TRUTH-IN-SAVINGS ACCOUNT DISCLOSURE
Except where specifically described, the following disclosure applies to all Share Savings Accounts, IRA & All Purpose Clubs, Share Draft (checking) Accounts and Money Market Accounts.
1. Rate Information. The Dividend Rate and Annual Percentage Yield on accounts, as of the last Dividend Declaration Date, will be notated in your Truth-In-Savings Disclosure at the time you open your account. 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 a 365-day period. The Dividend Rate and Annual Percentage Yield may change monthly as determined by the Credit Union's Board of Directors.
2. Nature of Dividends. Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period.
3. Compounding and Crediting. Dividends will be compounded and credited monthly. The Dividend Period for each account is monthly. The Dividend Period begins on the first calendar day of each month and ends on the last day of each month.
4. Accrual of Dividends. Dividends will begin to accrue on cash deposits and noncash deposits (e.g. checks) on the business day you make the deposit to your account. Except for the Money Market account, if you close your account before accrued dividends are credited; accrued dividends will not be paid. Accrued dividends on the Money Market accounts will be applied at the time of closing.
5. Balance Information. The minimum balance required to open each account is stated on the previous rate page. Dividends are calculated by the Average Daily Balance method which applies a daily periodic rate to the principal balance in the account each day. Dividends paid on IRA Share Accounts are based upon the average daily balance in the account, for the dividend period. Dividends paid on Money Market accounts are based upon the daily balance in the account for the dividend period. Rate and yield disclosures are provided to you in writing at the time you open your account.
6. Account Limitations. Account limitations for each account are stated on the previous rate page. For a Share Savings or Money Market Account in which transfer limitations apply, no more than six (6) preauthorized, automatic, telephone transfers, or transfers made by check, draft, or debit card may be made from these accounts to another of yours or to a third party, in any month. If you exceed these limitations, your account may be subject to a fee or may be closed.
Account Service Fees are located on the previous page, under current rates.
The rates and yields appearing in the Rate and Fee Schedule will be provided to the Member by the Member Service Representative, when the account is opened. If you have any questions or require current rate information on your accounts, please call Midcoast Federal Credit Union toll free at 1-877-964-3262.
Complaint Resolution Procedure
If you have a dispute with Midcoast Federal Credit Union regarding your account(s), you may contact us to resolve the problem directly. If we fail to resolve the issue, you may communicate the problem and the resolution you are seeking to:
Maine Bureau of Financial Institutions
Consumer Outreach Program
36 State House Station
Augusta, ME 04333-0036
To file a complaint electronically, you may contact the Maine Bureau of Financial Institutions at the following Internet address:
http://www.maine.gov/pfr/financialinstitutions/complaint.htm
The Maine Bureau of Financial Institutions will acknowledge receipt of your complaint promptly and investigate your claim. You will be informed of the results of the investigation. When your complaint involves a federally-chartered credit union, the Maine Bureau of Financial Institutions will refer it to the appropriate federal supervisory agency and inform you to whom it has been referred.