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RATE AND FEE SCHEDULE
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
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
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
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.