Truth-In-Savings Account Disclosures:

Except as specifically described, the following disclosures apply to all accounts.

  1. Rate Information: The Dividend Rate and Annual Percentage Yield (APY) may change every dividend period. We may change the dividend rate for your account as determined by the credit union Board of Directors or Management. The Annual Percentage Yield is a percentage rate that reflects the total amount of interest to be paid on an account based on the interest rate and frequency of compounding for an annual period. For Certificate of Deposits (Share Certificates) accounts, the Interest Rate and APY are fixed and will be in effect for the term of the account. The APY is based on an assumption that the interest will be credited to the certificate monthly.
  2. Compounding and Crediting: The compounding and crediting of interest applicable to each account is set forth in the Rate Schedule. At the member's choice, dividends can be transferred to another account, or check mailed or compounded back into the account. If you close your account prior to crediting, accrued interest will not be paid.
  3. Dividend Period: Savings accounts the dividend period is quarterly. All other accounts the dividend period is monthly.
  4. Minimum Balance Information: The minimum balance requirements applicable to each account are set forth in the rate schedules.
  5. Daily Balance Computation Method: Dividends (interest) are calculated by the daily balance method, which applies a daily periodic rate to the balance in the account each day.
  6. Accrual of Dividends on non-cash deposits: Dividends will begin to accrue on the business day you place non-cash items (example, checks) to your account.
  7. Transaction limitations:
    • For Savings accounts you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer or telephonic order or instruction. No more than three of the six transfers may be made by check, draft, debit card or similar order to a third party. If you exceed the transfer limitations set forth in any statement period, your account may be closed by the credit union.
    • For Certificates of Deposit (Share Certificates) you may not make additions into the account until the maturity date stated on the account. You may make withdrawals of principal or dividends credited to your certificate before maturity, subject to an early withdrawal penalty.
    • For Checking Accounts no transaction limitations apply unless otherwise stated in the Common Features section.
  8. Funds Availability Policy: Our general policy is to allow you to withdraw funds deposited in your account on the same business day as the business day of the deposit.

    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 same business day that we receive your deposit. Funds may not be available until the second business day after the day of your deposit. However, the first $200.00 of your deposit will be available on the first 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 same business day, 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 is 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 next business 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: We may delay your ability to withdraw funds deposited by check into your account an additional number of days for these reasons:

    • We believe a check you deposit will not be paid.
    • You deposit checks totaling more than $5,000.00 on any one (1) day.
    • You deposit a check that has been returned unpaid.
    • You have overdrawn your account repeatedly in the last six (6) months.
    • There is an emergency, such as failure of communications or computer equipment.

    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 seventh business day after the day of your deposit.

    FOREIGN CHECKS: Checks drawn on financial institutions located outside the U.S. (foreign checks) cannot be processed the same as checks drawn on U.S. financial institutions. Foreign checks are exempt from the policies outlined in this disclosure. Generally, the availability of funds for deposits of foreign checks will be delayed for the time it takes us to collect the funds from the financial institutions upon which it is drawn.

  9. Par Value of a Share: The par value of a share in the credit union is $5.00.


Pantex Federal Credit Union complies with section 326 of the USA PATRIOT Act. Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account such as name, address, date of birth and taxpayer identification. We may ask to see your driver’s license or other identifying documents.

Disclosures For Internet Banking