Truth In Savings - Premier Rewards Checking and Savings

Truth in Savings Disclosure - Premier Rewards Checking and Savings

Truth in Savings Disclosure for First Tech Premier Rewards Checking and Savings Accounts

Effective Date: August 1, 2024

Throughout this Truth in Savings Disclosure, the words “you,”“your,”and “yours”mean each person who owns a First Tech Premier Rewards Checking Account and a First Tech Premier Rewards Savings Account with First Technology Federal Credit Union. The words “we,”“us,”or “Credit Union”mean First Technology Federal Credit Union.

Section I. Payment of Dividends

1. Nature of Dividends: The frequency and conditions upon which dividends are paid on all accounts are determined by the Credit Union’s Board of Directors in accordance with the Federal Credit Union Act and relevant laws (including the Truthin- Savings Act and Regulations). Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period.
2. Rate Information: For all dividend bearing accounts, the dividend rate and Annual Percentage Yield (“APY”) may change daily as determined by the Credit Union’s Board of Directors. Please refer to the Rate Sheet provided in addition to this Truth in Savings Disclosure for additional information, including the dividend rate and APY. You may also obtain current rate information by calling the Credit Union toll free at 855.855.8805 or visiting our website.
3. Minimum Opening Balance Requirement: We list the minimum balance required to open an account on our Rate Sheet.
4. Compounding and Crediting for All Accounts: For all dividend bearing accounts, dividends will be compounded monthly and will be credited monthly. For these accounts, the dividend period is monthly. For example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is January 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the ending date of a dividend period, and for this example is January 31. If you close any of your dividend earning accounts before dividends are credited you will not receive the accrued dividends.
5. Fees and Charges: Please refer to the Fee Schedule/Sheet provided in addition to this Truth in Savings Disclosure for fees and charges which may be assessed against your account.
6. Balance Computation Method: Dividends are calculated by the daily balance method, which applies a daily periodic rate to the balance in the account each day.
7. Accrual of Dividends: Dividends will begin to accrue on the business day you deposit non-cash items (e.g., checks) to your account if deposited before the close of business.
8. Share Requirement: You must complete payment of one share in your Membership Share Account, in accordance with the Membership and Account Agreement, as a condition of your membership.

Section II. Terms and Conditions Applicable to First Tech Premier Rewards Savings Accounts

1. Restriction: You may not also be the primary account owner on any of the following products: First Tech Rewards Savings, First Tech Rewards Checking, and/or Dividend Rewards Checking.
2. Eligibility: Account must be a personal account or a trust account or similar fiduciary account. Business, Organization and HSA accounts are not eligible. The primary account owner of the First Tech Premier Rewards Savings account must also be the primary account owner on a Membership Share Savings account.
3. Enrollment Qualification Requirements: To enroll in the First Tech Premier Rewards program, the primary account owner must have at least one (1) First Tech Premier Rewards Savings account and must meet the following requirements:
   1. Minimum Balance: Within 30 days of program enrollment, deposit or investment account balances must meet one of the following qualifications:
      1. Achieve a minimum aggregate deposit balance of $250,000 across one or more First Tech share accounts. This aggregate balance is an accumulation of the balances in all share accounts on which you are the primary account owner.
      2. Achieve a minimum aggregate balance of $500,000 via Addison Avenue Investment Services. This aggregate balance is an accumulation of all balances in investment accounts of which you are the primary account owner.
   2. Failure to Continue to Qualify: If you do not meet either of the above enrollment requirements as and when required, each of your First Tech Premier Rewards Savings account(s) will be converted to the Instant Access Savings account and each of your First Tech Premier Rewards Checking account(s) will be converted to the First Checking Plus account.
4. Ongoing Qualification Requirements: To remain in the First Tech Premier Rewards program, participating members must maintain at least one (1) First Tech Premier Rewards Savings account as the primary account owner and meet the following requirements as measured on a monthly basis:
   1. Minimum Balance: Deposit or investment account balances must continue to meet one of the following requirements:
      1. Minimum Combined Share Balance: Maintain a minimum average daily balance of at least $250,000 across one or more First Tech share accounts. This average daily balance is an accumulation of the balances in all share accounts on which you are the primary account owner. The average daily balance is calculated by adding the balance in the account(s) for each day of the dividend period and dividing that figure by the number of days in the dividend period.
      2. Minimum Combined Investment Balance: Maintain a minimum aggregate balance of $500,000 via Addison Avenue Investment Services.¹ This aggregate balance is an accumulation of all balances in investment accounts of which you are the primary owner. Investment balances are obtained from Addison Avenue Investment Services monthly for assessment of qualifications.
   2. Failure to Continue to Qualify: If you do not meet the minimum combined share balance or minimum combined investment balance requirements for five (5) consecutive calendar months, your First Tech Premier Rewards Savings account(s) will be converted to the Instant Access Savings account and each of your First Tech Premier Rewards Checking account(s) will be converted to the First Checking Plus account.
5. Rebates: For each completed calendar month in which the primary account owner has a First Tech Premier Rewards Savings account, the following fees will be reimbursed to the account, up to an aggregate maximum of $75 per calendar month. Any share account that has the same primary account owner as the First Tech Premier Rewards Savings account will be eligible for inclusion in the rebate calculation, excluding Business and HSA accounts. Rebates will be posted within 5–7 business days after the end of each month.
   1. ATM Deposit Adjustment
   2. Non-First Tech and Non-CO-OP ATM
   3. Check orders/re-order
   4. Foreign Check exchange
   5. Foreign currency exchange
   6. International transactions / currency conversion
   7. Stop payments (regular and BillPay)
   8. Wires
   9. Express Delivery (excludes card rush items)
   
   Fees not listed will be considered an exception rebate, subject to the review and approval of First Tech in its sole discretion. First Tech has no obligation to recognize an exception rebate.

Section III. Terms and Conditions Applicable to First Tech Premier Rewards Checking Accounts

1. Restriction: You may not also be the primary account owner on any of the following products: First Tech Rewards Savings, First Tech Rewards Checking, and/or Dividend Rewards Checking.
2. Eligibility: Account must be a personal account or a trust account or similar fiduciary account. Business, Organization and HSA accounts are not eligible. Opening and maintaining a First Tech Premier Rewards Checking account requires the simultaneous opening and maintenance of a First Tech Premier Rewards Savings account. The primary account owner of the First Tech Premier Rewards Checking account must also be the primary account owner of a First Tech Premier Rewards Savings account.
3. Failure to Continue to Qualify: If you fail to meet the Enrollment Qualification Requirements set forth above in Section II(3) or if you fail to maintain the Ongoing Qualification Requirements set forth above in Section II(4) for a First Tech Premier Rewards Savings account and your First Tech Premier Rewards Savings account(s) is converted to an Instant Access Savings account, your First Tech Premier Rewards Checking account simultaneously will be converted to the First Tech Checking Plus account.

¹Addison Avenue Financial Advisors offer securities through Raymond James Financial Services, Inc. Member FINRA / SIPC and securities are not insured by credit union insurance, the NCUA or any other government agency, are not deposits or obligations of the credit union, are not guaranteed by the credit union, and are subject to risks, including the possible loss of principal. First Technology Federal Credit Union and Addison Avenue Investment Services are not registered broker/dealers and are independent of Raymond James Financial Services. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. The First Tech Premier Rewards Checking and Savings Accounts are products of First Technology Federal Credit Union, and Raymond James Financial Services Advisors, Inc. is not responsible for the administration of such products.