Disclosures

• Truth-in-Lending
• MasterCard
• Truth-in-Savings
• Fee Schedule
   

Amalgamated Credit Union

This is Your Revolving Credit Contract and Truth-in-Lending Disclosure

This is a contract - Be sure to read it

It spells out the terms and conditions of your Revolving Credit Plan and the Credit Union. It sets out your rights and duties as well as ours.

The wording has been kept as clear and simple as possible. Even so, you may have questions. If you do, please call or write us.
In this contract, the word "you" refers to and includes, where appropriate, all persons who sign this contract. "We" or "us" refer to the Credit Union.

Truth-in-Lending Disclosure

There is a U.S. law called the Truth-in-Lending Act. It requires lenders to tell borrowers certain things about consumer loans they make - in other words, to make a disclosure. This document is not only a contract - it is also such a Truth-in-Lending disclosure.

1. How to Borrow Under This Contract

By signing this contract, you are applying for a Revolving Credit loan plan. Your application must be approved before you can borrow money under the plan.

When you request an advance, we have the right to verify whether you continue to meet the significant conditions under which we approved the latest credit application under this contract. If we determine that you do not, we decline to make that advance or any further advances under this contract. Significant conditions include (1) your income level, (2) your employment status, and (3) your lack of past due obligations. If you make a request which, if granted would cause what you owe under this contract to exceed the "signature limit" below, we may request that you complete a new credit application. We may also request a new credit application if any cosigner-guarantor terminates his or her responsibility for further advances. In addition, we may require a new credit application on a periodic basis. Please phone or write us if you want to know when we will next need such a new application. When you submit a new credit application, we may review that application and your contract under our then current credit standards. We have the right to decline to make further advances on the basis of that review. We may also decline to make further advances if you are in default under this contract or any other loan contract you have with us. If we do decline to make further advances, you must still, of course, repay any amounts you already owe us at that time, according to the payment terms then in effect.

2. Promise to Pay Back with Finance Charge
 
By signing this contract, you promise to pay back to the Credit Union all money that anyone borrows under this contract plus FINANCE CHARGE figured at the daily rate and corresponding ANNUAL PERCENTAGE RATE shown below.

1. FINANCE CHARGE (interest) under this contract is figured at a rate of .04109% per day, which corresponds to an ANNUAL PERCENTAGE RATE of 15% (See Section 2)
2. Minimum monthly payments are $3.50 for each $100.00, or part of $100.00, of the new "principal balance" that resulted when the amount you last borrowed was added to the principal balance, but not less than $20.00 (See Section 4 inside)
3. If a payment is one month or more late, we can charge you up to 20% of the interest due but not less than 25 cents (See Section 3 inside)
4. Payments are due on the 3rd day of each month. (See Section 4 inside)
5. The following wording is added to the end of Section 4 inside:
And if you add to the principal balance under this contract so that the minimum monthly payment you are required to make increases, the increase won't go into effect in the month you get the new advance but, rather, will go into effect the next month.

And you make this promise not only for yourself but jointly with each other person who signs this contract.

FINANCE CHARGE is the same thing as interest. It is the charge we make for your use of the money we lend you.

Figuring Out the Principal Balance
 
We charge FINANCE CHARGE (that is, interest) only on that part of the money you borrowed that is still owing when you make a payment. This is called the "principal balance". We figure out the "principal balance" this way:

1. When you borrow money, we add it to the unpaid part of amounts (if any) you previously borrowed;
2. When you make a payment, we deduct from the unpaid part of amounts you previously borrowed the part of the payment that exceeds late charges (if any) and FINANCE CHARGE (interest) then due.
 
As you can see, the "principal balance" keeps changing. The "principal balance" could be several different numbers during a specific period of time like a month or a calendar quarter.

Figuring Out Finance Charge
 
FINANCE CHARGE (interest) begins to run on each advance under this contract from the date it is posted to your account on our records.
We determine the amount of FINANCE CHARGE (interest) at the time a payment is made, by multiplying:

1. The applicable daily rate, times
2. Each separate "principal balance" since the last payment times
3. The number of days each separate "principal balance" was owing,
and then adding up the results.

In this way, we only charge FINANCE CHARGE (interest) on the "principal balance" for the actual number of days you owe that particular "principal balance".
In the rest of this contract, we will use the word "interest" instead of FINANCE CHARGE.

3. Extra Charge for Late Payment
 
We have the right to make an extra charge if you don't make your payment on time. If we do, the maximum charge will be as indicated on the front page of this contract. You should always make your payments on time. That way you will avoid any chance of having to pay a late charge.

4. How You Pay Us Back 

• You must pay back the money you borrow from us, plus interest, in monthly payments. A payment is due every month, even if you have previously made extra payments.
• The payment is due each month on the day stated on the front page of this contract. We call this the "due date".
• You must make at least a minimum payment every month. The amount of each minimum payment is determined in the manner explained on the front page. Minimum monthly payment will usually increase when you borrow new money. But they do not decrease as the principal balance is being paid off.
• There is one exception to the "due date" we mentioned above. If there was no principal balance prior to an advance, the first minimum payment won't come due in the month you get that advance - it comes due the following month.

5. How Your Payments Are Applied
 
Each time you make a payment under this contract, it goes

FIRST, to pay late charges, if any;
SECOND, to pay interest then owing; and
THIRD, to reduce the "principal balance".

If the payment isn't enough to cover late charges (if any) and interest then due, the unpaid part of the late charges or interest will be taken out of your later payments. It won't be added to the "principal balance". That way we don't compound interest you owe, or charge interest on late charges.
Amounts applied to the principal balance generally are available to be borrowed again unless you are over your signature limit.

6. Paying Off Early
 
The payments we told you about in Section 4 are minimum payments. Of course, you are allowed to make larger payments if you want to. And you can pay off this contract, in full or in part, at any time. Any of these steps will result in your paying less interest, thus saving you money.
There is no penalty or charge of any kind for paying off all or part of what you owe early.
Even if you do make some extra payments or some early payments, you still must make at least the minimum payment every month until the principal balance is paid in full. If you want to pay ahead and then skip some payments, you must make special arrangements with us.

7. Your Savings Are Security for This Contract
 
By signing this contract, you give us a security interest - called a "pledge" - in all present or future shares or deposits in the Credit Union which you have the right to withdraw for your personal use.

If you are in "default", we can take money from your shares or deposits to pay any or all amounts owing under this contract. In Section 12, we tell you what a "default" is.
If you are not in "default", you can withdraw from your savings even though they are "pledged" to us. But if you withdraw all your shares, you are no longer a member and you can't get any new advances under this contract.

8. Other Security for This Contract
 
In Section 7, you give us a "pledge" of your savings. You don't have to give us any other security under this contract until you request an advance which, if made, would cause the total amount owing under this contract to exceed the "signature limit" stated on the front page of this contract.
When you wish to exceed your signature limit, we will require one or both of the following:

1. A cosigner-guarantor;
2. A security interest in property you are buying with that advance or in other property.

If you give us a security interest in something other than property you are buying with the advance, that property will be identified by item or type in the legal document you sign to give us the security interest. In most cases, that document will be a "security agreement".

Such a security interest will secure all amounts owing under this contract, not just the amount you get when you give us the security interest.
However, any time the total amount owing under the contract is back down to the signature limit, we will release the security interest if you ask us, provided there is no "default" at that time.
When you wish to exceed your signature limit, you may want to give us a security interest in a specific amount of your savings instead of some other property. You can do this by filling in a dollar amount in the box called "Pledged Shares and/or Deposits" in a "Revolving Credit Request Voucher" and then signing it and sending it to us. Or you can ask us to fill out the voucher and sign it for you.

Any "Pledged Shares and/ or Deposits" are subject to the rules set out in this section for other security and, in addition, if you "default" we can apply then as payment on the amount owing under this contract.

We give up any security interest for any amount owing under this contract except for the security interests provided in this section or in Section 7.

9. Protecting Certain Savings
 
Under the law which regulates the Credit Union, we have certain rights against your shares or deposits. By signing this contract, you give us certain other rights in your savings as explained in Section 7. Nevertheless, none of these rights nor any you give us in Section 8 will apply against any shares or deposits that are part of an Individual Retirement Account (IRA) or a Keogh Plan.

This provision assures that by signing this contract you don't risk losing tax advantages tied to these kinds of savings.

10. Property Insurance

If you give us security for the amounts owing under this contract, we can require you to carry property insurance that would be appropriate for that kind of security.

If we do require property insurance, you can get the insurance from anyone you want that is acceptable to the Credit Union.

11. Cosigner - Guarantors

A person who signs this contract even enough he or she cannot borrow under it is called a "cosigner-guarantor".

A "cosigner-guarantor" who signs this contract is liable to us for all amounts owing under the contract from the time he or she signs it until it is paid in full, no matter how long it takes.
If a "cosigner-guarantor" wants to stop his or her responsibility under this contract, that person must give us a written notice telling us that. Then, that person won't be responsible for any advances made under after we receive the notice. But, of course, he or she stays liable for advances made before we got the notice.

If a "cosigner-guarantor" sign this contract, he or she permits us to do any of the following things under this contract without first telling him or her about it.

1. Make one or more advances to you;
2. Extend the due date of any payment you owe;
3. Reduce your monthly payment;
4. Release any security you may give us;
5. Release some other "cosigner-guarantor";
6. Take additional "cosigner-guarantor".

12. What Happens in the Case of Default

You are in "default" if:

1. You fail to make a minimum monthly when it is due, or
2. You break any other promise you make in this contract, or
3. An "Event of Default" listed in any security agreement given to us under this contract should occur.

When this happens, we have certain rights which are designed to help us collect what you owe us. These rights are set out in this section.

Lawsuit

When you are in "default", we can sue you in the court of law. We can also, after giving any legally required notice, sue anyone who signs this contract as a "cosigner-guarantor". Or we can do both.

Full Payment Due Immediately

If you are in "default", we can also demand that you immediately pay us the entire amount then still unpaid under this contract, plus interest and late charges, if any. We don't have to give you any advance notice if decide to this.
Once we have done this, you lose your right to make monthly payments under the contract and you must pay us in full right away.

Rights to You Savings

When you are in "default", we have certain rights to your savings. These have already been explained in Sections 7 and 8.

13. Miscellaneous Provisions

What if We Decline to Make Advances Under the Contract?

In Section 1, we told you about our right to decline to make further advances under this contract. You may terminate your right to receive further advances at any time. In any such event, you still must pay us all the money you owe us under this contract plus interest and any late charges, and you are still required to follow the repayment terms set out in this contract. The same is true for any "cosigner-guarantor" who signs this contract.

Can We Check Your Credit?
 
Yes. By signing this contract, you permit us to make such investigation from time to time as set forth in Section 1 concerning your employment, your credit standing and your financial responsibility. Your signature also permits us to tell credit rating bureaus and other creditors about our experience with you, such as, for example, if you make your payments on time.

Who Keeps the Contract?
 
In order to comply with certain laws, the originals of this contract with your signature(s) on it must be kept by the Credit Union. However, you have been furnished with an exact unsigned copy of this contract to keep for your records. If you lose your copy, give us a call and we will send you another.

Can This Contract Be Changed?
 
Yes, it can! We need this power because this contract may last for many years and economic conditions will change during that time. So we can, for example, increase the interest rate (though not above the maximum rate allowed by law), increase the minimum monthly payment, or change the signature limit. Changes we make will apply to new advances you get after the date of the change. Changes which will affect you adversely (for example, an increase in the interest rate) may also apply to amounts you already owe if you get a new advance after such a change has been made. Of course, we will only make changes the law permits.

If the law requires an advance notice of a change, we will mail the notice to the last address we have for you in our records and will follow any other procedures the law requires.

Does the Credit Union Have to Enforce its Rights?
 
Sometimes, in order to help you over a trouble spot, we may tell you its okay to be late with a payment, or skip a payment, or to send in a part-payment, and so on. And sometimes we may simply accept payments a little bit late and not say anything about it. However, if we do any of these things, or if in any other way we fail to insist that you strictly observe a promise you have made in this contract, we still have the right to insist thereafter that you do keep your promises strictly. For example, we may let you send in payments 5 or 10 days late for several months and not say anything, but we still have the right to require you to make later payments on time, or to start adding late charges even though we didn't do that before.

Your Billing Rights

Keep This Notice For Future Use.

This notice contains important information about your rights and our responsibilities under the Fair Credit Billing Act.

Notify Us In Case of Errors or Questions About Your Statement

If you think your statement is wrong, or if you need more information about a transaction on it, write us on a separate sheet at the address listed on the statement. Write to us as soon as possible. We must hear from you no later than 60 days after we sent you the first statement on which the error or problem appeared. You can telephone us, but doing so will not preserve your rights.
 
In your letter, give us the following information:

• · Your name and account number.
• · The dollar amount of the suspected error.
• · Describe the error and explain, if you can, why you believe there is an error. If you need more information, describe the item you are not sure about.

Your Rights and Our Responsibilities After We Receive Your Written Notice

We must acknowledge your letter within 30 days, unless we have corrected the error by then. Within 90 days, we must either correct the error or explain why we believe the statement was correct.

After we receive your letter, we cannot try to collect amount you question, or report you as delinquent. We can continue to send you statements which reflect the amount you question, including finance charges, and we can apply any unpaid amount against your credit limit. You do not have to pay any questioned amount while we are investigating, but you are still obligated to pay the parts of your outstanding balance that are not in question.

If we find that we made mistake on your statement, you will not have to pay any finance charges related to any questioned amount. If we didn't make a mistake, you may have to pay finance charges, and you will have to make up any missed payments on the questioned amount. In either case, we will send you a statement of the amount you owe and the date that it is due.

If you fail to pay the amount that we think you owe, we may report you as delinquent. However, if our explanation does not satisfy you and you write to us within 10 days telling us that you still refuse to pay, we must tell anyone we report you to that you have a question about your statement. And, we must tell anyone we report you to that the matter has been settled between us when it finally is.

If we don't follow these rules, we can't collect the first $50 of the questioned amount, even if your statement was correct.

Security Statement

Our Credit Union is constantly concerned about our member’s critical information and privacy. With this in mind, we have the following security services installed on our Internet server:

• Each server is behind a Firewall. This UNIX based hardware product blocks critical ports and IP addresses on servers from external attack and access.
• Each server runs proprietary software that constantly monitors the servers for unauthorized use and attempts to "hack" into information. Administrators are contact when forced attacks are committed, and countermeasures can be applied to stop these instances.
• All administrative activity requires user login and authentication. All administrative updates are logged into files that can be reviewed later.
• All servers come with a Global Verisign Certificate (RSA) for digitally encrypted communications between the Web server and your member. Information passed in applications cannot be decrypted by third parties attempting to "pick" information being passed across the Internet backbone.
• All servers run the latest version of Apache Web Server, considered the strongest and most secure Web server software on the market.

Truth-in-Lending
Secured Loan Disclosure

1.Security Interest: You give the credit union security interest in the "Collateral" described on the reverse side. ( If property is described or specified in that "Collateral" box, this Security Agreement does not apply.) This security interest also covers accessions to that property (like a tape deck for a car) and the proceeds of any insurance on the property.
 
2. Obligations Secured: The security interest secures the loan described on the reverse side, any renewals or extensions thereof, and any sums which become due under any security agreement securing this loan.  It also secures any other loans you have with the Credit Union now or in the future and any other amounts you owe the credit union for any reason now or in the future.

3. Perfecting Security Interest: You promise to sign any financing statement necessary to perfect the security interest or any amendment necessary to correct any error in such financing statement.  You authorize credit union to complete any such document in any necessary respect if it was signed while incomplete.  You promise to get the security interest noted or endorsed on a certificate of title, or application therefore, when it is necessary to perfect the security interest.

4. Ownership of Collateral: You promise that you own the Collateral or will acquire it with the proceeds of the loan, and that no one else has an interest in or claim against it. You promise not to sell or otherwise dispose of the Collateral, or any part of it, without credit union's written permission, and you also promise to keep it free from liens or security interests adverse to credit union's.

5. Use of Collateral: You promise (a) to keep the Collateral in good order and repair, reasonable wear and tear is expected; (b) not to use it in violation of any law or ordinance; (c) to let credit union inspect and examine it at reasonable times; (d) to notify credit union if you move the Collateral from the address where it is now located; (e) not to remove the Collateral from the State of Michigan without credit union's written permission.

6. Insurance and Texas on Collateral: You promise to keep the Collateral insured against theft, fire and extended coverage perils and, if it is a motor vehicle, against physical damage, in amounts satisfactory to credit union. The insurance must be payable to you and credit union and must provide for 10 days prior written notice of cancellation to credit union. It must also provide that any premium refund upon cancellation shall be paid to credit union.  You also promise to pay all taxes and assessments on the Collateral when due.

7. Payment by Credit Union: If you don't keep your promises in paragraphs 4,5(a) and 6 above, credit union can, but doesn't have to, pay amounts necessary to remove adverse liens or security interests, and can, but doesn't have to, pay the repairs, taxes or assessments, or insurance premiums. Amounts so paid are due and payable forthwith, unless credit union chooses to add them to the balance of this loan, in which case you agree to pay larger monthly payments thereafter so that loan will be paid off when originally scheduled.  In either case, such amounts are secured by the Collateral and bear interest at the rate in the note.  Such payment(s) by credit union is not a waiver of your default(s) in failing to make those payments as required by this Security Agreement.

8. Default: You are in default under this Security Agreement. If: (a) you fail to make a payment on any of the "Obligations Secured" when it is due; (b) you break any promise you make in this Security Agreement; (c) you become insolvent or a receiver is appointed for your property or if court proceedings are started for liquidation of your debts; (d) a levy, seizure, or attachment is made on the Collateral; (e) the Collateral is lost, stolen, destroyed, or substantially damaged; (f) you fail to acquire the Collateral with the loan proceeds - if that was the purpose of the loan; or (g) any oral or written statement by you or any third party to induce credit union to make this loan proves to have been false in any material regard when it was made.

9. Remedies: While you are in default, credit union has the right to take possession of the Collateral wherever found, without court process if taking can be made without breach of the peace but otherwise by use of court process, and in the event of such a taking of possession, you and credit union have the rights and duties concerning the Collateral, and otherwise, provided by law or this Security Agreement.

You promise to assemble the Collateral and deliver it to credit union at a reasonable and convenient time and place.

Unless the Collateral is perishable or threatens to decline speedily in value or is of a type of customarily sold on a recognized market, credit union will give you "reasonable notice" of the time and place of any public sale or of the time after which any private sale or other intended disposition of the Collateral will be made. You agree that mailing of a written notice to you at least 5 days before the sale or disposition is "reasonable notice".

Expenses of retaking, holding, preparing for sale, selling and the like, if paid by credit union, are secured by the Collateral according to the terms of this Security Agreement and include, to the extent permitted by law, reasonable attorney fees and expenses.

You agree that credit union may, in taking the Collateral, take possession of any personal property in the Collateral. Credit union will hold such personal property for 5 days after the taking. If you do not claim it within that time, you authorize credit union to treat it as abandoned.

10. Other Rights: No waiver of a default will be a waiver of any other default, or of the same kind of default on a future occasion. This Security Agreement is binding on your heirs, personal representatives, successors and assigns, as well as on you. When 2 or more people who have their interests in the Collateral sign on the reverse side, their obligation under this Security Agreement is joint and several.

A. Changes in Interest Rate: All changes in the interest rate on this Note will be made on the first day of a "rate period".  Until the first day of the "rate period" following the date of this loan, the interest rate is the "Annual Percentage Rate" shown on the reverse side. Changes in the interest rate may alter the number of payments required to pay the loan in full, but no change in the amount of the payments will be made, except when a smaller final payment is sufficient to pay this Note in full. The interest rate shall never exceed the maximum rate permitted by law nor will it ever be less than the minimum rate, if any, indicted on the reverse side. We may substitute a new index for the variable rate if the index described on the reverse side becomes unavailable.

B. Prepayment: You can prepay all or any part of this loan at any time without penalty.

C. Late Charges: Fines of charges may be imposed for late payments on this loan up to the maximum shown in the "Truth-in-Lending Disclosure" on the reverse side.

D. Default: You are in default if you fail to make a payment on this loan on time. You are also in default under this Note if you are in default under the "Security Agreement" below (if applicable) or under any other security agreement or real estate mortgage securing this loan.

E. Acceleration: If you are in default, any part of this loan then unpaid and any other amounts you owe under the "Security Agreement" below (if applicable) or under any other security agreement or real estate mortgage securing this loan are due and payable in full without notice to you (unless such a mortgage provides otherwise), at credit union's option. You agree to pay all usual and customary costs of collection including reasonable attorney fees and all taxable court costs permitted by law.

F. No Waiver: The credit union can delay enforcing any of its rights any number of times without losing its rights.

G. Completing Note: You authorize credit union to complete this Note in any necessary respect if it is executed while incomplete.

H. Pledge of Savings: As security for all amounts owing under this Note and under any security agreement and/or real estate mortgage securing this loan, you pledge all shares and/or deposits (including earnings and additions) you now or in the future have this credit union, but only up to the total of such amounts unpaid from time to time. If you default, you authorize to credit union to apply such shares and/or deposits to payment of these amounts. This pledge does not apply to shares and/or deposits in an Individual Retirement Account (IRA), Keogh Plan. Regardless of this pledge, if payments on the loan are up to date, Borrower(s) can withdraw shares and/or deposits to the extent indicated on the front of this form.

MasterCard Disclosure

The information about the costs of the card described in this application is accurate as of June 2010.  This information may have changed after that date.  To find what information may have changed, call us at (989) 792-0026 or write us at 4686 Fashion Square Blvd.,  Saginaw, MI 48604.

How We Calculate Your Balance: We use a method called "average daily balance (including new purchases)."  See your Credit Card Agreement and Disclosures for more details.
Billing Righs: Information on your rights to dispute transactions and how to exercise those rights is provided in your Credit Cards Agreement and Disclosures.

Truth-in-Savings

Share Account (Suffixes S1, S2 & S4)

Rate Information - The dividend rate and annual percentage yield may change every dividend period.  We may change the dividend rate for your account as determined by the credit union Board of Directors.

Compounding and Crediting - Dividends will be compounded every quarter.  Dividends will be credited to your account every quarter.

Dividend Period - For this account type, the dividend period is quarterly.  For example, the beginning date of the first dividend period of the calendar year is January 1st, and the ending date of such dividend period is March 31st.  All other dividend periods follow this same pattern of dates.  The dividend declaration date precedes the first date of a dividend period, and for the example above is December 31st.  If you close your Share Account before dividends are paid, you will not receive a dividend.

Minimum Balance required - The minimum required to open this account is the purchase of a share in the credit union.  Please see the bylaw requirements in the Common Features section for additional information.  You must maintain a minimum average daily balance of $200.00 in your account to obtain the disclosed annual percentage yield.  The dividends will be paid on tier balance levels.  The first tier includes balances up to and including $2,000.00.  The second tier commences at $2,000.01 and up to and including $10,000.00.  The third tier commences at $10,000.01 and inlcudes any balance above this amount.

Average Daily Balance Computation Method - Dividends are calculated by the average daily balance method which accumulates the ending balance in your account each day and divides by the number of days in the quarter or from the date of opening your account, whichever is less.

Accrual of Dividends on Noncash Deposits - Noncash items (such as checks) will be calculated in your daily ending balance unless you receive a notice of hold on any noncash deposit.

Transaction Limitations - During any month, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer or telephonic order or instruction.  No more than three of the six transfers may be made by check or similar order to a third party.  If you exceed the transfer limitations set forth above, your account will be subject to closure by the credit union.

Par Value of a Share - The par value of a share in this account is $5.00.

Checking Account (Suffix S8)

Rate Information - The dividend rate and annual percentage yield may change every dividend period.  We may change the dividend rate for your account as determined by the credit union Board of Directors.  Currently there are no dividends paid on checking accounts.

IRA (Suffix S90, S91, S92, S93 & S94
        Traditional, Roth and Coverdell Education)

Rate Information - The dividend rate and annual percentage yield may change at any time as determined by the credit union Board of Directors.

Compounding and Crediting - Dividends will be compounded every quarter.  Dividends will be credited to your account every quarter.

Dividend Period - For this account type, the dividend period is quarterly.  For example, the beginning date of the first dividend period of the calendar year is January 1st, and the ending date of such dividend period is March 31st.  All other dividend periods follow this same pattern of dates.  The dividend declaration date precedes the first date of a dividend period, and for the example above is December 31st.  If you close your IRA before dividends are paid, you will not receive a dividend.

Minimum Balance Requirements - There is no minimum required for the suffix S90, S92, S93 & S94 accounts.  However, a minimum of $1,000.00 is required to earn a dividend in the suffix S91 account.

Average Daily Balance Computation Method - Dividends are calculated by the average daily balance method which accumulates the ending balance in your account each day and divides by the number of days in the quarter or from the date of opening your account, whichever is less.

Accrual of Dividends on Noncash Deposits - Noncash items (such as checks) will be calculated in your daily ending balance unless you receive a notice of hold on any noncash deposits.

Transaction Limitations - You may not make any withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party, unless required by a statute of IRA requirements.

Christmas and Vacation Club Accounts (Suffix S9 & S3)

Rate Information - The dividend rate and annual percentage yield may change at any time as determined by the credit union Board of Directors.

Compounding and Crediting - Dividends will not be compounded.  Dividends will be credited to your account at the end of the Christmas or Vacation club period.

Dividend Period - For this account type, the dividend period is annually.  For example on Christmas Club, the beginning date is November 1st, and the ending date of the dividend period is October 31st.  The dividend declaration date precedes the first date of the dividend period, and for the example above is October 31st.  Vacation Club dates are June 1st and May 31st.  If you close your Christmas or Vacation Club account before dividends are paid, you will not receive a dividend.

Minimum Balance Requirement - You must mantain a minimum average daily balance of $200.00 in your account to obtain the disclosed annual percentage yield.

Average Daily Balance Computation Method - Dividends are calculated by the average daily balance method which accumates the ending balance in your account each day and divides by the number of days in the quarter or from the date of opening your accout, whichever is less.

Accrual of Dividends on Noncash Deposits - Noncash items (such as checks) will be calculated in your daily ending balance unless you receive a notice of hold on any noncash deposit.

Transaction Limitations - You may not make any withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party.

Common Features

Bylaw Requirements - You must complete payment of one share in your Share Account as a condition of admission to membership.

Transaction Limitation - We reserve the right to at any time require not less than seven days notice in writing before each withdrawal from a dividend bearing account other than time deposit, or from any other savings as defined by Regulation D.

Nature of Dividends - Dividends are paid from current and projected income and available earnings, after required transfers to reserves at the end of a dividend period.

National Credit Union Share Insurance Fund - Member accounts in this credit union are federally insured by the National Credit Union Share Insurance Fund.

Please refer to our fee schedule for additional information about fees and charges.

Fee Schedule

(Effective June 2010)

 Privacy Notice

You can be confident that your financial privacy is a top priority at Amalgamated Credit Union (ACU).  As a general rule, ACU does not disclose non-public personal information about you to third parties.  However, since we are committed to providing you with competetive products and services that meet your financial needs, there are times when sharing of informationabout you with our affiliated third party financial service providers is necessary.  These affiliates would include data processing providers.

What Information Do We Collect And Disclose About You?
We Collect non-public personal information about you, as permitted by law, from the following sources:

• Information we receive from you on membership and loan applications and other forms;
• Information about your transactions with us, our affiliates, or others;
• Information we receive from a consumer reporting agency;
• Information obtained when verifying the information you provide on an application or other forms, such as from your current or past employers or from other institutions where you conduct financial transactions.

We may disclose any information collected, as necessary or as required by law. 

If you cancel your membershiop with ACU, we will not share information we have collected abou you, except as permitted or required by law.

How Do We Protect Your Information?

We restrict access to non-publice personal information about you to only those employees who have a specific business purpose in utilizing your data.  Our employees are trained in the importance of maintaining confidentiality and member privacy.  We maintain physical, electronic, and procedural safegaurds that comply with federal regulations and leading industry practices to protect your non-public personal information.