Derry Area FCU Rates & Terms

Rates and Fees
Effective 2/24/2011

Regular Share and Club Accounts

Dividend Rate and APY (Annual Percentage Yield): The Annual Percentage Yield is a percentage rate that shows the total amount of dividends, based on the dividend rate and the frequency of compounding for a 365-day period.

Type of Account

Term

Dividend
Rate

Projected
APY

Minimum Balance

None

.50%

.501%

$5.00

Share Drafts

None

0.0%

0.0%

$0.01

Christmas Club

1 Year

.50%

.50%

$5.00

Vacation Club

None

.50%

.50%

$5.00

Fixed Rate Accounts: The dividend rate and annual percentage yield may change every three months as determined by the credit union board of directors.

Nature of Dividends: Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period. Once again, dividends can vary.

Compounding: Dividends will be compounded quarterly (every three months) and credited quarterly (every three months). The dividend period is six months. The beginning date, ending date, and the dividend declaration dates are as follows:

Section	Beginning	Ending	Declared and Credited
First	Jan 1	Mar 31	Mar 31
Second	Apr 1	Jun 30	Jun 30
Third	Jul 1	Sept 30	Sept 30
Forth	Oct 1	Dec 31	Dec 31

Effect of Closing an Account: If you close your account before dividends are paid, you will not be paid the dividends accrued.

Minimum Balance Requirements: In addition to the minimum balance requirements listed above you must deposit a minimum of $5.00 to join the credit union. To earn the annual percentage yield disclosed you must maintain the minimum balance indicated for each day of the dividend period. You will not earn dividends for any day that your account balance drops below the minimum listed above.

How Dividends are Calculated: Dividends are calculated using the daily balance method. This method applies daily periodic rates to the balance in the account each day.

When Dividends Begin to Accrue: Dividends begin to accrue on cash and non-cash deposits, such as checks; on the business day you make your deposit.

Nontransferable/Nonnegotiable: Your credit union account is nontransferable and nonnegotiable; The funds in your account may not be pledged to secure any obligation except with this credit union.

Share Certificate Accounts
Dividend Rate and APY (Annual Percentage Yield): The Annual Percentage Yield is a percentage rate that shows the total amount of dividends, based on the dividend rate and the frequency of compounding for a 365-day period. For share certificate accounts, the Dividend Rate and Annual Percentage Yield are fixed and will be in effect for the term of the account. The Annual Percentage Yield is based on an assumption that dividends will remain on deposit until maturity. A withdrawal of dividends will reduce earnings.
Certificate Rate Schedule
Type of Account	Dividend Rate	Projected APY	Minimum Balance
6 MO CD	.65%	.651%	$500.00
1 YR CD	.75%	.753%	$500.00
2 YR CD	.95%	.954%	$500.00
3 YR CD	1.05%	1.055%	$500.00
Dividends Compounding and Crediting: Share certificate dividends are compounded daily and credited at maturity. The dividend period begins the day the share certificate is purchased and ends the day the certificate matures. Balance Information: The minimum balance requirements applicable to each account are set forth in the Certificate Rate Schedule. For Share Certificate accounts, dividends are calculated by the Daily Balance method, which applies a daily periodic rate to the principal in the account each day. Accrual of Dividends: For Share Certificate accounts, dividends will begin to accrue on cash and non-cash deposits on the business day you make the deposit to your account. Transaction Limitations: After your Share Certificate account is opened you are NOT allowed to make additional deposits. Early withdrawals are subject to penalties described below. The Share Certificate will automatically renew according to the original type of certificate. Early Withdrawal Penalties: We may impose a penalty if you withdraw any of the principal before the maturity date. The amount of the early withdrawal penalty for you share certificate account is equal to 30 days dividends. If the account has not yet earned enough dividends 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 when the account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction. Renewal Policy: On share certificate accounts, your account will automatically renew for another term upon maturity. You have a grace period of ten (10) days after maturity in which to make additional deposits to the account or withdraw funds (subject to minimum balance restrictions) from the account without being charged an early withdrawal penalty. Nontransferable/Nonnegotiable: Your share certificate account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation except with this credit union.

Secured Loans*
Type of Loan	Secured By	Maximum	APR as low as	Year	Maturity
New Vehicle	Title	100% of MSRP or NADA Guide	3.75%	2011	Up to 72 mos.
New Vehicle	Title	100% of MSRP or NADA Guide	3.75%	Untitled 2010	Up to 72 mos.
Used Vehicle	Title	100% of MSRP or NADA Guide	5.00%*	Up to 4 years old	Up to 60 mos.
Used Vehicle	Title	100% of NADA Used Car Guide	6.50% *	More than 4 years old	Up to 48 mos.
Share Secured	Shares	Equal to Share Balance	5.00%		Up to 84 mos.
CoMaker	Security Agreement	$5,000.00	10.00%		Up to 60 mos.
Second Mortgage	Mortgage Note	$45,000.00 not to exceed 80% of appraised value	5.00%	Credit Life Not Available	Up to 120 mos.
Maximums do not include Credit Disability or Credit Life Insurances. The Member insurance premium is in addition to the listed maximums. APR – Annual Percentage Rate. For auto loans actual rates are determined by the borrower`s credit history and the year of the vehicle. APR = Annual Percentage Rate. For unsecured loans the actual rate is determined by the borrower’s credit history and term of the loan. The rate will not be lower than 8.00% or greater than 16.00% over the life of the loan, except during promotional periods. All costs of loan to be paid by member. This includes Appraisal fees, Title Search, Recording and Satisfaction Fees, Notary Fees and Flood Insurance if applicable. Mortgage must be on primary residences. Member responsible for costs incurred even if loan is not approved. * All interest rates are based on a 1.00% rate reduction for the purchase of Credit Disability and Credit Life Insurance and payment by Direct Deposit, ACH (Electronic Payment), Payroll Deduction or an auto withdrawal by the credit union. ** Current rates subject to change without notice

Unsecured Loans*
Type of Loan	Maximum	APR	Other Info	Maturity
Unsecured - Personal	$3,500.00 to $5,000.00	8.00% *		Up to 60 mos.
APR – Annual Percentage Rate APR = Annual Percentage Rate. For unsecured loans the actual rate is determined by the borrower’s credit history and term of the loan. The rate will not be lower than 8.00% or greater than 16.00% over the life of the loan, except during promotional periods. Current rates subject to change without notice


We do business in accordance with the Federal Housing Law and the Equal Credit Opportunity Act
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