Truth in Savings

Rate Information:

Except for Term Share Certificate and IRA Term Share Certificate Accounts, the dividend rate and APY may change every dividend period as determined by the Credit Union's Board of Directors. The dividend rates and APYs disclosed in the Rate Schedule reflect the prospective dividend rate and APY which the credit union anticipates will be paid for the current dividend period. The dividend rate and APY on Term Share Certificates are fixed and will be paid until the first maturity date on the Certificate. The disclosed dividend rate and APY for Term Share Certificates and IRA Term Share Certificates are those that were offered within the most recent seven calendar days.

Definitions: Annual Percentage Yield (APY): The Annual Percentage Yield is a percentage rate reflecting the total amount of dividends paid on an account, based on the dividend rate and the frequency of compounding for a 365-day period.
Dividend Rate: Thee dividend rate is the prospective annual dividend rate paid on an Account, which does not reflect compounding.

Account Information: Accounts are non-transferable and non-negotiable. Funds in your Accounts may not be pledged to secure any obligation of an owner, except for those obligations owed to Irving City Employees Federal Credit Union.

Compounding & Crediting: Regular Shares/Savings, IRA Savings, Christmas Club and Term Share Certificate and IRA Term Share Certificate Accounts. Dividends are compounded quarterly and credited quarterly. The dividend period begins on the first calendar day of the period and ends on the last calendar day of the period. For example, the beginning date of the first dividend period of the calendar year is January 1st, and the ending date of such dividend period is March 31st. The dividend declaration date follows the ending date of a dividend period and for the example is April 1st.

Share Draft Accounts: Dividends are compounded monthly and credited monthly. The dividend period is monthly. The dividend period begins on the first calendar day of the period and ends on the last calendar day of the period. For example, the beginning date of the first dividend period of the calendar year is January 1st and the ending date of such dividend period is January 31st. The dividend declaration date follows the ending date of a dividend period, and for the example, is February 1st.

Effect of Closing:
For all accounts, including regular and IRA Term Share Accounts, you will not receive the accrued dividends if you close your account before dividends are paid.

Balance Computation Method: Regular Shares/Savings, IRA Savings, Christmas Club, and Term Share Certificate and IRA Term Share Certificate Account
dividends are calculated by the daily Balance method which applies a periodic rate to the balance in the Account each day.
Share Draft/Checking Account
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.

Fees and Charges:
Fees and charges that may be assessed against all accounts are disclosed in the Truth-in-Savings Fee Schedule. You authorize us to charge any account of yours for any such fees or charges assessed without notice to you.

Accrual of Dividends:
Dividends will begin to accrue on the business day you deposit cash and non-cash items (such as checks) to your account.

Transaction Limitations:
Under government regulations that apply to your Regular Share/Savings Account(s), you may not make more than six transfers and withdrawals, or a combination of such transfers and withdrawals from your Regular Share/Savings Account per calendar month to another Credit Union Account of yours or to a third party by means of a pre-authorized or automatic transfer (including overdraft protection) or a telephonic agreement, order or instruction including transfers by personal computer or other data transmission) and no more than three of the six transfers may be made by check, draft, debit card or similar order made by you and payable to third parties. Withdrawals by mail, messenger, ATM or in person, and transfers to make payments on your loans with us are not included in this limitation. If you exceed the number of transfers permitted, your Account may be subject to a fee or other sanctions.
For the Regular Share/Savings Account, the Credit Union reserves the right to require a member intending to make a withdrawal or transfer of funds to give written notice of such intent not less than seven and up to 60 days before such withdrawal or transfer. We may charge a fee as set forth in the Fee Schedule for transfers or withdrawals from a Regular Share/Savings Account in excess of two per month. We will waive this fee if you also maintain a Share Draft/Checking account with us. Your membership share may not be withdrawn unless your Credit Union membership is terminated. Withdrawals and transfers from IRA Accounts are subject to Internal Revenue Service limitations. Refer to your IRA plan disclosure for more information.
If your loan(s) with ICEFCU are past due/delinquent by 45 or more days, you will not be able to access On Line Banking or make any debit card transactions.

Term Share Certificate and IRA Term Share Certificate Accounts: Maturity Date: Your account will mature on the last day of the term selected for your Account. The term of your certificate begins on the day you open the account.

Early Withdrawal Penalties: We may impose a penalty if you withdraw any of the principal in your account before the maturity date. The penalty will equal the lesser of three months; dividends on the account or the dividends credited since the account was opened on certificates with a maturity of one year or less. On certificates with a maturity over one year, a six month dividend penalty will be imposed. This penalty will be imposed regardless of whether dividends equal to the amount of the penalty have been earned at the time of the withdrawal. To the extent that dividends in the account at the time of withdrawal are insufficient to pay the entire penalty assessed, the penalty will be assessed against principal. In certain circumstances, such as death or incompetency of an account owner, we may permit an early withdrawal without penalty upon presentation of satisfactory documentation such as a death certificate or a court order or decree.

Automatic Renewal: Certificates will automatically renew at maturity for an equivalent term and under the same terms and conditions as set forth herein, except that the dividend rate for the renewal term will be the rate the Credit Union is offering at the time of renewal for certificates with a similar term and principal amount. You will have a grace period of ten calendar days after the maturity date to withdraw the funds in the account without being charged an early withdrawal penalty.

Bylaw Requirements: The shareholdings of a member who fails to complete payment of one share within six (6) months of his or her admission to membership or of a member who reduces his or her share balance below $25 and does not increase the balance to at least $25 within six (6) months of the reduction, may be terminated from membership.

Nature of Dividends: Except for Term Share Certificate and IRA Term Share Certificate Accounts, dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.

Par Value of Shares: You must complete payment of a membership share in order to maintain accounts at the Credit Union. The par value of a regular share in this Credit Union is $25. National Credit Union Share Insurance Fund. Member Accounts in this Credit Union are federally insured by the National Credit Union Share Insurance Fund.

Withdrawal of Services:  If a member's loan(s) become 45 days or more past due/delinquent, they will not be able to access On Line Banking or make Debit card transactions.  Also, in the event that any credit union member causes a loss to the credit union, or makes known his or her intention to cause a loss to the credit union, whether by way of loan default, account overdraft, discharge in bankruptcy or otherwise, it is the policy of the credit union to withdraw member services except a regular share account that will not earn dividends

Closing of Account(s): In the event that any member of the credit union engages in any type of abusive conduct, the credit union may impose sanctions against that member including denial of specific services which involve personal contact with credit union employees, denial of access to credit union facilities, recommending expulsion from credit union membership, or any other action deemed necessary under the circumstances which is not expressly precluded by the Federal Credit Union Act, NCUA Regulations and the Credit Union's Bylaws.

Fee Schedule

All fees are disclosed on a per item or per transaction basis unless otherwise noted. *The NSF/Overdraft fee is also imposed for overdrafts created by checks, in-person withdrawals and other electronic withdrawals such as Automated Clearing House transactions.
Terms and rates may change without notice.

Account Closure within sixty (60) days of opening
Inactive Checking (3 months with no transactions)
$25
$3/month
Stop Payment Order
$25
Check/ACH/Withdrawal returned or paid NSF/Overdraft*
$25
Interim Statements/Printouts
$1 per month
Check Deposited and Returned NSF
Check Deposited and Returned NSF Single Party
$10
$25
Domestic Collection Fee
Foreign Collection Fee
$10 per item
$25 per item
Bad address/return address
$1 per mailing
Replacement of Lost ATM/Debit Card
$3
Statement Copies (Up to 5 years history may be available) 
$1 per month 
Check/Share Draft Copies (in excess of 2 per statement period)
$3
Outgoing Wire Transfers
$20 Domestic   
$50 Non USA/International
Teller transfers within same account number (by telephone)
Teller transfers between different account numbers (by telephone)
$2

$1
Check/Share draft orders
Varies by style, call for pricing
Reject Re-entry (Non CU Checks)
Using Non CU Checks
$1 each
$5/month
Share Account Withdrawals (in excess of 2/month--waived if checking account maintained)
$3
Research/Checking Account Reconcilement
$20 per hour
ATM withdrawals at non ICEFCU ATMs ATM Transfers/Balance Inquiries at non ICEFCU ATMs
$1 each
$.50 each
Legal Order Processing (including tax levy and notice of freeze)
$25
WebPayment NSF fee
WebPayment stop payment fee
$25 
$25
Teller's Check to Third Party
$3 each
Teller's Check Copies
$3
Safe Deposit Box
3x10 $30/year 5x10 $45/year

 

Funds Availability Policy

The following policy applies to Federal Credit Union transaction Accounts only. The term "transaction Accounts" means your checking Account. We may delay the availability of funds deposited into other Accounts for longer periods. Please ask a member services representative if you should have a question about the availability of funds deposited into any of your Accounts.

YOUR ABILITY TO WITHDRAW FUNDS: Our policy is to make funds from your cash and check deposits available to you on the same business day we receive your deposit, including electronic direct deposits*. Once they are available, you can withdraw the funds in cash and we will use the funds to pay checks that you have written.
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 3 p.m. 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 3 p.m. or on a day we are not open, we may consider that the deposit was made on the next business day we are open. 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. If you have any questions, be sure to ask us.
*Funds will not be available via Debit Card if member's loan(s) with the credit union are 45 days or more past due/delinquent.  Neither will On Line Banking be available if loan(s) are 45 days or more past due/delinquent.
 

Longer Delays May Apply: Case-by-case Delays. In some cases, we will not make all of the funds that you deposit by check available to you on the same business day of your deposit. Depending on the type of check that you deposit, funds may not be available until the second business day after the day of your deposit. However, the first $200 of your deposits will be available no later than the first business day after the day of your deposit. If we are not going to make all of the funds from your deposit available on the first business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or we decide to take this action after you have left the premises, we will mail you the notice by the day after we receive your deposit. If you will need the funds from a deposit right away, you should ask us when the funds will be available.

Safeguard Exceptions. In addition, 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.
You deposit checks totaling more than $5,000 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 communications or computer 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.

Holds on Other Funds: 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. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it. If we accept for deposit a check that is drawn on another bank, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another Account with us. The funds in the other Account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited.

Special Rules for New Accounts: If you are a new member, the following special rules will apply during the first 30 days your Account is open. Funds from electronic direct deposits into your Account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,000 of a day's total deposits of cashier's, certified, teller's, travelers, and federal, state and local government checks will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you (and you may have to use a special deposit slip). The excess over $5,000 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury Check) is not made in person to one of our employees, the first $5,000 will not be available until the second business day after the day of your deposit. Funds from all other check deposits will be available on the second business day after the day of your deposit.

PLEASE NOTE: The credit union has a maximum cash withdrawal limit of $3,000 per member per day. To request cash withdrawals over $3,000 please call Ronnye or Lauren at 972-259-1233 so we can schedule availability for you.

Check cashing policy for non members:  We will cash City of Irving payroll checks for City of Irving employees who are not members of the credit union with:  Proper ID and 2% fee of the check amount.  

 

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