Truth-in-Savings Disclosure

Membership Requirement: If the Membership Savings (Share) balance drops below $5, credit union services will be discontinued.

Dividend Terms: With the exception of certificates, rates are variable and are subject to change monthly. If you close your money market, Certificate, or IRA accounts before the end of the dividend period, your dividends will be posted to the account prior to closing. For all other accounts, if you close your account before dividends are posted, you will not receive accrued dividends. Dividends will begin to accrue on the same business day of your deposit. Dividends are paid from current income and available earnings after required transfer to reserve at the end of the dividend period.

Dividend Calculation Method: Dividends for Membership Savings, Youth Elevation, Special Savings, and IRA Accumulator accounts are calculated by using the average daily balance method, which applies a daily periodic rate to the average daily balance in your account for the period covered. Money Market Investor, Money Market Savings, Christmas Club Savings, and Certificate accounts are calculated by using the daily balance method, which applies a daily rate to the principal in your account each day.

APY Assumptions: Annual Percentage Yield assumes dividends remain on deposit. Withdrawals of dividends will reduce earnings. Anticipated current dividend rates will be quoted or mailed to you upon request or at the time of opening an account.

Money Market Investor and Money Market Savings: There is no limit on the number or amount of withdrawals. If a Money Market Investor account falls below the Dividend-Earning Balance Minimum, it converts to the Money Market Savings rate.

Christmas Club Savings: Dividends on Christmas Club Savings accounts will be posted on September 30 of each calendar year. Funds will be available for withdrawal October 1 through December 31.

Certificate of Deposit: After the account is open, no additional deposits may be made until maturity. Approximately 30 days prior to maturity, a notice will be mailed to remind you of the maturity date. Unless you instruct otherwise, certificates will automatically renew into a new certificate with the same term at the then-offered interest rate for that term. Certificate Specials will automatically renew into a non-special certificate with a standard term and rate closest to the term of the certificate special. You may withdraw funds during a grace period of ten (10) days after the maturity date without being charged an early withdrawal penalty or loss of interest earned.

Checking and Debit-Card-Only (DCO): Checking and Debit Card Only accounts are not interest-bearing. Inactive accounts with a zero balance for over 90 days will be closed. A checking or debit-card-only account is divided into transaction and savings sub accounts. Funds not used to pay debits may be transferred to the savings sub account. This process will not affect your available balance or monthly statement. Accounts cannot be used for unlawful internet gambling.

Frequency of Statements: If you have a checking account, debit-card-only account, loan, or an ACH transaction posts to your account during the month, you will receive a monthly statement. Otherwise, you will receive a quarterly statement.

Safe Deposit Boxes: Rental fees are automatically assessed annually on May 1.

All deposits are federally insured by the National Credit Union Administration (NCUA). All inactive accounts, including checking and debit-card-only accounts, with a zero balance for more than 90 days will be closed. Summit Credit Union reserves the right to change the service charges, fees, and other features as necessary.