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In these disclosures, the words “you” and “your” mean the customer who is inquiring about or opening a consumer deposit account at this financial institution. The words “us”, “we” or “our” means Charleroi Federal Savings Bank.

The following information is provided to you pursuant to Federal Regulation DD as a result of the Truth In Savings Act of 1992. This information will allow you to have a complete understanding of the particular consumer account you are inquiring about.

 

TRUTH IN SAVINGS DISCLOSURE
CERTIFICATES OF DEPOSIT

TERMS (MATURITY PERIODS) AVAILABLE: 6 MONTHS THROUGH 6 YEARS FIXED RATE ACCOUNT: The interest rate on this account is fixed. You will be paid this rate until the maturity date of the certificate.

COMPOUNDING AND CREDITING:

FOR A 6 MONTH TERM: Interest will be earned on a non-compounded basis. Interest will be credited to your account at maturity unless monthly or quarterly interest checks or transfers of interest are permitted and requested. In this case, accrued interest will be credited to your account, then transferred to another account or sent to you by check according to requested schedule.

FOR A 1 - 10 YEAR TERM: Interest will be compounded and credited to your account on a semi-annual basis unless monthly, quarterly or semi-annual interest checks or transfers of interest are permitted and requested. In this case, interest would be earned on a non-compounded basis and accrued interest will be credited to your account, then transferred to another account or sent to you by check according to requested schedule.

MINIMUM BALANCE REQUIREMENTS:

--   TO OPEN AN ACCOUNT: You must initially deposit at least $1,000.00 to open these accounts. To request monthly, quarterly or semi-annual transfers of interest or checks to be issued, you must maintain a balance of at least $5,000.00.

--   TO OBTAIN THE ANNUAL PERCENTAGE YIELD DISCLOSED: You must maintain a minimum balance of at least $1,000.00 in the account each day to obtain the annual percentage yield disclosed on the Rate Addendum.

BALANCE COMPUTATION METHOD: We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

ACCRUAL OF INTEREST ON NONCASH DEPOSITS: Interest begins to accrue on the business day you deposit noncash items (for example, checks).

TRANSACTION LIMITATIONS: For terms greater than one year, you may not make additional deposits to your account. For terms of 1 year or less, you may make deposits into your account any time during the term (minimum deposit amount is $500.00).

WHEN YOUR ACCOUNT WILL MATURE: Please see the certificate of deposit to determine the maturity date or the Rate Addendum to find the term needed to obtain the interest rate and annual percentage yield disclosed.

RENEWAL OF ACCOUNT: Your account will automatically renew upon maturity. You will have TEN (10) calendar days (the grace period) after the maturity date to withdraw your funds without being charged a penalty. Interest will accrue at the renewed interest rate up to the date of withdrawal during the grace period and will be credited at that point if a closeout withdrawal occurs.

EARLY WITHDRAWAL PENALTY: We may impose a penalty if you withdraw any of the principal in the account before the maturity date. The amount of penalty is as follows:

  • Less than ninety (90) day CD Term: Thirty (30) days of interest whether earned or not.
  • Greater than ninety (90) day up to One (1)Year CD Term: Ninety (90) days of interest
    whether earned or not.
  • Greater Than One (1)Year CD Term: One Hundred and Eighty (180) days of interest whether earned or not.

In addition to these stated penalties, federal regulations require us to charge seven days simple interest penalty on withdrawals from accounts opened six days or less.

NO EARLY WITHDRAWAL PENALTY WILL BE IMPOSED:

• following the death of accountholder.
• on adjudication of incompetence of accountholder.

If at any time you reduce the balance in the account below the minimum balance requirement, we may impose the penalty on the entire account balance and any remaining funds left in the account will be returned to you.

WITHDRAWAL OF INTEREST PRIOR TO MATURITY: For 1-10 year terms only, the annual percentage yield disclosed on the Rate Addendum assumes that interest will remain on deposit until maturity. Any withdrawal will reduce earnings.

ADDITIONAL ACCOUNT FEES: Please refer to our current Fee Schedule for other related fees that will apply.

 

TRUTH IN SAVINGS DISCLOSURE
CLUB ACCOUNTS

VARIABLE RATE ACCOUNT: Your interest rate and annual percentage yield may change.

FREQUENCY OF RATE CHANGES: We may change the interest rate on your account at any time.

DETERMINATION OF RATE: At our discretion, we may change the interest rate on your account.

COMPOUNDING AND CREDITING: Interest on your account will be earned on a non-compounded basis. Interest will be credited to your account at maturity.

MINIMUM BALANCE REQUIREMENTS:

--   TO OPENTHE ACCOUNT: You must deposit at least $10.00 to open the account.

--   TO OBTAIN THE ANNUAL PERCENTAGE YIELD DISCLOSED: You must maintain a minimum balance of at least $10.00 in the account each day to obtain the disclosed annual percentage yield.

BALANCE COMPUTATION METHOD: We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

ACCRUAL OF INTEREST ON NONCASH DEPOSITS: Interest begins to accrue on the business day you deposit noncash items (for example, checks).

TRANSACTION LIMITATIONS: You may not make any withdrawals from your account. Deposits to your account must be made in even dollar amounts.

WHEN YOUR CHRISTMAS CLUB ACCOUNT WILL MATURE: Once the account is opened, it will mature in the following October. A check for the balance in the account (your deposits plus accrued and credited interest) will be mailed to you shortly after the maturity date.

WHEN YOUR VACATION CLUB ACCOUNT WILL MATURE: Once the account is opened, it will mature in the following March. A check for the balance in the account (your deposits plus accrued and credited interest) will be mailed to you shortly after the maturity date.

RENEWAL OF CHRISTMAS CLUB ACCOUNT: This account will renew automatically if you make a deposit of at least $10.00 by the February following a maturity date.

RENEWAL OF VACATION CLUB ACCOUNT: This account will renew automatically if you make a deposit of at least $10.00 by the June following a maturity date.

ADDITIONAL ACCOUNT FEES: Please refer to our current Fee Schedule for other related fees that will apply.

 

TRUTH IN SAVINGS DISCLOSURE
INDIVIDUAL RETIREMENT ACCOUNT
CERTIFICATES OF DEPOSIT

TERMS (MATURITY PERIODS) AVAILABLE: 1 THROUGH 6 YEARS AND SPECIAL 18 MONTH VARIABLE RATE.

FIXED RATE ACCOUNT: The interest rate on this account is fixed. You will be paid this rate until the maturity date of the certificate.

VARIABLE RATE ACCOUNT (18 MONTH TERM): Your interest rate and annual percentage yield may change.

FREQUENCY OF RATE CHANGES: The interest rate on your account may change on the first day of every month during the term.

DETERMINATION OF RATE: The interest rate on your account is based on our 182 day certificate of deposit as of its last interest rate from the preceding month.

LIMITATIONS ON RATE CHANGES: None

-    IRA Accounts are subject to Internal Revenue Service regulations and guidelines.

COMPOUNDING AND CREDITING:

FOR 18 MONTH VARIABLE RATE CD: Interest will be compounded and credited to your account on a monthly basis.

FOR 1 - 10 TEN YEAR FIXED RATE CD: Interest will be compounded and credited to your account on a semi-annual basis.

MINIMUM BALANCE REQUIREMENTS:

FOR AN 18 MONTH VARIABLE RATE CD

--   TO OPEN THE ACCOUNT: You must initially deposit at least $25.00 to open this account.

--   TO OBTAIN THE ANNUAL PERCENTAGE YIELD DISCLOSED: You must maintain a minimum balance of at least $25.00 in the account each day to obtain the annual percentage yield disclosed on the Rate Addendum.

FOR A 1 - 6 YEAR FIXED RATE TERM:

--   TO OPEN THE ACCOUNT: You must initially deposit at least $100.00 to open this account.

--   TO OBTAIN THE ANNUAL PERCENTAGE YIELD DISCLOSED: You must maintain a minimum daily balance of at least $100.00 in the account each day to obtain the annual percentage yield disclosed on the Rate Addendum.

BALANCE COMPUTATION METHOD: We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

ACCRUAL OF INTEREST ON NONCASH DEPOSITS: Interest begins to accrue on the business day you deposit noncash items (for example, checks).

TRANSACTION LIMITATIONS: Contributions are permitted to existing IRA Certificate of Deposit [CD] accounts in increments equal to or greater than the minimum opening balance requirements up to the annual maximum amount as allowed by federal government regulations. Rollovers and Transfers are not permitted to be deposited to an existing IRA CD account. You may not make withdrawals of your principal balance until the maturity date of the certificate. A penalty will be assessed for early withdrawals.

WHEN YOUR ACCOUNT WILL MATURE: Please see the certificate of deposit to determine the maturity date or the Rate Addendum to find the term needed to obtain the interest rate and annual percentage yield disclosed.

RENEWAL OF ACCOUNT: Your account will automatically renew upon maturity. You will have TEN (10) calendar days (the grace period) after the maturity date to withdraw your funds without being charged a penalty. Interest will accrue at the renewed interest rate up to the date of withdrawal during the grace period and will be credited at that point if a closeout withdrawal occurs. For IRA CD's, you may be subject to IRS penalties for any distribution and should consult your tax professional.

EARLYWITHDRAWAL PENALTY: We may impose a penalty if you withdraw any of the principal in the account before the maturity date. The amount of penalty is as follows:

  • Less than ninety (90) day CD Term: Thirty (30) days of interest whether earned or not.
  • Greater than ninety (90) day up to One (1) Year CD Term: Ninety (90) days of interest whether earned or not.
  • Greater Than One (1) Year CD Term: One Hundred and Eighty (180) days of interest whether earned or not.

In addition to these stated penalties, federal regulations require us to charge seven days simple interest penalty on withdrawals from accounts opened six days or less.

Also, no penalty will be imposed:

• following the death of accountholder
• on adjudication of incompetence of accountholder
• on qualified IRA distributions after age 59 1/2 as defined in IRS Federal Regulations

In addition to any penalty that we may impose, there may be additional IRS limitations and penalties for early withdrawals. Please consult your tax advisors.

If at any time you reduce the balance in the account below the minimum balance requirement, we may impose the penalty on the entire account balance and any remaining funds left in the account will be returned to you.

WITHDRAWAL OF INTEREST PRIOR TO MATURITY: The annual percentage yield disclosed on the Rate Addendum assumes that interest will remain on deposit until maturity. Any withdrawal will reduce earnings.

ADDITIONAL ACCOUNT FEES: Please refer to our current Fee Schedule for other related fees that will apply.

 

TRUTH IN SAVINGS DISCLOSURE
PASSBOOK SAVINGS ACCOUNT

VARIABLE RATE ACCOUNT: Your interest rate and annual percentage yield may change.

FREQUENCY OF RATE CHANGES: We may change the interest rate on your account at any time.

DETERMINATION OF RATE: At our discretion, we may change the interest rate on your account.

COMPOUNDING AND CREDITING: Interest will be compounded and credited to your account on a quarterly basis.

MINIMUM BALANCE REQUIREMENTS:

-- TO OPEN THE ACCOUNT: You must deposit at least $50.00 to open the account.

-- TO AVOID THE IMPOSITION OF FEES: A Service Charge will be imposed semi-annually if the balance in the account falls below $50.00 at the end of the semi-annual period.

-- TO OBTAIN THE ANNUAL PERCENTAGE YIELD DISCLOSED: You must maintain a minimum balance of at least $50.00 in the account each day to obtain the annual percentage yield disclosed on the Rate Addendum.

BALANCE COMPUTATION METHOD: We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

ACCRUAL OF INTEREST ON NONCASH DEPOSITS: Interest begins to accrue on the business day you deposit noncash items (for example, checks).

TRANSACTION LIMITATIONS: No electronic transfers may be made or scheduled to be debited (withdrawn) from this account. You may have unlimited electronic deposits made to this account. When you bring or send us your passbook, we will record any electronic deposits that were made since the last time you presented your passbook. Transactions made in person or by mail are unlimited.

-- We reserve the right to require at least 7 days written notice before any withdrawal or transfer from an interest bearing account.

INACTIVE ACCOUNT: An Inactive Fee will be imposed semi-annually if there is no account activity (deposits or withdrawals) for a period of 3 years or greater and the balance in the account falls below $10.00.

ADDITIONAL ACCOUNT FEES: Please refer to our current Fee Schedule for other related fees that will apply.

 

TRUTH IN SAVINGS DISCLOSURE
STATEMENT SAVINGS ACCOUNT

VARIABLE RATE ACCOUNT: Your interest rate and annual percentage yield may change.

FREQUENCY OF RATE CHANGES: We may change the interest rate on your account at any time.

DETERMINATION OF RATE: At our discretion, we may change the interest rate on your account.

COMPOUNDING AND CREDITING: Interest will be compounded and credited to your account on a quarterly basis.

MINIMUM BALANCE REQUIREMENTS:

-- TO OPEN THE ACCOUNT: You must deposit at least $50.00 to open the account.

-- TO AVOID THE IMPOSITION OF FEES: A Service Charge will be imposed semi-annually if the balance in the account falls below $50.00 at the end of the semi-annual period.

-- TO OBTAIN THE ANNUAL PERCENTAGE YIELD DISCLOSED: You must maintain a minimum balance of at least $50.00 in the account each day to obtain the annual percentage yield disclosed on the Rate Addendum.

BALANCE COMPUTATION METHOD: We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

ACCRUAL OF INTEREST ON NONCASH DEPOSITS: Interest begins to accrue on the business day you deposit noncash items (for example, checks).

TRANSACTION LIMITATIONS:

-- You may only make six (6) third party transfers per month (cycle period) out of your account by preauthorized transfer, electronic means or similar order. You may only make six (6) electronic funds transfers per month (cycle period) from your account to another account you maintain with us. Transactions made in person, at ATMs or by mail are unlimited.

-- We reserve the right to require at least 7 days written notice before any withdrawal or transfer from an interest bearing account.

-- Please refer to our Electronic Funds Transfer Disclosure Statement for ATM account access, types of transactions and usage limitations that will apply.

INACTIVE ACCOUNT: An Inactive Fee will be imposed semi-annually if there is no account activity (deposits or withdrawals) for a period of 3 years or greater and the balance in the account falls below $10.00.

ADDITIONAL ACCOUNT FEES: Please refer to our current Fee Schedule for other related fees that will apply.