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Truth in Savings Disclosures

Rate Information: The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends/interest to be paid on an account based on the rate and frequency of compounding for an annual period. Share Savings, Special Savings, Individual Retirement Account (IRA) Savings and Checking accounts earn dividends and the Dividend Rate and Annual Percentage Yield may change every dividend period as determined by the credit union’s 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.

Dividend Period: The dividend period is the period of time at the end of which an account earns dividend credit. For all accounts, the dividend period is monthly. For example, the beginning date of the first dividend period for the calendar year is January 1 and the ending date is January 31.

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

Certificate accounts earn interest and the Interest Rate and Annual Percentage Yield may change at any time after account opening at the discretion of the credit union. For Certificate and IRA Certificate accounts, the Interest Rate and Annual Percentage Yield are fixed and will be in effect for the term of the account. The Annual Percentage Yield for Certificate accounts is based on an assumption that interest will remain on deposit until maturity. A withdrawal of interest will reduce earnings.

Par Value: The par value for opening and maintaining membership in the credit union is $25 in a Share Savings account.

Membership Requirements: A member must maintain a balance of at least the par value in a Share Savings account at all times. The membership of a member whose Share Savings account has been less than par value for a period of one hundred (100) calendar days or more will automatically be terminated. A member so terminated may apply for readmission to the credit union, provided, however, that only one application for readmission may be made per member within a twelve (12) month period. The directors, by a resolution passed by the affirmative vote of a majority of the directors at a meeting called to consider the resolution, may expel a member for cause. The member who is proposed to be expelled by a resolution of the directors is entitled to at least seven days’ notice of the meeting at which the resolution is to be considered, together with a statement of the grounds upon which the member is proposed to be expelled, and is entitled to appear, either personally or by or with counsel, to be heard at the meeting. Within seven days after an expulsion resolution passes, the credit union shall notify the person who was expelled in writing by regular first class U.S. mail postage prepaid to the expelled member’s address of record. Any person so expelled from the credit union shall have no further rights in the credit union, but shall not be relieved of any obligations or liability to the credit union, and, without restricting the generality of the foregoing, shall not affect the term for which any person has agreed to place deposits with the credit union.

Compounding and Crediting: The compounding and crediting of dividends/interest is set forth in the tables below.

Minimum Balance Requirements: The minimum balance requirements are set forth in the tables below.

Balance Computation Method: We use the Daily Balance method to calculate dividends/interest for all accounts. This method applies a daily periodic rate to the balance in the account each day.

Accrual of Dividends/Interest: Dividends/Interest will begin to accrue on non-cash deposits (e.g. checks) on the business day you make the deposit to your account.

Fees: Fees applicable to your account(s) are set forth within the Account and Service Fees section within these disclosures.

Rewards/Bonuses: Any rewards or bonuses of $10 or more paid on dividend/interest bearing accounts are subject to Internal Revenue Service reporting.

Account Limitations (applies to all savings accounts): No more than six (6) withdrawals or transfers may be made in any calendar month to another account of yours at the credit union (unless the transfer is to a VSECU loan) or to a third party by means of a preauthorized, automatic, electronic (including computer-initiated) or telephone transfer; or by check, or debit card to a third party. If you exceed these limitations, the transfer may not be made, or your account may be subject to an Excessive Transaction fee or closed.

Inactive Accounts: For Savings (excluding Share Savings) and Checking accounts, if there has been no activity on the account(s) for ninety (90) calendar days and the account has a zero or negative balance, the account will be closed without notice to you.

Certificates Certificates
(excluding IRA)
IRA Certificates
Minimum Opening Deposit $500 $500
Minimum Daily Balance to Earn APY $500 $500
Compounding and Crediting Monthly Monthly
Additional Deposits Allowed At maturity only Yes (increments of $250)
Withdrawals Allowed without Penalty Interest only No
Renewal Automatic Automatic

Additional Disclosures for Certificates and IRA Certificates:
Maturity: Your account will mature as indicated on your Certificate receipt, or on your Renewal Notice.

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

Amount of Penalty: 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 or less: 90 days interest
Terms of more than 1 Year: 180 days interest

How the Penalty Works: The forfeiture is calculated at the simple interest rate being paid on the account regardless of how long the funds withdrawn have remained in the account. The principal amount upon which the forfeiture is calculated is the amount withdrawn.

Exceptions to Early Withdrawal Penalties: At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances: (i) When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction; (ii) Where the account is an IRA and any portion is paid within seven (7) days after establishment; provided that the depositor forfeits an amount of at least equal to the simple interest earned on the amount withdrawn; or (iii) Where the account is an IRA and the owner attains age 59½ or becomes disabled.

Renewal Policy: Your certificate account will automatically renew for another term upon maturity, and all interest earned will become part of the new principal balance. You will have a grace period of ten (10) calendar days after maturity in which to withdraw funds without penalty. Promotional certificates may not have an automatic renewal feature; refer to the account disclosures provided to you when opening a certificate.

Non-transferable/Non-negotiable: Your account is nontransferable and non-negotiable. The funds in your account may not be pledged to secure any obligation of an owner except obligations with the credit union. The rates are accurate as of the effective date indicated on the VSECU Rate Sheet. If you have any questions or would like additional information, please contact a Member Service Consultant at 802/800 371-5162.

Deposit Accounts Share Savings Special Savings IRA Savings Checking
Minimum Opening Deposit $25 $5 $25 $25
Minimum Daily Balance to Earn APY None None None None
Minimum Daily Balance to Avoid Fees None None None None
Below Minimum Balance Fee None None None None
Compounding and Crediting Monthly Monthly Monthly Monthly
Account Limitations
(see Account Limitations section)
Apply Apply Apply None
Inactivity Fee (if no activity on checking account for 365 calendar days and end-of-month balance is less than $100) None None None $5 per month
(if applicable)
Single Service Fee (applies to members who have only a Share Savings account and no other accounts or joint relationship accounts at VSECU, with less than a $100 end-of-month balance in the Share Savings account.) Members under age 21 and over age 65 are excluded. $5 per month (if applicable) None None None

Account and Service Fees
Service/Transaction Fee Service/Transaction Fee
Account Reconciliation/Research $25 per hour Money Orders $3 each
Account to Account (A2A) Outbound Transfers $3 each Non-VSECU ATM Transaction2 $1.50 each
Account to Account (A2A) Failed Transactions $25 each Non-Sufficient Funds (NSF)/Overdrafts (applies to non-sufficient funds or overdraft items created by check, in-person and ATM withdrawal, or other electronic means) $25 per NSF item returned or per Overdraft item paid
Bill Pay $5 per month Overdraft Protection Transfer $3 each
Card Replacement
(ATM or Debit)
$10 Standard; $40 Expedited Returned Statement $5 – future mailings suspended until address is corrected
Cashier’s Checks $3 each Paper Statement Copy $5 per statement (e-Statements free with enrollment)
Paper Check Copy $3 each (digital copy free with online banking enrollment) Stop Payment (Check or ACH) $20 per item; or multiple items within a range
Check Order Prices Varies by style Temporary Checks $2 for a sheet of 4 checks
Closed Membership $20 if closed within 90 days Uncollected Funds $25 per item, paid or returned
Excessive Transactions
(for Savings Accounts)
$5 each Wire Transfers (outgoing) Domestic $20 each
Member Coin Machine 5% of total coin amount Bill Pay Overnight Check Payment $14.95 per transaction
Bill Pay Same Day Electronic Payment $9.95 per transaction Popmoney® Transfers $.95 per transaction; $1.95 per expedited transaction
Legal Processing
(writ, levy, etc.)
$50 each

2 You may use your VSECU ATM/Debit Card at any VSECU ATM without incurring a fee. If you use an ATM that is not owned by VSECU (Non-VSECU ATM,) the Non-VSECU ATM transaction fee will apply. Additionally, you may incur a surcharge fee from the institution for using their ATM.

Fees may be reduced or waived based on your level of member participation. Refer to the Member Rewards information on the confirmation page at the end or your application or view the Member Rewards page for more information on how Member Rewards can benefit you.

VSECU Rate Sheet

Rates Effective as of: 3/28/2014

Account Type Dividend
Rate
Annual
Percentage
Yield
Minimum
Opening
Deposit
Minimum Daily
Balance to
Earn APY
Share Savings: Premium Tier
$0.00 – $1,000.00
2.96% 3.00% $25 None
Share Savings: Base Tier
$1,000.01 – $10,000.00
.10% 3.00% to .39%1
Share Savings: Tier 3
$10,000.01 – $25,000.00
.15% .39% to .25%1
Share Savings: Tier 4
$25,000.01 – $50,000.00
.25% .25% to .25%1
Share Savings: Tier 5
$50,000.01 and over
.40% .25% to .32%1
Special Savings: Base Tier
$0.00 – $1,000.00
.10% .10% $5 None
Special Savings: Base Tier
$1,000.01 – $10,000.00
.10% .10%
Special Savings: Tier 3
$10,000.01 – $25,000.00
.15% .10% to .13%1
Special Savings: Tier 4
$25,000.01 – $50,000.00
.25% .13% to .19%1
Special Savings: Tier 5
$50,000.01 and over
.40% .19% to .30%1
IRA Savings 0.10% 0.10% $25 None
Checking 0.10% 0.10% $25 None
Certificate Terms Interest
Rate
Annual
Percentage
Yield
Minimum
Opening
Deposit
Minimum Daily
Balance to
Earn APY
Eighteen Month .50% .50% $500 $500
Two Year 1.14% 1.15%
Three Year 1.34% 1.35%
Four Year 1.54% 1.55%
Five Year 2.03% 2.05%
Six Year 2.47% 2.50%
IRA 1 Yr .60% .60%
IRA 2 Yr 1.14% 1.15%
IRA 3 Yr 1.34% 1.35%
IRA 4 Yr 1.54% 1.55%
IRA 5 Yr 2.03% 2.05%
IRA 6 Yr 2.47% 2.50%

1 APY is blended and varies depending on the balance in the account.

Rates/APYs listed for Special Savings accounts also apply to Fiduciary Savings accounts; Rate/APY listed for Checking accounts also applies to Fiduciary Checking accounts; and Rates/APYs listed for Certificate accounts also apply to Fiduciary Certificate accounts.

Rates and yields may change after account opening. Fees could reduce earnings. Early withdrawal penalties apply to certificates.