Truth in Savings Disclosure - Share Certificates
Truth in Savings Disclosure: Standard Share Certificate and IRA, Roth IRA, and Coverdell Share
Certificate Accounts
Effective Date: October 1, 2022
Section I. Payment of Dividends
Unless otherwise specified for a specific type of Share Certificate Account below, these general terms and conditions shall apply to all Share Certificate Accounts. All of our dividend-bearing term share accounts are referred to as "Share Certificate Accounts".
- Certificate Account Receipt: This Truth in Savings Disclosure supplements your Certificate Account Receipt ("Certificate Receipt"), which discloses specific terms of your Share Certificate Account.
- Nature of Dividends: The frequency and conditions upon which dividends are paid on all accounts are in accordance with the Bylaws of this Credit Union, the Federal Credit Union Act, and relevant laws (including the Truth-in-Savings Act and Regulations). Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period.
- Rate Information: Share Certificate Accounts are generally fixed-rate accounts (unless the Certificate Receipt states otherwise, such as our Bump Up Share Certificates) and are non-negotiable and non-transferable. You will be paid the rate and yield until maturity. We may change dividend rates and APYs offered for new Share Certificate Accounts at any time as determined by the Credit Union's Board of Directors. The dividend rate, APY, term, and Maturity Date for your Share Certificate Account will be set forth in the Certificate Receipt we will provide to you when you open such account. You may also obtain current rate information by calling the Credit Union or visiting our website.
- Compounding and Crediting for All Accounts: Dividends will be compounded monthly and will be credited on the last day of each month and/or upon the Maturity Date. If the Share Certificate Account is closed before dividends are credited, dividends accrued through the prior business day will be paid, subject to any early withdrawal penalty.
- Balance Computation Method: Dividends are calculated by the daily balance method, which applies a daily periodic rate to the balance in the account each day.
- Accrual of Dividends: Dividends will begin to accrue on the business day you deposit non-cash items (e.g., checks) to your account if deposited before the close of business.
- Minimum Balance and Deposit Requirements: The minimum balance required to open and maintain a Share Certificate Account is set forth on the Rate Sheet. You must maintain this minimum balance in your Share Certificate Account each day to obtain the disclosed APY. The Share Certificate Account may be closed if the balance falls below the minimum balance required set forth on the Rate Sheet, if applicable. Although credited dividends may be withdrawn or transferred at any time without the assessment of an early withdrawal penalty, the disclosed APY assumes that dividends will remain in the Share Certificate Account until the Maturity Date. An early withdrawal of dividends will reduce earnings.
Section II. Terms and Conditions applicable to all Share Certificate Accounts
- Transaction Limitations: Once your Share Certificate Account is established, you generally may not make deposits into the account until the Maturity Date except during the applicable grace period and as permitted for Bump Up Share Certificates and IRA/Roth IRA/Coverdell Share Certificates. All withdrawals of principal before the Maturity Date are subject to early withdrawal penalties, except during the grace period described herein. We also reserve the right to require members intending to make a withdrawal of principal from any Share Certificate Account to give written notice of such intent not less than sixty (60) days before the withdrawal.
- Early Withdrawal Penalties: The Share Certificate Account will mature on the Maturity Date set forth in the Certificate Receipt. If a withdrawal of principal is made prior to the Maturity Date, the Credit Union will impose a penalty on the amount withdrawn that is subject to penalty. Penalties may reduce the principal.
- In accordance with Federal Reserve Board Regulation D, the Credit Union may charge an early withdrawal penalty of seven (7) days simple dividends on amounts withdrawn within the first six (6) days after account opening or within six (6) days following the last partial withdrawal.
- If the Share Certificate Account has a term to maturity less than one (1) year, the penalty imposed will be the required Federal Reserve Board Regulation D penalty, whether or not earned.
- If the Share Certificate Account has a term to maturity of between one (1) year and two (2) years, the penalty imposed will equal 180 days of simple dividends, whether or not earned.
- If the Share Certificate Account has a term to maturity greater than two (2) years, the penalty will equal 270 days simple dividends, whether or not earned.
- Exceptions to Early Withdrawal Penalties: Early withdrawal penalties will not apply to:
- Withdrawals of credited dividends.
- Withdrawals of certificate funds during the ten (10) day grace period following the automatic renewal of the certificate.
- At our option, withdrawals made subsequent to the death of an account owner or a court or other body of competent jurisdiction declaring an account owner legal incompetent.
- Withdrawal made to effect a required distribution of funds from accounts which are part of a pension plan that qualifies or qualified for specific tax treatment under Section 401 or from accounts qualifying under Section 408 of the Internal Revenue Service code.
- Maturity and Renewal: Except otherwise stated in your Certificate Receipt, your Share Certificate Account will automatically renew upon the Maturity Date and on the Maturity Date of any renewal term unless you prevent renewal by withdrawing all of the funds in your Share Certificate Account. The renewal term will be equal to or closest to that of the initial term and at the dividend rate and APY in effect at that time for such a term. You may instruct us in person or in writing prior to the expiration of a ten (10) day grace period following maturity to renew or close the Share Certificate Account on a date of your choosing within the grace period. We can prevent renewal by providing you notice at least thirty (30) days before maturity. Funds will continue to earn dividends but at the rate of a new Share Certificate Account for the same term in effect on the Maturity Date until such date of closure or renewal. If automatically renewed, all funds in a Share Certificate Account as of the renewal date are considered to be principal. If the Share Certificate is no longer offered at the time of renewal the funds will be transferred to your Membership Share Savings Account.
- Notices: We will send you a written maturity notice at least thirty (30) days in advance of the Maturity Date of your Share Certificate Account.
- Unclaimed Property: Certificate accounts subject to unclaimed property laws may not be automatically renewed and may be surrendered to the applicable state in accordance with state laws.
- Lien on Shares: Subject to our lending policies, amounts on deposit in Share Certificate Accounts may be pledged as collateral security to your loans with us.
- Change in Terms: We reserve the right to change the terms and conditions of Certificate Accounts at any time without notice to you, unless notice is required under applicable law.
Section III. Additional Terms and Conditions Applicable to Specific Share Certificate Accounts
- IRA/Roth IRA/Coverdell Share Certificates: You may make unlimited additions up to your annual contribution limit into these accounts. There are no limitations on the frequency or timing of additions with the exception of the thirteen (13) month Bump Up Share Certificate (see details for Bump Up Share Certificates below).
- Bump Up Share Certificates: If your account has the Bump Up feature, we list the dividend rate and APY on your Certificate Receipt for your Bump Up Share Certificate account. Your Maturity Date will remain the same as stated on your Certificate Receipt.
- You have the option within each twelve (12) months of the current term for terms equaling or exceeding twenty-four (24) months, or once per term for Bump Up products with a term less than twenty-four (24) months, of exchanging the dividend rate for a new dividend rate that is currently offered on term share certificates at no cost to you.
- You have the option within each twelve (12) months of the current term for terms equaling or exceeding twenty-four (24) months, or once per term for Bump Up products with a term less than twenty-four (24) months, to make one (1) additional deposit. The maximum amount you can deposit is up to the original amount of the certificate at the start of the current term.
Truth in Savings Disclosure - Checking and Savings
Truth in Savings Disclosure for Share Savings, IRA, Roth, and Coverdell Savings, and Share Checking, Dividend Rewards Checking, and HSA Checking Accounts
Effective 01.15.2022 for members joining on or after 01.15.2022
Effective 03.01.2022 for members that joined before 01.15.2022
Section I. Payment of Dividends
- Nature of Dividends: The frequency and conditions upon which dividends are paid on all accounts are in accordance with the Bylaws of this Credit Union, the Federal Credit Union Act, and relevant laws (including the Truth-in-Savings Act and Regulations). Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period.
- Rate Information: For all dividend bearing accounts, the dividend rate and Annual Percentage Yield (“APY”) may change daily as determined by the Credit Union’s Board of Directors. Please refer to the Rate Sheet provided in addition to this Truth in Savings Disclosure for additional information, including the dividend rate and APY. You may also obtain current rate information by calling the Credit Union or visiting our website.
- Minimum Balance Requirements: We list the minimum balance required to open an account on our Rate Sheet.
- Compounding and Crediting for All Accounts: For all dividend bearing accounts, dividends will be compounded monthly and will be credited monthly. For these accounts, the dividend period is monthly. For example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is January 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the ending date of a dividend period, and for this example is January 31. If you close any of your dividend earning accounts before dividends are credited you will not receive the accrued dividends.
- Fees and Charges: Please refer to the Fee Schedule provided in addition to this Truth in Savings Disclosure for fees and charges which may be assessed against your account.
- Balance Computation Method: Dividends are calculated by the daily balance method, which applies a daily periodic rate to the balance in the account each day.
- Accrual of Dividends: Dividends will begin to accrue on the business day you deposit non-cash items (e.g., checks) to your account if deposited before the close of business.
- Bylaw Requirements: You must complete payment of one share in your Membership Savings Account, in accordance with the Membership and Account Agreement, as a condition of your membership.
Section II. Terms and Conditions Applicable to all Savings Accounts
- Transaction Limitations: Withdrawals or transfers out of your Share Savings accounts are limited. On all Share Savings accounts, we will allow you to make up to six (6) preauthorized, automatic, telephonic, audio response or online banking transfers to another of your accounts or to the account of any other person or organization during each statement period.
- The date we use to determine the number of transactions is the date a transaction is posted to your account, rather than the date you initiate the transaction. If you exceed these limitations in any statement period, we can refuse or reverse the transfer, close your account, and charge a fee as stated in the Fee Schedule.
- Transactions that are not covered by these limitations include: (1) transfers from your account to pay a loan with us; (2) transfers to your other accounts with us or withdrawals (payments directly to you) from the account when such transfers or withdrawals are made by mail, messenger, ATM or in person; and/or (3) withdrawals made by telephone if a check is mailed directly to you.
Section III. Terms and Conditions Applicable to Dividend Rewards Checking Accounts
- Limit: You are limited to one (1) Dividend Rewards Checking Account or one (1) First Tech Rewards Checking Account per primary account owner.
- Rate Information: The Dividend Rewards Checking Account is a tiered rate account. The dividend rate and corresponding APY will be either the qualified or non-qualified rate, as determined by the qualification requirements per monthly cycle (listed below). If qualifications are met, the dividend rate and APY specified for a tier will apply only to the portion of the account balance that is within the tier. The dividend rates and range of APY(s) may vary depending on account balance and are listed for each tier in our Rate Sheet.
- Failure to Qualify: If you do not meet the requirements for a qualification period, you will earn the non-qualified rate and corresponding APY.
- Qualification Requirements Per Monthly Cycle: In order to qualify, you must meet all of the following qualification requirements:
- Have twelve (12) debit card purchases posted to the account.
- Have one (1) direct deposit or ACH deposit/withdrawal.
- Be enrolled in electronic statements.
All qualification requirements must be completed and posted to your account prior to the last day of the month. For example, the last day of January is January 31. At least twelve (12) debit card purchases must post to your account by January 30 for purposes of this example. Keep in mind that debit card purchases can take up to three (3) days to post and depend on merchant processing times.
- Rebates: For qualified accounts, fees charged at any U.S. ATMs will be refunded for the monthly cycle in which the fee was charged.
Fee Schedule/Sheet
Effective dates: July 1, 2021 for members joining on or after July 1, 2021
August 15, 2021 for members joined before July 1, 2021
We may assess the following fees against your account.
Please review the Membership and Account Agreement (firsttechfed.com/MAA), account documents, and (firsttechfed.com/help/faqs) for additional information regarding fees, transaction limitations, and other account restrictions that may apply.
Our fees are categorized as follows:
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Card Services
Applicable fees for ATM and Debit, and Credit Cards. Credit Card may have additional fees which could vary, see Credit Card section of the Rates and Fees, and your account documents and disclosure for more details.
Note: Each individual action at an ATM not owned by First Tech may be considered a separate transaction and a separate transaction fee may be charged by the ATM operator or any network used for each action even if you only enter your PIN once.
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Name or Description |
Fee Amount |
Important Information |
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ATM Transactions at First Tech Owned and CO-OP Network ATMs |
No Charge |
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ATM Cash Withdrawal or Inquiry at Non-First Tech Owned and non-CO-OP Network ATMs |
$2.00 |
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ATM Deposit Adjustment |
$5.00 |
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Card PIN Rush |
$20.00 |
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Card Rush |
$20.00 |
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Card Rush |
$35.00 |
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International Transaction / Currency Conversion Fee |
1% of Purchase Amount |
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Miscellaneous Transactions and Services
Applicable fees for miscellaneous services and transactions.
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Name or Description |
Fee Amount |
Important Information |
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Account Activity Printout |
$1.00 |
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Account Balancing Assistance |
$25.00 per hour |
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Account Research |
$25.00 per hour |
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Cashier’s Check |
No Charge |
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Check Copy |
$2.00 |
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Check Orders and Re-orders |
Varies |
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Deposit Verification |
No Charge |
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Express Delivery — Overnight |
$20.00 |
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Foreign Check Exchange Fee |
$15.00 |
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Foreign Currency Fee |
$15.00 |
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Inactivity Fee |
Up to $5 / month |
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Legal Actions, Garnishments, Executions or Levies |
$50.00 |
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Specialized Letters |
$25.00 |
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Statement Copy |
$3.00 |
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Stop Payments |
$25.00 |
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Temporary Checks |
No Charge |
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Digital Banking Services
Applicable fees for Digital Banking services using your desktop computer or mobile device. Restrictions apply. Please refer to the Disclosures (firsttechfed.com/Disclosures) and Digital Banking (firsttechfed.com/DigitalBanking) pages located at firsttechfed.com.
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Name or Description |
Fee Amount |
Important Information |
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Digital Banking |
No Charge |
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Zelle® |
No Charge |
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BillPay |
No Charge |
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BillPay — Expedited Payment |
$30.00 |
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BillPay — Stop Payments |
$25.00 |
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1 Transactions typically occur in minutes when the recipient’s email address or U.S. mobile number is already enrolled with Zelle.
2 Must have a bank account in the U.S. to use Zelle.
Zelle and the Zelle-related marks are wholly owned by Early Warning Services, LLC and are used herein under license.
Overdraft and Return Item
Applicable fees for Overdraft and Return Items.
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Name or Description |
Fee Amount |
Important Information |
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Overdraft Protection Transfer |
No Charge |
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Overdraft / Return Item Fee1 |
$33.00 |
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Return ACH Origination Fee |
$33.00 |
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Return Check Fee |
$12.00 |
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¹ See the Overdraft Policy Disclosure and Overdraft Fee FAQ (firsttechfed.com/help/faqs/overdraft-fees) on our website (firsttechfed.com) for additional information and examples of when and how Overdraft/Return Item fees are assessed, and tips on how to avoid these fees.
Safe Deposit Box
Applicable fees for safe deposit boxes.
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Name or Description |
Fee Amount |
Important Information |
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3x5 Annual Rental |
$23.00 |
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3x10 Annual Rental |
$45.00 |
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5x5 Annual Rental |
$46.00 |
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5x10 Annual Rental |
$58.00 |
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10x10 Annual Rental |
$97.00 |
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Key Deposit |
$16.00 |
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Box Drilling |
$200.00 |
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Wire Transfers
Applicable fees per wire. Utilizing other low or no cost services, such as Digital Banking BillPay, Person to Person transfers, ACH transfers, and Digital Banking transfers may help you avoid or reduce the number of wire fees.
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Name or Description |
Fee Amount |
Important Information |
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Incoming – All |
$5.00 |
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Outgoing – Domestic |
$20.00 |
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Outgoing – Foreign |
$50.00 |
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Business Accounts
Additional fees for business accounts.
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Name or Description |
Fee Amount |
Important Information |
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Simple Business Checking |
$6.00 |
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Business Instant Access |
$10.00 |
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Business Dividend Checking |
$15.00 |
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Overdraft Transfer Fee |
$4.00 |
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Mortgage Servicing Loan Fees
Applicable Servicing fees for Mortgage Real Estate loans. Individual loan fees may vary. See your Mortgage loan documents for more details.
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Name or Description |
Fee Amount |
Important Information |
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Flexity Line of Credit — Annual Fee |
Varies |
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Flexity Line of Credit — Masterline Fixed Lock Fee |
$25.00 |
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Flexity Line of Credit — Masterline Fixed Unlock Lock Fee |
$125.00 |
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Flexity Line of Credit — Repayment of Third-Party Closing Costs |
Varies |
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Late Payment Fee |
Varies |
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Partial Release/Lot Line Fee |
$250.00 |
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Payoff Quote Fee |
$30.00 |
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Recast / Reamortize Fee |
$100.00 |
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Subordination Fee |
$125.00 |
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Verification of Mortgage Fee |
$25.00 |
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Reconveyance Fee |
Varies by State |
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Consumer Loan Fees
Listed below are common fees which may be applicable to Consumer loans. See your loan documents and disclosure for more information about fees specific to your loan product.
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Name or Description |
Fee Amount |
Important Information |
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Late Charge |
Varies |
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Returned Check Payment Fee |
$28.00 |
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Commercial Loan Fees
Listed below are common fees which may be applicable to Commercial loans. See your loan documents and disclosure for more information about fees specific to your loan product.
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Name or Description |
Fee Amount |
Important Information |
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Lien Release Fee |
Varies by State |
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Late Payment Fee |
Varies |
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Insured by NCUA