Disclosures

Truth in Savings

Mohave Community Federal Credit Union

Truth in Savings Disclosure 2019


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:
You must maintain a minimum average daily balance of $50.00 in your account to avoid a below share minimum balance fee. If, during any month, your average daily balance is below the required minimum, your account will be subject to a below share minimum balance fee of $7.50 for that month. 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 Non cash Deposits – Dividends will begin to accrue on the business day you place non cash 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 pre-authorized 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 Non cash Deposits – Dividends will begin to accrue on the business day you place non cash 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 pre-authorized 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 non cash deposits – Dividends will begin to accrue on the business day you place non cash 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 pre-authorized 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 Non cash Deposits – Dividends will begin to accrue on the business day you place non cash 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 pre-authorized 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 Non cash Deposits – Dividends will begin to accrue on the business day you place non cash 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 pre-authorized 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. Alternatively, you may choose to have dividends paid to you or to another account every month rather than credited to this account.
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 Non cash Deposits – Dividends will begin to accrue on the business day you place non cash 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 withdrawal penalty.  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.
Automatically renewable account – This account will automatically renew at maturity. You may prevent renewal if we receive written notice from you before maturity of your intention not to renew or you withdraw the funds in the account at maturity (or within the grace period mentioned below, if any). If you prevent renewal, our funds will be placed in a dividend-bearing account. Each renewal term will be the same as the original term, beginning on the maturity date. The dividend rate will be the same we offer on the new term share accounts on the maturity date which have the same term, minimum balance (if any) and other features as the original term share account.
You will have a grace period of ten calendar days after maturity to withdraw the funds without being charged an early withdrawal penalty.

IRA Term Share Certificate
Compounding frequency – dividends will be compounded quarterly.
Crediting frequency – dividends will credit to your account quarterly.
Dividend period – for this account type, the dividend period is quarterly.
Minimum balance requirements:
The minimum balance required to open this account is $500.00
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 non cash 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 withdrawal penalty.  You cannot withdraw dividends from your account before maturity.
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.
Automatically renewable account – This account will automatically renew at maturity. You may prevent renewal if we receive written notice from you before maturity of your intention not to renew or you withdraw the funds in the account at maturity (or within the grace period mentioned below, if any). If you prevent renewal, our funds will be placed in a dividend-bearing account. Each renewal term will be the same as the original term, beginning on the maturity date. The dividend rate will be the same we offer on the new term share accounts on the maturity date which have the same term, minimum balance (if any) and other features as the original term share account.
You will have a grace period of ten calendar days after maturity to withdraw the funds without being charged an early withdrawal penalty.
Common Features
Transaction limitation – we reserve the right to at any time require not less than seven days notice in writing before each withdrawal from an interest-bearing account other than a time deposit or demand deposit, or from any other savings account as defined by regulation D.
Nature of dividends – dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period. (This disclosure further explains the dividend feature of your non-term share account(s).)
The following fees may be assessed against your account.
Draft printing – fee depends on style and quantity of draft ordered.
Please refer to our separate fee schedule for additional information about charges.
The categories of transactions for which an overdraft fee may be imposed are those by any of the following means: share draft, in-person withdrawal, ATM withdrawal, or other electronic means.

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.
FEDERALLY INSURED BY NCUA

Your Ability to Withdraw Funds

Reg CC Effective 7/1/2020

Your Ability to Withdraw Funds

This policy statement applies to all accounts.

Our policy is to make funds from your checking account available to you on the second business day after the day we receive your deposit, with the first $225 available on the first business day after the day of your deposit. Electronic direct deposits will be available on the day we receive the deposit. Cash, wire transfers, and some specified check deposits will also be available before the second business day, as detailed below.  Once the funds are available, you can withdraw them in cash and we will use the funds to pay checks that you have written.
Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.

Determining the Availability of a Deposit
For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays and federal holidays. If you make a deposit before closing on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after closing or on a day we are not open, we will consider that the deposit was made on the next business day we are open.

Same-Day Availability
Funds from electronic direct deposits to your account will be available on the day we receive the deposit.

Next Day Availability
Funds from the following deposits are available on the first business day after the day of your deposit:
U.S. Treasury checks that are payable to you.
Wire Transfers.
Checks drawn on Mohave Community Federal Credit Union.
If you make the deposit in person to one of our employees, funds from the following deposits are also available on the first business day after the day of your deposit:
Cash.
State and local government checks that are payable to you.
Cashiers, certified, and teller’s checks that are payable to you.
Federal Reserve Bank checks, Federal Home Loan Bank checks, and postal money orders, if these items are payable to you.
If you do not make your deposit in person to one of our employees (for example, if you mail the deposit), funds from these deposits will be available on the second business day after the day we receive your deposit.

Other Check Deposits Subject to Second-Day Availability
The first $225 from a deposit of other checks will be available on the first business day after the day of your deposit. The remaining funds will be available on the second business day after the day of your deposit.
For example, if you deposit a check of $700 on a Monday, $225 of the deposit is available on Tuesday. The remaining $475 is available on Wednesday. If we cash a check for you that is drawn on another bank, we may withhold the availability of a corresponding amount of funds that are already in your account.

Longer Delays May Apply
Funds you deposit by check may be delayed for a longer period under the following circumstances:
We believe a check you deposit will not be paid.
Your deposit checks totaling more than $5,525 on any one day.
You redeposit a check that has been returned unpaid.
You have overdrawn your account repeatedly in the last six months.
There is an emergency, such as failure of computer or communications equipment.
We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the seventh business day after the day of your deposit.

FEDERALLY INSURED BY NCUA