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This disclosure statement contains information regarding terms, fees, dividend rates and annual percentage yields for the savings accounts offered by First
Community Credit Union. Dividend rates and annual percentage yields (APY) are correct as of the effective date noted on the bottom of this disclosure. For current dividend rate and APY information, please contact
First Community Credit Union at any of the telephone numbers listed above.
THE FOLLOWING DISCLOSURES APPLY TO ALL ACCOUNTS INCLUDED ON THIS STATEMENT:
Accrual of Dividends. Dividends will begin to accrue on the business day you deposit.
Nature of Dividends. Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period. National Credit Union Share Insurance Fund.
Member accounts at this credit union are federally insured by the National Credit Union Share Insurance Fund. Membership Deposit. To be eligible to use any of the products of First Community Credit Union,
each member must maintain one Passbook Savings Account with a refundable deposit of $5.00 which is equal to the par value of one share of First Community Credit Union. Dormant Account Definition. An account
that has had no activity within the last three years or any account that has an unknown address with no activity in the last six months. Also these accounts use no other services of this credit union and the account
has a balance of less than $100.
¨ Statement Savings and Club Accounts - Rate Information. The dividend rate on this account is .50% with an APY
of .50%
Compounding and Crediting. Dividends will be compounded quarterly and credited quarterly. For this account type, the dividend period is quarterly, for example the beginning date of the first
dividend period of the calendar year is January 1 and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. This is a variable rate account meaning the
declared dividend rate and annual percentage yield (APY) may change at any time at the discretion of the Board of Directors. If you close your Statement Savings or Club Account before dividends are credited, you
will not receive accrued dividends through the date of closing.
Minimum Balance Requirements. The minimum deposit to open this account is $5.00. A balance of at least $5.00 must remain in this account for
you to qualify for membership in First Community Credit Union. A minimum balance of $250.00 is required to earn the stated dividend rate and annual percentage yield. No dividends will accrue on the
account balance on those days the balance drops below the $250.00 minimum requirement.
Balance Computation Method. Dividends are calculated by the daily balance method which applies a daily periodic rate
to the principal in your account each day the minimum balance requirement is met.
Transaction Limitations. During any calendar month, there may not be more than six system generated or telephone transfers
from your statement savings or club account into you Advantage Checking or Money Market Account. For this type of account, a system generated transfer is defined as any transfer the credit union makes to clear
checks or an ACH item and a telephone transfer is defined as a call to the credit union, where a customer service rep transfers the money for you. If you exceed the transfer limitations set forth above, your account
will be subject to a fee of $3.00 per transfer that exceeds the established limit.
¨ Advantage Basic Checking - Rate Information. There are no dividends paid on this
account.
Minimum Balance Requirements. The minimum balance to open this account is $25.00. There is no daily minimum balance requirement to avoid a monthly service charge on this account.
Transaction Limitations. During any calendar month, there may not be more than six system generated or telephone transfers from your statement savings or club account into you Advantage Checking or Money Market
Account. For this type of account, a system generated transfer is defined as any transfer the credit union makes to clear checks or an ACH item and a telephone transfer is defined as a call to the credit union,
where a customer service rep transfers the money for you. If you exceed the transfer limitations set forth above, your account will be subject to a fee of $3.00 per transfer that exceeds the established limit.
¨ Advantage Interest Checking - Rate Information. The dividend rate for this account is .50%, with an annual
percentage yield of .50%
Compounding and Crediting. Dividends will be compounded monthly and credited monthly. For this account type, the dividend period is monthly, for example the beginning date of
the first dividend period of the calendar year is January 1 and the ending date of such dividend period is January 31. All other dividend periods follow this same pattern of dates. This is a variable rate
account meaning the declared dividend rate and annual percentage yield (APY) may change at any time at the discretion of the Board of Directors. If you close your Advantage Interest Checking account before dividends
are credited, you will not receive accrued dividends through the date of closing.
Minimum Balance Requirements. The minimum balance to open this account is $25.00. You must maintain a minimum daily
balance of $200.00 in your account to avoid a monthly service charge. If, during the month, your daily balance is below the required minimum, you account will be subject to a service fee of $3.50 for the month. A
minimum average daily balance of $500.00 is required to earn the stated dividend rate and annual percentage yield.
Balance Computation Method. Dividends are calculated by the average daily balance
method which applies a daily periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and
dividing that figure by the number of days in the period.
Transaction Limitations. During any calendar month, there may not be more than six system generated or telephone transfers from your statement
savings or club account into you Advantage Checking or Money Market Account. For this type of account, a system generated transfer is defined as any transfer the credit union makes to clear checks or an ACH item and
a telephone transfer is defined as a call to the credit union, where a customer service rep transfers the money for you. If you exceed the transfer limitations set forth above, your account will be subject to a fee
of $3.00 per transfer that exceeds the established limit.
¨ Golden Advantage Checking - Rate Information. The dividend rate for this account is .50% with an annual
percentage yield of .50%
Compounding and Crediting. Dividends will be compounded monthly and credited monthly. For this account type, the dividend period is monthly, for example the beginning date of
the first dividend period of the calendar year is January 1 and the ending date of such dividend period is January 31. All other dividend periods follow this same pattern of dates. This is a variable rate
account meaning the declared dividend rate and annual percentage yield (APY) may change at any time at the discretion of the Board of Directors. If you close your Advantage Interest Checking account before dividends
are credited, you will not receive accrued dividends through the date of closing.
Minimum Balance Requirements. The minimum balance to open this account is $1,000.00. There is no daily minimum
balance requirement to avoid a monthly service charge on this account. A minimum average daily balance of $500.00 is required to earn the stated dividend rate and annual percentage yield.
Balance Computation Method. Dividends are calculated by the average daily balance method which applies a daily periodic rate to the average daily balance in the account for the period. The average daily balance
is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period.
Transaction Limitations. During any calendar month, there may not
be more than six system generated or telephone transfers from your statement savings or club account into you Advantage Checking or Money Market Account. For this type of account, a system generated transfer is
defined as any transfer the credit union makes to clear checks or an ACH item and a telephone transfer is defined as a call to the credit union, where a customer service rep transfers the money for you. If you
exceed the transfer limitations set forth above, your account will be subject to a fee of $3.00 per transfer that exceeds the established limit.
¨ Money Market Checking - Rate Information. If your daily balance was $0 - $9,999.99 the dividend rate paid on the entire balance in your account will be .55%, with an annual percentage yield of .55%. If your daily balance was $10,000 - $24,999.99 the dividend rate paid on the entire balance in your account will be .70%, with an annual percentage yield of .75%. If your daily balance was greater than $25,000 the dividend rate paid on the entire balance in your account will be 1.14%, with an annual percentage yield of 1.15%.
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Compounding and Crediting. Dividends will be compounded monthly and credited monthly. For this account type, the dividend period is monthly, for
example the beginning date of the first dividend period of the calendar year is January 1 and the ending date of such dividend period is January 31. All other dividend periods follow this same pattern of
dates. This is a variable rate account meaning the declared dividend rate and annual percentage yield (APY) may change at any time at the discretion of the Board of Directors. If you close your Money Market Checking
account before dividends are credited, you will not receive accrued dividends through the date of closing.
Minimum Balance Requirements. The minimum balance to open this account is $1,000.00. You
must maintain a minimum daily balance of $1,000.00 in your account to avoid a monthly service charge. If, during the month, your daily balance is below the required minimum, you account will be subject to a service
fee of $5.00 for the month. There is no minimum balance required to earn the stated dividend rate and annual percentage yield.
Balance Computation Method. Dividends are calculated by the daily
balance method which applies a daily periodic rate to the principal in your account each day the minimum balance requirement is met.
Transaction Limitations. During any calendar month, there may not be
more than six system generated or telephone transfers from your money market checking account into any other credit union account. For this type of account, a system generated transfer is defined as any transfer the
credit union makes to clear checks or an ACH item and a telephone transfer is defined as a call to the credit union, where a customer service rep transfers the money for you. If you exceed the transfer
limitations set forth above, your account will be subject to a fee of $3.00 per transfer that exceeds the established limit.
¨ Passbook Individual Retirement Account (IRA) - Rate Information. If your daily balance is $0 -
$1,999.99 the dividend rate paid on the entire balance in your account will be .75%, with an annual percentage yield of .75%. If your daily balance greater than $2,000 the dividend rate paid on the
entire balance in your account will be 1.25.%, with an annual percentage yield of 1.26%.
Compounding and Crediting. Dividends will be compounded monthly and credited monthly. For this account type, the
dividend period is monthly, for example the beginning date of the first dividend period of the calendar year is January 1 and the ending date of such dividend period is January 31. All other dividend periods follow
this same pattern of dates. This is a variable rate account meaning the declared dividends rate and annual percentage yield (APY) may change at any time at the discretion of the Board of Directors. If you close your
Statement Savings or Club Account before dividends are credited, you will not receive accrued dividends through the date of closing.
Minimum Balance Requirements. The minimum deposit to open this account
is $1.00. A minimum balance of $1.00 is required to earn the stated dividend rate and annual percentage yield.
Balance Computation Method. Dividends are calculated by the daily balance method which
applies a daily periodic rate to the principal in your account each day the minimum balance requirement is met.
Transaction Limitations. No transaction limitations apply to this account. Federal tax
penalties may apply for early withdrawal from IRA accounts.
¨ ______ Term Individual Retirement Account (IRA) - Rate Information. See enclosed rate information sheet.
Compounding and Crediting. Dividends will be compounded monthly and credited monthly. For this account type, the dividend period is monthly, beginning o n the date the account is opened, and ending on the
stated maturity date, unless otherwise renewed. All other dividend periods follow this same pattern of dates. This is a fixed rate account. The dividend rate and annual percentage yield (APY) are established
by the Board of Directors. If you close your IRA account before dividends are credited, you will receive accrued dividends through the date of closing.
Minimum Balance Requirements. The minimum balance
required to open this account and earn the stated dividend rate and annual percentage yield is $1,000.00.
Balance Computation Method. Dividends are calculated by the daily balance method which applies a
daily periodic rate to the daily balance in your account, for the period. The daily balance is calculated by adding the balance in the account for each day of the period.
Maturity Date
: Your account will mature at midnight on:________________________
Transaction Limitations. Once opened, deposited funds will not be available until the stated maturity date. You make not make deposits
into this account until the date of maturity stated on the IRA certificate. Federal tax penalties may apply for early withdrawals from IRA accounts.
Early Withdrawal Penalties. We may impose a penalty if
you withdraw any of the funds before the stated maturity date. The penalty will equal 90 days dividends on the current balance.
Renewal Policy. Individual Retirement Accounts will automatically renew
at maturity. You will have a grace period of 10 business days after the maturity date to withdraw funds in the account without being charged an early withdrawal penalty. Maturity notification will be by mail.
¨______ Term Share Certificate Account - Rate Information. See enclosed rate information sheet.
Compounding and Crediting. Dividends will be compounded monthly and credited monthly. For this account type, the dividend period is monthly, beginning o n the date the account is opened, and ending on the stated
maturity date, unless otherwise renewed. All other dividend periods follow this same pattern of dates. This is a fixed rate account. The dividend rate and annual percentage yield (APY) are established by the
Board of Directors. If you close your IRA account before dividends are credited, you will receive accrued dividends through the date of closing.
Minimum Balance Requirements. The minimum balance required
to open this account and earn the stated dividend rate and annual percentage yield is $1,000.00.
Balance Computation Method. Dividends are calculated by the daily balance method which applies a daily
periodic rate to the daily balance in your account, for the period. The daily balance is calculated by adding the balance in the account for each day of the period.
Maturity Date
: Your account will mature at midnight on:________________________
Transaction Limitations. Once opened, deposited funds will not be available until the stated maturity date. You make not make deposits
into this account until the date of maturity stated on the certificate.
Early Withdrawal Penalties. We may impose a penalty if you withdraw any of the funds before the stated maturity date. The penalty
will equal 90 days dividends on the current balance.
Renewal Policy. Individual Retirement Accounts will automatically renew at maturity. You will have a grace period of 10 business days after the
maturity date to withdraw funds in the account without being charged an early withdrawal penalty. Maturity notification will be by mail.
¨ Basic Business Checking - Rate Information. The dividend rate for this account is
.50%, with an annual percentage yield of .50%
Compounding and Crediting. Dividends will be compounded monthly and credited monthly. For this account type, the dividend period is monthly, for example
the beginning date of the first dividend period of the calendar year is January 1 and the ending date of such dividend period is January 31. All other dividend periods follow this same pattern of dates. This
is a variable rate account meaning the declared dividend rate and annual percentage yield (APY) may change at any time at the discretion of the Board of Directors. If you close your Advantage Interest Checking
account before dividends are credited, you will not receive accrued dividends through the date of closing.
Minimum Balance Requirements. The minimum balance to open this account is $25.00. You must
maintain a minimum daily balance of $250.00 in your account to avoid a monthly service charge. If, during the month, your daily balance is below the required minimum, you account will be subject to a service fee of
$5.00 for the month. A minimum average daily balance of $750.00 is required to earn the stated dividend rate and annual percentage yield.
Balance Computation Method. Dividends are calculated by the
average daily balance method which applies a daily periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day
of the period and dividing that figure by the number of days in the period.
Transaction Limitations. During any calendar month, there may not be more than 75 items that clear through your account. For this
type of account, an item clearing your account is defined as a check, withdrawal, debit memo, ach transaction or check-o-matic transaction. If you exceed the transfer limitations set forth above, your account
will be subject to a fee of $.05 per transfer that exceeds the established limit. Also, during any calendar month, there may not be more than six system generated or telephone transfers from your statement savings
or club account into you Advantage Checking or Money Market Account. For this type of account, a system generated transfer is defined as any transfer the credit union makes to clear checks or an ACH item and a
telephone transfer is defined as a call to the credit union, where a customer service rep transfers the money for you. If you exceed the transfer limitations set forth above, your account will be subject to a fee of
$3.00 per transfer that exceeds the established limit.
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Advantage Business Checking - Rate Information. The dividend rate for this account is .50%, with an annual percentage yield of .50%
Compounding and Crediting. Dividends will be compounded monthly
and credited monthly. For this account type, the dividend period is monthly, for example the beginning date of the first dividend period of the calendar year is January 1 and the ending date of such dividend
period is January 31. All other dividend periods follow this same pattern of dates. This is a variable rate account meaning the declared dividend rate and annual percentage yield (APY) may change at any time at the
discretion of the Board of Directors. If you close your Advantage Interest Checking account before dividends are credited, you will not receive accrued dividends through the date of closing.
Minimum Balance Requirements. The minimum balance to open this account is $25.00. You must maintain a minimum daily balance of $500.00 in your account to avoid a monthly service charge. If, during the
month, your daily balance is below the required minimum, you account will be subject to a service fee of $5.00 for the month. A minimum average daily balance of $1,500.00 is required to earn the stated
dividend rate and annual percentage yield.
Balance Computation Method. Dividends are calculated by the average daily balance method which applies a daily periodic rate to the average daily balance in the
account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period.
Transaction Limitations. During any calendar month, there may not be more than 150 items that clear through your account. For this type of account, an item clearing your account is defined as a check,
withdrawal, debit memo, ach transaction or check-o-matic transaction. If you exceed the transfer limitations set forth above, your account will be subject to a fee of $.05 per transfer that exceeds the established
limit. Also, during any calendar month, there may not be more than six system generated or telephone transfers from your statement savings or club account into you Advantage Checking or Money Market Account. For
this type of account, a system generated transfer is defined as any transfer the credit union makes to clear checks or an ACH item and a telephone transfer is defined as a call to the credit union, where a customer
service rep transfers the money for you. If you exceed the transfer limitations set forth above, your account will be subject to a fee of $3.00 per transfer that exceeds the established limit
¨ Premium Money Market Checking - Rate Information.
If your daily balance was $0 - $9,999.99 the dividend rate paid on the entire balance in your account will be .50%, with an annual percentage yield of .50%. If your daily
balance was $10,000 - $24,999.99 the dividend rate paid on the entire balance in your account will be 1.49%, with an annual percentage yield of 1.50%. If your daily balance was $25,000 - $49,999.99 the dividend rate
paid on the entire balance in your account will be 2.75%, with an annual percentage yield of 2.78%. If your daily balance was greater than $50,000 the dividend rate paid on the entire balance in your account
will be 3.25%, with an annual percentage yield of 3.30%.
Compounding and Crediting.
Dividends will be compounded monthly and credited monthly. For this account type, the dividend period is monthly, for example the beginning date of the first dividend period of the calendar year is January 1 and the ending date of such dividend period is January 31. All other dividend periods follow this same pattern of dates. This is a variable rate account meaning the declared dividend rate and annual percentage yield (APY) may change at any time at the discretion of the Board of Directors. If you close your Money Market Checking account before dividends are credited, you will not receive accrued dividends through the date of closing.
Minimum Balance Requirements. The minimum balance to open this account is $10,000.00. You must maintain a minimum daily balance of $10,000.00 in your account to avoid a monthly service charge. If,
during the month, your daily balance is below the required minimum, your account will be subject to a service fee of $10.00 for the month. A minimum balance of $10,000.00 is required to earn the stated
dividend rate and annual percentage yield.
Balance Computation Method.
Dividends are calculated by the daily balance method which applies a daily periodic rate to the principal in your account each day the minimum balance requirement is met.
Transaction Limitations.
During any calendar month, there may not be more than six system generated or telephone transfers from your money market checking account into any other credit union account. For this type of account, a system generated transfer is defined as any transfer the credit union makes to clear checks or an ACH item and a telephone transfer is defined as a call to the credit union, where a customer service rep transfers the money for you. If you exceed the transfer limitations set forth above, your account will be subject to a fee of $3.00 per transfer that exceeds the established limit.
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