Indiana State Federal Credit Union: Info Desk: Disclosures

Account and Fee Disclosures -

Truth-in-Savings Account Disclosures-

Except as specifically described, the following disclosures apply to all of the accounts. All accounts described in the Rate & Fee Schedule are share accounts.

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 Special Savings accounts, the same rate applies to the following sub-accounts: mortgage escrow, payroll holding and loan payment holding. For Share Savings, Christmas Savings, IRA Savings and Special Savings accounts, the Dividend Rate and Annual Percentage Yield may change quarterly as determined by the Credit Union’s Board of Directors. For Money Market Savings and Checking accounts, the Dividend Rate and Annual Percentage Yield may change monthly as determined by the Credit Union’s Board of Directors. The Dividend Rates and Annual Percentage Yields are the rates and yields as of the last dividend declaration date which is set forth in the Rate Schedule.
Nature of Dividends. Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.
Dividend Compounding and Crediting. The compounding and crediting of dividends and dividend period applicable to each account are set forth 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.
Accrual of Dividends. For all accounts, dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account.
Balance Information. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For Share Savings, Money Market Savings and Checking 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 all accounts using a Daily Balance method, dividends are calculated by applying a daily periodic rate to the principal in the account each day.
Account Limitations. For Share Savings and Money Market accounts, no more than six (6) 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 (3) of these six (6) transfers may be made by check, draft or debit card to a third party. If you exceed these limitations, your account may be subject to a fee or be closed. For a Christmas Savings account, the entire balance will be paid to you by check or transferred to another account of yours on or after November 1 and the account will remain open. You may be charged a withdrawal fee of $5.00 for each withdrawal from the account. You may make transfers or withdrawals in the first seven (7) days after the account is opened without restriction. For IRA Savings, Special Savings and Checking accounts, no account limitations apply.Except as specifically described, the following disclosures apply to all of the accounts. All accounts described in the Rate & Fee Schedule are share accounts.

** A fee of $3.00 per month will be charged to your regular share account if the balance falls below $300.00 anytime during the prior month and no other account relationship is maintained under that primary account number. Member accounts that maintain other account relationships will not be charged a monthly maintenance fee. Other account relationships are defined as a member having, aside from their regular share account, at least one of the following attached to their account: Checking, IRA, Christmas club, money market, certificate, any loan, credit card or ISUFCU authorized supplemental accidental death & dismemberment (AD&D) and/or life insurance policies. The free AD&D and life insurance offers are not included in the definition of other account relationships. Also, the fee will not apply to any ISUFCU member account where the primary member is under the age of 21. The $300.00 minimum balance in regular shares is not required if the ISUFCU member maintains any one of the other account relationships described above. For new member accounts, the maintenance fee will not be charged the first 12 months the account is opened. The transaction for the maintenance fee will occur by the 10th day of each month.