Truth in Savings

Understand your accounts' details

Please refer to our separate Consumer Schedule of Fees for fees applicable to each particular account. Fees or other conditions could reduce the earnings on your account.

Your savings are federally insured to at least $250,000 by NCUA (National Credit Union Administration). Your IRA accounts are federally insured by the NCUA up to $250,000. IRA accounts may not be pledged, transferred or assigned.

Truth In Savings PDF

Rate Information

The Dividend Rate and Annual Percentage Yield may change daily as determined by the Board Of Directors. The Dividend Rate and Annual Percentage Yield are the prospective rates and yields that the credit union anticipates paying for the applicable dividend period.

Compounding and Crediting

Dividends will be compounded every month. Dividends will be credited to your account every month.

Accrual of Dividends

For cash and noncash deposits, dividends will begin to accrue on the business day you place them in your account.

Effect of Closing

Dividends are available to the owner(s) at the time an account is closed or monthly on or after the first day of each month.

Account Limitations

For all Savings and Money Market accounts, you may make no more than six (6) transfers and withdrawals from your account to another account of yours or to a third party in any month by means of a preauthorized, automatic or Internet transfer, by telephonic order or instruction, or by check, draft, debit card or similar order. If you exceed these limitations, your account may be subject to a fee or be closed.

Minimum Balance Requirements

The minimum deposit required to open these accounts and to earn dividends is $5.00.

Daily Balance Computation Method

Dividends are calculated by the daily balance method that applies a daily periodic rate to the balance in the account at the end of each day.

Dividend Period

For these account types the dividend period is monthly, for example, the beginning date of the 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 each month at the regular monthly board meeting.

Nature Of Dividends

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

Par Value of a Share

The par value of a share in these accounts is $5.00.

Non-Dividend Bearing Accounts

Account Limitations

Please refer to Truth-in-Savings Account Disclosure section for applicable account limitations.

Minimum Balance Requirements

The minimum deposit required to open a Non-Dividend Bearing Regular Share Account is $5.00. There is no minimum deposit for Non-Dividend Daily Deposit Accounts.

Par Value of a Share

The par value of a share in these accounts is $5.00.

Special Share Savings Account

Rate Information

The Dividend Rate and Annual Percentage Yield may change daily as determined by the Board Of Directors. The Dividend Rate and Annual Percentage Yield are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.

Compounding and Crediting

Dividends will be compounded every month. Dividends will be credited to your account every month.

Accrual Of Dividends

For cash and noncash deposits, dividends will begin to accrue on the business day you place them in your account.

Effect of Closing

Dividends are available to the owner(s) at the time an account is closed or monthly on or after the first day of each month.

Account Limitations

Minimum Balance Requirements

No minimum balance requirements apply to this account.

Daily Balance Computation Method

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

Dividend Period

For this account type the dividend period is monthly, for example, the beginning date of the 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 each month at the monthly board meeting.

Nature Of Dividends

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

Money Market Invest Account

Rate Information

The Dividend Rate and Annual Percentage Yield may change daily as determined by the Board Of Directors. The Dividend Rate and Annual Percentage Yield are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.

Compounding and Crediting

Dividends will be compounded every month. Dividends will be credited to your account every month.

Accrual Of Dividends

For cash and noncash deposits, dividends will begin to accrue on the business day you place them in your account.

Effect of Closing

Dividends are available to the owner(s) at the time an account is closed or monthly on or after the first day of each month.

Account Limitations

Please refer to Truth-in-Savings Account Disclosure section for applicable account limitations.

Minimum Balance Requirements

No minimum balance requirements apply to this account. This account is a tiered account which pays the stated dividend rate that corresponds to the applicable deposit tier on the full balance in the account. See applicable rates set forth in Savings Rates.

Daily Balance Computation Method

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

Dividend Period

Nature Of Dividends

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

IRA and HSA Share Account

Rate Information

The Dividend Rate and Annual Percentage Yield may change daily as determined by the Board Of Directors. The Dividend Rate and Annual Percentage Yield are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.

Compounding and Crediting

Dividends will be compounded every month. Dividends will be credited to your account every month.

Accrual Of Dividends

For cash and noncash deposits, dividends will begin to accrue on the business day you place them in your account.

Effect of Closing

Dividends are available to the owner(s) at the time an account is closed or monthly on or after the first day of each month.

Account Limitations

Please refer to Truth-in-Savings Account Disclosure section for applicable account limitations.

Minimum Balance Requirements

The minimum deposit to open this account is $100.00 or an initial deposit of $5.00 and an authorization of a payroll deduction deposit amount of a minimum $5.00 bi-weekly or $10.00 monthly.

Daily Balance Computation Method

Dividends are calculated by the daily balance method that applies a daily periodic rate to the balance in the account at the end of each day.

Dividend Period

Nature Of Dividends

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

IRA Share Savings Early Withdrawal Penalties

If funds are withdrawn from an IRA Share Savings account and the member is under age 59 1/2 and is not disabled, a penalty of $10.00 shall be charged for each withdrawal of funds. This does not apply to HSA Share accounts.

Freedom and HSA Freedom Checking/Share Draft Account

Minimum Balance Requirements

No minimum balance requirements apply to this account.

Account Limitations

No transaction limitations apply to this account.

Ultimate and HSA Ultimate Checking/Share Draft Account

Rate Information

The Dividend Rate and Annual Percentage Yield may change daily as determined by the Board of Directors. The Dividend Rate and Annual Percentage Yield are the prospective rates and yields that the credit union anticipates paying for the applicable dividend period.

Compounding and Crediting

Dividends will be compounded every month. Dividends will be credited to your account every month.

Accrual Of Dividends

For cash and noncash deposits, dividends will begin to accrue on the business day you place them in your account.

Effect of Closing

Dividends are available to the owner(s) at the time an account is closed or monthly on or after the first day of each month.

Account Limitations

No transaction limitations apply to this account.

Minimum Balance Requirements

No minimum balance is required to open this account. However, you must maintain a minimum daily balance of $1,500 in your account to avoid a monthly fee. If, during any month, your daily balance is below the required minimum, your account will be subject to a monthly fee once during the statement cycle. Refer to the Schedule of Fees for applicable fees.

Daily Balance Computation Method

Dividends are calculated by the daily balance method that applies a daily periodic rate to the balance in the account each day a minimum balance of $1,500 is maintained.

Dividend Period

Nature Of Dividends

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

Certificates, HSA and IRA Certificates

Rate Information

The Annual Percentage Yield is based on an assumption that dividends will remain on deposit until maturity. Withdrawal of dividends reduces earnings and the Annual Percentage Yield. For all certificates, the Dividend Rate and the Annual Percentage Yield are fixed and will be in effect for the term of the certificate except as stated in the next paragraph.

A Bump-A-Rate feature may be attached to any certificate term determined by the Board of Directors from time to time. With a Bump-A-Rate feature, you have the option to exercise a one-time rate change during the term of the certificate. The maximum amount of the Bump-A-Rate feature will be based on the rate currently in effect for a certificate account with a similar term. A certificate with a Bump-A-Rate feature is a variable rate account and the dividend rate and annual percentage yield may change. The Dividend Rate and the Annual Percentage Yield disclosed for a Bump-A-Rate certificate do not take into consideration a rate change during the term.

Minimum Balance Information

The minimum balance required to open each certificate type is set forth below.

Daily Balance Computation Method

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

Compounding

Dividends are compounded daily.

Crediting

Dividends will be credited to your certificate account every month. Alternatively, you may choose to have dividends transferred to another BHFCU account every month rather than credited to the certificate account.

Accrual of Dividends

For cash and non-cash deposits, dividends will begin to accrue on the business day you place them in your certificate account. Dividends are available to the owner(s) of the certificate once the dividends have been paid and may be withdrawn at no penalty.

Dividend Period

For these account types the dividend period begins on the date the certificate is opened and ends on the stated maturity date.

Partial Withdrawals

Partial withdrawals are allowed prior to maturity. The amount withdrawn is subject to early withdrawal penalties. The remaining balance must meet the minimum opening balance requirements.

Certificate, IRA Certificate and HSA Certificate Early Withdrawal Penalties

For certificates with terms 1 year or less, the penalty is the greater of 1% of the amount withdrawn or all dividends for 90 days on the amount withdrawn. For certificates with terms greater than 1 year but less than 36 months, the penalty is the greater of 1.5% of the amount withdrawn or all dividends for 180 days on the amount withdrawn. For certificates with terms of 36 months or more, the penalty is the greater of 2% of the amount withdrawn or 180 days of dividends on the amount withdrawn. If at maturity, an IRA certificate is withdrawn and the member is under 59 1/2 years old and is not disabled, a penalty of $10.00 shall be charged for the withdrawal.

Exceptions to Certificate and HSA Certificate Early Withdrawal Penalties

A dividend penalty will not be imposed for early withdrawals of certificate funds in the event the withdrawal is subsequent to the death or disability of any owner listed on the certificate. However, if the member was disabled at the time the certificate was opened, the "Exception to Certificate Early Withdrawal Penalties" does not apply.

Exceptions to IRA Certificate Early Withdrawal Penalties

A dividend penalty will not be imposed if (1) the IRA account holder is 70 ½ and the withdrawal is required to meet the normal or required IRS distribution of retirement funds; or (2) the IRA account holder is deceased or disabled.

Renewal Policy

These certificates will automatically renew at maturity for the same term at the current Dividend Rate available. You can prevent automatic renewal by contacting the credit union before maturity and informing us of your intention to withdraw the funds in the certificate account at maturity.

Grace Period

There is a 10 calendar day grace period. If the certificate is withdrawn during the grace period, dividends shall be paid through the date of the certificate redemption. If the certificate is withdrawn after the grace period, the appropriate Early Withdrawal penalty will apply from the renewal date.

Exceptions to Renewal Policy for VIBZ! Teen Club Members

Certificates maturing on accounts of VIBZ! Members after they reach the age of 20 must meet the minimum balance requirement of $500 or the funds will revert to the Regular Share Account and earn the current dividend rate and annual percentage yield in effect at that time.