USA Patriot Act Disclosure

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT OR CHANGING AN EXISTING ACCOUNT

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions obtain, verify, and record information that identifies each person who opens or changes an existing account with WVFCU.

What this means for you: When you open a new account or change an existing account we will ask for your name, address, social security number, date of birth and other information that will allow us to identify you. We will also ask to see your driver’s license or other identifying documents.

 

Home Mortgage Disclosure Act Notice

The HMDA data about our residential mortgage lending is available for review. The data shows geographic distribution of loans and applications; ethnicity, race, sex, and income of applicants and borrowers; and information about loan approvals and denials. Inquire at the South Charleston Branch regarding WVFCU HMDA data to be inspected. To receive a copy of this data, send a written request to:

West Virginia Federal Credit Union 318 5th Avenue South Charleston, WV 25303

 

COPPA Policy Disclosure

The Children’s Online Privacy Protection Act (COPPA) restricts the collection, use or disclosure of Personal Information from and about children under the age of 13 on the internet. In compliance with COPPA, West Virginia Federal Credit Union (the “credit union”) is committed to protecting the online privacy of the children who visit our website. The credit union’s website and online services are not directed to children under the age of 13, nor is personally identifiable information knowingly collected from children under the age of 13. Should the credit union receive personally identifiable information (name, address, email, account number, telephone and/or social security number) regarding a child known to be under the age of 13, the information will only be used to respond to the child directly, seek parental consent to provide parental notice. The credit union is not responsible for the data collection and use practices of nonaffiliated third parties. For more information about the Children’s Online Privacy Protection Act (COPPA), please visit the Federal Trade Commission’s Website at www.ftc.gov.

 

Share Account Rate & Fee Disclosure Statement

The rates and terms applicable to your share deposit account at the Credit Union are provided in this Rate Schedule. The Credit Union may offer these rates for these accounts from time to time and are subject to change. Contact your Credit Union Staff if you have questions regarding applicable rates, terms or fees on our share products. In addition to the terms and conditions set forth in your Membership and Account Agreement Brochure, you agree to the additional terms and conditions set forth below. These terms and conditions may be amended in the manner set forth in your Membership and Account Agreement. Your accounts are federally insured up to at least $250,000 and backed by the full faith and credit of the U.S. Government by the NCUA, a US government agency.

DIVIDEND PERIOD IS THE CALENDAR MONTH. THE BALANCE METHOD FOR CALCULATING DIVIDENDS IS THE DAILY BALANCE METHOD. THIS METHOD APPLIES A DAILY PERIODIC RATE TO THE ENDING PRINCIPAL BALANCE ON THE ACCOUNT EACH DAY. A $1.00 MINIMUM BALANCE MUST BE MAINTAINED IN YOUR CREDIT UNION REGULAR SHARES ACCOUNT TO ESTABLISH MEMBERSHIP AND RETAIN ACCESS TO CREDIT UNION SERVICES. EXCEPT AS SPECIFICALLY DESCRIBED, THE FOLLOWING DISCLOSURES APPLY TO ALL OF THE ABOVE ACCOUNTS:

1. RATE INFORMATION. The Annual Percentage Yield (APY) is a percentage rate that reflects the total amount of dividends to be paid on the account based on the dividend rate and frequency of compounding on an annual basis. For all accounts, the Dividend Rate and Annual Percentage Yield may change at any time as determined by the Credit Union’s Board of Directors. Fees could reduce the earnings on each share deposit account. For tiered-rate accounts, the stated dividend rate corresponding to the applicable account tier is paid on the full balance in the account for each day the account balance falls within the applicable account balance tier.

2. NATURE OF DIVIDENDS. Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.

3. DIVIDEND COMPOUNDING AND CREDITING. The compounding and crediting of dividends and dividend period applicable to each account are set forth in the Rate Schedule. The Dividend Period is the period of time at the end of which an account earns dividend credit. The Dividend Rates and Annual Percentage Yields are the rates and yeilds as of the last dividend declaration date, which is set forth in this Rate Schedule.

4. ACCRUAL OF DIVIDENDS. For all accounts, dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account. For the days where the account’s ending balance is less than its minimum daily balance requirement, the account will not accrue any dividend amount for that day. If you close your account before accrued dividends are credited to your account, no accrued dividends will be paid for the dividend period.

5. BALANCE INFORMATION. The minimum balance requirements applicable to each account are set forth in the Rate Schedule above. For all accounts, there is a minimum daily balance required to obtain the Annual Percentage Yield for the dividend period. If the minimum daily balance is not met each day, you will not earn the stated Annual Percentage Yield. For all accounts which satisfy the minimum daily balance requirement, dividends will accrue using the Daily Balance Method. Using the Daily Balance Method, dividends are calculated by applying a periodic rate to the ending principal balance on the account each day.

6. COURTESY PAY. There is a 60-Day waiting period to be eligible for Courtesy Pay. Courtesy Pay cannot be applied for and is available to members meeting specific qualifying criteria. If we exercise our right to use our discretion to pay an overdraft, we do not agree to pay overdrafts in the future and may discontinue covering overdrafts at any time without notice. Fees may be imposed on each check, draft, item, transaction or other items posted to your account. The entire balance in your account may not be available for withdrawal, transfer or payment of a check, draft, item, or transaction. You may consult the Funds Availability Policy for information regarding the availability of funds in your account. Fees for overdrawing your account may be imposed on each overdraft, regardless of whether we pay or return the check, draft, item or transaction. If we have approved a Courtesy Pay limit for your account, such fees may reduce your approval limit. Refer to the Fee Schedule for current fee information.

7. Reg. D. The following transactions are included in the limitations imposed on non-transaction accounts by Reg. D.  Transfers or withdrawals made to another account of the same depositor at the same credit union, if made by preauthorized transfer, automatic transfer, by telephone- including fax, or with the credit union’s eBranch internet banking.  Transfers or withdrawals to a third party, if made by preauthorized transfer, automatic transfer, by telephone- including fax, or with the credit union’s eBranch internet banking.  Transfers to a third party, if made by check, draft, debit card, or similar order made by the depositor and payable to third parties.

8. SPECIAL SAVINGS ACCOUNTS. Christmas Savings are automatically renewed after the annual payout date. Any changes or discontinuations must be completed within 10 business days after the payout date to avoid any withdrawal fees or penalties. The adjustment period on a Christmas account expires November 10, 2018.

9. SPECIAL CHECKING ACCOUNTS. Fresh Start Checking is not eligible for Courtesy Pay. NSF’s/Overdrafts not paid within 5 business days my result in account closure. After 12 consecutive months without any NSF/ Overdraft activity, the member may request to have the account converted into a Regular Checking account.

(Form Rev. 04/16/18)

 

Business Share Account Rate & Fee Disclosure Statement

The rates and terms applicable to your share deposit account at the Credit Union are provided in this Rate Schedule. The Credit Union may offer these rates for these accounts from time to time and are subject to change. Contact your Credit Union Staff if you have questions regarding applicable rates, terms or fees on our share products. In addition to the terms and conditions set forth in your Membership and Account Agreement Brochure, you agree to the additional terms and conditions set forth below. These terms and conditions may be amended in the manner set forth in your Membership and Account Agreement. Your accounts are federally insured up to at least $250,000 and backed by the full faith and credit of the U.S. Government by the NCUA, a US government agency.

FOR ALL THE ABOVE STATED ACCOUNTS: DIVIDEND PERIOD IS THE CALENDAR MONTH. THE BALANCE METHOD FOR CALCULATING DIVIDENDS IS THE DAILY BALANCE METHOD. THIS METHOD APPLIES A DAILY PERIODIC RATE TO THE ENDING PRINCIPAL BALANCE ON THE ACCOUNT EACH DAY. A $1.00 MINIMUM BALANCE MUST BE MAINTAINED IN YOUR CREDIT UNION REGULAR SHARES ACCOUNT TO ESTABLISH MEMBERSHIP AND RETAIN ACCESS TO CREDIT UNION SERVICES. EXCEPT AS SPECIFICALLY DESCRIBED, THE FOLLOWING DISCLOSURES APPLY TO ALL OF THE ABOVE ACCOUNTS:

1. RATE INFORMATION. The Annual Percentage Yield (APY) is a percentage rate that reflects the total amount of dividends to be paid on the account based on the dividend rate and frequency of compounding on an annual basis. For all accounts, the Dividend Rate and Annual Percentage Yield may change at any time as determined by the Credit Union’s Board of Directors. Fees could reduce the earnings on each share deposit account. For tiered-rate accounts, the stated dividend rate corresponding to the applicable account tier is paid on the full balance in the account for each day the account balance falls within the applicable account balance tier.

2. NATURE OF DIVIDENDS. Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period. The dividend period begins on the first calendar day of the dividend period and ends on the last calendar day of the dividend period.

3. DIVIDEND COMPOUNDING AND CREDITING. The compounding and crediting of dividends and dividend period applicable to each account are set forth in the Rate Schedule. The Dividend Period is the period of time at the end of which an account earns dividend credit. The Dividend Rates and Annual Percentage Yields are the rates and yeilds as of the last dividend declaration date, which is set forth in this Rate Schedule.

4. ACCRUAL OF DIVIDENDS. For all accounts, dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account. For the days where the account’s ending balance is less than its minimum daily balance requirement, the account will not accrue any dividend amount for that day. If you close your account before accrued dividends are credited to your account, no accrued dividends will be paid for the dividend period.

5. BALANCE INFORMATION. The minimum balance requirements applicable to each account are set forth in the Rate Schedule above. For all accounts, there is a minimum daily balance required to obtain the Annual Percentage Yield for the dividend period. If the minimum daily balance is not met each day, you will not earn the stated Annual Percentage Yield. For all accounts which satisfy the minimum daily balance requirement, dividends will accrue using the Daily Balance Method. Using the Daily Balance Method, dividends are calculated by applying a periodic rate to the ending principal balance on the account each day.

6. ACCOUNT LIMITATIONS. All pre-authorized and electronic transactions must be processed in the Checking Account Format. ACH Transactions are included in this category. A transaction is defined as either an individual check that is written, or an individual check that is deposited. It also includes the cash (in or out) on a particular day.

7. MINIMUM BALANCE INFORMATION AND APPLICABLE FEES. There is a $100.00 involuntary account closure fee. These accounts are defined as accounts with excessive insufficient funds, returned checks, or other performance issues. The Credit Union makes the sole determination on whether or not to apply this fee. This service charge fee will be charged if the minimum balances are not attained on a daily basis in any particular month.

8. NONTRANSFERABLE / NONNEGOTIABLE. Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation of an owner, except obligations with this credit union.

9. Reg. D. The following transactions are included in the limitations imposed on non-transaction accounts by Reg D.

  • Transfers or withdrawals made to another account of the same depositor at the same credit union, if made by, preauthorized transfer, automatic transfer, by telephone-including fax, or with the credit union’s eBranch internet banking.

  • Transfers or withdrawals to a third party, if made by, preauthorized transfer, automatic transfer, by telephone- including fax, or with the credit union’s eBranch internet banking.

  • Transfers to a third party, if made by, check, draft, debit card, or similar order made by the depositor and payable to third parties.

(Form Rev. 04/16/18)

 

Share Certificate Accounts Rate and Fee Schedule Disclosure

Dividends Compounded: Monthly*
Dividends Credited: Monthly to share certificate or to an existing account* *(3,5,6 Month Certificates calculated using simple interest credited at maturity)
Dividend Period: Term of Account
Transaction Limitations: Additional Deposits Not Allowed
Withdrawals: Allowed With Penalty (see disclosure #7 below)
Exclusions: Broker/Agents/Public Entities/Financial Institution Deposits are not accepted
Special Certificates: Special Certificates auto-renew at the regular certificate term/rate at maturity as specified above. Other limited time special offers may not be available upon maturity and/or future qualifications restrictions may differ. **

Except as specifically described, the following disclosures apply to all of the certificate accounts.

1. RATE INFORMATION: The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period. For Certificate accounts, 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 dividends will remain on deposit disclosed above until maturity. A withdrawal of dividends will reduce earnings and the APY. Also, early withdrawal of principal may result in a penalty which will reduce earnings and the APY disclosed above.

2. DIVIDENDS COMPOUNDING AND CREDITING: The compounding and crediting of dividends applicable to each account is set forth in the Rate Schedule. The Dividend Period begins on the first calendar day of the Dividend Period and ends on the last calendar day of the Dividend Period.

3. BALANCE INFORMATION: The minimum balance requirements applicable to each account are set forth in the Rate Schedule. Dividends are calculated using the Daily Balance method, which applies a daily periodic rate to the principal in the account each day.

4. ACCRUAL OF DIVIDENDS: Dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit into your account. If you close your account before accrued dividends are credited to your accounts, no accrued dividends will be paid for the dividend period.

5. TRANSACTION LIMITATIONS: After your account is opened, your ability to make additional deposits to your account or withdrawals of dividends and any limitations of such transactions are set forth in the Rate Schedule. All dividends and principal withdrawn before maturity is included in the amount subject to early withdrawal penalty.

6. MATURITY: Your account will mature as indicated on this Rate and Fee Schedule or on your Account Receipt or Renewal Notice.

7. EARLY WITHDRAWAL PENALTY: We may impose a penalty if you withdraw any of the principal before the maturity date.

Amount of Penalty: For Certificate accounts with maturity terms of 12 (twelve) months or less, the amount of the early withdrawal penalty for your accounts is equal to 90 days dividends. For Certificate accounts with maturity terms longer than 12 (twelve) months, the amount of the early withdrawal penalty for your accounts is equal to 180 days dividends.

How the penalty works: The penalty is calculated as a forfeiture of part of the dividends that have been or would be earned on the account. It applies whether or not the dividends have been earned. In other words, if the account has not yet earned enough dividends or if the dividend has already been paid, the penalty will be deducted from the principal. The penalty is calculated on the amount requested to be withdrawn early if the entire amount is not withdrawn.

Exceptions to early withdraw penalties: At our option, we may pay the account before maturity without imposing an early withdrawal penalty when an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.

8. RENEWAL POLICY: The renewal policy for your account is indicated on the reverse side. For all renewable share certificates, your account will automatically renew for another term upon maturity. For all Certificate accounts, you will have a grace period of 10 days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty, however, no dividends will be paid on funds withdrawn during the grace period. If the Certificate automatically renews, it will renew at the rate effective on the date of maturity. If your account is not automatically renewed, it should be presented promptly at maturity as no dividends will be paid after maturity date.

9. NONTRANSFERABLE / NONNEGOTIABLE: Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation of an owner, except obligations with the Credit Union.

10. NATURE OF DIVIDENDS: Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.

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The rates and fees appearing in this Schedule are accurate and effective for deposit accounts during the Effective Date Period indicated on this Rate and Fee Schedule. If you have any questions or require current rate and fee information on your accounts, please call the Credit Union at any of the numbers listed above. Broker/Agents/Public Entities/Financial Institution Funds are not eligible for Deposit. We reserve the right to limit total deposits greater than $1 million. Your accounts are federally insured up to $250,000 by NCUA, a US government agency.

 

Idividual Retirement Account (IRA) Share Certificate Accounts Rate and Fee Schedule Disclosure

Dividends Compounded: Monthly
Dividends Credited: Monthly to share certificate or to an existing account
Dividend Period: Term of Account
Transaction Limitations: Additional Deposits Not Allowed
Withdrawals: Allowed With Penalty (see disclosure #7 below)
Exclusions: Brokered Deposits are not accepted

Except as specifically described, the following disclosures apply to all of the accounts.

1. RATE INFORMATION: The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period. For Certificate accounts, 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 dividends will remain on deposit disclosed above until maturity. A withdrawal of dividends will reduce earnings and the APY. Also, early withdrawal of principal may result in a penalty which will reduce earnings and the APY disclosed above.

2. DIVIDENDS COMPOUNDING AND CREDITING: The compounding and crediting of dividends applicable to each account is set forth in the Rate Schedule. The Dividend Period begins on the first calendar day of the Dividend Period and ends on the last calendar day of the Dividend Period.

3. BALANCE INFORMATION: The minimum balance requirements applicable to each account are set forth in the Rate Schedule. Dividends are calculated using the Daily Balance method, which applies a daily periodic rate to the principal in the account each day.

4. ACCRUAL OF DIVIDENDS: Dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account. If you close your account before accrued dividends are credited to your accounts, no accrued dividends will be paid for the dividend period.

5. TRANSACTION LIMITATIONS: After your account is opened, your ability to make additional deposits to your account or withdrawals of dividends and any limitations of such transactions are set forth in the Rate Schedule. All dividends and principal withdrawn before maturity is included in the amount subject to early withdrawal penalty.

6. MATURITY: Your account will mature as indicated on this Rate and Fee Schedule or on your Account Receipt or Renewal Notice.

7. EARLY WITHDRAWAL PENALTY: We may impose a penalty if you withdraw any of the principal before the maturity date.

Amount of Penalty: For Certificate accounts with maturity terms of 12 (twelve) months or less, the amount of the early withdrawal penalty for your accounts is equal to 90 days dividends. For Certificate accounts with maturity terms longer than 12 (twelve) months, the amount of the early withdrawal penalty for your accounts is equal to 180 days dividends.

How the penalty works: The penalty is calculated as a forfeiture of part of the dividends that have been or would be earned on the account. It applies whether or not the dividends have been earned. In other words, if the account has not yet earned enough dividends or if the dividend has already been paid, the penalty will be deducted from the principal. The penalty is calculated on the amount requested to be withdrawn early if the entire amount is not withdrawn.

Exceptions to early withdraw penalties: At our option, we may pay the account before maturity without imposing an early withdrawal penalty when an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction. If this account is an IRA, we may waive the early withdraw penalty if the owner becomes disabled or attains age fiftynine-and-one-half (59-1/2).

8. RENEWAL POLICY: The renewal policy for your account is indicated on the reverse side. For all renewable share certificates, your account will automatically renew for another term upon maturity. For all Certificate accounts, you will have a grace period of 10 days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty, however, no dividends will be paid on funds withdrawn during the grace period. If the Certificate automatically renews, it will renew at the rate effective on the date of maturity. If your account is not automatically renewed, it should be presented promptly at maturity as no dividends will be paid after maturity date.

9. NONTRANSFERABLE / NONNEGOTIABLE: Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged as collateral to secure any obligation of an owner. IRA Certificates may not be pledged as collateral for a loan.

10. NATURE OF DIVIDENDS: Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.

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The rates and fees appearing in this Schedule are accurate and effective for deposit accounts during the Effective Date Period indicated on this Rate and Fee Schedule. If you have any questions or require current rate and fee information on your accounts, please call the Credit Union at any of the numbers listed above. Brokered Deposits are not eligible for deposit. Your accounts are federally insured up to $250,000 by NCUA, a US government agency.