We hereby incorporate by reference our expedited funds availability policies, service charge schedules, deposit account agreement, and electronic banking disclosures.
Suspension of Services
We reserve the right to suspend services to you, if you are not in good standing with us.
