TRUTH IN SAVINGS DISCLOSURE & FUNDS AVAILABILITY POLICY

EFFECTIVE January 2014

GEICO FCU Disclosures

The par value of each share will be $25.00. Subscription to shares are payable at the time of subscription. A member who fails to complete payment of one share within thirty (30) days of admission to membership, or within forty-five (45) days from the increase in the par value of shares, or a member who reduces the share balance below the par value of one share and does not increase the balance to at least the par value of one share within thirty (30) days of the reduction may be assessed a below par fee and/or terminated from membership. The below par fee may be established by the Board. Funds may be deposited or transferred from any account, unless prohibited by law, in any manner approved by the Credit Union, to bring your account up to the required par share. The minimum balance must remain on deposit to benefit from any credit union services.

FEDERALLY INSURED AND REGULATED - Member accounts are insured to an aggregate of $250,000.00 by the National Credit Union Administration (NCUA), an agency of the U.S. government. Your Individual Retirement Accounts (IRAs) are insured separately to an additional $250,000.00.

SHARE (SAVINGS) ACCOUNT - You must open your account with a minimum deposit of $25.00. Membership is subject to approval by the Credit Union. Deposits to your share account can be made at any time. A minimum balance of $25.00 is required to keep this account open. You must maintain a minimum average daily balance of $300.00 in your share savings account each quarter to obtain the disclosed annual percentage yield (APY). Dividends are compounded monthly on the average daily balance. Dividends are paid quarterly on the last day of each month. If you close your account within the first 90 days the account is opened, you will be charged a "closing account" fee. For the applicable closing account fee, refer to the separate schedule titled "Schedule of Fees". Federal Regulation D requires certain transactions from a savings account to be limited. These limitations are identified under the section entitled "Share Account Withdrawal/Transfer Limitations".

We reserve the right, at any time, to require members to give, in writing, not more than 60 days notice of intent to withdraw funds.

HOLIDAY CLUB - There is no minimum balance required. Membership with GEICO Federal Credit Union (GFCU) cannot be established with this account. You must maintain a minimum average daily balance of $5.00 each quarter to obtain the disclosed annual percentage yield (APY). Dividends are compounded monthly, and paid quarterly on the last day of the month. No ATM/Check Card access is allowed on the Holiday Club Account. You may not make pre-authorized debits from this account. You cannot use this account for automatic overdraft protection. There is an early withdrawal fee for any withdrawals made prior to November 1st of each year. For the applicable early withdrawal holiday club fee, refer to the separate schedule titled "Schedule of Fees".

SPECIAL SHARE ACCOUNT - There is no minimum deposit required to open a Special Share Account. Membership with GFCU cannot be established with this account. You must maintain a minimum average daily balance of $300 each quarter to obtain the disclosed annual percentage yield (APY). Dividends are compounded monthly and paid quarterly on the last day of the month. No ATM/Check Card access is allowed on the Special Share Account. You may not make pre-authorized debits from this account. You cannot use this account for automatic overdraft protection.

SHARE DRAFT (CHECKING) ACCOUNT - You must open your account with a minimum deposit of $25. Membership cannot be established with this account. You are responsible for the purchase and payment of preprinted checks. You must maintain a minimum average daily balance of $500.00 in your account each month to obtain the disclosed APY. Dividends are paid monthly. Only checks and other methods approved by GFCU may be used to withdraw funds from this account. GFCU is under no obligation to pay a check that exceeds the available or collected checking account balance. GFCU is not responsible for any checks that are converted to ACH items for payment. These ACH items will be paid if the items do not exceed the available or collected balance. Any check or ACH presented for payment that exceeds your checking account balance will be returned and a fee assessed, unless you have an overdraft protection loan account with sufficient funds available or have designated your savings account to serve as overdraft protection on your checking account. Your designated savings account must have sufficient funds available to cover the item(s) presented for payment. Should a check or ACH exceed the checking balance and be for an amount larger than the available loan limit, the Credit Union may transfer funds from any other account, which you have designated to serve as an overdraft protection account. The Credit Union may, at its option and without increasing your authorized Overdraft Protection loan limit, elect to pay the full amount of the check as an additional loan advance under the terms of your Overdraft Protection Loan agreement. Transfer(s) will not be made from a delinquent Overdraft Protection Loan Account even if the funds are available. GFCU assumes no responsibility for your error because you do not properly reconcile your account. You understand that reconciling your balance to the ATM balance, online banking balance and/or the audio response balance is not a proper reconciliation. If you reconcile your account to the ATM balance, online banking balance or the audio response balance (Quick Teller), you assume all responsibility for any and all errors and any and all overdraft fee(s).

MAXIMUM ADVANTAGE ACCOUNT (MONEY MARKET ACCOUNT, MMA) - You must maintain a minimum balance of $5,000 in your account each day to obtain the disclosed APY. See rate sheet for details. The dividend rate you will earn will depend upon your balance on a daily basis. Dividends are paid monthly. You may make a total of six (6) withdrawals per month by phone, by online banking or Quick Teller (audio response) or check, without incurring a fee. A fee will be assessed for each withdrawal over a total of six (6). For the applicable fee, refer to the separate schedule titled "Schedule of Fees".

SHARE CERTIFICATE ACCOUNT - You can open a fixed rate share certificate account for as little as $25.00. Terms are as follows: 6, 8, 12, 14, 18, 24, 36, 48 and 60 months. Dividend rates are subject to change daily without advance notice. Once a fixed rate certificate is established, the rate is fixed for the term of the share certificate. You may not make deposits to this account until maturity. Withdrawals made prior to maturity are subject to penalties as follows: If the term of the certificate is less than or equal to 12 months, the penalty is 90 days of dividends. If the term of the certificate is greater than 12 months, the penalty is 180 days of dividends. The penalty may be deducted from the principal of the certificate. Your certificate will mature on the date disclosed when you open it. The APY disclosed assumes that dividends will remain on deposit until maturity. A withdrawal will reduce earnings. The certificate account will automatically renew at maturity, unless we are otherwise notified. You will have ten (10) calendar days from the maturity date to withdraw your funds without being charged a penalty. A maturity notice will be provided to you at least thirty (30) days prior to the maturity of the certificate. The notice will be mailed to the address on record at the credit union. On the date of maturity this certificate will renew for the same term at the rate in effect on that day, unless we have received written instructions requesting the certificate be transferred into a designated GFCU account.

IRA SHARE CERTIFICATES - All terms and conditions apply to Individual Retirement Account certificates, except Education IRA Certificates. Education IRA certificates requires a minimum opening balance of $1,000.00. Terms are as follows: 6, 8, 12, 14, 18, 24, 36, 48 and 60 months.

IRA SHARE ACCOUNTS - You must open your account with a minimum deposit of $5.00. You must maintain a minimum average daily balance of $5.00 each quarter to obtain the disclosed annual percentage yield (APY). Dividends are compounded monthly, and paid quarterly on the last day of the month.

Membership can not be established with Maximum Advantage Accounts, Share Certificate Accounts, IRA Share Certificates and IRA Share Accounts, nor can these accounts be accessed using an ATM or Check Card. These accounts may not be used for overdraft protection nor pre-authorized debits.

The following conditions apply to Share Certificate and IRA accounts:

  • We use the average daily balance method to calculate the dividends on your account. This method applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the principal in the account for each day of the dividend period and dividing that figure by the number of days in the dividend period. Dividends begin to accrue on the business day you deposit the funds. Dividends will be credited to all accounts quarterly, except the Money Market Account and the Checking Account, which will be credited monthly.
  • The dividend rate and APY are disclosed under separate cover. The dividend rate is paid from current income and available earnings, after required transfers to reserves at the end of the dividend period. The Board of Directors determines thedividend rate on your account, at their discretion. We reserve the right to change the rates at any time without advance notice.

INACTIVE ACCOUNT FEE

The Credit Union reserves the right to impose a monthly fee on member accounts which have had no activity for 12 months, excluding any dividend posting. For the applicable inactive account fee, refer to the separate schedule titled "Schedule of Fees". Further, the Credit Union may close the share savings or share checking account when the monthly fee imposed is greater than or equal to the funds available in the inactive share or share draft account.

SHARE ACCOUNT WITHDRAWAL/TRANSFER LIMITATIONS

TRANSFER LIMITATIONS - During any month, you are limited to six (6) withdrawals/transfers from your share accounts (other than Share Draft/checking account) to another account of yours or to a third party by means of a pre-authorized, automatic, online banking or telephonic order/ instructions. If you exceed the transfer/withdrawal limitations set forth above in a month, your account will be subject to a fee for each transfer in excess of the limits. For the applicable Regulation D withdrawal/transfer fee, refer to the separate schedule titled "Schedule of Fees". Of course, you may make transfers/withdrawals from these accounts that are not subject to the above limitations if these transfers/withdrawals are initiated in person, at an ATM or by mail.

EXCESSIVE WITHDRAWALS - A fee per share withdrawal will be charged for withdrawals initiated in person at a teller location in excess of four (4) per month. For the applicable excessive withdrawal fee, refer to the separate schedule titled "Schedule of Fees".

FEDERAL REGULATION D - For an account to be considered a savings account under Federal Regulation D, certain transactions from the account must be limited.

Unlimited withdrawals are permitted when:

  • The withdrawal is made in person, by messenger, by mail or at an ATM.
  • The withdrawal is made by telephone either to a live teller, through an audio response unit, by fax, or by online banking and the resulting check or share draft is mailed to the member.

Unlimited transfers are permitted when:

  • The transfer is between accounts of the same member at the credit union if made in person, by messenger, by mail or at an ATM.
  • The transfer is to pay a loan at the credit union.

Up to six (6) withdrawals per month are permitted when:

  • The withdrawal is made by telephone either to a live teller, through audio response (Telephone Quick Teller), by fax, or by online banking and the resulting check or share draft is to a third party. A fee per transfer will be assessed when these limits are exceeded. For the applicable fee, refer to the separate schedule titled "Schedule of Fees".

Up to six (6) transfers/withdrawals per month (no more than three of the six may be by debit card/ATM POS terminal) are permitted when:

  • The transfer/withdrawal is made by telephone either to a live teller, through audio response (Telephone Quick Teller), by fax, or by online banking either to another account of the member at the credit union or to a third party. A fee per transfer will be assessed when these limits are exceeded. For the applicable fee, refer to the separate schedule titled "Schedule of Fees".
  • The transfer is to another account of the member at the same credit union or to a third party if made as a result of a pre-authorized, automatic, or telephone agreement (bill payment system). Pre-authorized transfers include any arrangement the credit union makes to pay a third party from a member's account whether on a fixed schedule or on a member's instructions. A fee per transfer will be assessed when these limits are exceeded. For the applicable fee, refer to the separate schedule titled "Schedule of Fees".

QUICK TELLER (AUTOMATED TELEPHONE SYSTEM)

I understand that I can cancel this service at any time. I understand that I am authorized to make check withdrawals, transfers between my accounts and to obtain confidential information and other information about my account by touch-tone telephone. I understand that GFCU is not responsible for transactions I make via Quick Teller that includes, but is not limited to, transfers to cover share drafts and stop payments.

ACCESS CODE - I understand that the Telephone Quick Teller cannot be used without an access code. I take responsibility for the safekeeping of this code. I understand that my access code is not transferable. I also understand if I disclose my personal access code to someone other than a joint owner, I have given him or her access to my accounts through Telephone Quick Teller and that I am responsible for any such transactions. I agree to tell GFCU immediately and to send a written confirmation if my access code is disclosed to anyone other than a joint owner of my account.

CANCELLATION/TERMINATION OF AGREEMENT- We reserve the right to modify, restrict, revoke and/or cancel your electronic transfer privilege. All transactions are credited subject to verification of available funds. You agree not to withdraw funds in excess of the balance in your account(s). Nothing in this agreement shall be deemed to annul, limit or in any way modify any other obligation or relationship you may have with the Credit Union now or hereafter.

AMENDMENTS - We reserve the right to amend the terms and conditions of this agreement at any time. When required, we will give you written notice at least thirty (30) days before the change(s) become effective. Otherwise, notice may be given at our discretion. Unless applicable law requires otherwise, all amendments will be binding immediately after we give you notice thereof.

FEDERAL REGULATION D - For an account to be considered a savings account under Federal Regulation D, certain transactions from the account must be limited.

  • Up to six (6) withdrawals per month (no more than three of the six may be by check or draft) are permitted when the withdrawal is made through audio response (Telephone Quick Teller), telephone either to a live teller, by fax and the resulting check or share draft is to a third party. A fee per transfer will be assessed when these limits are exceeded. For the applicable fee, refer to the separate schedule titled "Schedule of Fees."
  • Up to six (6) withdrawals per month (no more than three of the six may be by debit card/ATM POS terminal) are permitted when the withdrawal is made through audio response (Quick Teller) to another account of the member at the credit union or to a third party. A fee per transfer will be assessed when these limits are exceeded. For the applicable fee, refer to the separate schedule titled "Schedule of Fees"

ONLINE BANKING

I understand that I can cancel this service at any time. I understand that I am authorized to make transfers between my accounts and to obtain confidential information and other information about my account via internet access. I understand that GFCU is not responsible for transactions I make via online banking that includes, but is not limited to, transfers to cover share drafts and stop payments.

ACCESS CODE - I understand that Online Banking cannot be used without an access code. I take responsibility for the safekeeping of this code. I understand that my access code is not transferable. I also understand if I disclose my personal access code to someone other than a joint owner, I have given him or her access to my accounts through Online Banking and that I am responsible for any such transactions. I agree to tell GFCU immediately and to send a written confirmation if my access code is disclosed to anyone other than a joint owner of my account.

CANCELLATION/TERMINATION OF AGREEMENT- We reserve the right to modify, restrict, revoke and/or cancel your electronic transfer privilege. All transactions are credited subject to verification of available funds. You agree not to withdraw funds in excess of the balance in your account(s). Nothing in this agreement shall be deemed to annul, limit or in any way modify any other obligation or relationship you may have with the Credit Union now or hereafter.

AMENDMENTS - We reserve the right to amend the terms and conditions of this agreement at any time. When required, we will give you written notice at least thirty (30) days before the change(s) become effective. Otherwise, notice may be given at our discretion. Unless applicable law requires otherwise, all amendments will be binding immediately after we give you notice thereof.

FEDERAL REGULATION D - For an account to be considered a savings account under Federal Regulation D, certain transactions from the account must be limited.

  • Up to six (6) withdrawals per month are permitted when the withdrawal is made through online banking. A fee per transfer will be assessed when these limits are exceeded. For the applicable fee, refer to the separate schedule titled "Schedule of Fees".

FUNDS AVAILIBILITY POLICY DISCLOSURE

This policy disclosure describes your ability to withdraw funds at GFCU. Funds availability refers to the length of time needed between the date a check is deposited and the date the funds are available for check writing and withdrawals. It only applies to the availability of funds in "transaction" accounts. Transaction accounts, in general, are accounts, which permit an unlimited number of payments to third persons and an unlimited number of telephone and preauthorized transfers to other accounts of yours with us. Share draft checking accounts are GFCU's transaction accounts. This policy does not apply to any share savings account, money market account, certificates or loan accounts. This policy applies only to share draft checking accounts.

The credit union reserves the right to delay the availability of funds deposited to accounts that are not transaction accounts for periods longer than those disclosed in this policy. Funds availability refers to the length of time needed between the date a check is deposited and the date the funds are available for check writing and cash withdrawals. THIS POLICY DOES NOT APPLY TO ANY ITEM THAT APPEARS TO BE ALTERED AND/OR THE COLLECTIBILITY OF THE ITEM POSES A RISK TO THE CREDIT UNION. THESE ITEMS WILL BE ACCEPTED OR REJECTED SOLELY AT THE DISCRETION OF THE CREDIT UNION ON A CASE BY CASE BASIS. GFCU RESERVES THE RIGHT TO REDIRECT ANY DEPOSIT TO THE SAVINGS ACCOUNT WITHOUT ADVANCE NOTICE WITH A CHECK HOLD GFCU DEEMS APPROPRIATE TO MINIMIZE RISK TO THE CREDIT UNION.

Checks presented for deposit and/or cashed must be made payable to the account owners and must agree with the name(s) on the GFCU account, contain the proper endorsement and persons must have valid picture identification. If these checks are not payable to the account owners, GFCU, at its sole discretion, may refuse to accept these items for deposit and/or may redirect the deposit to the savings account with a check hold GFCU deems appropriate to minimize risk to the credit union. GFCU reserves the right to redirect any deposit to the savings account without advance notice with a check hold GFCU deems appropriate to minimize risk to the credit union. GFCU reserves the right to refuse to cash any item AND may at it's sole discretion refuse to accept any item for deposit; or GFCU may redirect any deposit to the savings account with a hold GFCU deems appropriate to minimize risk to the credit union. If you will need the funds from a deposit right away, you should ask us when the funds would be available.

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.

  1. GENERAL POLICY- Our policy is to delay the availability of funds from your cash and check deposits. During the delay, you may not withdraw the funds and we will not use the funds to pay checks that you have written.
  2. DETERMINING THE AVAILABILITY OF A DEPOSIT- When we delay the availability of a deposit, the length of delay is determined by counting the business days from the day of your deposit. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit before 2:00 P.M. 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 after 2:00 P.M. or on a day we are not open, we will consider that the deposit was made on the next business day that we are open
  3. ATM DEPOSITS- All funds deposited through ATM machines will have an automatic two (2) business day hold.
  4. NIGHT DROP BOX- Deposits will be processed the next business day and are subject to the hold schedule below. A receipt will be mailed to you.
  5. SAME DAY AVAILABILITY- Funds from electronic direct deposits to your account will be available the same business day we receive the deposit.
  6. NEXT DAY AVAILABILITY- Funds from the following deposits are available by the first business day after the day of your deposit:
    • US Treasury Checks that are payable to you
    • Wire Transfers
    • Checks drawn on GEICO Federal Credit Union
  7. NEXT DAY AVAILABILITY FOR CERTAIN DEPOSITS MADE IN PERSON- Funds from the following deposits are available by the first business day after the day of your deposit:
    • Cash
    • State and local government checks that are payable to you
    • Cashier's, certified and teller's checks that are payable to you
    • Federal Reserve Bank Checks, Federal Home Loan Bank checks and postal money orders that are payable to you
    If deposits are not made in person to one of our employees, funds from these deposits will be available by the second business day after we receive your deposit.
  8. AVAILABILITY OF OTHER CHECK DEPOSITS- The first $200.00 from a deposit of other checks will be available by the first business day after the day of your deposit. The remaining funds will be available by the second business day after the day of your deposit. For example, if you deposit a check for $500.00 before 2:00 PM on a Tuesday, $200.00 will be available on Wednesday and the remaining $300.00 will be available by Thursday.
  9. HOLDS ON OTHER FUNDS- If we cash a check for you that is drawn on another financial institution, we may withhold the availability of a corresponding amount of available funds that you already have in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it. If we accept for deposit a check that is drawn off another financial institution, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw the 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 for withdrawal until the time periods that are described elsewhere in this Disclosure for the type of check you deposited. 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 in a one day
    • You deposit a check that has been returned unpaid
    • You have overdrawn your account repeatedly in the last six months
    • There is an emergency such as a failure of communications or computer equipment
    • We suspect fraudulent or unauthorized transactions
    These funds will generally be available no later than the seventh business day after the day of 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 that you make your deposit or we will mail you a written notice no later than the next business day. 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 business day after we receive your deposit. Placing the notice in the U.S. mail constitutes notice to you. GFCU assumes no responsibility for mail delivery service delays.
  10. SPECIAL RULES FOR NEW MEMBERS- If you are a new member, the following special rules will apply during the first 30 days your account is open. An account is defined as a new account during the first 30 calendar days after the account is opened. An account is open when the first deposit is made to the account. Funds from electronic direct deposits to your account will be available on the day we receive credit in GFCU's bank account. Funds from deposits of cash, wire transfers and the first $5,000 of a day's total deposits of cashier's, certified, teller's check, traveler's check and federal, state and local government checks) will be available on the next business day after the day of your deposit if the deposit meets certain conditions. For example, the check must be payable to you. The excess over $5,000 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than U.S. Treasury checks) is not made in person to one of our employees, the first $5,000 will not be available until the second business day after the day of your deposit. Funds from all other check deposits will be available on the ninth business day after the day of your deposit. On-Us checks and the first $200 of a day's deposit will not be made available for withdrawal on the next business day during the new account period. Deposits generally will be subject to longer holds.
  11. FOREIGN CHECKS - Checks drawn on financial institutions located outside the United States cannot be processed the same as checks drawn on financial institutions within the United States. Foreign checks do not fall under the above guidelines. The availability of funds deposited will be delayed for the time it takes us to collect the funds from the financial institution upon which it was drawn. Foreign checks are subject to additional clearinghouse fees and any possible fees from which the bank it is drawn.
  12. THIRD PARTY CHECKS - GFCU does not accept third party checks.
  13. OVERDRAWN ACCOUNTS - If your account is overdrawn, the first $200 that is made available includes the amount to cover the overdrawn balance.
  14. ENDORSEMENTS - Endorsements must be placed in the space on the back of the check between the top edge and 1-1/2 inches from the top edge. The Credit Union may accept checks with endorsements outside this space. However, if any such endorsement or any other markings you or any prior endorser has made on the check cause any delay or error in processing the item for payment, you will be responsible for any loss incurred by the Credit Union due to the delay or error.

GEICO Federal Credit Union
5260 Western Avenue
Chevy Chase, MD 20815
Phone (800) 542-7896
Fax (301) 718-5318