Term Share Certificates & Individual Retirement Accounts

The rates, fees and terms applicable to your Account at the Credit Union are provided in the Rate & Fee Schedule. The Credit Union may offer other rates for these Accounts from time to time.

EFFECTIVE DATE: July 5, 2017

Div

Rate %

(APY)

%

Div

Compd

Div

Credit

Div

Period

Min

Balance

Min

Balance

Avoid

Charge

Min

Balance

to Earn

APY

Balance

Method

Limit

6 Month

0.35 0.35 Quarterly Quarterly Quarterly $1,000 ADB  +

12 Month

0.45 0.45 Quarterly Quarterly Quarterly $1,000 ADB  +

18 Month

0.55 0.55 Quarterly Quarterly Quarterly $1,000   ADB  +

24 Month

1.25 1.25 Quarterly Quarterly Quarterly $1,000 ADB +

30 Month

0.80 0.80 Quarterly Quarterly Quarterly  $1,000  ADB +

36 Month

1.45 1.45 Quarterly Quarterly Quarterly  $1,000  ADB  +

“APY” Annual Percent Yield

“ADB” Average Daily Balance

+ Additional deposits not allowed. Withdrawals allowed with penalty, automatic renewal.

Except as specifically described, the following disclosures apply to all of the Accounts listed above:

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 all accounts, the Dividend Rate and Annual Percentage Yield may change weekly as determined by the Credit Union’s Board of Directors.

NATURE OF DIVIDENDS:

Dividends are paid from current income and available earnings after required transfer to reserves at the end of the dividend period.  The Dividend Rates and Annual Percentage Yield are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.

DIVIDENDS 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 Period begins the first calendar day of the deposit and is posted 90days from the deposit date on the first available business day.

ACCRUAL OF DIVIDENDS:

For all accounts, dividends will be gin to accrue on non-cash deposits (e.g. checks) on the business day you make the deposit to your account.

BALANCE INFORMATION:

The minimum balance requirements applicable to each Account are set forth in the Rate Schedule.

ACCOUNT LIMITATIONS:

For all Term Share Certificates of Deposit, and IRA accounts, additional deposits prior to the maturity of the Account are not allowed.  Withdrawals are allowed with a penalty only.  The Account is automatically renewed at the current dividend rates applicable at maturity if the member does not notify the Credit Union otherwise.

Additional Disclosure Information

Renewal Policy:

The renewal policy for your Accounts is as follows:  The Account will automatically be renewed at the close of the business day on the maturity date or the maturity date of any renewed or extended terms unless at least 10 days prior to that date Baker’s Federal Credit Union gives as written notice to the certificate holder that this certificate will not be renewed at the initial rate of interest.  If the member does not respond to the maturity notice given prior to the maturity of the Certificate or IRA, the Account will automatically be renewed at the current rates applicable for the previous invested term.

Nontransferable/Nonnegotiable:

Your Account is nontransferable and nonnegotiable.  The funds in your IRA Account may not be pledged to secure any obligation of an owner.  The funds in your Certificate of Deposit Account may not be pledged to secure any obligation of an owner, except obligations at the Credit Union.

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

Amount of Penalty:

For all Accounts, the amount of the early withdrawal penalty is based on the term of your Account.  The penalty schedule is as follows:

Terms of 12 Months or Less
Terms of Over 12 Months

90 Days Dividend
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.
Exceptions to Early Withdrawal Penalty:
At our option, we may pay the Account before maturity without imposing an early withdrawal penalty under the following circumstances:

  1. When an Account owner dies or is determined to be legally incompetent by a court or other body of competent jurisdiction.
  2. Where the Account is an IRA and any portion is paid within seven (7) days after establishment; or where the Account is a Keogh Plan provided that the depositor forfeits an amount of at least equal to the simple dividends earned in the amount withdrawn; or where the Account is an IRA or Keogh and the owner attains the age of 59 1/2, or becomes disabled.

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Sharon L., President NMLS# 456126 Jenifer N., VP NMLS# 807505 Bakers FCU Routing No: 304087567

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Baker's Federal Credit UnionBaker's Federal Credit Union 11117 John Galt Blvd # B Omaha, NE 68137 Open 8:30-5:00 M-F Closed Sat-Sun

Call the Credit Union 402-339-6755

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