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Except as specifically described, the following disclosures apply to all of the accounts. All accounts described herein are share accounts. Loans and small business funding accounts are underwritten by third party funders such as Advantage or MFN and are subject to credit approval.

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 all accounts, the Dividend Rate and Annual Percentage Yield may change quarterly 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.

2. Nature of Dividends. Dividends are paid from current income and available earnings after requited transfers to reserves at the end of the dividend period.

3. Dividend Compounding and Crediting. The compounding and crediting of dividends and dividend period applicable to each account are set forth herein. 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 all accounts, dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account. For Holiday Club, IRA, Real Estate Impound, Extra Share and Uniform Transfer to Minors Act 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 herein. For all accounts, there is a minium 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.

6. Account Limitations. For Holiday Club, Real Estate Impound, Extra Share and Uniform Transfer to Minors Act 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 share secured accounts, no additional deposits are permitted. For share secured accounts, funds are pledged against loan balance. For Holiday Club, Real Estate Impound, Extra Share and Uniform Transfer to Minors Accounts, ten (10) withdrawals are allowed per month after which a fee will be imposed. For IRA accounts, no account limitations apply.

7. ATM holds/Funds Availability. ATM deposits have a one-business-day hold, with the exception of the first $200 of the deposit, which is available immediately for withdrawal. For further clarification of this policy, please refer to your Membership Agreement.

 

© 2002 Fort Snelling Federal Credit Union. All rights reserved. This credit union is federally insured by the National Credit Union Administration.