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than term accounts) assume that the dividend rate disclosed remains in effect for one year and that dividends are not withdrawn.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 |
1-800-488-6481
CURTIS: 1-800-676-2878
Our Branch Locations
Main Office
6485 S. Transit Road
Lockport, NY 14094
(716) 434-2290
(800) 488-6481
Member Service & Lending
by appointment only
Mon.– Thurs. 8 a.m. to 5 p.m.
Friday - 8 a.m. to 6 p.m.
Saturday - 9:00 a.m. to 1:00 p.m.
Drive-up window opens at 8 a.m. Mon.-Fri.
24-hour drive-up ATM
Lockport
55 Stevens St.
Lockport, NY 14094
(716) 434-2290
Member Service & Lending
by appointment only
Mon.- Thurs. 9 a.m. to 5 p.m.
Friday - 9 a.m. to 5 p.m.
Drive-up window opens at 9 a.m. Mon.-Fri.
24-hour drive-up ATM
Middleport
5 State St.
Middleport, NY 14105
(716) 735-7004
Member Service & Lending
by appointment only
Mon. – Thurs. 9 a.m. to 5 p.m.
Friday - 9 a.m. to 5 p.m.
Drive-up window opens at 9 a.m. Mon.-Fri.
24-hour drive-up ATM
Niagara Falls
4255 Witmer Road
Niagara Falls, NY 14305
(716) 754-2950
Member Service & Lending
by appointment only
Mon.- Thurs. 9 a.m. to 5 p.m.
Friday - 9 a.m. to 5 p.m.
Drive-up window opens at 9 a.m. Mon.-Fri.
24-hour walk-up ATM
North Tonawanda
107 Main St.
North Tonawanda, NY 14120
(716) 694-0295
Member Service & Lending
by appointment only
Mon. – Thurs. 9 a.m. to 5 p.m.
Friday - 9 a.m. to 5 p.m.
Drive-up window opens at 9 a.m. Mon.-Fri.
24-hour walk-up ATM

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