TFCU Disclosures
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ACCOUNT DISCLOSURES
Statement Disclosures
Click on one of the following links to view the statement disclosures (back page) for these TFCU Statements (these files will open in a new window as a PDF file and require the free Adobe Acrobat Reader to view).
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| Certificates |
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Early withdrawal penalties - TFCU may impose a penalty if you withdraw any of the principal in your account before the maturity date. The penalty will equal 90 days' dividends on your account if the original term is one year or less. The penalty will equal 180 days' dividends on your account if the original term is greater than one year. IRA Certificates may be subject to IRS penalties for early withdrawal. Consult your tax advisor.
Withdrawal of dividends prior to maturity - The annual percentage yield (APY) is based on an assumption that dividends will remain in the account until maturity. A withdrawal will reduce earnings.
Renewal policies - If your certificate will automatically renew at maturity, you will have a grace period of ten business days after the maturity date to withdraw the funds in the certificate without being charged an early withdrawal penalty. If your certificate is non-renewable, it will no longer earn dividends after the maturity date unless you transfer the principal balance to another TFCU account.
Transaction limitations - After the certificate is opened, you may not make deposits into it until the maturity date stated on the certificate. |
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| Dividend Information |
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Balance computation method - Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of dividends on non-cash deposits - Dividends will begin to accrue on the business day you deposit non-cash items (e.g. checks) to your account.
Nature of dividends - Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period. |
Transaction Limitations for All Savings Accounts
Regulation D requires that during any calendar month you may not make more than six (6) withdrawals or transfers from your savings account to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction. Transactions governed by Regulation D include, but are not limited to:
- automatic transfers from savings to checking for overdraft protection;
- automatic transfers from savings to any other account;
- telephone transfers from savings to any other account (including transfers made using Telexpress and the fax machine);
- preauthorized payments from savings; and
- transfers from savings to any other account using Personal Access Home Banking.
No more than three of the six transfers may be made by check, draft, debit card, point-of-sale transaction, if applicable, or similar order to a third party. Regulation D allows unlimited transfers or withdrawals from a savings account when made by mail, messenger, ATM, or in person, or when such withdrawals are made by telephone provided a check is mailed to the member. Transfers to repay loans at the credit union and to pay safe deposit box rent are also unlimited. |
