TRUTH IN SAVINGS DISCLOSURE

TRUTH IN SAVINGS - for Women's Southwest* FCU 

(on 12/31/09 Cal Feminist FCU became the Pacific Coast Branch of Women's Southwest FCU)

All Accounts

Except as specifically described, the following disclosures apply to all of our accounts.  All accounts described in this Truth-In-Savings Disclosure are share accounts.

1. Rate information:  The Annual Percentage Yield (APY) is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and the frequency of compounding for an annual period.   For accounts subject to dividend compounding, the Annual Percentage Yield is based on the assumption that dividends will remain on deposit until maturity.  A withdrawal of dividends will reduce earnings. 

2. Dividend Period:  for each account the dividend period is the account's term.  The dividend period begins on the first day of the term and ends on the maturity date. 

Regular Shares, Effective January 1, 2010

    Dividends on non-cash deposits ((such as checks & money orders) accrue from the business day of deposit to the date of withdrawal. Dividends are calculated by the Average Daily Balance (ADB) method which applies a periodic rate to the Average Daily Balance in the account for the period.  The Average Daily Balance equals the balance of the account each day of the period divided by the number of days in the period. Dividends are paid quarterly.  Dividends are forfeited if the account is closed before quarter-end.

    During the 3rd month of each quarter our board of directors declares dividends to be paid for that quarter. Dividends 

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

The dividend rate & Annual Percentage Yield (APY) may change quarterly based on the determination of the directors.

    Dividends are compounded quarterly & credited to accounts once a quarter on the last day thereof. Example: the first quarter 

of each year begins January 1 & ends March 31; dividends for that quarter will be paid on March 31. All other dividend 

periods follow this same pattern of dates.

    TRANSACTION LIMITATIONS: regardless of the account balance, there is a limit of 5 withdrawals per regular share account 

per month.  Withdrawals which bring the balance below $25 will close the account.

Share Certificates, updated October 1, 2010

    1. Dividend Period:  the dividend period is the share certificate account's term.  The dividend period begins on the first day of the term and ends on the maturity date.

   2.  Dividend Compounding and Crediting:  Dividends are compounded quarterly and credited quarterly. 

3. Balance Information:  The minimum balance requirement to open a share certificate is listed under "Minimum Balance Requirement" below.  To open a share certificate you must deposit--or already have on deposit--at least the par value of one full share in a Regular Share Account.  (See "Minimum Balance Requirement" below.) For Share Certificate accounts, dividends are calculated by the Daily Balance method, which applies a periodic rate to the balance in the account each day. 

4. Accrual of Dividends: For Share Certificate accounts, dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account. 

5. Transaction Limitation:  For Share Certificate accounts, after your account is opened you may make withdrawals subject to the early withdrawal penalties stated below.  

6. Maturity:  Your account will mature as stated on this Truth-In-Savings Disclosure or on your Account Receipt or Renewal Notice.

7. Early Withdrawal Penalty: We may impose a penalty if you withdraw from your account before the maturity date.  

        a. Amount of Penalty:  For Share Certificate accounts, the amount of the early withdrawal penalty is based on the term of your account. The penalty schedule is as follows:

            Terms of 1 Year:  90 days' dividends

            Terms of 2 Years:  120 days' dividends

        b. How the Penalty Works:  The penalty is calculated as a forfeiture of part of the dividends that have been or would be earned on the account.  It applies whether or not the dividends have been earned.  In other words, if the account has not yet earned enough dividends or if the dividend has already been paid, the penalty will be deducted from the principal.  

        c. Exceptions to Early Withdrawal Penalties:  at our option, we may pay the account before maturity in the following circumstances:

            --When an account owner dies ;

            --When an account owner is determined legally incompetent by a court or other body of competent jurisdiction

8, Additional Deposits: they are not allowed.

9. Renewal:  upon maturity, you will have the option of renewing or asking us to transfer your funds to your regular share account.  If you choose to renew, you will have a grace period of ten (10) days after maturity in which to withdraw funds from the account without being charged an early withdrawal penalty (see #7 above.).  

10. Non-transferable/non-negotiable:  your account is nontransferable and nonnegotiable. 

Savings Rates on Regular Shares and Share Certificates

    To see the rates declared for the most recent quarter, click on Savings Rates.  The stated rate that corresponds to an applicable deposit is/was/will be paid on the full balance of the account.

Statutory lien:  If you are in default on a financial obligation to us, federal law gives us the right to apply the balance of shares and dividends in your account (s) at the time of default to satisfy that obligation.  Once you are in default, we may exercise this right without further notice to you.

FEES  MAY  BE  CHARGED  TO  ACCOUNTS  FOR  SERVICES  TO MEMBERS.  

    Some items marked "free" are available to Members-In-Good-Standing only.

 The fees in the table below were mailed to members of Cal Feminist FCU on 11/25/09.  They were published on this Web site on 12/3/09.  They were mailed to members of Women's Southwest FCU on 1/28/10.  

**To find out how to change your address in keeping with our privacy-protection 

and fraud-prevention concerns, click on Address Change

------

(c) Copyright 1998-2010 California Feminist FCU & Women's Southwest FCU