Truth-In-Savings Disclosure: Savings Account

The Credit Union may offer other rates for these accounts from time to time. The rates and fees appearing in this Schedule are accurate as of DATE. Sun Federal Credit Union reserves the right to waive any fee at its discretion when extenuating circumstances exist. If you have any questions or require current rate and fee information on your accounts, please call the Credit Union. 

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 Savings, Holiday Club, Vacation Club, Other Savings, Amplify Money Market, Empower Money Market, IRA Savings, Health Savings, and Round'n Save accounts, the dividend rate and annual percentage yield may change at any time as determined by the Credit Unions Board of Directors. The dividend rates and annual percentage yields are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period. Amplify Money Market, Empower Money Market, and Health Savings 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. 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. For Amplify Money Market, Empower Money Market and Round'n Save accounts, you may be eligible for higher dividend rates and annual percentage yield under the Member Value Program (MVP) listed in the Rate Schedule. To qualify for the Member Value Program (MVP) you must have an active savings account, an active checking account and one other product (loan, credit card, certificate, IRA, or money market account). If you do not meet these minimum qualifications, you will receive the regular account dividend rate and annual percentage yield listed in the Rate Schedule.

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 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 Savings, Holiday Club, Vacation Club, Other Savings, Amplify Money Market, Empower Money Market, IRA Savings, Health Savings, and Round'n Save accounts, if you close your account before accrued dividends are credited, you will not receive the accrued dividends. However, for Holiday Club, Vacation 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 deposit or already have on deposit at least the par value of one full share in a Share Savings account. Some accounts may have additional minimum opening deposit requirements. The minimum balance requirements applicable to each account are stated in the Rate Schedule. For Share Savings and IRA Savings accounts, there is a minimum Average Daily Balance required to earn the Annual Percentage Yield disclosed for the dividend period. If the minimum average daily balance is not met, you will not earn the Annual Percentage Yield stated in the Rate Schedule. For Amplify and Empower Money Market, there is a minimum Daily Balance required to earn the Annual Percentage Yield disclosed for the dividend period. If the minimum daily balance is not met each day of the dividend period, you will not earn the Annual Percentage Yield state in the Rate Schedule. For accounts using the Average Daily Balance method as stated on the Rate Schedule, dividends are calculated by applying a periodic rate to the Average Daily Balance in the account for the dividend period. The Average Daily Balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period. For accounts using the Daily Balance method as stated on the Rate Schedule, dividends are calculated by applying a daily periodic rate to the principal in the account each day.​​​​​​​​​​​​​​
    
6. Account Limitations. For Holiday Savings accounts, the entire balance will be transferred to the regular savings on or after September 30 and the account will remain open. For Vacation Savings accounts, the entire balance will be transferred to the regular savings on or after May 31 and the account will remain open. For Round'n Save accounts, only deposits made through Round'n Save debit card point of sale transactions are allowed. For Share Savings, Other Savings, Amplify Money Market, Empower Money Market, IRA Savings, Health Savings, and Regular checking accounts, no account limitations apply.
    

7. Round'n Save Account. a.) When you enroll in the Round'n Save Round-Up Program, the Credit Union will round up the amount of any debit card purchases associated with your checking account to the next whole dollar amount and transfer the amount in excess of the purchase amount from your checking account to your Round'n Save account. b.) The Credit Union will aggregate the rounded-up amounts from purchases that post to your checking account each day and make a single transfer at the end of the day. If, at the time of the transfer, you do not have sufficient available funds in your checking account, the Credit Union will not round up purchases posted on that day and will not complete the transfer. c.)If your debit card purchase is subsequently cancelled or reversed, such as a returned purchase, the corresponding daily round-up transfer will remain in your Round'n Save account. Credit transactions or adjustment transactions will not be rounded-up. d.) The Credit Union reserves the right to cancel or modify the Round'n Save Round-Up Program at any time.

8. Fees 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 Membership and Account Agreement and 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 Schedule of Fees for current fee information. 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 show in the document the Credit Union uses to capture the member's opt-in choice for overdraft protection and the Fee Schedule.
    

9. Membership. As a condition of membership, you must purchase and maintain the minimum required share(s) as set forth below. Par value of One share: $5.00.
   Number of Shares Required: 1

10. Rates. The rates provided in or with the Rate Schedule are accurate as of the effective 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.

11. Fees. See separate Fee Schedule and charges for a listing of fees and charges applicable to your account(s).

Account Fee Schedule