Truth in Savings



Share Accounts

 

SHARE ACCOUNT

 

The Truth-in-Savings Act is a section of the Federal Deposit Insurance Corporation Improvement Act of 1991. The National Credit Union Administration is charged with enforcing this Act, which applies to all credit unions.

 

The purpose of the Truth-in-Savings Act is to promote and simplify comparisons among accounts at all financial institutions. The Truth-in-Savings Act enables consumers to make informed choices/comparisons among competing claims of financial institutions by requiring disclosure of the interest rates payable on these accounts and the fees assessable against these accounts.

 

It is the intent of Griffith Institute Employees Federal Credit Union to maintain compliance with this federal law pertaining to disclosure of the terms and conditions of all savings programs.

 

The following disclosure information illustrates the various savings alternatives available to members of Griffith Institute Employees Federal Credit Union.

 

Except as specifically described, the following disclosures apply to all of the accounts.  

 

1.   Interest Rate Information - The Annual Percentage Yield (APY) is a percentage rate that reflects the total amount of interest to be paid on an account based on the interest rate and frequency of compounding for an annual period. The dividend rate and annual percentage yield may change quarterly, as determined by the credit union board of directors.

 

2.  Dividend Period - For this account type, the dividend period is quarterly, for example the beginning date of the first dividend period of the calendar year is January 1 through March  31. All other dividend periods follow this same pattern of dates. The dividend rates and annual percentage yields are the rates and yield as of the last dividend declaration date, which for this example is March 31.

 

3.  Dividend Compounding and Crediting - Dividends will be compounded daily and will be credited to your account quarterly.

 

4.  Balance Information - Dividends are calculated by the daily balance method that applies a daily periodic rate to the balance in the account each day.   Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the dividend period.  The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.

 

5.  Accrual of Dividends - For all accounts, interest will begin to accrue on the business day you make the deposit to your account.  For all accounts, if you close your account before accrued interest is credited, accrued interest will not be paid.

 

6. Minimum Opening Deposit - The minimum opening balance requirement for Share Accounts is $5.00.

 

7.  Minimum Balance Requirements -

A minimum daily balance of $100.00 is required to receive interest.  A minimum balance of $5.00 is required to keep the account open.

 

 

Truth-in-Savings Share Account»

Club Accounts

 

1.   Interest Rate Information - The Annual Percentage Yield (APY) is a percentage rate that reflects the total amount of interest to be paid on an account based on the interest rate and frequency of compounding for an annual period. The dividend rate and annual percentage yield may change quarterly, as determined by the credit union board of directors.

 

2.  Dividend Period - For this account type, the dividend period is quarterly, for example the beginning date of the first dividend period of the calendar year is January 1 through March  31. All other dividend periods follow this same pattern of dates. The dividend rates and annual percentage yields are the rates and yield as of the last dividend declaration date, which for this example is March 31.

 

3.  Dividend Compounding and Crediting - Dividends will be compounded daily and will be credited to your account quarterly.

 

4.  Balance Information - Dividends are calculated by the daily balance method that applies a daily periodic rate to the balance in the account each day.   Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the dividend period.  The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.

 

5.  Accrual of Dividends - For all accounts, interest will begin to accrue on the business day you make the deposit to your account.  For all accounts, if you close your account before accrued interest is credited, accrued interest will not be paid.

 

6. Minimum Opening Deposit - There isn’t a minimum opening balance requirement for Club Accounts.

 

7.  Minimum Balance Requirements - There isn’t a minimum daily balance required to receive interest.  There isn’t a minimum balance required to keep the account open.

Truth-in-Savings Club Account»

Certificate Accounts

 1.   Interest Rate Information - The Annual Percentage Yield (APY) is a percentage rate that reflects the total amount of interest to be paid on an account based on the interest rate and frequency of compounding for an annual period. For Share Certificate accounts, the Interest Rate and APY are fixed and will be in effect for the term of the account.

 

2.  Dividend Period - For each account, the dividend period is the account’s term.   The dividend period begins on the first day of the term and ends on the maturity date.

 

3.  Dividend Compounding and Crediting - Interest will be compounded daily and will be credited to a share account monthly.

 

4.  Balance Information - To open any account, you must deposit or already have on deposit the minimum required share(s) in a share account.  Some accounts may have additional minimum opening deposit requirements.  For Share Certificate accounts, dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the dividend period.  The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.

 

5.  Accrual of Dividends - For Share Certificate accounts, dividend will begin to accrue on deposits on the business day you make the deposit to your account.  If you close your account before accrued interest is credited, accrued interest will not be paid.

 

6.  Minimum Balance Requirements for sHARE CERTIFICATE ACCOUNT -

The minimum opening balance requirements for Share Certificate Accounts is $1000.00.

 

7.  Transaction Limitations - After your account is opened, you are not allowed to make any additional deposits.  Withdrawals are allowed from the certificate subject to a penalty.

 

8.  Maturity - Your account will mature as stated on your account receipt or renewal notice.

 

9.  Early Withdrawal Penalty - We will impose a penalty if you withdraw funds from your account before the maturity date.

 

a.  Amount of Penalty – For Share Certificate accounts, the amount of the early withdrawal penalty for your account is 182 days of interest.

 

b.  How the Penalty Works - The penalty is calculated as forfeiture of part of the interest that has been or would be earned on the account.  It applies whether or not the dividends have been earned.  In other words, if the account has not yet earned enough dividends, the penalty will be deducted from the principal. 

 

c. Exceptions to Early Withdrawal Penalties. – At our option, we may pay the account before maturity without imposing an early withdrawal penalty when an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction. 

 

10.  RENEWAL POLICY – The account will no longer earn dividends past the maturity date. For accounts that are not renewed or the Credit Union has not been notified on how to process the Share Certificate within 30 days of maturity, the account balance will be transferred to another account of yours. 

 

11. NONTRANSFERABLE/NONNEGOTIABLE – Your account is nontransferable and nonnegotiable. 

 

12.  MEMBERSHIP – As a condition of membership, you must purchase and maintain the minimum required share amount. 

 

If you have any questions or require additional information on your accounts, please call the Credit Union.

 Truth-in-Savings Certificate Accounts»



Griffith Institute Employees Federal Credit Union

  Contact Us

64 East Main Street
Suite 3
Springville, NY 14141

Phone: 716-592-9887



  Our Hours

Tuesday:12 pm to 4:30 pm
Wednesday:12 pm to 4:30 pm
Friday:12 pm to 4:00 pm

Email: creditunion@springvillefcu.org