Savings Disclosure

Savings Disclosure
Effective March 1, 2018

I. Type of Accounts

Shares, Subshares, Holiday, Vacation, Surf Club Savings Account, and Individual Retirement Account (IRA)

Here is important information about your share (savings) account.

II. Terms of Dividends

  1. Dividends are computed from day of deposit to day of withdrawal using the daily balance method.
  2. Dividends are compounded monthly.
  3. Dividends are paid at the close of every month.
  4. Dividend rates are variable.
  5. Dividend rates are determined by the Jersey Shore Federal Credit’s Asset Liability Committee and subject to change without notice.
  6. Payment of dividends is based on the availability of funds and not guaranteed.

III. Conditions

  1. Minimum deposit to open an account is $25.00 ($5.00 for minors) for Main Share only.
  2. Minimum balance required is $25.00 ($5.00 for minors) for Main Share only.
  3. The share account may not fall below the minimum balance required above. If it does fall below through withdrawal, the ATM withdrawal system or any fee charges, and monies are not redeposited to increase the balance, all open balances may be liquidated and the account(s) closed, subject to any applicable notice requirement.
  4. Regulation D limits you to no more than six (6) withdrawals or transfers from each Share (Savings) Account during a calendar month by withdrawals or transfers to another account of yours, to a third party by telephone using PATT, online using e-Branch, overdraft protection transfers, transfers over the phone with our staff, ACH withdrawals, and preauthorized debits. There are no limits to transfers or withdrawals done in person or through an ATM. Automatic transfers to repay Jersey Shore Federal Credit Union loans are also unlimited.
  5. Holiday and Vacation accounts will automatically renew each year. There will be a 30 day grace period (including weekends and holidays) from the date an account automatically renews where the Credit Union will close the account without penalty. This does not include newly opened clubs. Payments to a club may be canceled at any time. No withdrawals will be allowed. Closing any club account early will result in a fee, plus loss of accumulated dividends.
  6. The Surf Club Savings Account is offered only to members 18-25 years old. Surf Club Savings Account will remain open until the savings goal is met or on your 26th birthday, whichever comes first. When the savings goal of at least $1,000 is met, member will be notified to open a certificate. If the member does not open a certificate within 14 calendar days or by the member’s 26th birthday, the member will incur a fee, forfeit dividends and the funds will be transferred to regular savings. Payments may be canceled at any time. No withdrawals will be allowed. Closing the Surf Club early will result in a fee, plus loss of accumulated dividends.

IV. Fees

Fees for a returned item, stop payment and other fees and charges: Per fee schedule