Savings
Truth in Lending
What Is Truth in Savings?
The Truth-in-Savings Act (TISA), passed by Congress in 1991, requires all financial institutions to tell you important information about your deposit accounts. This information can help you make a more informed decision about which account is best for you. Credit Union accounts may include share, IRA, and Holiday Club accounts.
How often does the percentage yield and dividend change?
Rates are reviewed on a regular basis by your Board of Directors. Annual percentage yield and dividends may be changed every quarter. Factors determining such a change include but are not limited to: the economy, the ratio of savings shares to loans, and incentives.
How often are dividends compounded?
Dividends will be compounded and credited to your account every quarter. Dividends are calculated by the average daily balance method that applies a periodic rate to the average daily balance in the account for the period.
How much do I need to start a savings share account?
The minimum that is required to open an account is $5, which is equal to one share in the CreditUnion. You must maintain a minimum average daily balance of $100 in your account to earn interest.
Reviewing for changes
Rates are effective January 1, 2021 and are subject to change at any time. To open a CD, you must be a M-NCPPC Federal Credit Union member or eligible for membership. *Deposits into the new $ CDs must be funds not previously held at M-NCPPC Federal Credit Union. Penalties apply for early withdrawal.
| Type | Minimum to Open | Fixed Rate |
|---|---|---|
| 12-month CD | $1,000.0 | .20% |
| Jumbo 12-month CD | $5,000.00 | .30% |
| *9-month new CD | $2,000.00 | .40% |
