CDC FEDERAL CREDIT UNION'S
TRUTH-IN-SAVINGS DISCLOSURES

DISCLOSURES COMMON TO ALL ACCOUNTS
(Except Certificate Accounts)

 

Accounts covered.   Accounts covered by this disclosure include the following:  Prime Share Savings (including Uniform Transfers to Minors Act accounts), Primary IRA, Choice Checking, Student Checking, Simply Checking, Vista Checking, Vintage Checking, Custom Share, Christmas Club and Money Market Share Accounts.

Balance computation method.  The average daily balance method is used to calculate dividends on these accounts, and to determine whether or not a service charge will be applied to your account.  Under the average daily balance method, dividends are calculated by applying the periodic rate to the average daily balance in the account for the dividend period.  The average daily balance is calculated by adding the balance in the account for each day of the dividend period and dividing that figure by the number of days in the dividend period.  Dividends will be calculated on the full amount of principal in the account for each day of the dividend period.

When you begin to earn dividends.   You begin to earn dividends on the business day you deposit any cash or non-cash items; e.g., checks.  You will be paid (credited) all dividends earned at the end of the dividend period unless you close your account before the end of the dividend period.

Effect of closing your account on dividends.   If you close your account before the end of the dividend period, no dividends will be paid or credited for that dividend period.

 

Dividend rate/yield determination.  Dividend rates and Annual Percentage Yields ("APYs") may vary, are scheduled to change monthly, and will be as periodically determined and announced by the Board of Directors.  There are no limitations on the amount the dividend rate may change; however, Federal regulations prohibit the payment of dividends in excess of available earnings.

Nature of dividends.   Dividends are paid from current income and available earnings, after required transfers to reserves at the end of the dividend period.

Payment of dividends.   The Annual Percentage Yield Earned ("APYE") and the dollar amount of dividends paid will appear on the first statement after the close of the dividend period.  Subject to any transaction limitations, dividends are available to you anytime after they are paid.

Other terms and conditions.

1.      The credit union reserves the right to change any of these accounts to another type of account without the member's approval if, in the credit union's judgment, the change is not adverse to the member.  The credit union will notify the member at least ten (10) days before the change is effected.  If the credit union determines that a change to another type of account would be adverse to the member, the change will not be made without thirty (30) days' prior written notice.

2.       Federal credit union by-laws authorize the credit union to establish the maximum amount of shares which may be held by any one member, as determined occasionally by the Board of Directors.

3.       Withdrawals and transfers are subject to the credit union's policies governing these accounts as disclosed in the credit union's "Regulation CC - Expedited Funds Availability Notice/Your Ability to Withdraw Funds at CDC Federal Credit Union."

4.       Federal credit union by-laws give the credit union authority to impose a notice of up to 60 days for withdrawal of shares.

5.       In the event Owner’s prime share savings, share draft or any other depository account, other than IRA and certificate accounts, should become overdrawn and/or have a negative balance for any reason including, but not limited to, overdraft, fees and/or charges, then the credit union reserves the right to transfer funds from the Owner’s other share, share draft and/or any other non-IRA/non-certificate depository account(s) to cover the negative balance.  In the event any depository account should become overdrawn and/or have a negative balance for any reason and not be covered by overdraft protection or by transfer from another account as above described, the credit union may, but without any duty to do so, and without any notice to you, cover said overdraft; any amount(s) so advanced shall become immediately due and payable.  In case any overdraft or other indebtedness incurred through the use of the account(s) is collected through an attorney at law, or under advice therefrom, member/owner agrees to pay all costs of collection, including 15% of the outstanding principal and interest of the indebtedness as attorney’s fees. 

6.       Federal law gives the Credit Union authority to impress and enforce a lien upon the shares and dividends of any member to the extent of any loan, line of credit balance due or any other indebtedness of the member, unless prohibited by law, and any dues or charges payable by the member and to apply the balance of shares and dividends at the time of default to satisfy the indebtedness and without further notice to the member. We may apply these funds in any order to pay off the indebtedness.  By not enforcing a lien, we do not waive our right to enforce it later.

Fees and charges common to all accounts.

1.       Return mail fee for all accounts that experience return mail as undeliverable for a period longer than three (3) months - $7.50 per calendar month.

2.       Return item charge for any item returned for reason of insufficient, uncollected or unavailable funds - (a) member's item drawn on CDC FCU:  $30.00 each, and (b) member's item drawn on another institution: $30.00 each.  Reduced NSF Fee of $18 for Student Checking accounts only.

3.       Courtesy Pay Charge: $30.00 each for any item paid under the CDC FCU Courtesy Pay Program, which was otherwise drawn against insufficient, uncollected, or unavailable funds.

4.       Wire transfer fee:  (a) outgoing domestic wire transfer fee:  $20.00 each; (b) outgoing international wire transfer fee:  $50.00 each, plus any receiving bank charges; (c) incoming wire transfer, domestic: $10.00 each; foreign: $15.00 each.

5.       Items received for deposit, which cannot clear the Federal Reserve System (excluding bond coupons) - $20.00 each.

6.       Cashier’s Check withdrawals: $6.00 each.  

7.       Yearly CD ROM of check copies: $20 each. 

8.       For all but prime share savings accounts, an account will become dormant and subject to a monthly dormancy fee if it has had no member-initiated monetary transactions for 36 consecutive months unless there exists at least one other related active account of the member, or the member has actively expressed an interest in maintaining the account as active. In other words, if a member is active on one account, he/she is considered active on all accounts, including FDR accounts. Another related active account will be considered any other deposit or loan account of the same member and having the same taxpayer identification number which has had a member-initiated transaction within the preceding 36 months, including the existence of active certificate accounts and individual retirement accounts, whether or not they have had a monetary transaction within the preceding 36 months. Any dormant account of $50 or more which remains dormant for five consecutive years will become subject to the State of Georgia’s unclaimed property laws, and will become escheatable to the state.

9.       $75.00 fee for each levy or garnishment processed.

10.   Non-CDC Federal Credit Union ATM fee for denial of withdrawal or transfer transaction: $1.00 each. 

National Credit Union Share Insurance Fund.  Member accounts in this credit union are Federally insured by the National Credit Union Share Insurance Fund.

 

DISCLOSURES FOR SPECIFIC ACCOUNTS
(Except Certificate Accounts)

 

Fees and charges for specific accounts (see also "Fees and charges common to all accounts" above).

 

Prime Share Account:

1.       Membership Fee – There is a one-time fee of $5.00 to establish one’s membership with the credit union.

2.       Automated Teller Machine (ATM) withdrawal transactions – no charge.  For transfers and balance inquiries – At our machines:  no charge; at other ATMs, as disclosed at the other ATMs.  At other ATMs: No charge for up to 5 per calendar month; $1.00 for all other ATM withdrawals.  There may be a fee for a balance inquiry by others even if a funds transfer or cash withdrawal is not completed.   

3.       Over-the-counter withdrawals in excess of three (3) per calendar month - $3.00 each.

4.       Statement copy - $5.00 each.

5.       $5.00 for each account history printout.

6.       Copy of item deposited - $5.00 each.

7.       Return item charge for non-member's item drawn on another institution which is returned for reason of insufficient, uncollected or unavailable funds - $5.00 each.

8.       Monthly service charge of $5.00 unless exempt by meeting minimum average daily balance requirement; see "Account information/minimum balance requirements" chart which follows.

9.       Excessive transaction charge for payment transactions in excess of six (6) per calendar month:  $10.00 each.

Primary IRA Account: None

Choice Checking Account:

1.       ATM withdrawal transactions - no charge.  For transfers and balance inquiries - At our machines: no charge; at other ATMs, as disclosed at the other ATMs.  At other ATMs: No charge for up to 5 per calendar month; $1.00 for all other ATM withdrawals.  There may be a fee for a balance inquiry by others even if a funds transfer or cash withdrawal is not completed.

2.       Check Cashing Fee - $3.00 for each check cashed which is drawn on CDC Federal Credit Union.

3.       $5.00 for each overdraft satisfied by transfer from your Prime Share account in accord with our "CDC Federal Credit Union Overdraft Protection Service Agreement" with you.

4.       $5.00 for each transfer from your equity line of credit or private label line of credit account (in a minimum increment of $100.00) in accord with our "CDC Federal Credit Union Overdraft Protection Agreement" with you.

5.       $30.00 for each stop payment order.

6.       $5.00 for each copy of items paid.

7.       $5.00 for each statement copy.

8.       $5.00 for each account history printout.

9.       Return item charge for non-member's item drawn on another institution, which is returned for reason of insufficient, uncollected or unavailable funds - $5.00 each.

10.   $15.00 monthly service charge, unless exempt by meeting minimum average daily balance requirement; see "Account information/minimum balance requirements" chart which follows.

11.   $20.00 per hour for research/balancing checkbook ($20.00 minimum).

12.   $5.00 for each copy of an item (check, draft or money order) deposited to your account.

13.   Actual cost for check orders, depending upon selection.

14.   Yearly CD ROM of check copies: $20 each

Student Checking Account:

1.       ATM withdrawal transactions - no charge.  For transfers and balance inquiries - At our machines: no charge; at other ATMs, as disclosed at the other ATMs.  At other ATMs: No charge for up to 5 per calendar month; $1.00 for all other ATM withdrawals.  There may be a fee for a balance inquiry by others even if a funds transfer or cash withdrawal is not completed.

2.       Check cashing Fee - $3.00 for each check cashed which is drawn on CDC Federal Credit Union.

3.       No monthly service charge.

4.       A student account may be maintained until the age of 24.

5.       All other fees and charges are the same as listed for Choice Checking Accounts except for the NSF fee. There is a reduced NSF fee of only $18 for students.

6.       Quantum Rewards Program (optional): $5.00 per month.

7.       $30 for each stop payment order. 

8.       Yearly CD ROM of check copies: $20 each

Simply Checking Account:

1.       ATM withdrawal transactions - no charge.  For transfers and balance inquiries - At our machines: no charge; at other ATMs, as disclosed at the other ATMs.  At other ATMs: No charge for up to 5 per calendar month; $1.00 for all other ATM withdrawals.  There may be a fee for a balance inquiry by others even if a funds transfer or cash withdrawal is not completed.

2.       Check Cashing Fee - $3.00 for each check cashed which is drawn on CDC Federal Credit Union.

3.       No monthly service charge.

4.       All other fees and charges are the same as listed for Choice Checking Accounts.

5.       Quantum Rewards Program (optional): $5.00 per month.

6.       Yearly CD ROM of check copies: $20 each

Vista Checking Account:

1.       ATM withdrawal transactions - no charge.  For transfers and balance inquiries - At our machines: no charge; at other ATMs, as disclosed at the other ATMs.  At other ATMs: No charge for up to 5 per calendar month; $1.00 for all other ATM withdrawals.  There may be a fee for a balance inquiry by others even if a funds transfer or cash withdrawal is not completed.

2.       Monthly service charge: $12.00.

3.       All other fees and charges are the same as listed for Choice Checking Accounts.

4.       Account subject to closure if any more than the following number of checks returned for reason of non-sufficient funds (NSFs), uncollected funds, or unavailable funds: four or more in any given month; 12 or more in any given year.

5.       Extended holds placed on all check deposits.  For details, see the disclosure: Regulation CC - Expedited Funds Availability Notice - Your Ability to Withdraw Funds at CDC Federal Credit Union.

6.       Quantum Rewards Program (optional): $5.00 per month.

7.       Yearly CD ROM of check copies: $20 each

Vintage Checking Account:

1.       ATM withdrawal transactions - no charge.  For transfers and balance inquiries - At our machines: no charge; at other ATMs, as disclosed at the other ATMs.  At other ATMs: No charge for up to 5 per calendar month; $1.00 for all other ATM withdrawals. There may be a fee for a balance inquiry by others even if a funds transfer or cash withdrawal is not completed.

2.       No monthly service charge.

3.       Yearly CD ROM of check copies: $20 each

4.       $30 for each stop payment order.

5.       Check Cashing Fee - $3.00 for each check cashed which is drawn on CDC Federal Credit Union.

6.       $5.00 for each copy of items paid.

All Club Accounts:

1.       Statement copy - $5.00 each.

2.       Copy of item deposited - $5.00 each.

3.       Return item charge for non-member's item drawn on another institution which is returned for reason of insufficient, uncollected or unavailable funds - $5.00 each.

Custom Share Account:

All fees and charges are the same as for the Prime Share Account.

Money Market Share Account:

1.       ATM withdrawal transactions - no charge.  For transfers and balance inquiries - At our machines: no charge; at other ATMs, as disclosed at the other ATMs.  At other ATMs: No charge for up to 5 per calendar month; $1.00 for all other ATM withdrawals.  There may be a fee for a balance inquiry by others even if a funds transfer or cash withdrawal is not completed.

2.       Check Cashing Fee - $3.00 for each check cashed which is drawn on CDC Federal Credit Union.

3.       $5.00 for each copy of items paid.

4.       Statement copy - $5.00 each.

5.       $5.00 for each account history printout.

6.       Copy of item deposited - $5.00 each.

7.       Return item charge for non-member's item drawn on another institution which is returned for reason of insufficient, uncollected or unavailable funds - $5.00 each.

8.       Special handling to pay or return unpaid a draft in excess of six (6) per calendar month - $10.00 each.  See "Transaction limitations" for Money Market Share Accounts" below.

9.       Copy of a paid draft:  $5.00 each.  

10.   Checkbook research/balancing service - $20.00 per hour ($20.00 minimum).

11.   Order of 50 duplicate (NCR style) Money Market Share account drafts:  (a) first order - no charge; (b) subsequent orders - call for current pricing.

12.   Stop payment order - $30.00 each.

13.   Monthly service charge of $15.00 unless exempt by meeting minimum average daily balance requirement; see "Account information/minimum balance requirements" chart which follows.

14.   Yearly CD ROM of check copies: $20 each

*  The average daily balance will be used for all accounts.
See also "Fees and charges common to all accounts."

 

Transaction limitations.
Prime Share Account:  The par value of one share is $5.00, and a minimum of five (5) shares ($25.00) must be maintained in the Prime Share Account to maintain one’s membership.  This account may be closed only after all other account relationships have been closed.  Closure of the Prime Share Account may result in FORFEITURE OF YOUR MEMBERSHIP ELIGIBILITY.  No member may withdraw shareholdings that are pledged as security on loans, except to the extent that such shares in the Prime Share Account exceed the member’s total primary and contingent liability to the credit union.  No member may withdraw shareholdings below the amount of his/her primary and contingent liability to the credit union if delinquent as a borrower, co-maker or guarantor, unless exempt by contract.  There are no restrictions or limits on the number or size of withdrawals effected either in person, by mail, or by telephone request.  Up to six (6) payment transfers from the account are permitted in a given calendar month.  Transactions in excess of these limits are subject to an excessive transaction charge.

 

Choice Checking, Student Checking, and Simply Checking:  None

Custom Share Account:  Transaction limitations are the same as for Prime Share Accounts.

 

Money Market Share Account:  Although no specific qualifying period is required, the credit union must by regulation reserve the right to require at least seven (7) days' notice prior to withdrawal.  There are no restrictions or limits on the number or size of withdrawals effected either in person, by mail, or by telephone request.  Up to six (6) third-party payment transfers from the account are permitted in a given calendar month. Transactions in excess of these limits are subject to an excessive transaction charge. There are no limits on the number or amount of deposits or the manner in which they are made.

Other terms and conditions.
Primary IRA Account:  IRA Accounts are governed by rules and regulations of the Internal Revenue Service and other regulatory agencies.  In addition to receiving Truth-in-Savings Disclosures, you will also receive, at the time of establishment or change of terms and conditions of your Primary IRA account, any other disclosures required by applicable regulations.

Christmas Club Account:

1.      Time requirements.  Christmas Club Accounts mature on October 31st of each year; however, the Credit Union's Board of Directors reserves the right to select a different maturity date for such accounts.  If a maturity date other than October 31st is selected, you will be notified.  For Christmas Club Accounts, there will be no charge for automatic transfer of the account balance at maturity on October 31st of each year (or other designated distribution date) to the affiliated account, or any transfer or withdrawal you make during the first seven (7) days after the account's establishment or renewal.  For any other withdrawal, transfer or other distribution effectuated by the owner or authorized non-owner, a transfer fee will be assessed as described under "Early withdrawal penalties" (below).

2.       Early withdrawal penalties.  The following fees will be charged for any withdrawal, transfer or other distribution from your Christmas Club account which is made at any time other than the regularly scheduled annual distribution date or during the first seven (7) days after the account's establishment or renewal:
  a. $10.00 for any withdrawal, transfer or other disbursement in an amount less than the account balance.
  b. $10.00 (or the account balance if less than $10.00) for closing the account [drawing the account balance down to zero ($0.00)] prior to the regularly scheduled annual distribution date.

3.       Withdrawal of dividends prior to maturity.  The APY for your Christmas Club account, as stated on the attached chart, assumes dividends remain on deposit until maturity, as a withdrawal will reduce earnings.  Subject to the early withdrawal penalties discussed above, dividends are available to you anytime after they are paid.

4.       Renewal policy.  After the scheduled annual distribution of the accumulated deposits and dividends to the affiliated account on the maturity date, the account will remain open for accumulating deposits for the following year unless the account is closed by the accountholder.

Account information/minimum balance requirements, dividend rates/annual percentage yield (APY)/dividend period, and frequency of compounding and crediting.
 
The chart below is an integral part of CDC Federal Credit Union's Truth-in-Savings Disclosures and is expressly incorporated therein by reference.

Prime Share Savings
Minimum Balance to Open Account: $25.00 Minimum Balance to Avoid Service Charge: $ 25.00¹
Minimum Average Daily Balance to Obtain the Annual Percentage Yield (APY): $100.00²
Dividend Rate: 0.15%
Balance Range: $100.00+
APY: 0.15%
Dividend Period: Monthly
Frequency Dividends Credited: Monthly
Frequency of Compounding: Monthly

Primary IRA ³

Minimum Balance to Open Account: None
Minimum Balance to Avoid Service Charge: None
Minimum Average Daily Balance to Obtain the Annual Percentage Yield (APY): $100.00²
Dividend Rate: 0.50%
Balance Range: $100.00+
APY: 0.50%
Dividend Period: Monthly
Frequency Dividends Credited: Monthly
Frequency of Compounding: Monthly

 

Choice Checking
Minimum Balance to Open Account: $25.00
Minimum Balance to Avoid Service Charge: ⁴
Minimum Average Daily Balance to Obtain the Annual Percentage Yield (APY): $1,500.00 ²
Dividend Rate: 0.05%
Balance Range: $1,500.00+
APY: 0.05%
Dividend Period: Monthly
Frequency Dividends Credited: Monthly
Frequency of Compounding: Monthly

Student Checking (up to age 24)
Minimum Balance to Open Account: $ 25.00
Minimum Balance to Avoid Service Charge: N/A
Minimum Average Daily Balance to Obtain the Annual Percentage Yield (APY): $1,000.00 ²
Dividend Rate: 0.05%
Balance Range: $1,000.00+
APY: 0.05%
Dividend Period: Monthly
Frequency Dividends Credited: Monthly
Frequency of Compounding: Monthly

Simply Checking 
Minimum Balance to Open Account: $25.00
Minimum Balance to Avoid Service Charge: N/A
Minimum Average Daily Balance to Obtain the Annual Percentage Yield (APY): N/A
Dividend Rate: 0.00%
Balance Range: N/A
APY: 0.00%
Dividend Period: N/A
Frequency Dividends Credited: N/A
Frequency of Compounding: N/A 

Vista Checking

Minimum Balance to Open Account: $50.00

Minimum Balance to Avoid Service Charge: N/A

Minimum Average Daily Balance To Obtain the Annual Percentage Yield (APY): N/A

Dividend Rate: 0.00%

Balance Range: N/A

APY: 0.00%

Dividend Period: N/A

Frequency Dividends Credited: N/A

Frequency of Compounding: N/A

Vintage Checking

Minimum Balance to Open Account: $25.00

Minimum Balance to Avoid Service Charge: N/A

Minimum Average Daily Balance to Obtain the Annual Percentage Yield (APY): $0.00

Dividend Rate: 0.05%

Balance Range: $0.00 +

APY: 0.05%

Dividend Period: Monthly

Frequency Dividends Credited: Monthly

Frequency of Compounding: Monthly

Christmas Club
Minimum Balance to Open Account: $25.00
Minimum Balance to Avoid Service Charge: N/A
Minimum Average Daily Balance to Obtain the Annual Percentage Yield (APY): $100.00 ²
Dividend Rate: 0.25%
Balance Range: $100.00+
APY: 0.25%
Dividend Period: Monthly
Frequency Dividends Credited: Monthly
Frequency of Compounding: Monthly

Custom Share
Minimum Balance to Open Account: None
Minimum Balance to Avoid Service Charge: N/A
Minimum Average Daily Balance to Obtain the Annual Percentage Yield (APY): $100.00 ²
Dividend Rate: 0.25%
Balance Range: $100.00+
APY: 0.25%
Dividend Period: Monthly
Frequency Dividends Credited: Monthly
Frequency of Compounding: Monthly

Money Market Share
Minimum Balance to Open Account: $ 25.00
Minimum Balance to Avoid Service Charge: $ 1,000.00 ⁵
Minimum Average Daily Balance to Obtain the Annual Percentage Yield (APY): $ 1,000.00 ²

Dividend Rate: 0.00%, .25%, .50%, .50%, .75%, .75%
Balance Range: ($0.00-999.99), ($1,000.00-$2,499.99), ($2,500.00-$9,999.99), ($10,000.00-$24,999.99), ($25,000.00-$49,999.99), ($50,000.00+)
APY: 0.00%, .25%, .50%, .50%, .75%, .75%
Dividend Period: Monthly
Frequency Dividends Credited: Monthly
Frequency of Compounding: Daily

¹ $5.00 per month unless you maintain an average daily balance of $25.00 or more in this account.  
² $0.00 if under 18 years of age.
³ A balance of $500 or more may be invested in the form of a Tailor-Made IRA Certificate Account.
⁴ $15.00 per month unless one of the following requirements is met: (a) minimum average daily balance of $1,500 in this account ($0.00 if under age 18); (b) aggregate average balance of $5,000 or more in all deposit accounts; or (c) any consumer loan of $10,000 or more.
⁵ $15.00 per month unless minimum average daily balance is maintained in this account.

 Effective dates. Dividend rates and yields for the month of September 2010 are effective as of September 1, 2010 and subject to change after September 30, 2010. Dividend rates and yields are scheduled to change monthly. For dividend rates/yields after this date, please call us at (404) 325-3270 and press 3 (outside Atlanta:  (800) 245-9655).
 
[N/A means Not Applicable]