TRUTH IN
SAVINGS
TRUTH-IN-SAVINGS DISCLOSURE for Cal Feminist Share (savings) Accounts.
TRUTH IN SAVINGS
Dividends on non-cash deposits accrue from date of deposit to date of
withdrawal.
Dividends are calculated by the Average Daily Balance (ADB)
method which applies a
periodic rate to the Average Daily Balance in the account
for the period.
The Average Daily Balance equals the balance of the account each
day
of period divided by the number of days in the period. Dividends are paid
quarterly.
Dividends are forfeited if the account is closed before quarter-end.
During the 3rd month of each quarter our board of directors declares dividends
to be
paid for that quarter. Dividends are paid from current income and available
earnings after
required transfers to reserves at the end of a dividend period. The
dividend rate &
Annual Percentage Yield (APY) may change quarterly based on the
determination of the
directors.
Dividends are compounded quarterly & credited to accounts once a quarter on the
last day thereof. Example: the first quarter of each year begins January 1 & ends
March 31; dividends for that quarter will be paid on March 31. All other dividend
periods
follow this same pattern of dates.
MINIMUM BALANCE REQUIREMENTS:
TO OPEN AN ACCOUNT: $9 fee + $5 deposit. Balance must be at least $50
(
par value of a
share) within 6 months of opening acct or on the date you apply for
a loan,
whichever is sooner. To avoid low-balance fees: savings accounts with
balances (just balances, not average balances) under $250 pay low-balance fees
on June 30
and December 31. Exempt from low-balance fees:
TRANSACTION LIMITATIONS: regardless of account balance, there is a limit
of 2
withdrawals per account per month, period. Withdrawals which bring
the balance below $50 will close
the account. Holds placed on checks you
deposit depend on the location of the institution
on which the check is drawn:
|
CALENDAR DAYS
|
LOCATION
|
14 days
|
SD County
|
|
16 days
|
California
|
|
21 days
|
Other states/DC/unspecified location
|
|
As needed
|
Outside USA (we accept items in
US dollars only; we normally refuse to accept items from outside the USA)
|
These Annual Percentage Yields (APYs) were declared for the quarter
indicated
below. The stated
rate that corresponds to an applicable
deposit is/was paid on the full balance of the
account.
Dividends for:
1st quarter 2008, first published 4/1/08
On
3/31/08 paid into all accounts open on that date.
REGULAR
SHARES (SAVINGS) & all Sub-Accounts
|
Average Daily Balance
|
Annual Percent Yield (APY)
|
|
Less than
$300
|
no dividends
|
|
$300 - $999
|
0.70%
|
|
$1,000
-
$2,499
|
0.75%
|
|
$2,500
- $4,999
|
0.80%
|
|
$5,000 - $9,999
|
0.85%
|
|
$10,000 -
$24,999
|
1.05%
|
|
$25,000 -
$49,999
|
1.25%
|
|
$50,000 - $89,999
|
1.35%
|
|
$90,000 - $100,000
maximum
|
2.05%
|
Bonus:
-13*
sub-accounts: above rates + 0.75%.
Example: 2.10% + 0.75% = 2.85%
*Dash 13 sub-accounts, used to back loans of other Cal Feminist members,
earn
regular dividends plus bonus dividends (see example above)
Your savings federally insured to at least $100,000 and backed by the full
faith & credit of the United States Government
NCUA
National
Credit Union Administration
, a U.S. Government Agency
Statutory lien: If you are in default on a financial obligation to us,
federal
law gives us the right to apply the balance of shares and
dividends in your
account (s) at
the time of default to satisfy that
obligation. Once you are in default, we may
exercise this right
without further notice to you.
FEES MAY BE CHARGED TO ACCOUNTS
FOR SERVICES
TO MEMBERS.
Items marked "free" are available to
Members-In-Good-Standing only
Fee changes:
last mailed & changed on this Web site 7/07 became effective
9/1/07.
New
fees/changes, in red, are/were published at least 30 days before
going
into
effect.
|
Regular
Amount
|
per (What Fee Is For)
|
|
free
|
ACH
Credit
(deposit) to Cal Feminist savings account
|
|
$25
|
ACH
debit (withdrawal)
or attempted debit
|
|
$10
|
ACH
we post contrary to instructions.
|
|
|
ACH
returned (see
"Returned item, check, or ACH")
|
|
|
Account-opening
fees:
|
|
$9
|
--New member
|
|
$3
|
--Each additional
account: regular, As Trustee For, Gift to Minor,
Sub-Account, etc.
|
|
free
|
Car
Values (used
cars)
|
|
|
Certified
Mail (see
"Post Office Trip") if you ask us to send something to you via
this method
|
|
"Irregular
Tasks"
|
Checks
(old). Look up and/or copy one we wrote to you or for you
|
|
$
4
|
Credit
insurance refund
(to closed account)
|
|
|
Demand
(see
"Payoff Demand letter")
|
|
$25
Calif.
; $99 other states
|
DMV
(non-dealer):
if dealer won't handle title transfer on car, motor home, motorcycle
|
|
"Irregular
Tasks"
|
DMV
work you request. Examples: (1) Loan's been funded & papers filed
with DMV. You decide to change names of Registered Owners; (2) Your
loan's paid off. We mailed you the title. You can't find it.
We need to sign DMV Application for a Duplicate Title.
|
|
free
|
Education:
articles, pamphlets, worksheets, resources and tutoring on such topics as:
credit, money- management, car-buying. Resources for such things as:
business loans & education; mortgage loans & education;
tax-preparation; temporary housing, etc
|
|
Actual
Cost, effective 9/1/07
|
Employment
Verification:
when you apply for a loan you enclose a $25 fee. If your loan is
funded within 30 days or denied, your fee is usually
refunded. If we have to pay a fee to verify your employment, the amount of
the fee will be deducted from your refund.
|
|
$2
|
Escheat
notice (sent
to depositors whose savings accounts are inactive for 2 - 2.5 years)
|
|
|
Express
Mail (see
"Post Office Trip") if you ask us to send something to you via
this method
|
|
|
FedEx
(send an item
to you in that manner - same as "Post office Trip")
|
|
$24
per hour + actual cost
|
Irregular
tasks not essential
to our work, such as research; fetch storage; look up an old check we
wrote to/for you; DMV/notary work you request; change loan
terms after we prepare documents or fund a
loan; legal or levy process; verification of deposit; copy statements
either over 1 year old or for former members
|
|
|
Legal
Process (see
"Irregular Tasks")
|
|
|
Levy
(see "Irregular Tasks")
|
|
$25
|
Loan
application fee (regular loans).
May be refunded if applicant supplies all information within 30 days of
request AND either:
--Application is denied or
--Loan is funded within 30 days of approval
|
|
$15
|
Loan
application fee (savings-secured and credit-builder
loans) May be refunded if loan funded within 30 days of approval.
(We may keep if, after we prepare loan docs, borrower changes terms
and we have to prepare a new set.)
|
|
$
9*
|
Low-balance
fee: Every
June 30 and December 31 for share balances less than $250 (except: new
accounts during first 6 months they are open; Savings
Simplifier/sub-accounts; a borrower or co-maker's account; the account of
a person under the age of 17). *This averages $1.50
per month.
|
|
|
Lost
or voided checks:
|
|
$6
|
--Re-issue
check or re-credit to shares
|
|
$45
|
--Stop payment 6 months and one mandatory renewal (for total of 12
months)
|
|
$50
minimum
|
--Surety Bond (if lost check was
payable to a party other than the member)
|
|
|
Mail
(returned).
See "Returned mail handling."
|
|
"Irregular
Tasks"
|
Notary
fees
|
|
$30
|
Payoff
Demand Letter
|
|
$7
|
Post
Office Trip
(in addition to actual cost of Certified Mail, Express Mail, etc.)
|
|
$45
|
Reconveyance
(real estate
loans)
|
|
|
Research
(see
"Irregular tasks")
|
|
$35
|
Returned
item, check or ACH, for any reason. (The place where we have our business
checking account charges us fees regardless of the reason & we still
have to pay them)
|
|
$6
|
Resubmit
(re-deposit)
a returned item, returned check, or returned ACH.
|
|
$
5
|
Returned
mail handling.
When we send mail to the most current address** we have on file for you
and the post office returns it to us for reasons such as these:
"Forwarding Order Expired," "Undeliverable As
Addressed," "Not At This Address," "Unable to
Forward" and so on.
|
|
|
Statement
Copies:
|
|
"Irregular
Tasks"
|
--Closed
accounts
|
|
"Irregular
Tasks"
|
--Over 1 year
old
|
|
free
|
--Up to 12
months old (and account is still open)
|
|
"Irregular
Tasks"
|
Storage
(search for
and/or retrieve items from storage) See "Irregular Tasks)
|
|
|
UPS
(send an item
to you in that manner - same as "Post Office Trip")
|
|
"Irregular
Tasks"
|
Verification
of Deposit (VOD)
(See "Irregular Tasks")
|
**To find out how to change your address in
keeping with our
privacy-protection
and fraud-prevention concerns, click on Address
Change
|