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Truth-In-Saving Disclosure

The rates, fees, and terms applicable to your account at On Tap Credit Union® are provided in this Truth-in-Savings Disclosure. The Credit Union may offer other rates for these accounts from time to time.
Effective Date: April 1, 2019

Share
Account
Value
Checking
You Name It
Account
Holiday Club
Account
IRA/ESA
Share Acct
MINIMUM OPENING DEPOSIT
$25 N/A $0 $0 $25
DIVIDENDS
Dividend Rate
0.15% N/A
0.15%
0.15%
0.15%
Annual Percentage Yield (APY)1
0.15%
N/A
0.15%
0.15%
0.15%
Dividend Compounded3
Monthly N/A
Monthly
Monthly
Monthly
Dividend Credited3
Monthly
N/A
Monthly
Monthly
Monthly
Minimum Balance
to earn stated APY5
$25
N/A
None
None
None
Balance Method5
Average Daily
Balance
N/A
Average Daily
Balance
Average Daily
Balance
Average Daily
Balance
MONTHLY
ACCOUNT FEE
None
None None
None
None
MINIMUM
BALANCE FEE
None
None None
None
None 
ACCOUNT LIMITATIONS6
Transfer
Limits Apply
None
Transfer
Limits Apply
Transfer
Limits Apply
Deposit
Limits Apply

 

1. Rate Information. The Annual Percentage Yield (APY) is a percentage rate that reflects the total amount paid on an account based on the Dividend Rate and the frequency of compounding for an annual period. For Share, Prestige Checking, You Name It, Holiday and IRA/ESA Share Accounts, the Dividend Rate may change monthly as determined by the Credit Union Board of Directors. The Dividend Rates and Annual Percentage Yields are the prospective rates and yields that the Credit Union Anticipates paying for the applicable dividend period.

2. Nature of Dividends. Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.

3. Dividend Compounding and Crediting. The compounding and crediting of dividends and dividend period are set forth above. The Dividend Period is the period of time, at the end of which, an account earns dividend credit. The Dividend Period begins on the first calendar day of the period and ends on the last calendar day of the period.

4. Accrual of Dividends. Dividends will begin to accrue on non-cash deposits (e.g. checks) on the business day you make the deposit to your account. If you close your account before accrued dividends are credited, accrued dividends will not be paid.

5. Balance Information. To open any account, you must deposit, or already have on deposit, at least the par value of one full share in any account. The par value amount is stated in the Rate Schedule above. Some accounts may have additional minimum opening deposit requirements. For Prestige Checking, there is a minimum daily balance required for the dividend period. If the minimum balance is not met, there will be a service fee as set forth above For Share, Prestige Checking, You Name It, Holiday, and IRA/ESA Share Accounts, where a minimum balance required. If there is no Minimum Daily Balance, the average daily balance will be required to obtain the Annual Percentage Yield for the dividend period. If the minimum average daily balance is not met, you will not earn the stated Annual Percentage Yield. For accounts using the Average Daily Balance method, dividends are calculated by applying a periodic rate to the average daily balance in the account for the period. The average daily balance is determined by adding the full amount of principal in the account for each day of the period and dividing that figure by the number of days in the period.

6. Account Limitations. For Basic Savings and You Name It Accounts, no more than six (6) pre-authorized, automatic (such as overdraft transfers), telephone, voice response (PhoneTeller) or Online Banking transfers may be made from your share account to another account of yours, or to a third party in any month. If you exceed these limitations, your account may be subject to a fee or be closed. Fees may reduce earnings. For a Holiday Club Account, the entire balance will be paid to you by a transfer to another account of yours in the credit union, on or after October 31, and the account will remain open. If you withdraw any of the account at any other time, we may impose a fee of all accrued, un-credited dividends on the account and your account may be closed. If you do not make any additional deposits to your Holiday Club Account after it has been paid out, we may close it. For IRA and ESA accounts, deposits cannot go over normal IRA/ESA restrictions.


Build a Dream Savings Club

The rates, fees, and terms applicable to your account at On Tap Credit Union® are provided in this Truth-in-Savings Disclosure. The Credit Union may offer other rates for this account from time to time.
Effective Date: April 1, 2019
MINIMUM OPENING DEPOSIT
$25
TERM2
Initial Term
12 months or can be chosen to correspond with a savings goal
Renewal Term3
12 Months
DIVIDENDS
Annual Percentage Yield1 – On balances up to $3,000.00
1.35%
Dividend Rate – On balances up to $3,000.00
1.342%
Annual Percentage Yield1 – On balances over $3,000.00
0.15%
Dividend Rate – On balances over $3,000.00
0.15%
Dividends Compounded
Monthly
Dividend Credited
Monthly
Balance Method
Average Daily Balance
EARLY WITHDRAWAL PENALTY4
$5 to withdraw
$25 to close
ADDITIONAL DEPOSITS
Unlimited
LIMITATIONS
One Build a Dream Savings Club per Membership

 

1. Rate Information. The Annual Percentage Yield (APY) is a percentage rate that reflects the total amount of interest to be paid on an account based on interest rate and frequency of compounding for an annual period. The APY is based on an assumption that all interest will remain on deposit until maturity. A withdrawal of interest will reduce earnings. Club account rates are subject change without notice. Interest is paid from current income and available earnings after required transfers to reserves at the end of the interest period. For all accounts, interest will begin to accrue on the business day you make the deposit to your account.

2. Maturity. Your account will mature as indicated on this Truth-In-Savings Disclosure, your account receipt, renewal notice, or evidence of certificate. Members can choose the initial maturity date to coincide with a savings goal date even if less than a month.

3. Renewal. Your account will renew automatically for the same term upon maturity at the rate offered at that time or funds can rolled to another account. You have a grace period of 10 days after maturity to withdraw funds or change investment terms without incurring an early withdrawal penalty.

4. Early Withdrawal Penalty. A $5 withdrawal fee and a $25 account closure fee apply (unless within the 10-day grace period).

At our option, we may pay the account before maturity with no early withdrawal penalty under the following circumstances:
1) When an account owner dies or is determined legally incompetent by a court
2) When the balance of the account meets or exceeds $2500.00 if it is transferred to a On Tap Credit Union Money Market or Traditional Certificate.

5. Account is Nontransferable/Nonnegotiable The funds in your account may not be pledged to secure any obligation of an owner, except to satisfy obligations with On Tap Credit Union; including use as collateral for a loan with On Tap Credit Union.


Learn to Earn Savings Club

The rates, fees, and terms applicable to your account at On Tap Credit Union® are provided in this Truth-in-Savings Disclosure. The Credit Union may offer other rates for this account from time to time
Effective Date: April 1, 2019
MINIMUM OPENING DEPOSIT
$25
TERM2
Initial Term
12 months or can be chosen to correspond with a savings goal
Renewal Term3
12 Months
DIVIDENDS
Annual Percentage Yield1 – On balances up to $3,000.00
1.35%
Dividend Rate – On balances up to $3,000.00
1.342%
Annual Percentage Yield1 – On balances over $3,000.00
0.15%
Dividend Rate – On balances over $3,000.00
0.15%
Dividends Compounded
Monthly
Dividend Credited
Monthly
Balance Method
Average Daily Balance
EARLY WITHDRAWAL PENALTY4
$1 to withdraw
$10 to close
ADDITIONAL DEPOSITS
Unlimited
LIMITATIONS
One Learn to Earn Savings Club per membership.
Primary member must be 18 years old or younger.

 

1. Rate Information. The Annual Percentage Yield (APY) is a percentage rate that reflects the total amount of interest to be paid on an account based on interest rate and frequency of compounding for an annual period. The APY is based on an assumption that all interest will remain on deposit until maturity. A withdrawal of interest will reduce earnings. Club account rates are subject change without notice. Interest is paid from current income and available earnings after required transfers to reserves at the end of the interest period. For all accounts, interest will begin to accrue on the business day you make the deposit to your account.

2. Maturity. Your account will mature as indicated on this Truth-In-Savings Disclosure, your account receipt, renewal notice, or evidence of certificate. Members can choose the initial maturity date to coincide with a savings goal date even if less than a month.

3. Renewal. Your account will renew automatically for the same term upon maturity at the rate offered at that time or funds can rolled to another account. You have a grace period of 10 days after maturity to withdraw funds or change investment terms without incurring an early withdrawal penalty.

4. Early Withdrawal Penalty. A $1 withdrawal fee and a $10 account closure fee apply (unless within the 10-day grace period).

At our option, we may pay the account before maturity with no early withdrawal penalty under the following circumstances:
1) When an account owner dies or is determined legally incompetent by a court
2) When the balance of the account meets or exceeds $2500.00 if it is transferred to a On Tap Credit Union Money Market or Traditional Certificate.

5. Account is Nontransferable/Nonnegotiable The funds in your account may not be pledged to secure any obligation of an owner, except to satisfy obligations with On Tap Credit Union; including use as collateral for a loan with On Tap Credit Union.


Basic & IRA Money Market

The rates, fees, and terms applicable to your account at On Tap Credit Union® are provided in this Truth-in-Savings Disclosure. The Credit Union may offer other rates for this account from time to time.
Effective Date: April 1, 2019
MINIMUM OPENING DEPOSIT5
$1000.00
DIVIDENDS1
Dividend Rate Annual Percentage Yield (APY)
REQUIRED MINIMUM BALANCE TO EARN APY
$1,000.00-9,999.99 0.25% 0.25%
$10,000.00-24,999.99 0.30% 0.30%
$25,000.00-49,999.99 0.349% 0.35%
$50,000.00-99,999.99 0.399% 0.40%
$100,000 and Up 0.449% 0.45%
Dividend Compounded3 Monthly
Dividend Credited3 Monthly
Balance Method Average Daily Balance
REQUIRED BALANCE TO AVOID FEE
$1,000.00
Minimum Balance Fee $10.00
MONTHLY ACCOUNT FEE
None
ACCOUNT LIMITATIONS6
Account Transfer Limitations Apply

 

1. Rate Information. The annual Percentage Yield (APY) is a percentage rate that reflects the total amount paid on an account based on the Dividend Rate and the frequency of compounding for an annual period. The Dividend Rate may change monthly as determined by the Credit Union Board of Directors. The Dividend Rates and Annual Percentage Yields are the prospective rates and yields that the Credit Union Anticipates paying for the applicable dividend period.

2. Nature of Dividends. Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.

3. Dividend Compounding and Crediting. The compounding and crediting of dividends and dividend period are set forth above. The Dividend Period is the period of time at the end of which an account earns dividend credit. The Dividend Period begins on the first calendar day of the period and ends on the last calendar day of the period.

4. Accrual of Dividends. Dividends will begin to accrue on non-cash deposits (e.g. checks) on the business day you make the deposit to your account. If you close your account before accrued dividends are credited, accrued dividends will not be paid.

5. Balance Information. To open any account, you must deposit or already have on deposit at least the par value of one full share in any account as well as at least the par value of one full share in a Share Account. The par value amount is stated in the Rate Schedule above. For the above accounts, a minimum daily balance is required for the dividend period. If the minimum balance is not met, there will be a service fee as set forth above. If the Minimum Daily Balance is not met, you will not earn the stated Annual Percentage Yield.

6. Account Limitations. No more than six (6) withdrawals are allowed during a dividend period. If you exceed these limitations, your account may be subject to a fee or be closed. Fees may reduce earnings.


Regular, IRA & Jumbo Share Certificate

The rates, fees, and terms applicable to your account at On Tap Credit Union® are provided in this Truth-in-Savings Disclosure. The Credit Union may offer other rates for this account from time to time.
Effective Date: April 1, 2019

REGULAR & IRA SHARE CERTIFICATE
JUMBO & JUMBO IRA SHARE CERTIFICATE
MINIMUM OPENING DEPOSIT
$500.00 $50,000.00
TERM
Dividend Rate Rate Annual Percentage Yield (APY)1 Dividend Rate Rate Annual Percentage Yield (APY)1
3 Month 0.549% 0.55% 0.598% 0.60%
6 Month 0.995% 1.00% 1.045% 1.05%
12 Month 1.588% 1.60% 1.638% 1.65%
24 Month 1.736% 1.75% 1.785% 1.80%
36 Month 1.884% 1.90% 1.933% 1.95%
48 Month 1.982% 2.00% 2.031% 2.05%
60 Month 2.472% 2.50% 2.521% 2.55%
Dividend Compounded
Monthly
Dividend Credited Monthly
Balance Method
Average Daily Balance
ACCOUNT LIMITATIONS3
No additional deposits are allowed. Withdrawal penalties may apply.5

 

1. Rate Information. The Annual Percentage Yield (APY) is a percentage rate that reflects the total amount of interest to be paid on an account based on interest rate and frequency of compounding for an annual period. The APY is based on an assumption that all interest will remain on deposit until maturity. A withdrawal of interest will reduce earnings. For certificates, the rate and APY are fixed and will stay in effect for the term of the account.

2. Nature of Dividends. Interest is paid from current income and available earnings after required transfers to reserves at the end of the interest period. For all accounts, interest will begin to accrue on the business day you make the deposit to your certificate.

3. Maturity. Your account will mature as indicated on this Truth-In-Savings Disclosure, your account receipt, renewal notice, or evidence of certificate.

4. Renewal. Your account will renew automatically for the same term upon maturity. You have a grace period of 10 days after maturity to withdraw funds or change investment terms without incurring an early withdrawal penalty.

5. Early Withdrawal Penalty. Withdrawals of interest are allowed during term of certificate without penalty. A penalty will be imposed if you withdraw the principal before the certificate maturity date. The penalty is calculated as a forfeiture of interest that has been or would be earned on the account. If the account has not yet earned enough interest, the penalty will be deducted from the principal.

The penalty schedule is as follows:

Term of 3 months: 30 days interest

Term of 6-24 months: 90 days interest

Term of 30-60 months: 120 days interest

At our option, we may pay the account before maturity with no early withdrawal penalty under the following circumstances:
1) When an account owner dies or is determined legally incompetent by a court.
2) When the account is an IRA or Keogh and the owner attains age 59 ½ or becomes disabled.
3) When the account is an IRA and any portion is paid within 7 days after establishment or if the account is a Keogh, provided that the depositor forfeits an amount equal to or greater than the simple interest earned in the amount withdrawn.

6. Account is Nontransferable/Nonnegotiable. The funds in your account may not be pledged to secure any obligation of an owner, except to satisfy obligations with On Tap Credit Union®.


Youth Certificate

The rates, fees, and terms applicable to your account at On Tap Credit Union® are provided in this Truth-in-Savings Disclosure. The Credit Union may offer other rates for this account from time to time
Effective Date: April 1, 2019
MINIMUM OPENING DEPOSIT
$25
TERM3
12 months 
EARLY WITHDRAWAL PENALTY5
90 days of Interest
DIVIDENDS
Annual Percentage Yield (APY)1
1.60%
Dividend Rate
1.588%
Dividends Compounded
Monthly
Dividend Credited
Monthly
Balance Method
Average Daily Balance
ADDITIONAL DEPOSITS
Unlimited allowed
LIMITATIONS
Primary member must be 18 years old or younger.

 

1. Rate Information. The Annual Percentage Yield (APY) is a percentage rate that reflects the total amount of interest to be paid on an account based on interest rate and frequency of compounding for an annual period. The APY is based on an assumption that all interest will remain on deposit until maturity. A withdrawal of interest will reduce earnings. For certificates, the rate and APY are fixed and will stay in effect for the term of the account.

2. Nature of Dividends. Interest is paid from current income and available earnings after required transfers to reserves at the end of the interest period. For all accounts, interest will begin to accrue on the business day you make the deposit to your certificate.

3. Maturity. Your account will mature as indicated on this Truth-In-Savings Disclosure, your account receipt, renewal notice, or evidence of certificate. You have a grace period of 10 days after maturity to withdraw funds or change investment terms without incurring an early withdrawal penalty.

4. Renewal. Your account will renew automatically for the same term upon maturity.

5. Early Withdrawal Penalty. A penalty will be imposed if you withdraw the principal before the certificate maturity date. The penalty is calculated as a forfeiture of interest that has been or would be earned on the account. If the account has not yet earned enough interest, the penalty will be deducted from the principal.

At our option, we may pay the account before maturity with no early withdrawal penalty under the following circumstances:
1) When an account owner dies or is determined legally incompetent by a court

6. Account is Nontransferable/Nonnegotiable The funds in your account may not be pledged to secure any obligation of an owner, except to satisfy obligations with On Tap Credit Union®.


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mountain stream with snow topped peaks