TRUTH IN SAVINGS ACCOUNT DISCLOSURE

Since 1950 Redwood Credit Union (RCU) has been passionately committed to serving the best interests of its Members, employees and communities. Offering a full range of value-added products and services, we are proud to partner with you to help you meet your financial goals and dreams. From mortgage loans to money market accounts, RCU has a product designed to meet your needs. Thank you for allowing us to serve you!

Please read this disclosure carefully and keep a copy for your records. Your Redwood Credit Union (RCU) Accounts are also subject to the terms and conditions in your RCU Membership Account Disclosure, incorporated into this Disclosure by reference. If a term in a more recent version of this disclosure is different from a term in the Membership Account Disclosure, this Disclosure controls. We may call our Share Accounts “Savings Accounts,” our Share Draft Accounts “Checking Accounts,” our Money Market Share Accounts “Money Market Accounts,” and our Term Share Accounts “Certificate Accounts” or “Certificates.”  Please also refer to our current Cost Recovery Schedule, incorporated by reference.

General Terms: APY = Annual Percentage Yield. Board = The Board of Directors of RCU. IRA Accounts are also subject to separate agreements and disclosures.

Dividends:

Dividends on all accounts are calculated by the daily balance method, which applies a daily periodic rate to the balance in the account each day. Dividends are earned from date of deposit to date of withdrawal (subject to the FUNDS AVAILABILITY POLICY in the Membership Account Disclosure). Regular Share & Sub-Share accounts: Dividends are compounded and paid quarterly on the last day of the month. Money Market accounts: Dividends are compounded and paid monthly on the last day of the month.

Dividends are paid only out of current income and available earnings after required transfers to reserves at the end of each dividend period. Closing an account before dividends are paid will not forfeit accrued dividends. Dividend rates and APYs are projected and subject to change. Dividend rates are set by the ALCO Committee and are approved by the Board. Dividend rates can vary at the Board’s sole discretion.

Transaction Limits: You cannot make more than six non-personal withdrawals per month from Savings and Money Market Accounts. See the Membership Account Disclosure for details.

Fees: Fees may reduce earnings. See the Cost Recovery Schedule for details.

Par Value: Par Value of a Credit Union share is $5.

Special Account Disclosures: If the account you are opening includes one of the special accounts listed below, the following terms also apply:

  • Balance Money Market Account: $2,500 minimum balance required and must establish and maintain an active RCU Checking Account.  If checking becomes inactive and does not become active again within 3 months while Balance Money market remains open, the account and yield will convert to RCU’s Money Market Growth account on the 1st of the month following the inactive date.
Federally Insured by NCUA

 Rev. 06/21/2012, Form # Ops - 5016