Disclosures

Truth in Savings

Mohave Community Federal Credit Union

Truth in Savings Disclosure 2015


Basic Checking Account (Share Draft)
Minimum balance requirements:

The minimum balance required to open this account is $100.00.

Transaction limitations:

The maximum automated teller machine withdrawal we allow is $400.00 per day. A monthly service fee of $6.00 will be charged to your account. (Fee waived with average daily balance of $500.00.)


Business Checking Account (Share Draft)
This account is not a consumer account to which Truth in Savings applies.

Minimum Balance Requirements:

The minimum balance required to open this account is $100.00.
Service Fee:

The monthly service charge is $16.00.  (Fee waived with average daily balance of $1000.00.)


55 Plus Checking Account

(55 years of age or older)
Minimum Balance Requirements:

The minimum balance required to open the checking account is $100.00.

Transaction Limitations:

The maximum automated teller machine withdrawal we allow is $400.00 per day.

A monthly service fee of $6.00 will be charged to your account.  (Fee waived with average daily balance of $500.00.)


Share Savings Account

Rate Information:

The dividend rate and annual percentage yield may change at any time.  We may change the dividend rate for your account as determined by the credit union board of directors.

Compounding and Crediting – Dividends will be compounded every quarter.  Dividends will be credited to your account every quarter.

Dividend Period – For this account type, the dividend period is quarterly, 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 March 31.  All other dividend periods follow this same pattern of dates.  The dividend declaration date is the last day of the dividend

period, and for example above is March 31. If you close your share account before dividends are paid, you will not receive the accrued dividends.

Minimum balance requirements:

The minimum balance to open this account is $50.00. You must maintain a minimum average daily balance of $50.00 in your account in order to obtain the disclosed annual percentage yield.

Average Daily Balance Computation Method – Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period.  The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period.  The period we use is the statement cycle.

Accrual of Dividends on Noncash Deposits – Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.

Transaction Limitations:

During any month, you may not make more than six withdrawals or transfers to another credit union of yours or to a third party by means of a preauthorized or automatic transfer, computer transfer, or telephonic order or instruction.  No more than three of the six transfers may be made by check, draft, or similar order to a third party.  If you exceed the transfer limitations set forth above, your account will be subject to closure by the credit union.

Fees and Charges:

If you exceed 6 withdrawals per month, $6.00 will be charged per withdrawal.

Par Value of a Share:

The par value of a share in this account is $5.00.


Money Market Savings Account

 Rate Information:

The dividend rate and annual percentage yield may change at any time, as determined by the credit union board of directors.

Compounding and Crediting – Dividends will be compounded and credited to your account every quarter.

Dividend Period – for this account type, the dividend period is quarterly, 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 March 31. All other dividend periods follow this same pattern of dates.  The dividend declaration date is the last day of the dividend period and for the example above is March 31.

Minimum Balance Requirements:

The minimum balance required to open this account is $1000.00. You must maintain a minimum daily balance of $1000.00 in your account to avoid a service charge fee.  If, during any month, your account balance falls below the required minimum daily balance, your account will be subject to a service charge fee of $12.00 for that month. You must maintain a minimum average daily balance of $1000.00 in your account to obtain the disclosed annual percentage yield.

Average Daily Balance Computation Method- Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period.  The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period.  The period we use is the monthly statement cycle.

Accrual of Dividends on Noncash Deposits – Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.

Transaction Limitations:

During any month, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, computer transfer, or telephonic order or instruction.  No more than three of the six transfers may be made by check, draft, or similar order to a third party.  If you exceed the transfer limitations set forth above, your account will be subject to closure by the credit union.

Fees and Charges:

An excess draft fee of $10.00 will be charged for each draft in excess of six during a month.


Mohave Youth Account

Rate Information:

The dividend rate and annual percentage yield may change at any time, as determined by the credit union board of directors.

Compounding and Crediting – Dividends will be compounded every quarter.  Dividends will be credited to your account every quarter.

Dividend Period – For this account type, the dividend period is quarterly, 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 March 31.  All other dividend periods follow this same pattern of dates.  The dividend declaration date is the last day of the dividend period, and for the example above is March 31. If you close your account before dividends are paid, you will not receive the accrued dividends.

Minimum Balance Requirements:

The minimum balance required to open this account is $5.00

Average Daily Balance Computation Method – Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period.  The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period.  The period we use is the statement cycle.

Accrual of Dividends of Noncash Deposits – Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.

Transaction Limitations:

During any statement period, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, computer transfer, or telephonic order or instruction.  No more than three of the six transfers may be made by check, draft, debit card (if applicable), or similar order to a third party.  If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the credit union.  If you exceed six withdrawals per month, a fee of $6.00 per withdrawal will be charged.

Par Value of a Share:

The par value of a share in this account is $5.00.


Holiday Club Account

 Rate Information:

The dividend rate and annual percentage yield may change at any time.  We may change the dividend rate for your account as determined by the credit union board of directors.

Compounding and Crediting – Dividends will be compounded at maturity.  Dividends will be credited to your account at maturity.

Dividend Period – For this account type, the dividend period is yearly, for example, the beginning date of the first dividend period of the calendar year is November 15, and the ending date of such dividend period is October 31 of the following year.  All other dividend periods follow this same pattern of dates.  If you close your club account before dividends are paid, you will not receive the accrued dividends.

Minimum Balance Requirements:

No minimum balance requirements apply to this account.

Daily 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 on Noncash Deposits – Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.

Transaction Limitations:

You may not make any withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party.  If any withdrawal is made from this account before October 31, then this account may be closed, and a $25.00 early withdrawal fee will be assessed.


Vacation Club Account
Rate Information:

The dividend rate and annual percentage yield may change at any time, as determined by the credit union board of directors.

Compounding and Crediting – Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.

 Dividend Period – For this account type, the dividend period is quarterly, 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 March 31.  All other dividend periods follow this same pattern of dates.  The dividend declaration date is the last day of the dividend period, and for the example above is March 31. If you close your account before dividends are paid, you will not receive the accrued dividends.

Minimum Balance Requirements:

No minimum balance requirements apply to this account.

Average Daily Balance Computation Method – Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period.  The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the quarter.

Accrual of Dividends on Noncash Deposits – Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.

Transaction Limitations:

No more than six withdrawals are allowed each month.  You may not make any withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party.

Fees and Charges:

A withdrawal fee of $6.00 will be charged for each withdrawal in excess of six during a month.


Term Share Certificate

 Compounding Frequency – Unless otherwise paid, dividends will be compounded quarterly.

Crediting Frequency – Dividends will credit to your account quarterly.

Effects of Closing an Account – If you close your account before the dividends are paid. You will not receive the accrued dividends.

Minimum Balance Requirements: The minimum balance required to open this account is $500.00. You must maintain a minimum daily balance of $500.00 in your account each day to obtain the disclosed annual percentage yield.

Daily 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 on Noncash Deposits – Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.

Transaction Limitations:

After the account is opened, you may not make additions into the account until the maturity date stated on the account.  You may make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal.  Principal withdrawn before maturity is included in the amount subject to early withdrawalpenalty.  You can only withdraw dividends credited in the term before maturity of that term without penalty.  You can withdraw dividends only on the crediting dates.  This dividend withdrawal limitation does not apply if you have made arrangements to have dividends paid to you or to another account in lieu of having them credited to this account.

Early Withdrawal Penalties (a penalty may be imposed for withdrawals before maturity)

  • If your account has an original maturity of one year or less:

The penalty we may impose will equal 90 days dividends on the amount               withdrawn subject to penalty.

  • If your account has an original maturity of more than one year:

The penalty we may impose will equal six months dividends on the             amount withdrawn subject to penalty.

In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty.  Other exceptions may also apply, for example, if this is part of an IRA or other tax-deferred savings plan.

Withdrawal of Dividends Prior to Maturity – The annual percentage yield is based on an assumption that dividends will remain in the account until maturity.  A withdrawal will reduce earnings.

USA Patriot Act

USA PATRIOT ACT

IMPORTANT INFORMATION ABOUT OPENING A LEGAL ENTITY ACCOUNT

Section 326 of the USA Patriot Act requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account for a covered Legal Entity. New rules under the Bank Secrecy Act will aid the government in the fight against crimes to evade financial measures designed to combat terrorism and other national security threats.

Each time an account is opened for a covered Legal Entity, we are required to ask you for identifying information (name, address, date of birth, social security number and identification documents) for:

• Each individual that has beneficial ownership (25% or more) in the Legal Entity;
and
• One individual that has significant managerial responsibility for the Legal Entity.

We proudly support all efforts to protect and maintain the security of our customers and our country.

 

Equal Housing Opportunity

We Do Business in Accordance With Federal Fair Lending Laws

UNDER THE FEDERAL FAIR HOUSING ACT, IT IS ILLEGAL, ON THE BASIS OF RACE,

COLOR, NATIONAL ORIGIN, RELIGION, SEX, HANDICAP, OR FAMILIAL STATUS

(HAVING CHILDREN UNDER THE AGE OF 18) TO:

 

  • Deny a loan for the purpose of purchasing, constructing, improving, repairing or maintaining a

dwelling, or deny any loan secured by a dwelling: or

  • Discriminate in fixing the amount, interest rate, duration, application procedures or other terms or

conditions of such a loan, or in appraising property.

 

IF YOU BELIEVE YOU HAVE BEEN DISCRIMINATED AGAINST,

YOU SHOULD SEND A COMPLAINT TO:

Assistant Secretary for Fair Housing and Equal Opportunity

Department of Housing & Urban Development, Washington, D.C. 20410

For processing under the Federal Fair Housing Act

AND

National Credit Union Administration

Office of Examination and Insurance

Washington, D.C. 20456


 

UNDER THE EQUAL CREDIT OPPORTUNITY ACT, IT IS ILLEGAL

TO DISCRIMINATE IN ANY CREDIT TRANSACTION:

 

  • On the basis of race, color, national origin, religion, sex, marital status, or age
  • Because income is from public assistance, or
  • Because a right was exercised under the Consumer Credit Protection Act.

 

 IF YOU BELIEVE YOU HAVE BEEN DISCRIMINATED AGAINST,

YOU SHOULD SEND A COMPLAINT TO:

National Credit Union Administration

Office of Examination and Insurance

Washington, D.C. 20456

Privacy Policy

Our Commitment to Privacy

What does Mohave Community Federal Credit Union do with your personal information?

 

Mohave Community Federal Credit Union Privacy Policy
Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:

  • Social Security number
  • Credit scores
  • Transaction or loss history
  • Overdraft history
  • Credit history
  • Employment information
How? All financial companies need to share members’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their member’s personal information; the reasons Mohave Community Federal Credit Union chooses to share; and whether you can limit this sharing.
Reasons we can share your personal information Does Mohave Community Federal CU share? Can you limit this sharing?
For our everyday business purposes –
such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus
Yes No
For our marketing purposes – to offer our products and services to you No We don’t share
For our affiliates’ everyday business purposes – information about your transactions and experiences No We don’t share
For our affiliates’ everyday business purposes – information about your creditworthiness No We don’t share
For our affiliates to market to you No We don’t share
For non-affiliates to market to you Yes Yes
 
To Limit Our Sharing
  • Print and mail this form in by clicking HERE

Please note:
If you are a new member, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer a member, we continue to share your information as described in this notice.
However, you can contact us at any time to limit our sharing.

Questions?
Call 928-753-8000
What We Do
How does Mohave Community Federal Credit Union protect my personal information? To protect your personal information from unauthorized access and use, we use security measures that comply with federal law.  These measures include computer safeguards and secured files and buildings.
How does Mohave Community Federal Credit Union collect my personal information? We collect your personal information, for example, when you

  • Open an account
  • Deposit money
  • Make deposits or withdrawals from your account
  • Give us your contact information
  • Pay us by check

We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.

Why can’t I limit all sharing? Federal law gives you the right to limit only

  • sharing for affiliates’ everyday business purposes – information about your creditworthiness
  • affiliates from using your information to market to you
  • sharing non-affiliates to market to you

State laws and individual companies may give you additional rights to limit sharing.  See below for more on your rights under state law.

What happens when I limit sharing for an account I hold jointly with someone else? Your choices will apply to everyone on your account.
Definitions
Affiliates Companies related by common ownership or control.  They can be financial and non-financial companies.

  • Mohave Community Federal Credit Union has no affiliates.
Non-affiliates Companies not related by common ownership or control.  They can be financial and non-financial companies.

  • Non-affiliates we share with can include CUNA.
Joint Marketing A formal agreement between non-affiliated financial companies that together market financial products or services to you.

  • Mohave Community Federal Credit Union doesn’t jointly market.
Other Important Information
For Alaska, Illinois, Maryland and North Dakota Members.  We will not share personal information with non-affiliates either for them to market to you or for joint marketing – without your authorization.
For California Members.  We will not share personal information with non-affiliates either for them to market to you or for joint marketing – without your authorization.  We will also limit our sharing of personal information about you with our affiliates to comply with all California privacy laws that apply to us.
For Massachusetts, Mississippi and New Jersey Members.  We will not share personal information from deposit or share relationships with non-affiliates either for them to market to you or for joint marketing – without your authorization.
For Vermont Members.  We will not share personal information with non-affiliates or for joint marketing about your creditworthiness without your authorization.