Truth In Savings Disclosure

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This Rate and Fee Schedule sets forth certain conditions, rates, fees and charges applicable to your accounts at the Credit Union at this time. The Credit Union may offer other rates and fees or amend the rates and fees contained in this schedule from time to time. Each account holder agrees to the terms set forth on this Rate and Fee Schedule and acknowledges that it is a part of the Membership and Account Agreement.

Regular & Individual Retirement Term Share Certificates
and Money Market Account Rates and Terms

Truth-in Savings Disclosures

Rate Information: The dividend rates and annual percentage yields for term share certificates as set forth above were offered within the most recent seven (7) calendar days and are accurate as of the effective date above. Please call the Credit Union at 1-973-974-7600 to obtain current rate information.

Minimum Balance Requirements: The minimum balance to open each account type is set forth above. No dividends will be earned on any day the account balance is below the minimum to earn APY.

Renewal Policies: Your certificate will automatically renew at maturity. You will have a grace period of 10 business days after the maturity date to withdraw the funds in your account without being charged an early withdrawal penalty. Request must be in writing.

Compounding and Crediting: Dividends are compounded monthly and are credited monthly. The dividend period for all term share certificates accounts begins on the first calendar day of the month and ends on the last calendar day of the month. The dividend declaration date is the ending date of the dividend period. Dividends begin to accrue the day you deposit cash and non-cash items to your account. If you close your account before dividends are credited, you will not receive accrued dividends.

Balance Computation Method: Dividends are calculated by the daily balance method which applies a periodic rate to the balance in your account each day.

Withdrawal of Dividends Prior to Maturity: Upon opening the account, the member must choose to have dividends remain in the account, be transferred to another account, or be mailed. The annual percentage yield is based on the assumption that dividends remain in the account until maturity. A withdrawal will reduce earnings.

Transaction Limitations: After the account is opened you may not make deposits until the maturity date stated on the certificate. Maximum contribution for Traditional and Roth IRA is $4,000 for tax years of 2005-2007. For owners age 50 and older, your limits increase to $4,500 for 2005, and $5,000 for 2006 and 2007. Maximum contribution for Coverdell Education Savings Account (ESA) is $2, 000 per child each year.

Early Withdrawal Penalties: We may impose a penalty if you withdraw any of the funds before the maturity date. The amount of the early withdrawal penalty is based on the terms of your account. The penalty schedule is as follows Terms of less than 12 months = 90 days dividends. Terms of 12 months or more = 180 days dividends. Penalty is applicable whether or not dividends have been earned.

Additional penalties may be imposed by IRS on early withdrawals from IRA investments.


NMLS # 405497

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