This Truth-In-Savings Rate and Fee Disclosure sets forth the conditions, rates, fees, and charges applicable to your Share Savings and Share Draft accounts at Midcoast Federal Credit Union. The Credit Union may offer other rates and fees and amend the rates and fees contained in this Disclosure from time to time, after any notice required under applicable law. Each account holder agrees to the terms set forth on this Rate and Fee Disclosure and acknowledges that it is part of the Membership Agreement.
Truth-In-Savings Rate and Fee Disclosure
Effective Date: 9/1/2023
Account Type | Dividend Rate | Annual Percentage Yield | Minimum Opening Balance | Minimum Balance to Avoid Fee | Minimum Balance to Earn Dividend | Dividends Compounded & Credited | Dividend Period |
---|---|---|---|---|---|---|---|
Checking Accounts (Share Drafts) | |||||||
Coast Checking | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Compass Checking | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Free4ME Checking | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Thrive Debit | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Impact Business Checking | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Savings Accounts (Shares) | |||||||
Member Savings | 0.05% | 0.05% | $5.00 | $5.00 | $5.00 | Monthly | Monthly |
Special Purpose Savings | 0.05% | 0.05% | N/A | N/A | N/A | Monthly | Monthly |
Sprout Savings | 0.05% | 0.05% | $5.00 | $5.00 | $5.00 | Monthly | Monthly |
Thrive Savings | 0.05% | 0.05% | $5.00 | $5.00 | $5.00 | Monthly | Monthly |
Impact Business Savings | 0.05% | 0.05% | $5.00 | $5.00 | $5.00 | Monthly | Monthly |
Specialty Accounts | |||||||
Health Savings Account | 0.05% | 0.05% | N/A | N/A | N/A | Monthly | Monthly |
Peak Money Market Account | |||||||
$2,500.00 – $25,000.00 | 1.04% | 1.05% | $2,500.00 | $2,500.00 | $2,500.00 | Monthly | Monthly |
$25,000.01 – $50,000.00 | 1.19% | 1.20% | $2,500.00 | $2,500.00 | $2,500.00 | Monthly | Monthly |
$50,000.01 – $100,000.00 | 1.29% | 1.30% | $2,500.00 | $2,500.00 | $2,500.00 | Monthly | Monthly |
$100,000.01 – $250,000.00 | 1.69% | 1.70% | $2,500.00 | $2,500.00 | $2,500.00 | Monthly | Monthly |
$250,000.01 + | 2.08% | 2.10% | $2,500.00 | $2,500.00 | $2,500.00 | Monthly | Monthly |
Traditional Individual Retirement Account | |||||||
$0.00 – $10,000.00 | 0.30% | 0.30% | N/A | N/A | N/A | Monthly | Monthly |
$10,000.00 + | 0.35% | 0.35% | N/A | N/A | N/A | Monthly | Monthly |
Roth Individual Retirement Account | |||||||
$0.00 – $10,000.00 | 0.30% | 0.30% | N/A | N/A | N/A | Monthly | Monthly |
$10,000.00 + | 0.35% | 0.35% | N/A | N/A | N/A | Monthly | Monthly |
Coverdell Education Savings Account | |||||||
$0.00 – $10,000.00 | 0.20% | 0.20% | N/A | N/A | N/A | Monthly | Monthly |
$10,000.00 + | 0.25% | 0.25% | N/A | N/A | N/A | Monthly | Monthly |
Truth-In-Savings Account Disclosures
Except as specifically described, the following disclosures apply to all the above accounts.
- Rate Information. The Dividend Rate and Annual Percentage Yield on your accounts, as of the last Dividend Declaration Date, are set forth above. 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.
- Nature of Dividends. Dividends are paid from current income and available earnings, after required transfers to reserves at the end of the dividend period. Dividends are not guaranteed.
- Compounding and Crediting. Dividends will be compounded and credited as set forth above. The Dividend Period for each account is set forth above. The Dividend Period begins on the first calendar day of each month and ends on the last calendar day of each month. Except for Money Market Accounts, if your account is closed before accrued dividends are credited, dividends will not be paid.
- Accrual of Dividends. Dividends will begin to accrue on both cash deposits and non cash deposits (e.g. checks) on the business day that you make the deposit to your account.
- Balance Information for Non-Money Market Accounts. The minimum balance to open an account, and the minimum average daily balance you must maintain to avoid fees and to earn the annual percentage yield stated for your account is set forth above. Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in your account for the period. The average daily balance is calculated by adding the balance in your account for each day of the period and dividing that figure by the number of days in the period. Balance Information for Money Market Accounts. The minimum balance to open an account, and the minimum daily balance you must maintain to avoid fees and to earn the annual percentage yield stated for your account is set forth above. Dividends are calculated based upon the daily balance method which applies a daily periodic rate to the balance in the account each day.
- Failure to Maintain Minimum Balance. If you fail to maintain the minimum balance required to earn the applicable dividend rate and annual percentage yield and avoid fees for any account, then you will not earn the dividend rate and annual percentage yield for the period in which you do not meet this requirement and you will be assessed applicable fees.
- Transaction Limitations: For Member Savings, Special Purpose Savings, Sprout Savings, Thrive Savings, Impact Business Savings, and Peak Money Market Accounts 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.
- Additional Limitations for IRA Savings Accounts: You are solely responsible for complying with any requirements including transaction limitations and penalties for early withdrawal under the Internal Revenue Code or other applicable Federal or State law governing any IRA account. Deposits are not limited. Transfers to a Credit Union IRA Certificate are allowed subject to applicable law; and the minimum balance requirements and other restrictions applicable to the Certificate Account.
- National Credit Union Share Insurance Fund. Member accounts in this Credit Union are federally insured by the National Credit Union Share Insurance Fund.
- Limitations on Maximum Shares Held by One Member. The Credit Union’s Board of Directors may limit the maximum amount of shares one member may hold by resolution, which they may set or change from time to time.
- Transfer and Assignment. Ownership of an account is not transferable without the written consent of the Credit Union. The Credit Union may, before giving its consent, use any of the funds the account to repay any debt due it from any named account owner. Your accounts may be pledged to secure your existing or future obligations owed to this Credit Union.
- Fees and Charges. Applicable fees and charges set forth in this Disclosure will be assessed against your account(s).
- Par Value Requirements. The Par Value of a membership share, which must be fully paid to become a member or maintain membership or to receive and maintain any accounts or services with us is, $5.00. The amount of your membership share must be paid into and retained in your share savings account.
Account Type | Reason | Fee | How Best to Avoid |
---|---|---|---|
Savings Accounts (Shares) | |||
Incorrect Address – Returned Correspondence | $5.00 per item | Keep us updated with your correct physical address | |
Account Inactivity (After 12 months) | $5.00 per month | Maintain an active account relationship. Activity is defined as deposits, withdrawals, transfers, and payments. Exceptions from Inactivity fee: members with IRA, HSA or CD; or primary account owner is 18 or younger. This fee may fully exhaust funds in the account and lead to account closure. | |
Account Inactivity (After 36 months | $50.00 | Maintain an active account relationship. Activity is defined as deposits, withdrawals, transfers, and payments. Exceptions from Inactivity fee: members with IRA, HSA or CD; or primary account owner is 18 or younger. This fee may fully exhaust funds in the account and lead to account closure. | |
Early Account Closure (< 6 months of opening) | $5.00 | ||
All Checking Accounts (Share Drafts) | |||
Non-Sufficient Funds | $28.00 per item | Use our mobile app, eAlerts, and online banking to monitor your account balance and make transfers before making a purchase. | |
Overdraft Privilege | $28.00 per item | Use our mobile app, eAlerts, and online banking to monitor your account balance and make transfers before making a purchase. | |
ATM/VISA Debit Card Non-Sufficient Funds | $28.00 per item | Use our mobile app, eAlerts, and online banking to monitor your account balance and make transfers before making a purchase. | |
Overdraft Transfer from Share | $5.00 per item | Use our mobile app, eAlerts, and online banking to monitor your account balance and make transfers before making a purchase. | |
Copy of Share Draft | $5.00 per item | Print a copy from our mobile app or online banking | |
Stop Payment | $10.00 per item | ||
Impact Business Checking Account | |||
Over 250 items cleared per month | $0.25 per item over 250 | ||
Business BillPay monthly limit | $1.00 per item over 15 paid items | ||
Peak Money Market Account | |||
Below Minimum Balance | $5.00 per month | Maintain a minimum of $2,500 in the account | |
Other Charges (Applicable to All Accounts) | |||
Statement Copy | $5.00 per copy | Use eStatements and print copies at your convenience | |
Mini-Statement Copy (Account History) | $3.00 per copy | Use our mobile app or online banking to review your account | |
Account Reconciliation | $25.00 per hour | Use our mobile app or online banking to review your account | |
Account Research/Legal Processing | $25.00 per hour | ||
Deposited Item Return | $10.00 per item | ||
Electronic Cash Management (ECM) Transaction | $6.00 per item staff assisted $3.00 per item online $1.00 per item recurring online | Use our mobile app or online banking to transfer funds from your Midcoast account | |
Incoming Wire | $5.00 per transfer | ||
Wire Transfer Domestic | $20.00 per transfer | ||
Wire Transfer International | $40.00 per transfer | ||
In-State CU to CU Transfer | $5.00 per transfer | Use Shared Branching to make transfers to participating CUs | |
Money Order & Corporate Draft | $2.00 per item | Use free and unlimited personal Bill Pay service | |
Money Order & Corporate Draft Copy | $10.00 per item | ||
Counter Checks (4 per sheet) | $2.00 per sheet (first sheet is free) | Use free and unlimited personal Bill Pay service | |
Money Order & Corporate Draft Stop Payment | $20.00 per item | ||
Non-Member Check Cashing | $5.00 per item | Become a member today! | |
Non-Member Notary Fee | $20 per visit (Up to 3 documents) | Become a member today! | |
Electronic Funds Transfer Fees (NEACH) | |||
Member Privilege for ACH Item | $28.00 per item | Use our mobile app, eAlerts, and online banking to monitor your account balance and make transfers before scheduled transactions occur | |
ACH Non-Sufficient Funds | $28.00 per item | Use our mobile app, eAlerts, and online banking to monitor your account balance and make transfers before scheduled transactions occur | |
ACH Stop Payment Request | $20.00 per item | ||
Safe Deposit Boxes | |||
3″ x 5″ | $30.00 annually | ||
5″ x 5″ | $35.00 annually | ||
3″ x 10″ | $40.00 annually | ||
5″ x 10″ | $70.00 annually | ||
10″ x 10″ | $100.00 annually | ||
Replacement Key | $30.00 each | ||
Drilled Box | $250.00 |