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Truth-in-Savings Disclosures on Certificate of Deposit Accounts

Interest Rate/Annual Percentage Yield - The interest rate and annual percentage yield that you receive is based on the date your account is funded. Interest rate and annual percentage yield information can be found on our web site and is regularly updated.

Certificate of Deposits

Rate information - The interest rate and annual percentage yield on your account are stated on the certificate of deposit (CD) confirmation slip. The rate you receive for the term of the CD is guaranteed for 10 days after the account is opened online. The rate and term will be in effect on the day your deposit is received by us. You will be paid this rate until the first maturity. The rate applicable to your account upon renewal will be the rate then in effect, on the renewal date, for the certificates of deposit of like term and amount.

Compounding and credit frequency - Interest will be compounded quarterly. Interest will be credited quarterly to your account.

Minimum balance to open account - you must deposit at least $500 to open this account.

Minimum Balance to obtain disclosed Annual Percentage Yield - you must maintain a minimum balance of $500.00 in the account each day to obtain the disclosed annual percentage yield.

Effect of closing an account - If you close your account before interest is credited, you will receive the accrued interest.

Withdrawal of interest before maturity - The annual percentage yield assumes that interest remains on deposit until maturity. A withdrawal of interest will reduce earning.

Transfer of interest prior to maturity-When establishing your Certificate of Deposit, we allow you to elect to have the interest transferred every quarter to a separate checking or Money Market account at United Bank of Union without a penalty; however, the stated annual percentage yield on the Certificate of Deposit assumes the interest will remain in the Certificate of Deposit until maturity. A transfer will reduce the stated annual percentage yield.

Daily balance computation method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on non-cash deposits - Interest begins to accrue on the business day you deposit non-cash items. 

Time deposit withdrawal limitations - Principal: you may make withdrawals from your account prior to the maturity date.

Early withdrawal penalty - a penalty will be imposed for withdrawals before maturity. The penalty will be an amount equal to: seven days' interest on the amount withdrawn if the withdrawal is made within the first six days after the deposit, after the sixth day it's 4% of the amount of the principal being withdrawn prior to maturity.

Additions to account - You may not make any deposits into your account until maturity.

Automatic renewal - This account will automatically renew at maturity. You will have ten days after the maturity date to withdraw funds without penalty.

Renewal terms - Same term as original. Each renewal term will be the same as the original term, beginning on the maturity date.

Renewal interest calculation - different interest rate calculation. The interest rate will be the effective rate at the time of renewal.

Addendum to 3 Year Step-Up Certificate of Deposit -

The following provisions are part of the attached certificate and override conflicting terms contained therein.

The initial interest rate on this certificate will be in effect for two years. On the second anniversary date of the issue of the attached certificate, if the interest rate then being offered by the United Bank of Union on the one-year certificate of deposit is greater than the rate stated on the face of the attached certificate, the interest rate on the attached certificate shall be adjusted to that higher rate, effective for the remainder of the initial term only.

The interest rate on the certificate for renewal term shall be fixed at the commencement of such term for the full duration of such term, but without the step-up feature. The penalty for any early withdrawal will be based upon the interest rate in effect at the time of such withdrawal.

Addendum to 5 Year Step-Up Certificate of Deposit - The following provisions are part of the attached certificate and override conflicting terms contained therein.

The initial interest rate on this certificate will be in effect for three years. On the third anniversary date of the issue of the attached certificate, if the interest rate then being offered by the United Bank of Union on the two-year certificate of deposit is greater than the rate stated on the face of the attached certificate, the interest rate on the attached certificate shall be adjusted to that higher rate, effective for the remainder of the initial term only.

The interest rate on the certificate for renewal term shall be fixed at the commencement of such term for the full duration of such term, but without the step-up feature. The penalty for any early withdrawal will be based upon the interest rate in effect at the time of such withdrawal.

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