Notices

TRUTH-IN-SAVINGS DISCLOSURE

The Truth-in-Savings Act (TIS) is a section of the Federal Deposit Insurance Corporation Improvement Act of 1991. The National Credit Union Administration is charged with enforcing this Act which applies to all credit unions. The purpose of TIS is to promote and simplify comparisons among accounts at all financial institutions. TIS 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 Credit Union Advantage to maintain compliance with this federal law pertaining to disclosure of the terms and conditions of all savings programs. The following disclosure information illustrates the various savings alternatives available to members of the credit union.

The Rate and Fee Schedule referenced in this document sets forth certain conditions, rates, fees, and charges applicable to your accounts at Credit Union Advantage. The Rate and Fee Schedule is incorporated as part of this disclosure and you acknowledge receipt of the Rate and Fee Schedule. If you have any questions regarding this disclosure or accounts offered by Credit Union Advantage please contact a member service representative.

COMMON FEATURES

All accounts offered by Credit Union Advantage share several common features. These features are:

Membership: You must complete purchase of a $5.00 par value share in the credit union and be a member in good standing.
Nature of Dividends: Dividends are paid from current income and available earnings, after required transfers to reserves at the end of the dividend period.
Federal Deposit Insurance: Accounts are federally insured by the National Credit Union Share Insurance Fund which is administered by the National Credit Union Administration, an agency of the United States Government.
Transaction Limitations: We reserve the right to at any time require not less than seven days notice in writing before each withdrawal from an interest-bearing account other than a time deposit, or from any other savings account as defined by the Federal Reserve Regulation D.

HOLIDAY SAVINGS ACCOUNT

Rate Information: The dividend rate and annual percentage yield may change at any time, as determined by the credit union board of directors.

If you close your account prior to payment of a dividend, you will not receive any accrued dividend.

Balance Computation Method: Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Minimum Balance Requirement: There is no minimum balance amount to open this account or to earn dividends.
Accrual of Dividends on Non-cash Deposits: Dividends will begin to accrue on the business day you deposit non-cash (e.g. checks) to your account.
Transaction Limitations: During any month you may not make more than six (6) withdrawals or transfers or any combination of such of withdrawals or transfers to another credit union account of yours or to a third party by means of preauthorized automatic, or computer transfer, telephonic order or instruction, or similar order to a third party. No more than three (3) of the six (6) transfers may be made by check, draft, debit card, or similar order to a third party. If you exceed the transfer limitations herein, your account will be subject to closure or a fee. See the Rate and Fee Schedule for a list of fees.

Funds from this account will be transferred to your elected account at the end of the club year, which is sometime in October.

Fees: Please see the Rate and Fee Schedule for current fees that may apply to this account.

CHECKING ACCOUNTS

Credit Union Advantage offers its members checking accounts (sometimes referred to as share drafts) to meet different needs and lifestyles. Below are disclosures that apply to these different accounts:

Classic Checking:

E-Checking:

Please see the Electronic Funds Transfer Disclosure for additional terms and conditions of E-Checking Accounts.

MONEY MARKET ACCOUNT

Rate Information: The dividend rate and annual percentage yield may change at any time, as determined by the credit union board of directors. This account is tiered which means it pays different dividend rates corresponding to applicable account tiers, on the applicable balance in each tier of the account. The applicable tiers, dividend rate and annual percentage yield for each tier will be as listed in the credit union's current Rate and Fee Schedule.

If you close your account prior to payment of a dividend, you will not receive any accrued dividend.

Balance Computation Method: Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Minimum Balance Requirement: The minimum required to open and maintain an account is $500. You must maintain a minimum daily balance of $2,000.00 in your account each day to obtain the disclosed annual percentage yield.
Accrual of Dividends on Non-cash Deposits: Dividends will begin to accrue on the business day you deposit non-cash (e.g. checks) to your account.
Transaction Limitation: Transaction Limitations: During any month you may not make more than six (6) withdrawals or transfers or any combination of such of withdrawals or transfers to another credit union account of yours or to a third party by means of preauthorized automatic, or computer transfer, telephonic order or instruction, or similar order to a third party. No more than three (3) of the six (6) transfers may be made by check, draft, debit card, or similar order to a third party. If you exceed the transfer limitations herein, your account will be subject to closure or a fee.
Fees: Please see the Rate and Fee Schedule for current fees that may apply to this account.

RATE AND FEE SCHEDULE

Please click here to view the current Rate and Fee Schedule.

INDIVIDUAL RETIREMENT ACCOUNTS (IRA)
IRA CERTIFICATE ACCOUNTS
CERTIFICATE ACCOUNTS

Credit Union Advantage offers its members a broad array of certificate accounts and IRAs. Disclosures of terms and conditions for these accounts are provided to members separately. If you are interested in one or more of these accounts, please contact the credit union at 22250 Providence Drive, Southfield, Michigan, 48075, or (248) 996-6070 or on the internet at www.cuadvantage.coop.

AVAILABLITY OF FUNDS AT CREDIT UNION ADVANTAGE
This disclosure is provided in compliance with the Federal Expedited Funds Availability Act and Regulation CC. This policy applies to all deposits into personal checking accounts at the Michigan Credit Union at 22250 Providence Drive, Southfield, Michigan, 48075 and at all of its branches. Deposits made at Credit Union Family Service Centers are governed by their Availability Policy Disclosure which is included in this disclosure.

Our policy is to make funds from your deposits available to you immediately. At that time, you can withdrawal funds in cash and/or we will use the funds to pay checks that you have written. For determining availability of your deposits, every day is a business day, except Saturday, Sunday and federal holidays. If you make a deposit 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 on a day that we not open, we will consider that the deposit was made on the next business day.

HOLDS ON OTHER FUNDS (CHECK CASHING)
If we accept for deposit a check for you that is drawn on another financial institution, we may withhold the availability of a corresponding amount of funds that are already in your checking account. Those funds will be available at the time funds from the check we cashed would have been available if you deposited it.

HOLDS ON OTHER FUNDS (OTHER ACCOUNTS)
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 until the time period, described elsewhere in this disclosure for the type you deposited, lapsed.

DELAYED AVAILABILITY
In some cases, we will not make all of the funds that you deposit by check available to you immediately. Depending on the type of check you deposit, funds may not be available until the business day after the day of your deposit. However, the first $100.00 of your deposits will be available on the first business day after the day we receive your deposit.

If we are not going to make all of the funds from your deposit available immediately, 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.

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

The following special rules will apply during the first 30 days your checking account is open.

Funds from the deposits of cash and the first $5,000.00 of a day's total deposits of cashier's, certified, teller's, traveler's and state and local government checks will be available immediately if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,000.00 will be available no later than the ninth business day after the of your deposit.

Funds from all other check deposits will be available no later than the ninth business day after the day of your deposit.

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, please contact your branch manager.

CREDIT UNION SERVICE CENTERS
Service Centers, managed by the Credit Union Service Center Corporation, are available for your use. A location guide is available. Transactions performed at Service Center locations are subject to their fees, rules, policies, and procedures.

Shared Branch Availability Policy Disclosure: Shared branches are defined as those offices where members of many different credit unions are able to perform transactions to their own credit union account. The policy at shared branches is to make funds from your deposits available to you on the same business day your deposit is received. A deposit at a shared branch is considered received when it is accepted with all appropriate endorsements. For determining the availability of your deposits, every day is a business day that your own credit union is open which may differ from the days shared branch is open. If you make a deposit on a day your credit union is open, the day will be considered the day of deposit. However, if you make a deposit at a shared branch on a day that your credit union is not open, your deposit will be considered made on the next business day your credit union is open.

Longer Delays May Apply: In some cases, all of the funds that you deposit by check will not be available to you on the same business day you make the deposit. Depending on the type of check you deposit, funds may not be available until the fifth business day after the day of your deposit. However, the first $100.00 of your deposits will be available on the first business day. If all of your funds from your deposits are not available on the same business day, you will be notified at the time you make your deposit as to when your funds will be available. If your deposit is made directly to a shared branch employee, or if this action is taken after you have left the premises, a notice will be mailed to you by the business day after your deposit is received. If you will need the funds from a deposit right away, you should ask us when the funds will be available. In addition, funds you deposit by check may be delayed for a longer period if there is an emergency such as failure of communications or computer equipment. Should an emergency occur, we will notify you and tell you when the funds will be available. They will generally be available no later than the second business day after the day of your deposit.

Federally insured by the NCUA

CHECK 21 DISCLOSURE

Starting in October 2004, federal law will recognize a new type of payment document called a "substitute check" that will be used for clearing and settlement. The Check Clearing for the 21st Century Act, the law that makes this possible, will permit quicker processing of checks by allowing the receiving financial institutions to treat an electronic image the same as the check itself. The government, media and industry call this new ability, Check 21.

What is a substitute check?
To make check processing faster, federal law permits banks to replace original checks with "substitute checks". These checks are similar in size to original checks with a slightly reduced image of the front and back of the original check. The front of a substitute check states: "This is a legal copy of your check. You can use it the same way you would use the original check."

Some or all of the checks that you receive back from financial institutions may be substitute checks. This notice describes rights you have when you receive substitute checks. The rights in this disclosure do not apply to original checks or to electronic debits to your account. However, you have rights under other law with respect to those transactions.

What are my rights regarding substitute checks?
In certain cases, federal law provides a special procedure that allows you to request a refund for losses you suffer if a substitute check is posted to your account (for example, if you think that we withdrew the wrong amount from your account or that we withdrew money from your account more than once for the same check). The losses you may attempt to recover under this procedure may include the amount that was withdrawn from your account and fees that were charged as a result of the withdrawal (for example, bounced check fees).

The amount of your refund under this procedure is limited to the amount of your loss or the amount of the substitute check, whichever is less. You also are entitled to interest on the amount of your loss or the amount of your refund if your account is an interest-bearing account. If your loss exceeds the amount of the substitute check, you may be able to recover additional amounts under other law.

If you use this procedure, you may receive up to $2,500.00 of your refund (plus interest if your account earns interest) within 10 business days in most cases, after we receive your claim and the remainder of your refund (plus interest if your account earns interest) not later than 45 calendar days after we receive your claim.

How do I make a claim for a refund?

If you believe that you have suffered a loss relating to a substitute check that you received and that was posted to your account, please contact us at:

Credit Union Advantage
22250 Providence Drive
Southfield, MI 48075
(248) 996-6070

You must contact us within 40 calendar days of the date that we mailed (or otherwise delivered by a means to which you agreed) the substitute check in question or the account statement showing that the substitute check was posted to your account, whichever is later. We may extend this time period if you were not able to make a timely claim because of extraordinary circumstances.

Your claim must include: