Account Disclosures PDF Print E-mail

Truth-In-Savings Account Disclosures

1. Rate Information. The annual percentage yield (APY) is a percentage rate that reflects the total amount of dividends or interest to be paid on an account based on the dividend or interest rate and frequency of compounding for an annual period.  For Share Accounts, the dividend rate and APY are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period. For IMMP and HSA Accounts, the interest rate for a particular tier, as set forth above, will apply to the entire account balance if the account balance is within the balance range for that tier.  For Share Accounts and IRA/ESA Share Accounts, the interest rate and APY may change quarterly as determined by the Credit Union's Board of Directors. For IMMF, IMMP, and HSA Accounts, the interest rate and APY may change at any time as determined by the Credit Union’s Board of Directors.  For Premier Checking, Premier Plus Checking, Youth Checking, and Holiday accounts, the interest rate and APY may change monthly as determined by the Credit Union Board of Directors.  For Certificates, the interest rate and APY are fixed and will be in effect for the term of the Certificate. The APY on Certificates is based on an assumption that interest will remain on deposit until maturity. A withdrawal of interest from a Certificate will reduce earnings.

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 and Interest Compounding & Crediting. The compounding and crediting of dividends or interest and the dividend/interest period applicable to each account are set forth in the rate schedules above. The Dividend or Interest Period is the period of time at the end of which an account earns dividend or interest credit. The Dividend or Interest Period begins on the first calendar day of the period and ends on the last calendar day of the period.

4. Balance Information. The minimum balance requirements to open an account, avoid imposition of fees, and obtain the annual percentage yield disclosed are set forth in the rate schedules above. Dividends and Interest are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.  Dividends or Interest will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account. For the Share Account, Standard Checking, Premier Checking, Premier Plus Checking, Youth Checking, Holiday Account, and IRA/ESA Share Account, if you close your account before accrued dividends or interest are credited, accrued dividends or interest will not be paid. For Premier Checking, there is a $250 minimum daily balance required avoid an $8 per month minimum balance fee. For Premier Checking, your account will not earn interest for any day the balance is less than $1000. For the IMMP Account, your account will not earn interest for any day the balance is less than $10,000.  For the IMMF, your account will not earn interest for any day the balance is less than $2,500.  Fees may reduce earnings.

5 . Account Limitations. For Share, IMMF, Holiday, and IRA/ESA Share accounts no more than six (6) preauthorized, automatic, telephone, voice response, online banking, or mobile banking transfers may be made from your account to another account of yours, or to a third party in any month. If you exceed these limitations, your account may be subject to a fee or be closed.  For IMMF the minimum withdrawal or transfer amount is $500. For the IMMP Account, no more than three (3) debit transactions may be made from this account during any calendar month; a debit transaction includes any withdrawal, transfer, or check withdrawal; debit transactions in excess of three (3) per calendar month will be assessed a $15.00 fee. IMMP Accounts exceeding the three (3) debit transactions per month restriction three (3) times within a year may be subject to closure. For HSA Accounts there is no limit to the number or dollar amount of withdrawals.  Withdrawals made by check or electronic means from an HSA will be reported to the IRS as current year normal distributions.  Deposits are limited to the maximum annual contribution allowed by the IRS. For Holiday Accounts, the entire balance will be paid to you by check or transferred to another account of yours on or after November 1 and the account will remain open.

6. Fees for Overdrawing Checking Accounts. Courtesy Pay fees may be imposed on each overdraft from your checking account created by check, ATM, debit card or other electronic means.



Certificate of Deposit Policies (including IRA/ESA Certificate of Deposit Accounts)

Maturity: Your account will mature as indicated on your request for Certificate of Deposit Account Receipt or Renewal Notice.

Early Withdrawal Penalty: We may impose a penalty if you withdraw any of the principal before the maturity date.

Amount of Penalty: For all certificates, the amount of the early withdrawal penalty is based on the term of your certificate. The penalty schedule is as follows:

Terms of 90 days and 6 months: 30 days interest or interest earned, whichever is less.

Terms of 1 year: 90 days interest or interest earned, whichever is less.

Terms of 18 months, 2 and 3 years: 180 days interest or interest earned, whichever is less.

Terms of 4 and 5 years: 365 days interest or interest earned, whichever is less.

How the Penalty Works: The penalty is calculated as a forfeiture of part of the interest that has been earned on the certificate. If the interest has already been paid, the penalty may be deducted from the principal of the certificate or your share account.

Exceptions to Early Withdrawal Penalties: At our option, we may pay the certificate before maturity without imposing an early withdrawal penalty under the following circumstances:

(i)  When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction. (ii)   When the certificate is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after establishment.

Renewal Policy: The renewal policy on certificates is indicated above. All certificates will automatically renew for another term upon maturity. On all certificates, you have a grace period of ten (10) days after maturity in which to withdraw funds in the certificate without being charged an early withdrawal penalty.

Nontransferable/Nonnegotiable: Certificates are nontransferable and nonnegotiable. Certificates may not be pledged to secure any obligation of an owner, except obligations with Credit Union of Colorado. IRA/ESA certificates cannot be pledged.



Equal Housing Lender


This credit union is federally insured by the National Credit Union Administration.

This credit union is an Equal Housing Lender, we make loans without regard to race, color, religion, national origin, sex, handicap, or familial status.