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Serving Spokane, One Member at a Time

Truth in Savings Disclosure

Except as specifically described, the following disclosures apply to all of the accounts. All accounts described in this Truth-in-Savings Disclosure are share accounts.

1. Rate Information.

The annual percentage yield 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 Share, Holiday Savings Club accounts, Traditional IRA, Roth IRA, Coverdell Education Savings, and Preferred Share Investment (Money Market) accounts, the dividend rate and annual percentage yield may change at any time as determined by the Credit Union’s Board of Directors. The dividend rates and annual percentage yields are the rates and yields as of the last dividend declaration date that is set forth in the Rate Schedule. Share, Traditional IRA, Roth IRA, and Preferred Share Investment (Money Market) accounts are tiered rate accounts. The balance ranges and corresponding dividend rates and annual percentage yields applicable to each tier are disclosed in the Rate Schedule. For tiered accounts, once a particular range is met, the dividend rate and annual percentage yield for that balance range will apply to the full balance of your account.

2. Nature of Dividends.

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

3. Dividend Compounding and Crediting.

The compounding and crediting frequency of dividends and the dividend period applicable to each account are stated in the Rate Schedule. 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 period and ends on the last calendar day of the period.

4. Accrual of Dividends.

For all earning accounts, dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account. For Share, Holiday Savings Club, Traditional IRA, Roth IRA, Coverdell Education Savings, and Preferred Share Investment (Money Market) accounts, if you close your account before accrued dividends are credited, you will not receive the accrued dividends. However, for Holiday Savings Club accounts, any accrued dividends will be paid if you close the account within seven (7) days of the date you open it.

5. Balance Information

To open any account, you must pay a nonrefundable membership fee. Some accounts may have additional minimum opening deposit requirements. Some accounts may have additional minimum opening deposit requirements. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For Share, Holiday Savings Club, Traditional IRA, Roth IRA, Coverdell Education Savings, and Preferred Share Investment (Money Market) accounts, there is a minimum daily balance required to earn the annual percentage yield disclosed for the dividend period. If the minimum daily balance requirement is not met each day of the period, you will not earn the annual percentage yield stated in the Rate Schedule. For accounts using the daily balance method as stated in the Rate Schedule dividends are calculated by applying a daily periodic rate to the principal in the account each day.

6. Account Limitations.

For Share, Traditional IRA, Roth IRA, and Coverdell Education 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 Holiday Savings Club accounts, the entire balance will be transferred to another account of yours on or after November 1 and the account will remain open. You may not make withdrawals from your account at any other time. If you wish to access the funds in your Holiday Savings Club account, you may close it. However, no fee will be charged if the withdrawal occurs within seven (7) days of the date the account is opened. Maximum deposit balance is $5,000.00. For Preferred Share Investment (Money Market) accounts, you may make three (3) withdrawal(s) or transfer(s) from your account each month and the minimum amount of withdrawal or transfer is $500.00. If you exceed this limitation, your account may be closed. For Share Draft accounts, no account limitations apply.

7. Fees for Overdrawing Accounts

Fees for overdrawing your account may be imposed on each check, draft, item, ATM transaction and one-time debit card transaction (if member has consented to overdraft protection plan for ATM and one-time debit card transactions), preauthorized automatic debit, telephone initiated withdrawal or any other electronic withdrawal or transfer transaction that is drawn on an insufficient available account balance. The entire balance in your account may not be available for withdrawal, transfer or paying a check, draft or item. You may consult the Funds Availability Policy Disclosure for information regarding the availability of funds in your account. Fees for overdrawing your account may be imposed for each overdraft, regardless of whether we pay or return the draft, item or transaction. If we have approved an overdraft protection limit for your account, such fees may reduce your approved limit. Please refer to the Fee Schedule for current fee information. For ATM and one-time debit

For ATM and one-time debit card transactions, you must consent to the Credit Union’s overdraft protection plan in order for the transaction amount to be covered under the plan. Without your consent, the Credit Union may not authorize and pay an overdraft resulting from these types of transactions. Services and fees for overdrafts are shown in the document the credit union uses to capture the member’s opt-in choice for overdraft protection and the Schedule of Fees and Charges.

8. Membership.

As a condition of membership, you must pay a nonrefundable membership fee as set forth below.

  • Membership Fee = $20.00

9. Rates.

The rates appearing with this Schedule are accurate as of the last dividend declaration date indicated on this Truth-in-Savings Disclosure. If you have any questions or require current rate information on your accounts, please call the Credit Union.

Savings Rate Schedule

The rates, fees and terms applicable to your account at the Credit Union are provided with this Truth-in-Savings Disclosure. The Credit Union may offer other rates for these accounts from time to time.

ACCOUNT TYPEDIVIDENDSBALANCE REQUIREMENTSACCOUNT LIMITATIONS
Dividend Rate/ Annual Percentage Yield (APY)Dividends
Compounded
Dividends
Credited
Dividend
Period
Minimum Opening DepositMinimum Balance to Avoid a Service FeeMinimum Balance to Earn the Stated APYBalance Method to Calculate Dividends
Share$5.00 to $999.99*

$1,000.00 to $4,999.99*

$5,000.00 to $9,999.99*

$10,000.00 to $24,999.99*

$25,000.00 to $49,999.99*


$50,000.00 to $99,999.99*

$100,000.00 or greater*
QuarterlyQua0rterlyQuarterly (Calendar)$5.00Daily BalanceAccount transfer and withdrawal limitations apply.
Holiday Savings Club * MonthlyMonthlyMonthly (Calendar)$25.00$25.00Daily BalanceAccount withdrawal limitations apply.
Traditional IRA$50.00 to $999.99*

$1,000.00 to $4,999.99*

$5,000.00 to $9,999.99*

$10,000.00 to $24,999.99*

$25,000.00 to $49,999.99*

$50,000.00 to $99,999.99*

$100,000.00 or greater*
QuarterlyQuarterlyQuarterly (Calendar)$50.00$50.00Daily BalanceAccount transfer and withdrawal limitations apply.
Roth IRA $50.00 to $999.99*

$1,000.00 to $4,999.99*

$5,000.00 to $9,999.99*

$10,000.00 to $24,999.99*

$25,000.00 to $49,999.99*

$50,000.00 to $99,999.99*

$100,000.00 or greater*
QuarterlyQuarterlyQuarterly (Calendar)$50.00$50.00Daily BalanceAccount transfer and withdrawal limitations apply.
Coverdell Education Savings*QuarterlyQuarterlyQuarterly (Calendar)$50.00$50.00Daily BalanceAccount transfer and withdrawal limitations apply.
Preferred Share Investment
(Money Market)
$5,000.00 to $24,999.99*

$25,000.00 to $49,999.99*

$50,000.00 to $99,999.99*

$100,000.00 or greater*
MonthlyMonthlyMonthly (Calendar)$5,000.00$5,000.00Daily BalanceAccount withdrawal limitations apply.
Share Draft$25.00

*Call for current rates.

Truth In Savings Disclosure for Certificates

Except as specifically described, the following disclosures apply to all of the accounts. All accounts described in this Truth-in-Savings Disclosure are share accounts.

1. Rate Information.

The annual percentage yield 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 all accounts, the dividend rate and annual percentage yield are fixed and will be in effect for the initial term of the account. For accounts subject to dividend compounding, the annual percentage yield is based on an assumption that dividends will remain on deposit until maturity. A withdrawal of dividends will reduce earnings.

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.

The compounding and crediting frequency of dividends are stated in the Rate Schedule.

4. Balance Information.

To open any account, you must pay a nonrefundable membership fee. Some accounts may have additional minimum opening deposit requirements. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For all accounts, Dividends are calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.

5. Accrual of Dividends.

For all accounts, dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account. For CU Succeed Term Share Certificate accounts, if you close your account before accrued dividends are credited, accrued dividends will not be paid.

6. Transaction Limitations.

For all accounts, your ability to make deposits to your account and any limitations on such transactions are stated in the Rate Schedule. After your account is opened, you may make withdrawals subject to the early withdrawal penalties stated below and your account will be closed. Partial withdrawals are not allowed. For CU Succeed Term Share Certificate accounts, the maximum certificate balance if $25,000.00.

7. Maturity.

Your account will mature as stated on this Truth-in-Savings Disclosure or on your Account Receipt or Renewal Notice.

8. Early Withdrawal Penalty.

We may impose a penalty if you withdraw funds from your account before the maturity date.

a. Amount of Penalty. For all accounts, the amount of the withdrawal penalty will be a loss of all accrued dividends on the amount withdrawn; however, the penalty will never be less than seven (7) days dividends and will never exceed 90 days' dividends.

b. How the Penalty Works. The penalty is calculated as a forfeiture of part of the dividends that have 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 or if the dividends have already been paid, 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 under the following circumstances:

(i) When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.

(ii) Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after the establishment of the account; or where the account is a Keogh Plan (Keogh), provided that the depositor forfeits an amount at least equal to the simple dividends earned in the amount withdrawn; or where the account is an IRA or Keogh and the owner attains age 59½ or becomes disabled.

9. Renewal Policy.

The renewal policy for your accounts is stated in the Rate Schedule. For accounts that automatically renew for another term, you have a grace period of ten (10) days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty.

10. Nontransferable/Nonnegotiable.

Your account is nontransferable and nonnegotiable.

11. Membership.

As a condition of membership, you must pay a nonrefundable membership fee as set forth below.

  • Membership Fee = $20.00

Certificates Rate Schedule

The rates, fees and terms applicable to your account at the Credit Union are provided with this Truth-in-Savings Disclosure. The Credit Union may offer other rates for these accounts from time to time.

Dividend
Rate
(%)
Annual
Percentage
Yield (APY) %
Rate TypeMinimum
Opening
Deposit
Dividends
Compounded
Dividends
Credited
Dividend
Period
Additional
Deposits
WithdrawalsRenewable
Term Share Certificate AccountsFixed Rate$1,000.00MonthlyMonthlyAccount's TermAllowed - No LimitAllowed -
See Transaction
Limitations
section
Automatic
6 Month**
10 Month * *
12 Month * *
15 Month * *
18 Month * *
24 Month * *
36 Month * *
NexGen Certificate Accounts
(Members under age 18)
Fixed Rate$100.00MonthlyMonthlyAccount's TermMinimum
Monthly
Deposit of
$10.00
Allowed -
See Transaction
Limitations
section
Automatic
12 Month * *

*Call for current rates.

The rates and fees appearing in this Schedule are accurate as of the Effective Date indicated on this Truth-in-Savings Disclosure. If you have any questions or require current rate and fee information on your accounts, please call the Credit Union.

Effective 2/1/2021

Important information!

We're moving the ATM into the vestibule!

ATM Relocation Project

Construction Starts June 3rd
Drive-thru will be open normal hours during construction.

Front doors will be accessible by appointment only during the construction period of Monday, June 3rd until mid-July 2024. Please call the Credit Union at 509-325-7228 or visit https://sccu.net/book-appointment to schedule an appointment.

What YOU Need to Know!


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