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Annual Notices Required by Our Federal Regulators

Aggregate Balance Reporting to the FRB

We report the total balances in Checking and Money Market accounts to the Federal Reserve Bank (FRB) as part of our federally-required regulatory reporting. We report funds in...

Aggregate Balance Reporting to the FRB

We report the total balances in Checking and Money Market accounts to the Federal Reserve Bank (FRB) as part of our federally-required regulatory reporting. We report funds in these accounts as an aggregate total, not as individual account balances. To facilitate aggregate reporting, we establish sub-accounts for both Checking and Savings so we may periodically reclassify funds between these two accounts (for reporting purposes only).

The reclassification between sub-accounts is completely behind the scenes and totally invisible to you. But, it allows us to substantially lower our reserving requirement at the FRB. The result is an increase in the amount of funds available for loans and investments, which increases our ability to serve you. It does not affect your available balance, dividend earnings or NCUA insurance and nothing additional will appear on your statement.

IRA Withholding Notice

IRS Form 2317 as required by Federal Law

Payments from your IRA are subject to federal income tax withholding unless you elect no withholding.

You may change your withholding election at any time prior to your receipt of a payment. To change your withholding election, complete the appropriate form provided by your financial institution.

Withholdings from IRA payments, when combined with other withholdings, may relieve you from payment of estimated income taxes. However, your withholding election does not affect the amount of income tax you pay.

You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are insufficient.

If you have questions about this notice, please call us at 336-662-6200.