Truth in Savings

Truth in Savings Disclosures

This Rate and Fee Schedule sets forth current conditions, rates, fees and charges applicable to your account at Whatcom Educational Credit Union at this time. Each account holder agrees to the terms set forth in these Truth and Savings Disclosures and Rate and Fee Schedule and acknowledges that it is a part of the Terms and Conditions of Your Account.

Except as specifically described, the following disclosures apply to all of the accounts:

  1. Rate Information. The Dividend Rate and Annual Percentage Yield on your accounts are variable and may change daily at the discretion and determination of the Credit Union. Today’s rates are set forth on our Rates page.
  2. Nature of Dividends. Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period. The Dividend Rate and Annual Percentage Yield set forth on our Rates page are accurate as of the date which the Credit Union anticipates paying for the applicable dividend period.
  3. Compounding and Crediting. Except for Money Market Checking and Check Plus accounts, dividends will be compounded and credited for all Savings and Checking accounts quarterly. For Money Market Checking and Check Plus accounts, dividends will be compounded and credited monthly. The Dividend Period for all dividend-bearing accounts begins on the first calendar day of the dividend period and ends on the last calendar day of the (monthly or quarterly) dividend period.
  4. Accrual of Dividends. Dividends will begin to accrue on cash and noncash deposits (e.g. checks) on the business day you make the deposit to your account.
  5. Balance Information. The minimum balance required to open each account is set forth on our Rates page. For Money Market Checking and Check Plus, the minimum balance required to obtain the stated Annual Percentage Yield is set forth on our Rates page. If the minimum balance is not met, you will not earn the stated Annual Percentage Yield. For Check Plus and Money Market Checking accounts, the minimum balance requirement and dividends are calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day. For all Savings accounts, dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is determined by adding the full amount of principal in the account for each day of the period and dividing that figure by the number of days in the period. For Business Economy checking accounts, a monthly fee will be charged every month a $250 minimum balance is not maintained; for Business Basic checking accounts, a monthly fee will be charged every month a $1,500 minimum balance is not maintained.
  6. Account Limitations. The account limitations for each account are set forth below and on our Rates page. For Savings, Summer Savings, and Money Market Checking accounts, transaction limitations will apply. No more than six (6) preauthorized, automatic telephone, Telephone Banking, or Online Banking transfers may be made from these accounts to another account of yours or to a third party in any calendar month. If you exceed these limitations, your accounts may be subject to a fee or be closed. For Money Market Checking accounts, the minimum withdrawal amount is $100 per transaction and is limited to six (6) debits, including checks, within any calendar month.

Truth-in-Savings Disclosures for Savings Certificates and Individual Retirement Account (IRA) Certificates

This Rate and Fee Schedule sets forth current conditions, rates, fees and charges applicable to your Certificate at Whatcom Educational Credit Union at this time. Each account holder agrees to the terms set forth in these Truth and Savings Disclosures and Rate and Fee Schedule and acknowledges that it is a part of the Terms and Conditions of Your Account.

Except as specifically described, the following disclosures apply to all of the accounts:

  1. Rate Information. The Dividend Rates and Annual Percentage Yields on your accounts are set forth on our Rates page. 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. The Dividend Rate and Annual Percentage Yield are fixed and will be in effect for the term of the Account. The Annual Percentage Yield is based on an assumption that dividend earnings will remain on deposit until maturity. The withdrawal of earned dividends will reduce earnings.
  2. Compounding and Crediting. Dividends will be compounded and credited quarterly. The dividend period begins on the first calendar day of the dividend period and ends on the last calendar day of the dividend period.
  3. Balance Information. The minimum balances required to open each account is $500. Dividends are calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.
  4. Accrual of Dividend Earnings. Dividends will begin to accrue on cash and non-cash deposits (e.g. checks) on the business day you make the deposit to your account.
  5. Transaction Limitations. After your account is opened, you may not make additional deposits to your account. You may elect to withdraw accrued, uncredited dividends upon the crediting date.
  6. Maturity. Your account will mature within the term set forth on our Rates page or maturity date set forth on your Account Receipt or Renewal Notice.
  7. Early Withdrawal Penalty. We must impose a penalty if you withdraw any of the principal before the maturity date.
    a. Amount of Penalty. The amount of the early withdrawal penalty is based on the term of your account. The penalty is as follows: for terms of 6 months-90 days’ dividends; for terms of 12 months to 36 months-180 days’ dividends; for terms of 48 months to 60 months-360 days dividends, based on the current applicable Dividend Rate and the total amount of the withdrawal.
    b. How the Penalty Works. The penalty is calculated as a forfeiture of part of the dividends that have been earned or as a forfeiture of the principal of the account.
    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 establishment or where the account is an IRA and the owner attains age 59½ or becomes disabled.
  8. Renewal Policy. Your account will automatically renew for another term upon maturity. We will notify you 30 days prior to maturity and inform you of the renewal terms we will offer upon maturity. Your account will automatically rollover under the current terms of your Account and at the dividend rate and annual percentage yield offered at that time for a certificate account of the same 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.
  9. Nontransferable/Nonnegotiable. Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation of an owner, except obligations with the Credit Union.