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Brazos Star Credit Union
Truth in Savings Disclosure for Member Share Accounts
Our credit union is dedicated to providing our members with service, loyalty and commitment. This disclosure contains the terms, conditions and fees that are associated with the regular share accounts that are offered through Brazos Star Credit Union.
After reading this disclosure statement and fee schedule, if you have any questions, please contact the credit union to ask for clarification. We can also provide you with information on our other rates, products and services.
This account is subject to the credit union’s charter and bylaws, and all applicable laws and rules of the United States, and the State of Texas, applicable clearing house rules and the schedule of service charges and fees, rates of earnings and minimum balance requirements, which may change from time to time by the credit union. The credit union reserves the right to change the rates and fee schedules at any time.
Your accounts are federally insured to at least $250,000. This $250,000 share insurance coverage is provided by the National Credit Union Share Insurance Fund and backed by the full faith and credit of the United States Government. Your share insurance is similar to the deposit insurance protection offered by the Federal Deposit Insurance Corporation (FDIC). For additional information on insurance coverage, please log on to http://www.ncua.gov/Resources/ShareInsuranceToolkit.aspx
Rate and Fee Schedule
This schedule is incorporated as part of your account agreement with Brazos Star Credit Union. This rate and fee schedule for all member share accounts sets forth certain conditions, rates, fees, and charges applicable to your regular share account at Brazos Star Credit Union as of the date given or sent to member to member.
The member share account at Brazos Star offers a three-tiered dividend structure, enabling members to earn higher dividends by maintaining higher daily balances. Account balance information is shown in the following table.
Nature of Dividends
Dividends are paid from current income and available earnings, after required reserve transfers at the close of a dividend period. The dividend rate and annual percentage yield shown in this brochure reflect the last dividend posting to the account.
Compounding and Crediting
Dividends will be compounded daily and credited quarterly. If you close your member share account before dividend are paid, you will not receive any accrued dividends.
For this account type, the dividend period is quarterly. For example, the beginning date of the first dividend period of the calendar year is the quarter beginning January 1, with an ending date of March 31. The second quarter is from April 1 through June 30, the third quarter is from July 1 through September 30 and the last calendar quarter is form October 1 through December 31.
The dividend posting or crediting date follows the ending date of a dividend period – that is, March 31, June 30, September 30 and December 31 are dividend posting dates for this account.
The chart below indicates the declared dividend rates for the immediate quarter preceding the date of this brochure. The dividend rates are declared by the board of directors and are subject to change from time to time. At the time of account opening, the Member Account Specialist will complete the matrix with the current available rates paid as of the last dividend posting period.
| Daily Balance as of|
Last Dividend Posting
|Dividend Rate||Annual Percentage Yield (APY)|
|$25.01 to $999.99|
|$1,000.00 to $9,999.99|
|$10,000.00 or more|
Minimum Balance Requirements
The minimum balance required to open this account is $25.00. This amount represents your share of ownership in the credit union. You must maintain a minimum daily balance of at least $25.01, to earn dividends on your account at the disclosed annual percentage yield.
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 of the dividend period.
Accrual of Dividends
Dividends will begin to accrue on the business day you deposit cash and/or non-cash items (e.g., checks, traveler’s checks) to your account.
In accordance with federal regulations, during any statement period you may make up to six withdrawals or transfers to another Credit Union account of yours. You may, with completed phone authorization make up to three phone authorized transfers in a calendar quarter.
Par Value of Shares
The par value of a member share in this Credit Union is $ 25.00. The credit union will declare and post dividends quarterly to share accounts held at the credit union. Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.
Disclosure of Fees and Charges for a Credit Union Member Share Account
Brazos Star Credit Union strives to maintain fees and charges that are fair and reasonable. Fees and charges may be assessed against your account if you fail to keep a minimum balance, if you exceed the maximum number of allowable withdrawals, or for any other additional products and services that are sold.
Other fees and charges may be applicable, and are subject to change. Please see our current rate and fee schedule for the most up to date information.
Excessive withdrawal charges may be assessed for each share account withdrawal over 6 in a calendar quarter. There is a charge for pre-authorized phone transfers over 3 in a calendar quarter.
Please consult the current Rate and Fee Schedule for Brazos Star Credit Union for additional information.
A Word about ATM and Debit Card Service with Member Share Accounts
ATM and Debit card service on member share accounts is only available when combined with an open and active share draft checking account in good standing.
Brazos Star Credit Union does not charge its members to make withdrawals from any ATM or through a PIN based transaction at a retailer.
Locally, some banks and credit unions offer free withdrawals from their ATMs. This may change at any time. Please contact us to see which financial institutions offer this complementary service to our members.
TIS – Share Disclosure (2013-06-24:rev.2)