Truth in Savings Disclosure

For Regular Share Savings Account, Holiday Club Account, Special Purpose Account, Escrow Account, Member's Choice Money Market Account, IRA Share Account, MyFunds^SM, Silver Lining^SM and all checking accounts.

Except as specifically described in the Account Rate Schedule, and Fee Schedule the following disclosures apply to all of the accounts.

1. Rate Information:

The Dividend Rate and Annual Percentage Yield on your accounts are set forth on the Account Rate Schedule. The Dividend Rate and Annual Percentage Yield may change at the discretion of the Board of Directors.

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. The Dividend Rate and Annual Percentage Yield are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.

3. Compounding and Crediting:

Dividends will be compounded monthly and will be credited monthly. For this account type, the dividend period is monthly, 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 January 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the date the dividend is paid, and for the example is January 31. If you close your account before dividends are credited, you will receive accrued dividends.

4. Minimum Balance Requirements:

The minimum balance to open your account and any required minimum to avoid a service fee is set forth in the Account Rate Schedule. If a paid item or other debit causes the account balance to fall below the minimum, your account will be subject to the service fee set forth in the Fee Schedule. No dividend is earned unless stated otherwise in the Account Rate Schedule.

5. Balance Computation Method:

Dividends are calculated by the daily balance method which applies a daily periodic rate to the principal in your account each day.

6. Accrual of Dividends:

Dividends begin to accrue on the business day you deposit noncash items (e.g. checks) to your account.

7. Fees and Charges:

Fees and charges may be assessed against your account as set forth in the Fee Schedule.

8. Transaction Limitations:

Account limitations are set forth in the Account Rate Schedule and the EFT Disclosure. During any statement period, you may not make more than six withdrawals or transfers to another credit union account by means of a pre-authorized or automatic 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. There are no transaction limitations on checking accounts. Transaction limitations only apply to certain electronic transactions on share savings (regular shares, holiday club, special purpose, MyFunds^SM and Silver Lining^SM ) and money market accounts. 

9. Illegal Transactions:

You agree that you will not cause or allow your NECU account (including using checks, ACH, Electronic Funds Transfer, VISA Credit or Check/Debit cards) to be used in any manner or for any transaction that we believe poses an undue risk of illegality, including unlawful gambling. We may refuse to authorize any such use or transaction. We reserve the right to terminate your membership if we find your account is being used for illegal transactions.

10. Prohibition Against Unlawful Internet Gambling
Federal law, the Unlawful Internet Gambling  Enforcement Act of 2006, and implementing regulations prohibit commercial customers from receiving deposits or other credits of any kind relating to their operation of an illegal Internet gambling business. Northeast Credit Union is required to enforce that prohibition.

11. Bylaw Requirements:

The shareholdings of a member who fails to complete payment of one share within 6 months of his admission to membership, or within 6 months from the increase in the par value in shares, or a member who reduces his share balance below the par value of one share and does not increase the balance to at least the par value of one share within 6 months of the reduction, may be absorbed by a late charge upon authorization of the board. The Credit Union reserves the right, at any time, to require members to give, in writing, not more than 60 days notice of intention to withdraw the whole or any part of the amounts so paid in by them except for those amounts paid into checking accounts. Shares paid in under an accumulated payroll deduction plan may not be withdrawn until credited to a member's account. No member may withdraw shareholdings that are pledged as required security on loans without written approval of the credit committee or a loan officer, except to the extent that such shares exceed the member's total primary and contingent liability to the Credit Union. No member may withdraw any shareholdings except for those amounts paid into checking accounts below the amount of his/her primary or contingent liability to the Credit Union if he/she is delinquent as a borrower, or if borrowers for whom he/she is comaker, endorser, or guarantor are delinquent, without the written approval of the credit committee or loan officer.

12. Par Value of Shares; Dividend Period:

The par value of a regular share in this Credit Union is $5.00. The dividend period of the Credit Union is monthly.

13. National Credit Union Share Insurance Fund:

Member accounts in this Credit Union are federally insured by the National Credit Union Share Insurance Fund.

14. Other Terms and Conditions:

This Truth-In-Savings Disclosure is a supplement to the Share Account Agreement as well as the Account Rate Schedule and Fee Schedule, Electronic Fund Transfer Disclosure and our Funds Availability Disclosure and Policy.