IRA Investment Options

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

IRA CERTIFICATE RATES (As Of July 9, 2014)

Type of IRA Certificate

Minimum
Amount

Term

Annual
Rate

Annual
Percentage Yield

Fixed$5006 months

0.25%

0.26%

Variable$10012 months

0.10%

0.11%

Fixed$1,00012 months

0.50%

0.52%

Fixed$10,00012 months

0.60%

0.62%

Fixed$1,00018-36 months

0.55%

0.57%

Fixed$10,00018-36 months

0.70%

0.72%

Fixed$50,00012 months

0.70%

0.72%

Fixed$50,00018-36 months

0.75%

0.77%

RATE SCHEDULE

Variable Rate IRA Certificate Account

6 Month IRA Certificate Account

IRA Certificate Account

18-36 Month IRA Certificate Account


Minimum Opening Deposit$100.00$500.00$1,000.00$10,000.00
Dividends CompoundedMonthlyQuarterlyQuarterlyQuarterly
Dividends CreditedMonthlyQuarterlyQuarterlyQuarterly
Dividend PeriodCalendar MonthCalendar QuarterCalendar Quarter Calendar Quarter

Dividend Rate
(%)
Annual Percentage Yield
(%)
Dividend Rate
(%)
Annual Percentage Yield
(%)
Dividend Rate
(%)
Annual Percentage Yield
(%)
Dividend Rate
(%)
Annual Percentage Yield
(%)

TERM

6 Month
1 Year
18-36 Month

VariableFixedFixedFixed

Additional Deposits:

Allowed - No Limit---------

Withdrawals:

Allowed - With Penalty$ 50.00$ 2,000.00$ 50.00

Renewable:

Automatic   AutomaticAutomaticAutomatic


TRUTH-IN-SAVINGS ACCOUNT DISCLOSURES


Except as specifically described, the following disclosures apply to all of the 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 6 Month IRA Certificate, IRA Certificate and 18-36 Month IRA Certificate accounts, the Dividend Rate and Annual Percentage Yield are fixed and will be in effect for the term of the account.  For Variable Rate IRA Certificate accounts, the Dividend Rate and Annual Percentage Yield may change monthly as determined by the NLRB Financial Consumer Union's Board of Directors.  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. Dividends Compounding and Crediting.  The compounding and crediting of dividends applicable to each account are outlined in the Rate Schedule.  The Dividend Period begins on the first calendar day of the Dividend Period and ends on the last calendar day of the Dividend Period. 

  3. Balance Information.  The minimum balance requirements applicable to each account are outlined 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.

  4. Accrual of Dividends. For all accounts, dividends will begin to accrue on non-cash 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.

  5. 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 outlined in the Rate Schedule.

  6. Maturity.  Your account will mature as indicated on this Rate and Fee Schedule or your Account Receipt or Renewal Notice.

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

Amount Of Penalty.  For Variable Rate IRA Certificate and 6 Month IRA Certificate accounts, the amount of the early withdrawal penalty for your accounts is 90 days dividends not to exceed accrued dividends.  For 18-36 Month IRA Certificate accounts, the amount of the early withdrawal penalty for your accounts is 180 days dividends not to exceed accrued dividends.  For IRA 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 1 year or less               90 days dividends not to exceed accrued dividends.

   Terms of more than one year        180 days dividends not to exceed accrued 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.  If 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 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; or where the account is a Keogh Plan (Keogh) provided that the depositor forfeits an amount of at least equal to the simple dividends earned in the amount withdrawn; or where the account is an IRA or Keogh, and the owner attains age 59 1/2 or becomes disabled. 

Renewal Policy.  The renewal policy for your accounts is indicated on the reverse side.  For all accounts, your account will automatically renew for another term upon maturity.  For all accounts, you do not have a grace period after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty.

Nontransferable/Nonnegotiable.  Your account is nontransferable and nonnegotiable.  The funds in your account may not be pledged to secure any obligation of an owner, except obligations with the NLRB Financial Consumer Union.


The rates and fees appearing in this Schedule are accurate and effective for accounts as of the Effective 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 NLRB Financial Consumer Union.

IRA Certificate Accounts
NLRB Financial Consumer Union
1099 14th Street N.W. C-300
Washington, DC 20005
(202) 273-4300
TD13587.4    D3100 (12-94)
Copyright CUNA Service Group, Inc., 1993

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