Note: This Page represents an extract of the completeTruth-in-Savings Disclosure document provided by Gateway Credit Union with any share account. You may obtain a copy of the entire disclosure by contacting the Credit Union.

Truth in Savings Disclosure

Except as specifically described, the following disclosures apply to all of the accounts. All accounts described in this Truth in Savings Disclosure are share accounts.

1. 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 monthly as determined by the Credit Union's Board of Directors. The Dividend Rates and Annual Percentage Yields are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period. The Share account is a Tiered Rate account. If your Average Daily Balance is from $1,001.00 to $5,000.99, the first Dividend Rate and Annual Percentage Yield listed for this account will apply. If your Average Daily Balance is $5,001.00 or greater, the second Dividend Rate and Annual Percentage Yield for this account will apply. Once a particular range is met, the Dividend Rate and Annual Percentage Yield for that balance range will apply to the full balance of your account.

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 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 on the first calendar day of the period and ends on the last calendar day of the period.

4. Accrual of Dividends.
For all accounts, dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account. For Share, Vacation Club, All Purpose Club, IRA Share, and Share Draft accounts, if you close your account before accrued dividends are credited, accrued dividends will not be paid.

5. Balance Information.
The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For Share, Christmas Club, Vacation Club, All Purpose Club and IRA Share accounts, there is a minimum average daily balance required to obtain the Annual Percentage Yield for the dividend period. If the minimum average daily balance is not met, you will not earn the stated Annual Percentage Yield. For all accounts using an Average Daily Balance method, dividends are calculated by applying a periodic rate to the average daily balance in the account for the period. The average daily balance is determined by adding the full amount of principal in the account for each day of the period and dividing that figure by the number of days in the period.

6. Account Limitations. For Share Draft accounts, no more than six (6) preauthorized, automatic, or telephone transfers may be made from these accounts to another account of yours or to a third party in any month, and no more than three (3) of these six (6) transfers may be made by check, draft, or debit card to a third party. If you exceed these limitations, your account may be subject to a fee or be closed. For a Christmas Club account, the entire balance will be paid to you by check or transferred to another account of yours on or after October 31 and the account will remain open. You may be charged a withdrawal fee of $25.00 for each withdrawal from the account. For Share accounts, if more than four (4) withdrawals per calendar month are made a fee will be imposed. For Vacation Club, All Purpose Club, and IRA Share accounts, no account limitations apply.