Truth-in-Savings Disclosure

Share and Share Draft Accounts


Rate Information 

The Dividend Percentage Rate and Annual Percentage Yield on accounts are charted on the rates page. The Annual Percentage Yield is a percentage rate that would reflect the total amount of dividends for one year based on the Dividend Percentage Rate and the frequency of dividend compounding. The Dividend Percentage Rate and Annual Percentage Yield are subject to change on the first day of each month as determined by the credit union Board of Directors. 


Dividends will be compounded and paid as charted on the rates page. The dividend period begins on the first calendar day of the period and ends on the last calendar day of the period. Withdrawals that result in a balance below the minimum requirement will have a negative impact on the Annual Percentage Yield stated. 

Balance Information 

The minimum balance required to earn dividends is charted on the rates page. We use the daily balance method to calculate the interest on accounts. This method applies a daily periodic rate to the principal balance in the account each day. Earned dividends are not lost if the account balance falls below the minimum. 


A separate Fee Schedule will be supplied to you. There are no monthly fees assessed for SPC Anytime Checking for failing to meet the minimum balance requirement. 

Account Limitations 

An amount equal to the Minimum Balance charted on the rates page is required to earn the Annual Percentage Yield for the dividend period on each account. 

Share Savings

No more than three withdrawals may be made from these accounts in a calendar month. If you exceed these limitations, your account may be subject to a fee. 

Christmas Club

Member withdrawals may not be made on these accounts. Annually, the credit union will deposit the balance of the funds into the designated member account. This annual withdrawal will not close the account. 


Refer to the IRA booklet. 

Nature of Dividends

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


Share and IRA Certificates


Dividends begin to accrue on the date of deposit. Dividends are calculated using the daily balance method that applies a daily periodic rate to the principal balance in the certificate each day. Dividends are paid and/or compounded on the various share certificates as charted above. 

The rates offered for share certificate investments are subject to change daily. Share certificate rates are set by a Board of Directors as influenced by current market conditions. The Dividend Percentage Rate stated is fixed for the Investment Term of your certificate. You will be paid this stated rate until first maturity. 

The Annual Percentage Yield stated assumes dividends will remain on deposit until maturity. Any withdrawal will reduce earnings. A penalty is imposed if certificate funds other than earned dividends are withdrawn before the maturity date. Early withdrawal penalties are charged to dividends only and will not result in a reduction of the principal balance. If the term of the certificate is less than one year, the penalty is the lesser of (1) all dividends earned or (2) an amount equal to 90 days dividends. If the term of the certificate is more than one year, the penalty is the lesser of (1) all dividends earned or (2) an amount equal to 180 days dividends. You will have 7 calendar days after maturity to withdraw the funds without a penalty. The early withdrawal penalty will not apply to withdrawals subsequent to the death of an owner. If a withdrawal causes the principal balance to fall below the required minimum deposit, the share certificate account must be closed. 

Share Certificate accounts will automatically renew at maturity. There is a 10-day grace period built into this automatic renewal feature. The grace period begins the day following the maturity of the account. You may prevent renewal if you withdraw the funds in the account on the day of maturity or within the 10-day grace period. The credit union will notify the owner(s), by mail, at least 13 days prior to the maturity of the certificate. Each renewal 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 share certificates on the maturity date which have the same term, minimum balance, and other features as the original share certificate. 

Additional deposits can be added to the account on the maturity date or within the 10-day grace period following the maturity date. 

Click here to view our Rates page.

For a disclosure of account limitations on IRA share certificates, refer to the IRA booklet.

For additional information please call 800-249-8459 or 843-332-4506.