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Effective September 1, 2013

COMMON FEATURES

  • Par value of the Primary Share Savings account is $5.00. You must complete payment of one $5.00 share in your Primary Share Savings account to become a member of the credit union and open additional accounts.
  • Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period. Except for certificate accounts, the Dividend Rate and corresponding Annual Percentage Yield (APY) may change at the discretion of the Board of Directors. Dividend Rates and APYs are prospective rates and yields that we anticipate paying for the applicable dividend period.Dividends are not guaranteed.
  • The APY 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. APY is based on the assumption that the principle and dividends earned will remain in the account. A withdrawal will reduce your earnings.
  • For current dividend rates and APYs, please refer to the CapEd Rate Sheet that accompanies this disclosure.
  • Dividends begin to accrue on the business day you make your deposit.
  • If you close your checking account before dividends are posted, dividends will not be paid.
  • Dividends are calculated using the Daily Balance Method which applies a daily periodic rate to the balance in the account each day.
  • Regulation D Rules—You may not make more than six withdrawals or transfers to another credit union account by means of a preauthorized or automatic transfer, telephone request, or by check, draft, debit card, or similar order to a third party within a calendar month. If you exceed the six transfer limit, your account may be closed.

SHARE SAVINGS / MEDICAL SAVINGS

Minimum to Open. The minimum amount required to open a primary share savings account is $5.00.

Dividend Period. The dividend period for this account is quarterly.

Compounding and Crediting. Dividends are compounded and credited quarterly.

Transaction Limitations. Regulation D rules apply to this account.

We reserve the right to require not less than 60 days’ notice in writing before each withdrawal from this account.

HIGH YIELD CHECKING

Minimum to Open. There is no minimum amount required to open this account.

Qualifications. To earn the premium dividend rate and APY on this account:

  • At least twelve (12) debit card purchasesmust post and clear the account each qualification cycle.
  • At least one (1) direct deposit or ACH withdrawal must post and clear the account each qualification cycle.
  • Statements for this account must be received electronically using our eStatement service.

Rewards. If you meet the qualifications, you will earn the high yield rate as listed on the CapEd Rate Sheet and your domestic ATM fees of $4.99 or less will be refunded up to a maximum of $4.99 per individual transaction. ATM fees of $5.00 or higher will be reimbursed if the appropriate ATM receipt is presented to a representative at one of our branches. If you believe that you have not been reimbursed the correct amount, we must hear from you no later than 30 days after the statement cycle where the reimbursement was applicable. The maximum ATM refund for the qualification cycle will be $25.00. NOTE: ATM withdrawals do not count as qualifying debit card transactions for purposes of earning rewards within this account. If you do not meet the qualifications, you will earn the nonqualifying rate as listed on the CapEd Rate Sheet and your ATM fees will not be refunded.

Dividend Period. The dividend period for this account is monthly.

Qualification Cycle. The qualification cycle for this account begins on the last day of the month and ends on the day before the last day of the following month.

For example, in January, the qualification cycle runs from December 31, 2012 through January 30, 2013.

Compounding and Crediting. Dividends are compounded and credited monthly.

Transaction Limitations. Only one High Yield Checking account per Social Security Number will be allowed.

High Yield Checking is not available for business accounts.

CapEd TUNES CHECKING

Minimum to Open. There is no minimum amount required to open this account.

Dividend Rate and APY. This account does not earn dividends.

Qualifications. To earn the iTunes® or Amazon.com®refunds on this account:

  • At least twelve (12) debit card purchasesmust post and clear the account each qualification cycle.
  • Statements for this account must be received electronically using our eStatement service.

Rewards. If you meet the qualifications, you will earn up to a $5.00 refund on iTunes® or Amazon.com® purchases for the qualification cycle. Refunds apply only to purchases made with your CapEd debit card. Refunds will expire 30 days from the date they are earned. In addition, your domestic ATM fees of $4.99 or less will be refunded up to a maximum of $4.99 per individual transaction. ATM fees of $5.00 or higher will be reimbursed if the appropriate ATM receipt is presented to a representative at one of our branches. If you believe that you have not been reimbursed the correct amount, we must hear from you no later than 30 days after the statement cycle where the reimbursement was applicable. The maximum ATM refund for the qualification cycle will be $25.00. NOTE: ATM withdrawals do not count as qualifying debit card transactions for purposes of earning rewards within this account. If you do not meet the qualifications, you will not earn the iTunes® or Amazon.com® rewards within this account, and your ATM fees will not be refunded.

Bonus Reward. When you open a CapEd Tunes Checking Account, you will earn a one-time refund of up to $10.00 on iTunes® or Amazon.com® purchases made with your CapEd debit card. The bonus refund expires 60 days from the date the account was opened.

Qualification Cycle. The qualification cycle for this account begins on the last day of the month and ends on the day before the last day of the following month.

For example, in January, the qualification cycle runs from December 31, 2012 through January 30, 2013.

Transaction Limitations. Only one CapEd Tunes Checking account per Social Security Number will be allowed. CapEd Tunes Checking is not available for business accounts.

CLASSIC CHECKING / MEDICAL CHECKING / BUSINESS CHECKING / YOUNG ADULT CHECKING

Minimum to Open. There is no minimum amount required to open this account.

Dividend Period. The dividend period for this account is quarterly.

Compounding and Crediting. Dividends are compounded and credited quarterly.

Transaction Limitations. Young Adult Checking accounts will be converted to a High Yield account after your 25th birthday unless we are notified in writing to convert it to another account type.

MONEY MARKET

Minimum to Open. The minimum balance required to open this account is $100.00.

The required minimum daily balance to earn dividends on this account is $2,500.00.Dividend Period. The dividend period for this account is monthly.

Compounding and Crediting. Dividends are compounded and credited monthly.

Transaction Limitations. The minimum deposit requirement is $25.00.

The minimum withdrawal requirement is $200.00. You may make no more than three withdrawals per month without incurring a fee. (Please refer to our Fee Schedule for fees associated with this account.)

CHRISTMAS CLUB

Minimum to Open. There is no minimum amount required to open this account.

Dividend Period. The dividend period for this account is quarterly.

Compounding and Crediting. Dividends are compounded and credited quarterly.

Transaction Limitations. Regulation D rules apply to this account.

The authorized withdrawal period is from November 1 to December 31 of each year.

Withdrawals made at any time other than the authorized withdrawal period are subject to an early withdrawal penalty that equals the loss of all dividends earned since the last authorized withdrawal period.

We reserve the right to require not less than 60 days’ notice in writing before each withdrawal from this account.

Only one Christmas Club account per Social Security Numberwill be allowed.

IRA SHARE / ESA SHARE

Minimum to Open. The minimum balance to open this account is $10.00.

Dividend Period. The dividend period for this account is quarterly.

Compounding and Crediting. Dividends are compounded and credited quarterly.

Transaction Limitations. Regulation D rules apply to this account.

Additions will be limited to the IRS contribution limits for the year of the contribution.

Electronic transfer contributions are credited for the tax year in which they are received. Written requests are required for prior year contributions on all accounts that allow prior year contributions.We reserve the right to require not less than 60 days’ notice in writing before each withdrawal from this account.

IRA 59 ½ SHARE

Minimum to Open. The minimum balance to open this account is $10.00.

Dividend Period. The dividend period for this account is quarterly.

Compounding and Crediting. Dividends are compounded and credited quarterly.

Transaction Limitations. Regulation D rules apply to this account.

Additions will be limited to the IRS contribution limits for the year of the contribution.

Electronic transfer contributions are credited for the tax year in which they are received. Written requests are required for prior year contributions on all accounts that allow prior year contributions.

We reserve the right to require not less than 60 days’ notice in writing before each withdrawal from this account.

IRA, ESA, MSA SHARE CERTIFICATE / YOUNG SAVER IRA, ESA, MSA SHARE CERTIFICATE

Minimum to Open. The minimum to open this account is $250.00 for members under age 25 and $500.00 for members age 25 or older.

Dividend Period. The dividend period for this account is quarterly.

Compounding and Crediting. Dividends are compounded and credited quarterly and at maturity.

Transaction Limitations. You may not make additions to this account in the last seven days before maturity.

Additions will be limited to the IRS contribution limits for the year of the contribution. Electronic transfer contributions are credited for the tax year in which they are received.Written requests are required for prior year contributions on all accounts that allow prior year contributions.

You may make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal. Principal withdrawn before maturity is subject to an early withdrawal penalty.

This account is non-transferable and may not be pledged or assigned.

You may withdraw dividends credited in the term before maturity of that term without penalty.You can withdraw dividends on the first day after the crediting date.

We reserve the right to require not less than 60 days’ notice in writing before each withdrawal from this account.

Early Withdrawal. In the event an early withdrawal reduces the balance of the account below the required minimum balance, the certificate will be closed and the penalty described below will be imposed on the entire amount in the account. In the event an early withdrawal does not reduce the balance of the account below the required minimum balance, a penalty will be imposed only on the amount withdrawn.

Early Withdrawal Penalties. If your account has an original maturity of one year or less, we may impose a penalty equal to the lesser of:

  • 90 days of dividends
  • The number of days from renewal/opening date to the date of withdrawal at the rate currently in effect for the account, or
  • Seven days of dividends on the amount withdrawn if earned dividends are less than seven days’ dividends If your account has an original maturity of more than one year, we may impose a penalty equal to the lesser of:
  • 180 days of dividends
  • The number of days from renewal/opening date to the date of withdrawal at the rate currently in effect for the account, or
  • Seven days of dividends on the amount withdrawn if earned dividends are less than seven days’ dividends 

The balance on which the penalty is figured is the amount withdrawn less available dividends. If you have withdrawn all dividends at the time of early withdrawal, the penalty is taken from the principal.

In certain circumstances such as the death, incompetence, or disability of an owner of this account, the law may require that we waive the early withdrawal penalty.Other exceptions may also apply.

Consult your tax advisor for any IRS penalty for withdrawals.

Automatically Renewable. This account will automatically renew at maturity. If we receive notice from you before the maturity date, or within the grace period, not to renew, or if you withdraw the funds in the account at maturity, the account will not automatically renew. Unless we receive notice from you, the renewal term will be the same as the original term, beginning on the maturity date. The renewal dividend rate will be the current rate. You will have a ten calendar day grace period after maturity to withdraw the funds without being charged an early withdrawal penalty. We can prevent renewal if we mail you a notice at least 30 calendar days before maturity. If we or you prevent renewal, your funds will be placed in an IRA, ESA, or MSA Share Account.

If the account balance in a Young Saver account is less than $500.00 on the maturity date after you attain age 25, the funds will automatically transfer into an IRA, ESA, or MSA Share Account and the certificate will be closed.

SHARE CERTIFICATE / YOUNG SAVER SHARE CERTIFICATE

Minimum to Open. The minimum to open this account is $250.00 for members under age 25 and $500.00 for members age 25 or older.

Dividend Period. The dividend period for this account is quarterly.Compounding and Crediting. Dividends are compounded and credited quarterly and at maturity. You may choose to have dividends paid to another account rather than credited to this account. If your dividends are more than $25.00 during the quarter, you may request that a check is sent to you.

Transaction Limitations. You may not make additions to this account until the maturity date stated on the account.

You may make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal. Principal withdrawn before maturity is subject to an early withdrawal penalty.

This account is non-transferable.

You may withdraw dividends credited in the term before maturity of that term without penalty.You can withdraw dividends on the first day after the crediting date.

We reserve the right to require not less than 60 days’ notice in writing before each withdrawal from this account.

Early Withdrawal. In the event an early withdrawal reduces the balance of the account below the required minimum balance, the certificate will be closed and the penalty described below will be imposed on the entire amount in the account. In the event an early withdrawal does not reduce the balance of the account below the required minimum balance, a penalty will be imposed only on the amount withdrawn.

Early Withdrawal Penalties. If your account has an original maturity of one year or less, we may impose a penalty equal to the lesser of:

  • 90 days of dividends
  • The number of days from renewal/opening date to the date ofwithdrawal at the rate currently in effect for the account, or
  • Seven days of dividends on the amount withdrawn if earned dividends are less than seven days’ dividends

If your account has an original maturity of more than one year, we may impose a penalty equal to the lesser of:

  • 180 days of dividends
  • The number of days from renewal/opening date to the date of withdrawal at the rate currently in effect for the account, or
  • Seven days of dividends on the amount withdrawn if earned dividends are less than seven days’ dividends

The balance on which the penalty is figured is the amount withdrawn less available dividends. If you have withdrawn all dividends at the time of early withdrawal, the penalty is taken from the principal.

In certain circumstances such as the death, incompetence, or disability of an owner of this account, the law may require that we waive the early withdrawal penalty.Other exceptions may also apply.

Automatically Renewable. This account will automatically renew at maturity. If we receive notice from you before the maturity date, or within the grace period, not to renew, or if you withdraw the funds in the account at maturity, the account will not automatically renew. Unless we receive notice from you, the renewal term will be the same as the original term, beginning on the maturity date. The renewal dividend rate will be the current rate. You will have a ten calendar day grace period after maturity to withdraw the funds without being charged an early withdrawal penalty. We can prevent renewal if we mail you a notice at least 30 calendar days before maturity. If we or you prevent renewal, your funds will be placed in your Share Savings Account.

If the account balance in a Young Saver account is less than $500.00 on the maturity date after you attain age 25, the funds will automatically transfer into your Share Savings Account and the certificate will be closed.

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