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Truth-In-Savings Disclosure 3087 N

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Truth-In-Savings Disclosure 3087 N Truth-In-Savings Disclosure 3087 N. Alafaya Trail Orlando, FL 32826 Last Dividend Declaration Date: 10-01-2021 The rates, fees, and terms applicable to your account at the Credit Union are provided in this Truth-in-Savings Disclosure. The Credit Union may offer other rates for these accounts from time to time. Rate Schedule – Savings, Money Market, Checking, & IRA Dividend Minimum Minimum Balance Balance Tiers Rate/Annual Balance to Account Name Deposit to Open Computation and Ranges Percentage Yield Obtain the Account Method (APY) Stated APY Membership Share n/a n/a $5.00 n/a n/a $2,499.99 or below 0.10 / 0.10 $0.00 $2,500.00 to $9,999.99 0.10 / 0.10 $2,500.00 $10,000.00 to $24,999.99 0.10 / 0.10 $10,000.00 Money Market $10.00 Daily Balance $25,000.00 to $49,999.99 0.10 / 0.10 $25,000.00 $50,000.00 to $99,999.99 0.10 / 0.10 $50,000.00 $100,000.00 or greater 0.10 / 0.10 $100,000.00 $2,499.99 or below 0.25 / 0.25 $0.00 $2,500.00 to $49,999.99 0.25 / 0.25 $2,500.00 Preferred $50,000.00 to $99,999.99 0.25 / 0.25 $50,000.00 $10.00 Daily Balance Money Market $100,000.00 to $249,999.99 0.25 / 0.25 $100,000.00 $250,000.00 to $999,999.99 0.25 / 0.25 $250,000.00 $1,000,000 or greater 0.25 / 0.25 $1,000,000.00 Freedom Savings n/a 0.05 / 0.05 $10.00 n/a Daily Balance Balances up to $1,000.00 2.002 / 2.021 Emergency Savings $10.00 n/a Daily Balance* Balances $1,000.01 or greater 0.05 / 0.05 to 2.021 See Account Investor Savings n/a 0.55 / 0.55 $10.00 Limitations Daily Balance Below See Account Freedom Signature n/a $10.00 Limitations Daily Balance Savings 0.40 / 0.40 Below IRA Savings n/a 0.05 / 0.05 n/a n/a Daily Balance Simply Savings n/a 0.05 / 0.05 $10.00 n/a Daily Balance Escrow n/a 0.05 / 0.05 n/a n/a Daily Balance Non-Dividend Savings n/a n/a $50.00 n/a n/a Freedom Spending n/a n/a $25.00 n/a n/a Account UCF Student Checking n/a n/a $25.00 n/a n/a $9,999.99 or below 0.01 / 0.01 $0.00 Freedom Preferred $10,000.00 to $24,999.99 0.02 / 0.02 $10,000.00 $25.00 Daily Balance Checking $25,000.00 to $49,999.99 0.03 / 0.03 $25,000.00 $50,000.00 or greater 0.04 / 0.04 $50,000.00 $9,999.99 or below 0.05 / 0.05 $0.00 Freedom Signature $10,000.00 to $24,999.99 0.10 / 0.10 $10,000.00 $25.00 Daily Balance Checking $25,000.00 to $49,999.99 0.15 / 0.15 $25,000.00 $50,000.00 or greater 0.20 / 0.20 $50,000.00 * For the Emergency Savings, dividends will compound monthly and be credited to your account monthly. Except as specifically indicated, the following disclosures apply to all accounts described in this Truth-In-Savings Disclosure. All described accounts are share accounts. Disclosures applicable to time-deposit accounts (Certificates of Deposit) are provided separately below. 1. Rate Information. The Annual Percentage Yield (APY) 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 Freedom Savings, Emergency Savings, Money Market, Preferred Money Market, Investor Savings, Freedom Signature Savings, IRA Savings, Simply Savings, Escrow, Freedom Preferred Checking, and Freedom Signature Checking, the Dividend Rate and APY may change at any time as determined by the Credit Union’s Board of Directors. The Dividend Rates and APY are the rates and yield as of the last dividend declaration date, which is set forth in this Truth-In-Savings Disclosure. The Money Market, Preferred Money Market, Freedom Preferred Checking, and Freedom Signature Checking accounts are Tiered Rate accounts. The balance ranges and corresponding Dividend Rates and APYs applicable to each tier are disclosed in the Rate Schedule. Once a particular range is met, the Dividend Rate and APY for that balance range will apply to the full balance of your account. The Emergency Savings is a Tiered Rate account and will earn the higher disclosed rate only for the account balance that is up to $1,000, while any account balance over $1,000 will earn the lower disclosed rate. For Freedom Signature Savings, an additional 0.10% will be added to the dividend rate for primary account owners who also own an active FAIRWINDS VISA® Signature Credit Card. If you close your Visa Signature Credit Card, the additional 0.10% rate increase will no longer apply and the dividend rate for your Freedom Signature Savings will revert to the standard rate for that account. FAIRWINDS Credit Union Truth-In-Savings (1 of 4) October 2020 FCU-1229-03 2. Nature of Dividends. Interest and dividends are calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day based on a 365-day year (366-day year during a leap year).Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period. 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 month and ends on the last calendar day of the month. 3. Dividend Accrual, Compounding and Crediting. For dividend earning accounts, dividends will accrue on deposits to your account beginning on the day the deposit becomes part of your collected balance. For all dividend earning accounts except the Emergency Savings, dividends will compound on a daily balance and be credited to your account monthly. For the Emergency Savings, dividends will compound monthly and be credited to your account monthly. 4. Membership Share Account; Account Balance Information. As a condition of membership, you must purchase and maintain in your Membership Share account the par value of one full share, $5.00. Some accounts may have additional minimum opening deposit requirements. The minimum balance requirements applicable to each account are stated in the Rate Schedule. For Freedom Preferred Checking, Freedom Signature Checking, Freedom Savings, Emergency Savings, Money Market Savings and Preferred Money Market Savings accounts, there is a minimum Average Monthly Balance required to avoid a service fee for a calendar month. If the minimum average monthly balance is not met during the calendar month, there will be a service fee as stated in the Service Charge Schedule***. The average monthly balance is calculated by adding the available balance in your account at the end of each day of the period and dividing that figure by the number of days in the period. This fee will be waived if certain conditions as set forth in the Service Charge Schedule*** are satisfied. For UCF Student Checking, Freedom Spending Account and Freedom Signature Savings accounts there is not a minimum Average Monthly Balance required to avoid a service fee for a calendar month. 5. Account Limitations. The Membership Share account is a non-transactional account and represents your ownership in the Credit Union. Any transfer or withdrawal from the Membership Share account must be in the full amount of the account, and, upon such transfer or withdrawal, your membership in the Credit Union will be terminated. In order to open a Preferred Money Market, you must maintain a Freedom Preferred Checking. If you close or convert your Freedom Preferred Checking account to a different checking account, we may convert your Preferred Money Market to a Money Market. In order to open a Freedom Signature Savings, you must maintain a Freedom Signature Checking. If you close or convert your Freedom Signature Checking account to a different checking account, we may convert your Freedom Signature Savings to a Freedom Savings. Following the conversion, all terms, provisions, rates, and fees applicable to Freedom Savings accounts apply. In order to open the Investor Savings account, you must maintain a balance of $25,000 or more in investment products offered through CUSO® Financial Services, L.P.** If your investment balance with CUSO® Financial Services, L.P.** falls below $25,000, we may convert your Investor Savings account to a Freedom Savings account. Following the conversion, all terms, provisions, rates, and fees applicable to Freedom Savings accounts apply. For Freedom Savings, Emergency Savings, Investor Savings, Freedom Signature Savings, Escrow, Simply Savings, Money Market, Preferred Money Market, IRA Savings, and Non Dividend Savings accounts, you may make no more than six (6) transfers and withdrawals from your account to another account of yours or to a third party in any month by means of a preauthorized, automatic or internet transfer, by telephonic order or instruction, or by check, draft, debit card or similar order. If you exceed these limitations, your account may be subject to a fee or be closed. For Escrow accounts, transfers or withdrawals are allowed only for the purpose of paying taxes and insurance. The credit union will make all transfers or withdrawals on your behalf. For Simply Savings accounts, you will be charged a fee as disclosed in the Service Charge Schedule*** and, in addition to the foregoing limitations on transfers and withdrawals, the account will not include an ATM or debit card.
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