Truth In Lending

What Is Truth in Savings?

The Truth –in-Savings Act (TISA), passed by Congress in 1991, requires all financial institutions to tell you important information about your deposit accounts. This information can help you make a more informed decision about which account is best for you. Credit Union accounts may include share, IRA, and Holiday Club accounts.

Saving Rates:

How often does the percentage yield and dividend change?

Rates are reviewed on a regular basis by your Board of Directors. Annual percentage yield and dividends may be changed every quarter. Factors determining such a change include but are not limited to: the economy, the ratio of savings shares to loans, and incentives.

Compounding and crediting:

How often are dividends compounded?

Dividends will be compounded and credited to your account every quarter. Dividends are calculated by the average daily balance method that applies a periodic rate to the average daily balance in the account for the period.

Minimum balance requirements:

How much do I need to start a savings share account?

The minimum that is required to open an account is $5, which is equal to one share in the Credit Union. You must maintain a minimum average daily balance of $100 in your account to earn interest.