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Syracuse offers a full range of deposit products at very competitive rates with on-line access through C.U.E.. From *NO FEE Checking and Money Market, to Term Share and all IRA products. We also have regular savings and club accounts along with free investment/retirement planning assistance . And all of our members hard earned money is insured up to the full amount allowed by law through NCUA (NCUSIF), a federal agency. So if you are tired of paying high fees or maintaining high minimum balances browse through our products and rates. We're sure you'll be pleasantly surprised.
If you don't yet have your account set up for on-line account access Contact Us and we'll set you up.
Please read, print and retain these disclosures for your records. The Truth in Savings Act (T-I-S) is a section of the Federal Deposit Insurance Corporation Improvement Act of 1991. The National Credit Union Administration is charged with enforcing the act which applies to all credit unions.
The purpose of T-I-S is to promote and simplify comparisons among accounts at all financial institutions. T-I-S enables consumers to make informed choices/comparisons among competing claims of financial institutions by requiring disclosure of the interest rates payable on these accounts and the fees assessable against these accounts.
It is the intent of Syracuse Federal Credit Union to maintain compliance with this federal law pertaining to full disclosure regarding the terms and conditions of all savings programs.
The following factors may affect the amount of dividends you receive on your account.
Nature of dividends and relation to APY .
Except in the case of term share accounts (where the dividend rate is fixed for the term of the account certificate), dividends may be paid only from current income and accumulated earnings, after required transfers to reserves at the end of each dividend period. The dividend rate and annual percentage yield applicable to an account may therefore change from time to time as determined by the Credit Union's Board of Directors in its discretion. The dividend period of the Credit Union is monthly, beginning on the first day of such period and ending on the last day of the period, for example, the beginning date of the first dividend period of a calendar year is January 1st and the ending date of such dividend period is January 31st. All other dividend periods follow this same pattern of dates.
As used in these disclosures, (I) "Dividend Rate" means the dividends paid (or expected to be paid) on an account, without giving effect to the compounding of previously earned dividends, shown as an annual figure and expressed as a percentage of the account balance; and (II) "Annual Percentage Yield " or "APY" means a percentage rate reflecting the total amount of dividends expected to be earned in a year on an account, based on the dividend rate and the frequency of compounding accrued dividends. All disclosures concerning the APY applicable to an account (other than term share accounts) assume that the dividend rate disclosed remains in effect for 1 year and that dividends are not withdrawn.
Frequency of compounding dividends and the method of determining the balance on which dividends are paid .
Unless otherwise stated in an enclosed disclosure card related to a specific type of account, the following applies:
Account Type: Primary Share account
Compounded and credited: Monthly
On Balances of : $5.00 or more
Based on the Average Daily Balance in your account.
Account Type: Share Draft (Checking)
Compounded and credited: No dividends are paid on this account type
On Balances of : No minimum balance is necessary for this account type
Account Type: Club/Special Fund
Compounded and credited: Monthly
On Balances of : $1.00 or more
Based on the Average Daily Balance in your account.
Account Type: Regular IRA
Compounded and credited: Monthly
On Balances of : $1.00 or more
Based on the Average Daily Balance in your account.
Account Type: Roth IRA
Compounded and credited: Monthly
On Balances of : $1.00 or more
Based on the Average Daily Balance in your account.
Account Type: Educational IRA
Compounded and credited: Monthly
On Balances of : $1.00 or more
Based on the Average Daily Balance in your account.
Account Type: Youth Accounts ages 0 - 12
Compounded and credited: Monthly
On Balances of : $5.00 or more
Based on the Average Daily Balance in your account.
Account Type: Youth Accounts ages 13 - 17
Compounded and credited: Monthly
On Balances of : $5.00 or more
Based on the Average Daily Balance in your account.
Account Restrictions and Features
The credit union reserves the right to require a member intending to make a withdrawal from any account (except a checking account) to give written notice of such intent not less than seven days and up to 60 days before such withdrawal.
You can compute the dividends earned on your account each day by multiplying the then current simple annual dividend rate times the average daily balance in your account at the end of each day, divided by 365 or 366 days, as applicable. The amount of dividends you earn for each day will be added to your principal balance monthly.
If you withdraw funds from your account before dividends are paid, you will receive dividends accrued on the funds prior to withdrawal, but such dividends will not be credited to your account until the next dividend declaration date.
If you close your account prior to a dividend declaration date, you will not receive any dividends accrued prior to the date the account is closed.
Different rules apply to early withdrawals from a term share account and are described in the separate disclosure card applicable to term share accounts.
In order to earn the annual percentage yield disclosed elsewhere for a particular account, you must meet the minimum balance requirement applicable to that account at all times.
Fees and penalties;
Your account will be charged any applicable fees, charges and/or penalties as set forth in our fee schedule, a copy of which is included as part of this disclosure.
Collection of non-cash deposits
Every share draft, check or other item other than cash which is accepted for deposit in your account will be provisionally credited to your account on the day it is deposited or, in the case of deposits received after 4:30 p.m., on the next business day, and earn dividends from the day it is so provisionally credited to your account. If, however, the Credit Union is subsequently unable in the normal course of business to obtain payment for that item, you will not earn any dividends on that deposit.
Notice of certain changes
We will notify you in writing at least 30 days prior to the effective date of changes of the sort described below which will reduce your APY or otherwise adversely affect your account.
We will not send you notice, however, of any change in the dividend rate or APY applicable to any account where the dividend rate is subject to change from time to time, although notice of changes in dividend rates will be posted in the Credit Union's offices. Also, no notice of changes to fees for printing of share drafts/checks will be sent. In addition, where there is any change in the information disclosed in this statement, the change will appear in a notice posted in the lobby of our offices.
General policies and procedures
We may refuse a withdrawal request if any documents or identification we or the law requires in connection with the withdrawal has not been presented to us.
Although non-cash deposits earn dividends from the date first credited to your account, the time when they may be withdrawn or otherwise become available for use is governed by the Credit Union's funds availability policy. By opening and maintaining an account with the Credit Union, you have agreed to the Bylaws of the Credit Union and amendments thereto, a copy of which may be obtained from the credit union.
To open an account, you must deposit at least $5.00, the par value of a share of the Credit Union.
By law, the Credit Union may accept deposits only from persons who are members or who are eligible to become members, or certain other persons or entities. If you are unsure whether you're eligible to join the Credit Union, please contact a member service representative.
This policy describes your ability to withdraw funds from all your accounts at Syracuse Federal CreditUnion.
General Policy
Our policy is to make funds from your deposits available to you on the first business day after the day we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once they are available, you can withdraw the funds 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. 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 prior to the closing time Monday through Friday at one of our branch offices, 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 the cut-off hours or on a day we are not open, we will consider that the deposit was made on the next business day we are open. If we cash a check for you that is drawn on another financial institution, 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. Reservation of Right to Hold
In some cases we will not make all of the funds that you deposit by check available to you on the first business day after the day of your deposit. Depending on the type of check that you deposit, funds may not be available until the fifth business day after the day of your deposit. However, the first $100 of your deposits will be available on the first business day after we receive your deposit. For checks drawn on non-local financial institutions located in New York, funds will be available at the start of the fifth 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 after we receive your deposit, 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 in not made directly to one of our employees, or if 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. Longer delays May apply. In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
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 eleventh business day after the day of your deposit. Special Rules for New Accounts If you are a new customer, the following special rules will apply during the first 30 days your account is open. An account is considered open when the first deposit is made to the account. Funds from electronic direct deposits to 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, traveler's, and federal, state and local government checks will be available on the first business day after the day of your deposit (unless the funds were deposited at a non-proprietary ATM), if the deposit meets certain conditions. For example, the checks must be payable to you. 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 ninth business day after the day of your deposit. Deposits at nonproprietary ATMs. Funds from any deposits (cash or checks) made at automated teller machines (ATMs) we do not own or operate will not be available until the fifth business day after the date of your deposit. This rule does not apply to ATMs that we own or operate. All ATM’s that we own or operate are identified as our machines. |
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