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Money Management Savings Account Policy

Rate Information: The dividend rate and annual percentage yield may change at any time, as determined by the credit union board of directors. This account is tiered which means it pays different dividend rates corresponding to applicable account tiers, on the applicable balance in each tier of the account. The applicable tiers, dividend rate and annual percentage yield for each tier will be as listed in the credit union’s current Rate Schedule shown on our web site.

Compounding and Crediting: Dividends will be compounded monthly and be credited to your account monthly.

Dividend Period: For this account type, the dividend period is monthly, for example the beginning date of the first dividend period of the calendar year is January 1 through January 31. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending of a dividend period, and for the example above is January 31.  If you close your account prior to payment of a dividend, you will not receive any accrued dividends.

Balance Computation Method: Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.

Minimum Balance Requirements: The minimum required to open this account is $2,500.00.

You receive a dividend for each day that your balance is $2,500.00 or greater.

You are required to maintain a minimum daily balance of $2,500.00 in your account each day to obtain the disclosed annual percentage yield.

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

Transaction Limitations: During any month you may not make more than six (6) withdrawals or transfers to another credit union account of yours or to a third party by means of preauthorized automatic, or computer transfer, telephonic order or instruction, or similar order to a third party. No more than three (3) of the six (6) transfers may be made by check.

There is a minimum deposit amount of $100.00 for deposits made to this account via payroll deduction.

This is a tiered rate account. If your daily balance is from $2,500.00 to $24,999.99 the first dividend rate and annual percentage yield will apply. If the daily balance is from $25,000.00 to $74,999.99 the second dividend rate and annual percentage yield will apply. If the daily balance is greater than $75,000.00 the third dividend rate and annual percentage yield will apply. Once a particular range is met, the dividend rate and annual percentage will apply to the full balance in your account.

Term Share Certificate of Deposit Account Policy

An initial account disclosure is given to a member at the time a new term share (certificate) account is opened. If a member or potential member is not present at the account opening, the credit union will mail or deliver the disclosure the earlier of 20 calendar days after the account is opened or a related service is provided, whichever comes first. The disclosure must be in writing in a form that the member or potential member can keep. It is to contain the following information:

Rate. Disclose the dividend rate and the APY and that they (1) are based on the assumption that dividends will be added to the principal, or (2) will be paid to the regular share account (number), or (3) will be mailed to the owner(s) of the account.

Compounding  and crediting. Disclose that dividends are compounded monthly and credited monthly

Minimum balance requirements. Disclose the fact that the minimum balance required to open the account is $1,000.00.

Balance computation method. Disclose that dividends are calculated using the daily balance method, which applies a daily periodic rate to the principal in the account each day.

Accrual of dividends. Disclose that dividends begin to accrue on the business day the member deposits cash and noncash items (e.g., checks) to the account.

Transaction limitations. Disclose that after the account is opened the member can make no additional deposits until the maturity date stated on the certificate.

Maturity date. Disclose the maturity date of the certificate.

Early withdrawal penalties. State that the credit union will impose a penalty if the member withdraws any of the funds before the maturity date and that the penalty will equal three months’ dividends on a six months deposit or six months’ dividends on a one year or longer deposit.

Exceptions to Early Withdrawal Penalties. At our option, we may pay the account before maturity without imposing an early withdrawal penalty if an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.

Renewal  policies. Disclose that the certificate account will not automatically renew at maturity. If the member has not notified us by or before the maturity date, we will redeem the certificate and put the money      in regular shares.

Dividend period. Disclose that on this type of account, the dividend period  of Southern Middlesex County Teachers FCU is monthly, beginning on the date the account is opened and ending on the stated maturity date, unless  renewed.

National Credit Union Share Insurance Fund. Disclose that member accounts in this credit union are federally insured by the National Credit Union Share Insurance Fund.

 Savings Accounts

Regular Shares – This account is automatically opened when you become a member. It requires a minimum deposit of $5.00 to open the account. This balance needs to be maintained within this account throughout the duration of your membership. You will receive a quarterly statement showing all transactions for this account and all club accounts.

Summer Savings Account – This account can be used to save for the summer. Your deposited money is available to you at any time during the year. This account has ATM card access.

Christmas Club Account – This account can be used to save for the holiday season. Your deposited money is available to you at any time during the year. You must request a withdrawal at holiday time.

Miscellaneous and Rainy Day Accounts – These two accounts can be used to save for any purpose. Your deposited money is available to you at any time during the year.

Share Draft Account (Checking) – This account is used just as a regular checking account. There is no minimum balance or per check charges. Your first order of 50 checks is free. This account has ATM card access. You will receive a monthly statement showing all transactions to this account

Loan Accounts

Personal Loans – Qualified members may borrow up to $15,000.00. See the rates page for requirements and terms. Payments may be made 10 months or 12 months a year

Auto, Motorcycle and Boat Loans – New and used vehicle loans are available. See the rates page for terms and conditions. Payments may be made 10 months or 12 months a year.

Fixed Home Equity Loans – You may borrow up to $100,000.00. Take 80% of the value of your home and subtract the principal amount of your first mortgage. This is the amount you are eligible to borrow. To apply see our loans page.

Home Equity Line of Credit – This is a 20-year variable rate line of credit with a 5 year draw period. The interest rate is prime – 1/4%. The other conditions are the same as a fixed rate loan. To apply see our loans page.

Student Loans – We have partnered with Fannie Mae to provide loan assistance with your college and/or graduate program needs.  You may borrow any amount up to the full cost of tuition.  Please click on the link on our homepage or go to www.salliemae.com/smartoption/smctfcu

Services

Payroll Deduction – You can have a portion of your paycheck sent to the credit union and distributed into any of the above savings accounts. You can also have your loan payment paid through payroll deduction. All of our school districts send a semimonthly payroll deduction. Some payroll deductions are sent via paper check and are not always posted on the exact day you are paid, however some are wired or electronic and are posted to your account the same day.  If you wish to change your payroll deduction, click on “payroll deduction form” and you can download a PDF file which you can then print and send to the credit union office.

Direct Deposit  – You can have your net paycheck, including Social Security and Pension checks, electronically sent to your Regular Share or Share Draft account. These funds are available the day you get paid.

VISA DEBIT Cards  – You may have a Visa Debit card if you have an active checking account.  You may use this card anywhere that Visa is accepted.  The purchases will come directly out of your checking account.  Summer Savings accounts can be linked to this card for withdrawal purposes only.  Daily limits range from $300 to $500 for purchases and another $300 to $500 for withdrawal.

STAR ATM Cards – You can have an ATM card to access funds in your Summer Savings and Share Draft accounts only. You can withdraw or deposit moneys as well as transfer funds between the two accounts using your ATM card. We have no ATM machine at our office, however you can access any STAR/PLUS/HONOR machine. Click on the STAR or Money Pass links above to  locate surcharge free machines. You may also use your card to purchase merchandise at any store that accepts STAR for purchases. This debits your Share Draft account only. There is a $300.00 per day limit for STAR withdrawals and a $300.00 per day limit for point of sale transactions.

Notary Public – As a member of the Credit Union, you can have official documents notarized by our on-staff Notary Public officers. There is no fee for this service.

Medallion Signature Guarantee Program – As a member of the Credit Union, you can have official documents that require a Signature Guarantee Stamp processed by our on staff Signature Guarantee Officers. There is no fee for this service.

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