Truth in Savings Disclosure

RATE AND FEE INFORMATION

The following factors may affect the amount of dividends and the annual percentage yield you receive on your credit union account.

NATURE OF DIVIDENDS

All accounts with the exception of our basic share draft accounts and term accounts (share certificates), are considered variable rate accounts. The dividend rate and annual percentage yield applicable to an account may therefore change as often as each dividend period listed for the various credit union accounts as determined by the Board of Directors of Cornerstone Community FCU.

Basic share draft accounts (checking) are non-dividend bearing accounts.

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

DIVIDEND RATE AND ANNUAL PERCENTAGE YIELD

As used in this disclosure, “dividend rate” means the dividends paid (or expected to be paid) on an account, without giving effect to the compounding of previously earned dividends, shown as an annual figure and expressed as a percentage of the account balance; and “annual percentage yield” or “APY” means a percentage rate reflecting the total amount of dividends expected to be earned in a year on an account, based on the dividend rate and the frequency of compounding accrued dividends.

All disclosures concerning the APY applicable to an account (other than term accounts) assume that the dividend rate disclosed remains in effect for one year and that dividends are not withdrawn.

ACCRUAL OF DIVIDENDS

Dividends will begin to accrue on both cash and noncash (checks)  deposits the morning following the business day the funds were deposited to your account. The average daily balance method uses the beginning balance each day for it’s dividend calculation.

COMPOUNDING AND CREDITING

Dividends for all accounts, except term accounts, are compounded and credited for the dividend period as follows:

 

	Div. Period	Compounded	Credited
Regular Shares	Quarterly	Quarterly	Quarterly
Money Market Accounts	Monthly	Monthly	Monthly
Christmas Club	Quarterly	Quarterly	Quarterly
IRA Share Accounts	Quarterly	Quarterly	Quarterly
Other Suffix Accounts	Quarterly	Quarterly	Quarterly
Member Plus Checking	Quarterly	Quarterly	Quarterly

The dividend period begins on the first calendar day of the period and ends on the last calendar day of the period.

 

MINIMUM BALANCE REQUIREMENTS

In order to join the credit union and use the many services available, you must deposit at least $5.00, the par value of a share, into the regular share account. This $5.00 must remain in the account at all times.

Dividends for variable rate accounts are calculated using the average daily balance method that applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the beginning daily balance in the account for each day of the period and dividing that figure by the number of days in the period.

The minimum balances required to open an account and receive dividends are as follows:

 

	Minimum Balance to Open Account	Minimum Average Daily Balance to Earn APY
Regular Share	$5.00	$50.00
Money Market Account	$2,500.00	$2,500.00
Premium Money Market Account	$25,000.00	$25,000.00
Christmas Club	–	$50.00
IRA Share Account	–	$50.00
Other Suffix Accounts	–	$50.00
Member Plus Checking	–	$1,000.00

In order to earn the annual percentage yield disclosed on the rate table for a particular account, you must maintain an average daily balance as stated above during the entire dividend period. If your average daily balance falls below the stated amount above, you will not earn any dividends during that dividend period.

 

MONEY MARKET ACCOUNT

Our Money Market Account is a Tiered Rate Account. If your account balance is $2,500.00 to $4,99.99, the first dividend rate and annual percentage yield listed for this account in the Money Market Rate Schedule will apply. If your balance is $5,000.00 to $24,999.99, the second dividend rate and annual percentage yield listed for this account in the Money Market Rate Schedule will apply. If your account balance is $25,000.00 to $49,999.99, the third dividend rate and annual percentage yield listed for this account in the Money Market Rate Schedule will apply. If your account balance is $50,000.00 or higher, the fourth dividend rate and annual percentage yield listed for this account in the Money Market Rate Schedule will apply.

Once a particular balance range is met, the dividend rate and annual percentage yield will apply to the full balance or your account.

 

PREMIUN MONEY MARKET ACCOUNT

Our Premium Money Market Account is a Tiered Rate Account. The initial opening deposit must be funds that are not currently on deposit with Cornerstone. If your account balance is $25,000.00 to $49,999.99, the first dividend rate and annual percentage yield listed for this account in the Premium Money Market Rate Schedule will apply. If your balance is $50,000.00 to $99,999.99, the second dividend rate and annual percentage yield listed for this account in the Premium Money Market Rate Schedule will apply. If your account balance is $100,000.00 or higher, the third dividend rate and annual percentage yield listed for this account in the Premium Money Market Rate Schedule will apply.

Once a particular balance range is met, the dividend rate and annual percentage yield will apply to the full balance or your account.

 

CLOSING AN ACCOUNT

For any account, except term accounts, if you close your account before accrued dividends are credited, you will not be paid any dividends for the dividend period.

If you prematurely close your Individual Retirement Account (IRA), you will be charged a $20.00 closing fee.

 

TRANSACTION LIMITATIONS

The credit union limits cash withdrawals to $5,000 per member per day. Exceptions may be made pending availability of cash on hand and management’s approval.

The Premium Money Market Account has a withdrawal limit of 4 withdrawals per month with a minimum withdrawal amount of $1,000.00 per transaction.

If a member withdraws funds from their Christmas Club prior to the yearly payout, there is a $5.00 fee per withdrawal.

Should the credit union Board of Directors and management feel it is necessary, and as stated in the credit union bylaws, the credit union reserves the right to require a member intending to make a withdrawal from any account (except a share draft account) to give written notice of such intent not less than seven days and up to 60 days before the withdrawal.

FEE SCHEDULE

This Fee Schedule for all accounts sets forth certain fees and charges applicable to all credit union variable rate share accounts as of December 31, 2019. Fees are subject to change. You will receive prior notification if a fee is to be changed via your credit union statement.

 

Savings Account Fees
Statement copy fee	$1.00 per statement
Premature closing fee – IRA	$20.00
Restraining notice fee / Tax Levy fee	$25.00
Account reconciliation fee	$25.00 per hour
Account research fee	$25.00 per hour
Abandoned Property Fee	$25.00 per account having to be sent to the State after 3 years of inactivity
Inactive/Dormant account fee	$5.00 per month starting after 12 months of no activity initiated by the member
Closed Account Fee	$5.00 if closed within first six months of opening

 

Teller Area Fees
Early Withdrawal fee – Christmas Club	$5.00
Money Order fee	$2.00 per money order
Money Order Stop Payment fee	$28.00 per money order
Official Check Fee	$5.00 per check
Teller Check Fee	$2.00 per check
Coin Sorting Machine Fee	3% of processed amount
Travel Money Card	$4.95 per card
Gift cards	$3.95 per card
Handling of foreign check items	Any fee associated with the processing of these checks will be passed on to the member
Requested Copy of Deposited Check	$1.00 per copy

 

General Fees
Outgoing wire transfer fee – National	$25.00
Outgoing wire transfer fee – International	$50.00
Corporate Check copy fee	$2.00 per copy up to 1 year of clear date of check $5.00 per copy after 1 year of clear date on check
Corporate Stop Payment fee	$28.00 per draft
Change of Address at Credit Union	No Charge
Change of Address via Post Office Notification	$2.00
Address Unavailable/No Forwarding-Post Office	$5.00 One Time Fee
Returned Deposited Checks Fee	$15.00 per Return

 

Safe Deposit Box Fees (Includes sales tax)
3×5 size	$37.80
5×5 size	$43.20
3×10 size	$54.00
5×10 size	$81.00
10×10 size	$108.00
Box Late Fee	$20.00
Drilling a Box	$200.00
Service Call	$89.95
Lost Key	$25.00

 

ATM/Electronic Funds
ATM Usage Fees	There will be an allowance of six (6) ATM withdrawals per month before a $2.00 fee per withdrawal is assessed. Excluded are any ATM machines owned by Cornerstone CFCU which are totally free for our plastic cardholder’s usage.  Any fees assessed the account will be charged to your share draft account.  If funds are unavailable, we will automatically charge any remaining accounts you have on deposit.
Replacement of DEBIT card	$10.00 per card
Research Fee/ OASIS Bill Pay Program	Any fee associated with the research of issued payments will be passed on to the member.

 

Share Draft Account – Fees
Returned Draft Charges – NSF	$28.00
-Uncollected	$28.00
-ACH Return NSF(Draft # EFTI)	$28.00
Stop Payment fee	$28.00 per draft
Share Draft copy fee	$2.00 per copy up to 1 year of clear date $5.00 after 1 year of clear date
Overdraft Privilege Fee	$25.00 per item
Certified Share Draft fee	$10.00 per draft
Account reconciliation fee	$25.00 per hour
Check printing fee	Price may vary depending on style
Fresh Start Checking Program	$10.00 per month
Member Plus Checking Program	$5.00 per month
Counter Check Fee	$1.00 per sheet of 4