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Truth in Savings

Truth-In-Savings Disclosure Statement

This disclosure is intended to provide you with information about one or more accounts offered by the Credit Union, including, where applicable, the dividend rate, annual percentage yield, any minimum balance requirement, withdrawal terms, fees and other important information, so that you may make an informed decision about investing your savings with us. Should you have any questions about this disclosure, about our current dividend rate, annual percentage yield, or otherwise, please call a member service representative at 716.284.4110.  Please Note: The Credit Union reserves the right to limit dollar amount for check cashing and cash withdrawals.  

Rate Information

The dividend rate and APY on your credit union Regular Share Accounts, Share Draft Accounts, Christmas Club Accounts, and IRA Savings Accounts may change at any time as determined by the Credit Union Board of Directors.  The dividend rate and APY disclosed reflect the prospective dividend rate and APY which the credit union anticipates will be paid for the current dividend period.  The dividend rate and APY on Term Share Certificates are fixed and will be paid until the first maturity date on the Certificate.  Compounding and Crediting Regular Share, IRA Share, Share Draft Accounts, Christmas Club and Term Share Accounts. Dividends on all Regular Share, IRA Share, Share Draft, Christmas Club and Term Share Accounts will be compounded daily and credited quarterly.  If the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1st then the ending date of such dividend period is March 31st.  All other dividend periods follow this same pattern of dates.  If you withdraw funds from your account before dividends are paid, you will receive dividends accrued on the funds prior to withdrawal, but such dividends will not be credited to your account until the next dividend declaration date.

Money Market Account

You can withdraw money or make payments up to six times a month from a money market account by Credit Union Draft, telephone banking, online banking, or electronic transfer. Withdrawals or payments in person, by mail or messenger, do not count against the six transaction limit. If you exceed the transfer limitation set forth in any transfer limitation set forth in any statement period, your account will be closed by the credit union.The minimum opening amount and minimum balance to obtain the Annual Percentage Yield (APY) is $2,000.

Effect of Closing

For all accounts, including Term Share Accounts, if you close your account before dividends are paid, you will receive the dividends accrued on the funds prior to the closure, and such dividends will be paid on the date your account is closed. 

Balance Computation Method

For all accounts, (including Term Share Certificates), dividends are calculated based on the actual daily balance method which applies a periodic rate to the balance in the Account each day.

Minimum Balance Requirements

Unless otherwise stated, in order for your account to earn dividends for a day, you must have an actual account balance of at least $250.00 that day. If your actual account balance falls below $250.00 that day, you will not earn any dividends for that day.    In order to earn the annual percentage yield (APY) disclosed for a particular account, you must meet the minimum balance requirement applicable to that account at all times. 

Fees and Penalties

Your account will be charged any applicable fees, charges and/or penalties as set forth in our fee schedule, a copy of which is included as part of this brochure.  

Accrual of Dividends

For all accounts, including Term Share Accounts, dividends will begin to accrue on the business day you deposit cash and non-cash items (such as checks) to your account.  Any check deposited to any of your accounts will be provisionally credited on the day it is deposited, and earn dividends from the day it is so provisionally credited.  If, however, the Credit Union is subsequently unable to obtain payment for that item, you will not earn any dividends on that deposit.

Nature of Dividends

Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.

Par Value of Shares

The par value of a regular share in this Credit Union is $5.00. 

National Credit Union Share Insurance Fund

Member Accounts in this Credit Union are federally insured by the National Credit Union Share Insurance Fund (NCUA).   Share Accounts in federally insured credit unions are insured up to $250,000. Generally, if a credit union member has more than one account in the same insured credit union, those accounts are added together and are insured up to $250,000. Joint accounts are also insured separately from individual accounts up to a maximum of $250,000.

Withdrawal of Services

In the event that any credit union member causes a loss to the credit union, or makes known his or her intention to cause a loss to the credit union, whether by way of loan default, account overdraft, discharge in bankruptcy or otherwise, it is the policy of the credit union to withdraw member services except a regular share account that will not earn dividends. 

Closing of Account(s)

In the event that any member of the credit union engages in any type of abusive conduct, the credit union may impose sanctions against that member including denial of specific services which involve personal contact with credit union employees, denial of access to credit union facilities, recommending expulsion from credit union membership, or any other action deemed necessary under the circumstances which is not expressly precluded by the Federal Credit Union Act, NCUA Regulations and the Credit Union’s Bylaws.    

Error Resolution

For errors involving new accounts, point-of-sale, and foreign-initiated transactions, we may take up to 90 days to investigate your complaint or question.  For new accounts, we may take up to 20 business days to credit your account for the amount you think is in error.  We will tell you the results within 3 business days after completing our investigation.  If we decide that there was no error, we will send you a written explanation.  You may ask for copies of the documents that we used in our investigation.

Notice of Certain Changes

We will notify you in writing at least 30 days prior to the effective date of changes of the sort described below, which will reduce your APY or otherwise adversely affect your account: The frequency of compounding dividends. The frequency of crediting dividends Minimum balance requirements Fees, charges and penalties We will not send you notice, however, of any change in the dividend rate or APY applicable to any account where the dividend rate is subject to change from time to time, although notice of changes in dividend rates will be posted in the Credit Union’s offices.  Also, no notice of changes to fees for printing of share drafts/checks will be sent.  In addition, where there is any change in the information disclosed in this statement, the change will appear in a notice in the lobby of our offices.

General Policies and Procedures

We may refuse a withdrawal request if any documents or identification we or the law requires in connection with the withdrawal has not been presented to us.  We are also required to obtain positive identification (including photo ID) by the U.S. Government.  If we cannot obtain proper identification an account may not be opened, or an existing account may be closed. Although non-cash deposits earn dividends from the date first credited to your account, the time when they may be withdrawn or otherwise become available is governed by the Credit Union’s funds availability policy, a copy of which is available upon request. By opening and maintaining an account with the Credit Union, you have agreed to the Bylaws of the Credit Union and any amendments thereto, a copy of whish may be obtained by request.  To open an account, you must deposit at least $5.00, the par value of a share of the Credit Union. By law, the Credit Union may accept deposits only from persons who are members or are eligible to become members, or certain other persons or entities.  If you are unsure whether you are eligible to join the Credit Union, please contact a member service representative. Our current field of membership includes anyone who lives, works, worships, volunteers, or attends schools in the County of Niagara, NY. In addition, immediate family members are eligible if they are related to a member of Niagara’s Choice FCU. Immediate family member (through blood or marriage) is defined as a parent, sibling, spouse, grandparent, mother, father, husband, wife, or domestic partner.

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