Primary Share Savings Accounts
Prime
Share Savings
Transaction
limitations:
The
maximum automated teller machine (ATM) withdrawal we allow is $500.00 per
24-hour period.
This
withdrawal limitation applies to this account in combination with Checking
account(s) withdrawal limitations.
Kid’s Club Savings Account for member’s ages 0-12
Transaction
limitations:
Automated
teller machine (ATM) privileges are not available for this type of account.
Smart Start Club Savings Account for members ages 13-18
Transaction
limitations:
The
maximum automated teller machine (ATM) withdrawal we allow is $100.00 per
24-hour period
This
withdrawal limitation applies to this account in combination with Checking
account(s) withdrawal limitations.
Checking Accounts
(Share Drafts)
Flexible Checking, Free Checking, Prestige Checking,
Reward Checking and Traditional Checking
Transaction
limitations:
The
maximum automated teller machine (ATM) withdrawal we allow is $500.00 per 24-hour
period.
This
withdrawal limitation applies to this account in combination with Savings
account(s) withdrawal limitations.
Health Savings
Accounts (HSA Checking)
Transaction
limitations:
The
maximum automated teller machine (ATM) withdrawal we allow is $500.00 per
24-hour period. Contributions and withdrawals to HSA accounts are subject to
Internal Revenue Service rules and limitations. See your Plan Disclosure for
more information. Accountholder is responsible for compliance with IRS
regulations.
Student Checking
Transaction limitations (Ages 13 to 18):
The
Student Checking account requires a parent or guardian of adult age to sign as
a joint owner. Debit Card transaction limitations will be determined by the
parent or guardian not to exceed the maximum allowed daily limits for ATM
withdrawals and point of sale (POS) purchases. See separate Regulation E
disclosures.
The
maximum automated teller machine (ATM) withdrawal we allow is $500.00 per
24-hour period. This withdrawal limitation applies to this account in
combination with Savings account(s) withdrawal limitations.
Transaction
limitations (Ages 19 to 23):
The
maximum automated teller machine (ATM) withdrawal we allow is $500.00 per
24-hour period.
This
withdrawal limitation applies to this account in combination with Savings
account(s) withdrawal limitations.
Transaction
limitations:
Three
checks per month maximum. If more than three checks are written, a fee will be
charged per additional check. (See Fee Schedule brochure for amount of fee). And up to three withdrawals or transfers per month (In addition to
three checks written). Withdrawals or Transfers exceeding limit will
result in a fee per withdrawal or transfer. (See Fee
Schedule). Automated teller machine (ATM) privileges are not available
for this type of account.
Club Accounts
(Vacation and Christmas)
Transaction
limitations:
One
free withdrawal or transfer per year, thereafter a fee will be imposed (see Fee
Schedule). Christmas Club accounts are automatically transferred
to your Primary Share Savings account on November 1 in addition to the one free
withdrawal per year.
Individual
Retirement Accounts (IRA)
Transaction limitations
applicable to all IRA accounts:
Contributions and withdrawals to IRA accounts are subject to Internal
Revenue Service rules and limitations. Individuals under the age of 59½ may be
subject to an IRS penalty when withdrawing amounts from an IRA account. In
certain circumstances, such as the death or incompetence of an account owner, the
law permits or sometimes requires the waiver of an early withdrawal penalty.
See your Plan Disclosure for more information.
IRA Term Share Certificate (Including Mini-Jumbo, Jumbo,
and Gold Club Members IRA Term Share Certificates)
Transaction
limitations:
The minimum amount you can deposit is
$250.00. There are no limitations on the frequency or timing of additions,
except that no additions can be made in the last seven days before maturity.
You may make withdrawals of principal
from your account before maturity only if we agree at the time you request the
withdrawal. Principal withdrawn before maturity is included in the amount
subject to early withdrawal penalty. You can only withdraw dividends credited
in the term before maturity of that term without penalty. You can withdraw
dividends anytime during the term of crediting after they are credited to your
account.
Time requirements:
Your account will mature on
.
Early withdrawal penalties: A penalty may be imposed for withdrawals before maturity. The penalty
we may impose will equal one half of the original term’s dividends on the
amount withdrawn subject to penalty, whether or not earned. To the extent
dividends are not available to satisfy any penalty assessed, the penalty will
be assessed against principal.
Regular, Mini-Jumbo, Jumbo, and Gold Club Members Term
Share Certificates
Transaction
limitations:
After the account is opened, you may
not make additions into the account until the maturity date stated on the
account. You may make withdrawals of principal from your account before
maturity only if we agree at the time you request the withdrawal. Principal
withdrawn before maturity is included in the amount subject to early withdrawal
penalty. You can only withdraw dividends credited in the term before maturity
of that term without penalty. You can withdraw dividends anytime during the
term of crediting after they are credited to your account.
Time requirements:
Your account will mature on
.
Early withdrawal penalties: A penalty may be imposed for withdrawals before maturity. The penalty
we may impose will equal one half of the original term’s dividends on the
amount withdrawn subject to penalty, whether or not earned. To the extent
dividends are not available to satisfy any penalty assessed, the penalty will
be assessed against principal.
In certain circumstances such as the
death or incompetence of an owner, the law permits or in some cases requires
the waiver of the early withdrawal penalty.
Dallas Telco reserves the right to amend the terms and
conditions of any Share Certificate Account at anytime. Reasonable notice will
be given to members before any change becomes effective, and changes will be
effective at maturity.
For All Dividend-Bearing Accounts Except
For Term Share Certificates and IRA Term Share Certificates
Rate
information:
The
dividend rate and annual percentage yield may change every dividend period. We
may change the dividend rate for your account as determined by the credit union
board of directors.
Compounding
and crediting:
Dividends
will be compounded monthly and will be credited monthly.
Dividend
period:
The
dividend period is monthly, for example, the beginning date of the first
dividend period of the calendar year is January 1, and the ending date of such
dividend period is January 31. All other dividend periods follow this same
pattern of dates. The dividend declaration date is the last day of the dividend
period and for the example above is January 31.
Effect
of closing an account:
If
you close your share account before dividends are paid, you will not receive
the accrued dividends.
Accrual
of dividends on noncash deposits:
Dividends
will begin to accrue on the business day you place noncash items (for example,
checks) to your account.
Nature
of dividends:
Dividends
are paid from current income and available earnings, after required transfers
to reserves at the end of a dividend period.
For All Term Share Certificates and IRA
Term Share Certificates
Compounding and crediting:
Dividends will be compounded monthly and will be credited monthly.
Dividend period:
The dividend period for the Term Share Certificates and IRA Term
Share Certificates is the calendar month. For example, the beginning date of
the first dividend period of the year is January 1 and the ending date of such
dividend period is January 31. All other dividend periods follow this same
pattern of dates. The dividend declaration date follows the ending date of a
dividend periods, and for the example above is January 31.
Effect of closing an account:
If you close your account before dividends are paid, you will
receive the accrued dividends prior to the withdrawal penalty being calculated.
Accrual of dividends on noncash deposits:
Dividends will begin to accrue on the business day you deposit
non-cash items (e.g., checks) to your account. However, additions to your
account are subject to the transaction limitations set forth in these disclosures.
Withdrawal of dividends prior to maturity:
The annual percentage yield is based on
an assumption that dividends will remain in the account until maturity. A
withdrawal will reduce earnings.
Automatic renewal:
Your account will automatically renew
at maturity. You may prevent renewal if you withdraw the funds in the account
at maturity (or within the grace period mentioned below, if any) or we receive
written or telephone notice from you within the grace period mentioned below,
if any. We can prevent renewal if we mail notice to you at least 30 calendar
days before maturity. If either you or we prevent renewal, your funds will be
placed in your Primary Share Savings account. Each renewal term will be
the same as the original term, beginning on the maturity date. However, renewed
Step Rate Certificates and renewed Step Rate IRA Certificates will not have the
step rate option. The dividend rate will be the same we offer on new term share
accounts on the maturity date, which have the same term, minimum balance (if
any) and other features as the original term share certificate account. You
will have a grace period of ten calendar days after maturity to withdraw the
funds without being charged an early withdrawal penalty.
Other terms and conditions:
Term share certificates may not be
pledged, assigned, or negotiated to any person other than the credit union. Any
owner may redeem or pledge a non-IRA Certificate as collateral for a credit
union loan or loans without the consent of the other owners.
Common Features
Bylaw
requirements:
You
must complete payment of one share in your Primary Share Savings account as a
condition of admission to membership. The par value of one share in the
Dallas Telco Federal Credit Union is $25.00. The $25.00 membership share is
not available for withdrawal until the account is closed and membership is
terminated. For all accounts except share draft accounts, the credit union
reserves the right to require a member intending to make a withdrawal to give
written notice of such intent up to 60 days before such withdrawal.
Balance
computation method:
For
all dividend-bearing accounts, dividends are calculated by the average daily
balance method which applies a periodic rate to the average daily balance in
the account for the period. The average daily balance is calculated by adding
the balance in the account for each day of the period and dividing that figure
by the number of days in the period.
Transactions for
which an overdraft fee may be imposed:
An
overdraft fee may be imposed for overdrafts created by Checks, In-person
Withdrawals, ATM Withdrawals, or by other electronic means, as applicable.
Fees:
For a complete disclosure of account fees, please
refer to our Truth in Savings Fee Schedule which accompanies these account
disclosures.
National
Credit Union Share Insurance Fund:
Member
accounts in the Dallas Telco Federal Credit Union are federally insured by the
National Credit Union Share Insurance Fund and backed by the full faith and
credit of the United States Government.
By
opening an account, you agree to conform to the credit union’s rules,
regulations, bylaws and policies now in effect and as amended and adopted
hereafter.
|
Truth-In-Savings
Rate Schedule
|
|
Account Type
|
Dividend Rate
|
APY*
|
Minimum Balance
Requirements
|
|
□ Primary Share Savings
|
|
|
$25 to open; $500 average daily balance to earn
dividends.**
|
|
□ Tier
1: $500.00 to $4,999.99
|
_____%
|
_____%
|
|
|
□ Tier
2: $5,000.00 to $9,999.99
|
_____%
|
_____%
|
|
|
□ Tier
3: $10,000.00 to $24,999.99
|
_____%
|
_____%
|
|
|
□ Tier
4: $25,000.00 to $49,999.99
|
_____%
|
_____%
|
|
|
□ Tier
5: $50,000.00 and up
|
_____%
|
_____%
|
|
|
□ Kid's Club Savings
|
_____%
|
_____%
|
$25 to open; $25 average daily balance to earn
dividends.**
|
|
□ Smart Start Club Savings
|
_____%
|
_____%
|
$25 to open; $25 average daily balance to earn
dividends.**
|
|
□ Prestige Checking
|
|
|
$2,500 to open; $2,500 average daily balance to earn
dividends
|
|
□ Tier
1: $2,500.00 to $9,999.99
|
_____%
|
_____%
|
and avoid a service
fee.**
|
|
□ Tier
2: $10,000.00 to $24,999.99
|
_____%
|
_____%
|
|
|
□ Tier
3: $25,000.00 to $49,999.99
|
_____%
|
_____%
|
|
|
□ Traditional or Student Checking
|
|
|
$25 to open; $500 average daily balance to earn
dividends.**
|
|
□ Tier
1: $500.00 to $2,499.99
|
_____%
|
_____%
|
$500 minimum daily balance to avoid a service fee,**
members aged
|
|
□ Tier
2: $2,500.00 to $4,999.99
|
_____%
|
_____%
|
50 and over or Student Checking accounts will not incur
a service fee.
|
|
□ Tier
3: $5,000.00 and up
|
_____%
|
_____%
|
|
|
□ Flexible, Free or Reward Checking
|
N/A
|
N/A
|
$25 to open; no dividends earned on this account type;
|
|
|
|
|
Monthly service fee applies.
|
|
□ Health Savings Account
|
_____%
|
_____%
|
$25 to open; $100 average daily balance to earn
dividends.**
|
|
(HSA
Checking)
|
|
|
|
|
□ Money Market Account
|
|
|
$1,000 to open; $1,000 average daily balance to earn
|
|
□ Tier
1: $1,000.00 to $9,999.99
|
_____%
|
_____%
|
dividends;** $1,000 minimum daily balance to avoid
|
|
□ Tier
2: $10,000.00 to $24,999.99
|
_____%
|
_____%
|
monthly service fee.**
|
|
□ Tier
3: $25,000.00 to $49,999.99
|
_____%
|
_____%
|
|
|
□ Tier
4: $50,000.00 to $299,999.99
|
_____%
|
_____%
|
|
|
□ Tier
5: $300,000.00 to $499,999.99
|
_____%
|
_____%
|
|
|
□ Tier
6: $500,000.00 to $999,999.99</ |
