Disclosures

► Openline Agreement

► Loan Provisions

► Savings Disclosures

► Certificate Disclosures

► Fee Schedule

► VISA Disclosures
 


Truth-In-Savings Account Disclosures

The rates, fees, and terms applicable to your account at the Credit Union are provided in the Rate and Fee Schedule. The Credit Union may offer other rates for these accounts from time to time.

Rate Schedule
  Share Savings
Account
Special Purpose
Account
IRA Savings
Account**
High Yield Money
Market Account
Checking Account
DIVIDENDS
Annual Percentage Rate
Annual Percentage Yield
 See Rates Page  See Rates Page  See Rates Page  See Rates Page  See Rates Page
Dividends Compounded  Monthly  Monthly  Monthly  Monthly  Monthly
Dividends Credited  Monthly  Monthly  Monthly  Monthly  Monthly
Dividend Period  Calendar Month  Calendar Month  Calendar Month  Calendar Month  Calendar Month
BALANCE REQUIREMENTS
Minimum Opening Deposit  $5.00  N/A  N/A  $1,000.00  $20.00
Minimum Balance to Avoid a Service Fee  N/A  N/A  N/A  $1,000.00  N/A
Minimum Balance to Earn the Stated APY  $100.00*  $100.00*  N/A  $100.00*  N/A
Balance Method  Daily Balance  Daily Balance  Daily Balance  Daily Balance  N/A
Account Limitations Account transfer limitations apply Account transfer limitations apply  N/A Account withdrawal and deposit limitations apply N/A

 *APR is Annual Percentage Rate
**Also Available Roth IRA Account and Coverdell Education Savings Account

Except as specifically described, the following disclosures apply to all of the accounts. All accounts described in this Rate & Fee Schedule are Share accounts.

  1. Rate Information. The *Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period. For Share Savings, Special Purpose IRA Savings, Roth IRA and Coverdell Education Savings, and High Yield Money Market accounts, the Dividend Rate and Annual Percentage Yield may change monthly as determined by the Credit Union's Board of Directors. The Dividend Rates and Annual Percentage Yields are the rates and yields as of the last dividend declaration date which is set forth in the Rate Schedule. The High Yield Money Market account is a Tiered Rate account. If your account balance is $100.00 to $9,999.99, the first Dividend Rate and Annual Percentage Yield listed for this account in the Rate Schedule will apply. If your account balance is $10,000.00 to $24,999.99, the second Dividend Rate and Annual Percentage Yield listed for this account in the Rate Schedule will apply. If your account balance is $25,000.00 to $49,999.99, the third Dividend Rate and Annual Percentage Yield listed for this account in the Rate Schedule will apply. If your account balance is $50,000.00 or greater, the fourth Dividend Rate and Annual Percentage Yield listed for this account in the Rate Schedule will apply. Once a particular balance range is met, the Dividend Rate and Annual Percentage Yield for that balance range will apply to the full balance of your account.
  2. Nature of Dividends. Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.
  3. Dividend Compounding and Crediting. The compounding and crediting of dividends and dividend period applicable to each account are set forth in the Rate Schedule. The Dividend Period is the period of time at the end of which an account earns dividend credit. The Dividend Period begins on the first calendar day of the period and ends on the last calendar day of the period.
  4. Accrual of Dividends. For Share Savings, Special Purpose, IRA Savings, Roth IRA, Coverdell Education Savings and High Yield Money Market accounts, dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account. For Share Savings, Special Purpose, IRA Savings, Roth IRA, Coverdell Education Savings and High Yield Money Market accounts, if you close your account before accrued dividends are credited, accrued dividends will not be paid.
  5. Balance Information. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For High Yield Money Market accounts, there is a minimum daily balance required to avoid a service fee for the dividend period. If the minimum daily balance is not met, there will be a service fee as set forth on the Fee Schedule. For Share Savings, Special Purpose, and High Yield Money Market accounts, there is a minimum daily balance required to obtain the Annual Percentage Yield for the dividend period. If the minimum daily balance is not met, you will not earn the stated Annual Percentage Yield. *For members under 18 years of age, there is no minimum balance requirement to obtain the Annual Percentage Yield for the dividend period. For Share Savings, Special Purpose, IRA Savings, Roth IRA, Coverdell Education Savings and High Yield Money Market accounts using a Daily Balance method, dividends are calculated by applying a daily periodic rate to the principal in the account each day.
  6. Account Limitations. For Share Savings and Special Purpose accounts, no more than six (6) preauthorized, automatic, or telephone transfers may be made from these accounts to another account of yours or to a third party in any month; six (6) transfers may be made by check, draft, or debit card to a third party. For High Yield Money Market accounts, three (3) withdrawals per month are allowed, after which a fee will be imposed. Also, the minimum withdrawal is $300.00 and the minimum deposit allowed is $100.00. If you exceed these limitations, your account may be monitored or closed. For IRA Savings, Roth IRA, Coverdell Education Savings and Checking accounts, no account limitations apply.


Certificate of Deposit Truth - In- Savings Disclosures

The rates and fees appearing in this Schedule are accurate and effective for accounts as of the Last Dividend Declaration Date indicated on this Rate and Fee Schedule.
If you have any questions or require current rate and fee information on your accounts, please call the Credit Union.

  6-48 Month Certificate Accounts 12-48 Month IRA ***
Member Rewards Platinum Level APY* See Rates Page See Rates Page
Regular APY* See Rates Page See Rates Page
Minimum Opening Deposit $200.00 $500.00
Dividends Compounded Monthly Monthly
Dividends Credited Monthly Monthly
Dividend Period *Calendar Month *Calendar Month
Additional Deposits Not Allowed Not Allowed
Withdrawals *Allowed - Dividends Only *Allowed - With Penalty
Renewable Automatic Automatic

*** IRA Certificate, Coverdell Educational Certificate, Roth IRA Certificate

Except as specifically described, the following disclosures apply to all of the accounts. All accounts described in this Rate & Fee Schedule are Certificate accounts.

  1. Rate Information. The *Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period. For all accounts, the Dividend Rate and Annual Percentage Yield are fixed and will be in effect for the term of the account. The Annual Percentage Yield is based on an assumption that dividends will remain on deposit until maturity. A withdrawal of dividends will reduce earnings.
  2. Nature of Dividends. Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.
  3. Dividends Compounding and Crediting. The compounding and crediting of dividends applicable to each account is set forth in the Rate Schedule.* The Dividend Period begins on date of Certificate issuance and ends one calendar month later for 6 Month, 9 Month, 12 Month, 18 Month, 24 Month, 36 Month and 48 Month Certificates and ends one calendar quarter later for IRA Certificates. For 6 Month Certificate, 9 Month Certificate, 12 Month Certificate, 18 Month Certificate, 24 Month Certificate accounts, 36 Month Certificate, and 48 Month Certificate withdrawals of dividends are allowed if the dividends are not being compounded.
  4. Balance Information. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For all accounts, dividends are calculated by the Daily Balance method which applies a daily periodic rate to the principal in the account each day.
  5. Accrual of Dividends. For all accounts, dividends will begin to accrue on noncash deposits (e.g., checks) on the business day you make the deposit to your account. For all accounts, if you close your account before accrued dividends are credited, accrued dividends will not be paid.
  6. Transaction Limitations. After your account is opened, your ability to make additional deposits to your account or withdrawals of dividends and any limitations on such transactions are set forth in the Rate Schedule.
  7. Maturity. Your account will mature as indicated on this Rate and Fee Schedule or on your Certificate or Renewal Notice.
  8. Member Rewards Program. If you earn a specific point level with Member Rewards Program that provides you with Gold or Platinum Level, your dividend rate will be increased by 0.15% for Gold or 0.25% for Platinum on new certificates. Please ask a Member Service Representative for details on our Member Rewards program. Special promotional certificates may be excluded.

Early Withdrawal Penalty. We may impose a penalty if you withdraw any of the principal before the maturity date.

Amount of Penalty. For all certificate accounts, the amount of the early withdrawal penalty is based on the term of your account. The penalty schedule is as follows:
Terms of 12 months or less - 90 days dividends
Terms of greater than 12 months - 180 days dividends

How the Penalty Works. The penalty is calculated as a forfeiture of part of the dividends that have been or would be earned on the account. It applies whether or not the dividends have been earned. In other words, if the account has not yet earned enough dividends or if the dividend has already been paid, the penalty will be deducted from the principal.

Exceptions to Early Withdrawal Penalties. At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances:

  1. When an account owner becomes disabled, dies or is determined legally incompetent by a court or other body of competent jurisdiction.
  2. Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after establishment.

Renewal Policy. The renewal policy for your accounts is indicated on the Rate Schedule. For all accounts, your account will automatically renew for another term upon maturity. For all accounts, you have a grace period of seven (7) days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty.

Nontransferable/Nonnegotiable. Your account is nontransferable and non-negotiable. The funds in your account may not be pledged to secure any obligation of an owner, except obligations with the Credit Union.

The rates and fees appearing in this Schedule are accurate and effective for accounts as of the Effective Date indicated. If you have any questions or require current rate and fee information on your accounts, please call the GR Consumers Credit Union at (616) 538-2810.

 


Fee Schedule

Account Fees
Fee
Account Closing - First 6 months $25.00
Account Reconciliation $20.00 per hour
Account Research $20.00 per hour
Christmas Club Early Withdraw $5.00
Inactive Account $5.00 per qtr
Non-Sufficient Funds $30.00 per item
Hi-Yield Account Service* 5.00 per month

Checking Account Fees
Fee
Business Checking $7.00 per month
Courtesy Pay $25.00 per item
Deposited Item Return $30.00 per item
Online Bill Pay - Dormant $1.50 per month
Overdraft Transfer $5.00 per item
Stop Payment $30.00 per item
Starter Checks $3.00 per page

Legal Fees
Fee
Escheatment $25.00 per acct
Escheatment Recovery $25.00 per acct
Garnishment/Levy $30.00 per acct
Legal Process Cost
 
Service Fees
Fee
Cashier's Check $2.00 per item*
Check Cashing $5.00 per check*
Check Copy $3.00 per item
Check Printing Per style choice
Coin Return - No charge for first 5 rolls 7% fee
CU Service Center $2.00 per transaction
IRA Transfer to Outside Financial Institution $25.00 per transaction
Loan Reapplication - First 90 days $50.00
Late Lein Filing $25.00
90-Day Pay Delay $75.00 per loan
Skip A Payment $25.00 per loan
Money Order $2.00 per item
Debit/ATM Card Replacement $15.00 per card
Returned Mail $2.00 per item
Statement Copy $3.00 per month
Transaction List $3.00 per list
Telephone Transfer $2.00 per transfer
Visa Gift Card $3.00 per card
Wire Transfer - Outgoing $15.00 per transfer

Credit Union Membership
Fee
Membership Share $5.00 par value

 
 


   

GRCCU VISA Disclosures
  VISA Classic VISA Gold
Annual Percentage Rate (APR) for Purchases 6.00% Introductory APR for a period of six billing cycles. After that your APR will be 14.65% or 14.90%, based on your participation in the Credit Union Member Rewards program. 6.00% Introductory APR for a period of six billing cycles. After that your APR will be 10.65% or 10.90%, based on your participation in the Credit Union Member Rewards program.
APR for Balance Transfers 6.00% Introductory APR for a period of six billing cycles.  After that your APR will be 14.65% or 14.90%, based on your participation in the Credit Union Member Rewards program.  6.00% Introductory APR for a period of six billing cycles. After that your APR will be 10.65% or 10.90%, based on your participation in the Credit Union Member Rewards program.
APR for Cash Advances 6.00% Introductory APR for a period of six billing cycles. After that your APR will be 14.65% or 14.90%, based on your participation int he Credit Union Member Rewards program.  6.00% Introductory APR for a period of six billing cycles.  After that your APR will be 10.65% or 10.90%, based on your participation in the Credit Union Member Rewards program.
Penalty APR and When it Applies
Visa Classic: 14.90%   Visa Gold:  10.90%   
This APR may be applied to your account if you do not maintain 200 or more points with the Credit Union Member Rewards program. 
How Loing Will the Penalty APR Apply? If your APRs are increased for this reason, we may keep them at this higher level indefinitely.
How to Avoid Paying Interest on Purchases Your due date is at least 25 days after the close of each billing cycle.  We will not charge you any interest on purchases if you pay your entire balance by the due date each month.
For Credit Card Tips from the Consumer Financial Protection Bureau To learn more abut factors to consider when applying for or using a credit card, visit the website of the Consumer Financial Protection Bureau at http://www.consumerfinance.gov/learnmore.
Foreign Transaction Fee None
Late Payment Fee $25.00 or the amount of the required mimium payment, whichever is less, if you are five or more days late in making your payment.
Returned Payment Fee $25.00 or the amount of the required minimum payment, whichever is less
Statement Copy Fee $3.00
Document Copy Fee $3.00
Card Replacement Fee $15.00
How We will Calculate Your Balance We use a method called "average daily balance (excluding new purchases)".
Application of Penalty APR Your APR may be increased to the disclosed Penalty APR if you do not maintain 200 or more points with the Credit Union Member Rewards program.
Effective Date The information about the costs of the card described in this disclosure is accurate as of November 1, 2015.  This information maybe have changed after that date.  To find out what may have changed, contact the Credit Union.

 

Equal Housing LenderNational Credit Union Administration
NCUA - Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government agency. Equal Housing Lender - We do business in accordance with the Fair Housing Law and Equal Opportunity Credit Act