Disclosures
Truth in Savings
The Rate Schedule sets forth current conditions and rates applicable to your Share, Share Draft, and Certificate Accounts at U.P. State Credit Union. The Credit Union may offer other rates, or amend the rates contained in this schedule. Each account owner agrees to the terms set forth on this Rate Schedule and acknowledges it as part of the Membership and Account Agreement. Please refer to the Fee Schedule for fees and charges associated with these accounts.The rates appearing on the Rate Schedule are accurate and effective for Share, Share Draft, Money Market Account and IRA Accounts as of October 28th, 2008. If you have any questions or require current rate Information on your accounts, please call the Credit Union at (906) 786-1146 or Toll Free at (800) 562-4833.
For Share, Share Draft and Money Market Accounts except as specifically described, the following disclosures apply to all accounts:
- RATE INFORMATION.
For Prime Share Accounts, dividends are paid on the first fully subscribed share ($5). Dividends paid on all funds on deposit in excess of the membership share. All other Share Account and Interest Share Draft Accounts (personal and business) are interest bearing. The Dividend Rate and Annual Percentage Yield are set forth in the Rate Schedule. 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 Dividend Rate and compounding frequency for an annual period. The Dividend Rate and Annual Percentage Yield applicable to each account depends on the balance tiers set forth on this schedule. Once a balance tier is met, the highest Dividend Rate and Annual Percentage Yield for that tier will apply to the entire balance in your account. For all Share, Share Draft and Money Market the Dividend Rate may change monthly as determined by the Board of Directors. - NATURE OF DIVIDENDS / INTEREST.
Dividends/interest are paid from current income and available earnings after required transfers to reserves at the end of a dividend period. The Dividend Rate and Annual Percentage Yield disclosed for Share, Share Draft and Money Market Accounts are the prospective rate and yield the Credit Union anticipates paying for the applicable dividend period. - COMPOUNDING AND CREDITING.
Dividends will be compounded and credited monthly. The dividends period for Share, Share Draft and Money Market Accounts begins on the first calendar day of the month and ends on the last calendar day of the month. If the account is closed before dividends are credited, you may not receive accrued dividends. - ACCRUAL OF DIVIDENDS / INTEREST.
Dividends/interest will begin to accrue on cash and non-cash deposits (i.e., checks) on the business day you make the deposit to your account. - BALANCE INFORMATION.
The minimum opening balance is $5 for Share Savings (personal and business), $20 for Share Draft Accounts. For Christmas Club and Kirby the Kangaroo Accounts there is no balance requirement. - TRANSACTION LIMITATIONS.
For Money Market Accounts, you may make no more than six (6) preauthorized or automatic transfers from your account to another account in any month. If you exceed these limitations, your account may be subject to a fee or be closed. Refer to the Membership and Account Agreement for additional information. For all accounts, your ability to make cash withdrawals from your account and any limitation on such transactions is established by the Credit Union's Board of Directors and may change
Funds Availability Policy
This disclosure describes your ability to withdraw funds at UP State Credit Union. It applies to the availability of funds in your savings and checking accounts. The credit union reserves the right to delay the availability of funds deposited into these accounts.- General Policy:
Our policy is to make funds from your cash and check deposits available to you on the same business day that we receive your deposit. Electronic direct deposits will also be available on the day we receive the deposit. Once we have made the funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid, and any problems involving your deposit. For determining the availability of your deposits, every day is a business day, except the following: Saturday, Sunday, Federal Holidays, the Friday after Thanksgiving, Christmas Eve, and New Years Eve. If you make a deposit before our cut-off time on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after our cut-off time of 4:30pm on a day we are open, we will consider that the deposit was made on the next business day we are open. - Reservation Of Right To Hold:
In some cases, we will not make all of the funds that you deposit by check available to you on the same business day that we receive your deposit. Depending on the type of check that you deposit, funds may not be available until the seventh (7th) business day after the day of your deposit. However, the first 100.00 of your deposit will be available on the first (1st) business day after the day of your deposit. If we are not going to make all of the funds from your deposit available on the same business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the next business day after we receive your deposit. If you will need the funds from the deposit right away, you should ask us when the funds would be available. - Holds On Other Funds:
If we cash a check for you that is drawn from another financial institution, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it. If we accept for deposit a check that is drawn on another financial institution, we may make funds from the deposit available for withdrawal immediately, but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited. - Longer Delays May Apply:
We may delay your ability to withdraw funds deposited by check into your account an additional number of days for these reasons:
- We believe a check you deposit will not be paid.
- You deposit checks totaling more than $5000.00 on any one (1) day.
- You deposit a check that has been returned unpaid.
- You have overdrawn your account repeatedly in the last six (6) months.
- There is an emergency such as failure of communication or computer equipment.
- Deposits With Non-Proprietary ATM’s:
Funds from any deposits (cash or checks) made at automated teller machine (ATM’s) we do not own or operate will not be available until the fifth (5th) business day after the date of your deposit. However, funds from any deposits (Cash or Checks) made at your ATM’s will have a 24 hour hold. All ATM’s that we own or operate are identified as our machines. - Foreign Checks:
Checks drawn on financial institutions located outside the US (foreign checks) cannot be processed the same as checks down on US Financial Institutions. Foreign checks are exempt from the policies outlined in this disclosure. Generally, the availability of funds will be delayed for the time it takes us to collect the funds from the Financial Institutions upon which it is drawn.
Rate & Fees Schedule
Certificates of Deposit
- RATE INFORMATION. The Dividend Rate and Annual Percentage Yield on your certificate accounts that are set forth in the Rate Schedule are based on monthly compounding and crediting. The Annual Percentage Yield is a percentage rate that reflects the total amount of interest to be paid on an account based on the Dividend Rate and compounding frequency for an annual period. The Dividend Rate and Annual Percentage Yield are fixed and will be in effect for the term of the account. The Annual Percentage Yield is based on an assumption that interest will remain on deposit until maturity. A withdrawal of interest will reduce earnings.
- NATURE OF DIVIDENDS. The Credit Union Board of Directors declares dividends based on the Credit Union’s current income and available earnings after providing for the required reserves.
- COMPOUNDING AND CREDITING. Dividends are compounded and credited to the account monthly. At account opening, you may elect to have accrued interest remain in the account and compound, transferred to another of your accounts, or paid out directly.
- BALANCE INFORMATION. The required minimum opening balance is $250 for a 6 Month Certificate. The minimum balance required to open all other Certificate Accounts is $1000.00.
- ACCRUAL OF INTEREST. Interest begins to accrue on cash and non-cash (i.e., checks) deposits on the business day you make the deposit to your account. Dividends are calculated by the daily balance method, which applies a daily periodic rate to the principal in the account each day.
- TRANSACTION LIMITATIONS. For Certificates, you may not make additional deposits after your account is opened. For all accounts, your ability to make cash
withdrawals from your account and any limitation on such transactions is established by the Credit Union’s Board of Directors and may change from time to time. - MATURITY. Your certificate account will mature on the maturity date set forth on your Renewal Notice or Certificate of Deposit Receipt.
- EARLY WITHDRAWAL PENALTY. If you desire a withdrawal of principal prior to maturity you may be required to furnish the Credit Union a 30-day notice of intent to withdraw and we may impose an early withdrawal penalty.
- AMOUNT OF PENALTY. The amount of the early withdrawal penalty is based on the term of your certificate account.
For 6 Month Terms 30 days dividends
For 12 Month Terms 90 days dividends
For 24 Month Terms 180 days dividends
For 36 Month Terms 180 days dividends
- HOW THE PENALTY WORKS. The penalty is calculated as a forfeiture of part of the interest that has been earned on the certificate account. If the interest has already been paid out, the penalty will be deducted from the principal.
- 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.
- AMOUNT OF PENALTY. The amount of the early withdrawal penalty is based on the term of your certificate account.
- RENEWAL POLICY. Your certificate accounts are automatically renewable accounts. For a renewable account, you have a grace period of ten (10) days after the maturity in which to withdraw funds from the account without being charged an early withdrawal penalty. Unless the Credit Union has received different instructions from you prior to the maturity of your account, your certificate
account will automatically renew for another term at the rates in effect on the day of maturity.
FEE SCHEDULE
| Wire Transfer Fee | $10.00 each |
| CU to CU Wire | $7.00 each |
| Corporate Check | $1.50 each |
| Overdrawn due to NSF | $20.00 each |
| Overdraft transfer from shares | $7.00 per day |
| Money Orders | $1.00 each |
| Automatic payments mailed | $1.50 each |
| Death claim processing fee | $12.00 |
| Stop Payment Fee | $9.00 |
| Account balancing | $7.00 |
| Cost of printing drafts varies | Drafts at no cost to members 65 and older |
CHECK 21 PROCEDURES
IMPORTANT INFORMATION ABOUT CHECK 21SUBSTITUTE CHECKS AND YOUR RIGHTS
What is a substitute check?
To make check processing faster, federal law permits banks and credit unions to replace original checks with a slightly reduced image of the front and back of the original check. The front of the substitute check states: “This is a legal copy of your check. You can use it the same way you would use the original check.” You may use a substitute check as proof of payment just like the original check.
Some or all of the checks that you receive back from us may be substitute checks. The notice describes rights you have when you receive substitute checks from us. The rights in this notice do not apply to original checks or to electronic debits to your account. However, you have rights under other law with respect to those transactions.
What are my rights regarding substitute checks?
In certain cases, federal law provides a special procedure that allows you to request a refund for losses you suffer if a substitute check is posted to your account (for example, if you think that we withdrew the wrong amount from your account or we withdrew money from your account more than once for the same check). The losses you may attempt to recover under this procedure may include that was withdrawn from your account and fees that were charged as a result of the withdrawal (for example, bounced check fees).
The amount of your refund under this procedure is limited to the amount of your loss or the amount of the substitute check, whichever is less. You are also entitled to interest on the amount of the refund if your account is an interest-bearing account. If your loss exceeds the amount of the substitute check, you may be able to recover additional amounts under other law.
If you use this procedure, you may receive up to $2500 of your refund (plus interest if your account earns interest) within 10 business days after we received your claim and the remainder of your refund (plus interest if your account earns interest) no later than 45 calendar days after we received your claim. We may reverse the refund (including any interest on the refund) if we later are able to demonstrate that the substitute check was correctly posted to your account.
How do I make a claim for a refund?
If you believe that you have suffered a loss relating to a substitute check that you received and that was posted to your account, please contact us 2501 1st Avenue North, Escanaba, MI 49829 or call us at 800-562-4833 or e-mail us at upstatecu@upscu.com. You must contact us within 40 calendar days of the date that we mailed (or otherwise delivered by a means to which you agreed) the substitute check in question or the account statement showing that the substitute check was posted to your account, whichever is later. We will extend this time period if you were not able to make a timely claim because of extraordinary circumstances.
Your claim must include:
- A description of why you have suffered a loss (for example, you think the amount withdrawn was incorrect);
- An estimate of the amount of your loss:
- An explanation of why the substitute check you received in insufficient to confirm that you suffered a loss; and
- A copy of the substitute check and the following information to help us identify the substitute check: the check number, the name of the person to whom you write the check, the amount of the check.
