ARC Credit Union: Disclosures

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The Truth in Savings Act (T-I-S) is a section of the Federal Deposit Insurance Corporation Improvement Act of 1991. The National Credit Union Administration is charged with enforcing the act which applies to ALL credit unions.

The purpose of T-I-S is to promote and simplify comparisons among accounts at all financial institutions. T-I-S enables consumers to make informed choices / comparisons among competing claims of financial institutions by requiring disclosure of the interest rates payable on these accounts and the fees assessable against these accounts.

It is the intent of ARC Credit Union to maintain compliance with this federal law pertaining to full disclosure regarding the terms and conditions of all savings programs.

The following disclosure information illustrates the various savings alternatives available at ARC Credit Union.

The Rate Information and Fees and Charges Schedule sets forth certain conditions, rates, fees and charges applicable to your accounts at the ARC Credit Union as of January 1, 2010. That schedule is incorporated as part of this disclosure.

If you have questions regarding any of the accounts offered at ARC Credit Union, please let a credit union representative assist you.

"Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period."

For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is 01/01/10 and the ending date of such dividend period is 3/31/10. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period, and for the example is 04/01/10.

If you close your account before dividends are paid, you will not receive the accrued dividends.

During any month, you may not make more than six withdrawals or transfers to another credit union account of your 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, if applicable or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account may be subject to a fee of $25.00.

Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period.

The minimum required to open their account is the purchase of a $5.00 par value share in the credit union.

You must maintain a minimum average daily balance of $100.00 in your account to obtain the disclosed annual percentage yield.

Dividends will begin to accrue on the business day you deposit non-cash items (e.g., checks) to your account.

"Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period."

COMPOUNDING AND CREDITING
Dividends will be compounded quarterly and will be credited quarterly.

For this account type, the dividend period is quarterly, for example, the beginning the date of the first dividend period of the calendar year is 01/01/10 and the ending date of such dividend period is 3/31/10. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period, and for the example is 04/01/10.

If you close your account before dividends are paid, you will not receive the accrued dividends.

ACCOUNT RESTRICTIONS AND FEATURES
All funds in this account will be transferred to your Share Account on the first business day in November of each year. No withdrawals are allowed from this account prior to this date. If you make a withdrawal prior to this date, it will result in the closing of the account. If the account is closed, a new Christmas Club Account cannot be opened until after the next payout.

BALANCE COMPUTATION METHOD
Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period.

MINIMUM BALANCE REQUIREMENTS
No minimum balance is required to open this account.

You must maintain a minimum average daily balance of $100.00 in your account to obtain the disclosed annual percentage yield.

ACCRUAL OF DIVIDENDS ON NON-CASH DEPOSITS
Dividends will begin to accrue on the business day you deposit non-cash items (e.g., checks) to your account.

"Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period."

COMPOUNDING AND CREDITING
Interest will be compounded quarterly and will be credited quarterly.

For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is 01/01/10 and the ending date of such dividend period is 3/31/10. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of the dividend period, and for the example is 4/1/10.

If you close your deposit account before interest is paid, you will not receive the accrued interest.

Interest is calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period.

The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period.

MINIMUM BALANCE REQUIREMENTS
The minimum balance required to open this account is $100.00

You must maintain a minimum average daily balance of $100.00 in your account to obtain the disclosed annual percentage yield.

ACCRUAL OF INTEREST ON NON-CASH DEPOSITS
Interest will begin to accrue on the business day you deposit non-cash items (e.g., checks) to your account.

COMPOUNDING AND CREDITING
Interest will be paid quarterly. Interest shall begin to accrue when a Certificate of Deposit is issued.

For this account type, the interest period is quarterly, for example, the beginning date of the first interest period of the calendar year is 01/01/10 and the ending date of such interest period is 03/31/10. All other interest periods follow this same pattern of dates. The interest declaration date follows the ending date of a interest period, and for the example is 04/01/10.

Interest will be compounded quarterly and will not be available for withdrawal except as provided below.

BALANCE COMPUTATION METHOD
Interest is calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period.

MINIMUM BALANCE REQUIREMENTS
The minimum balance required to open a Certificate of Deposit is $500.00 and the purchase of a $5.00 par value share in ARC Credit Union.

TRANSACTION LIMITATIONS
Additional deposits to a Certificate of Deposit, prior to maturity, are not allowed.

EARLY WITHDRAWAL PENALTY AND GRACE
PERIOD INFORMATION
There is a seven (7) day grace period for withdrawals from a Certificate of Deposit after it matures. If a Certificate of Deposit is presented for payment on its maturity date or within seven (7) days thereafter, no penalty shall be imposed but no interest shall be earned after the maturity date. If a Certificate of Deposit is to be presented for payment before maturity or more than seven (7) days after maturity, thirty (30) days prior written notice must be furnished to ARC Credit Union. When such prepayment occurs, the Certificate will be cancelled and (1) interest will be paid on the account only at the rate of .20% per annum instead of the originally contemplated interest rate, and (2) interest shall be paid only through the end of the last full month that the Certificate of Deposit was outstanding. This interest rate penalty shall not apply to any interest earned prior to the last renewal date. If the interest paid exceeds the interest due at the time of such prepayment, the difference shall be deducted from the principal amount.

RENEWAL INFORMATION
If a Certificate of Deposit is not presented for payment on its initial or any subsequent renewal maturity date, it will be automatically renewed, from its last maturity date, unless ARC Credit Union shall, prior to maturity, give written notice to you that it will not be renewed. The interest rate to be paid upon renewal shall be determined by ARC Credit Union at or before maturity. All other terms and conditions, including the length of the term of the Certificate of Deposit, shall be the same as provided herein unless ARC Credit Union shall, prior to maturity, give written notice of a change in such terms and conditions.

Credit Card Disclosure Table**
Annual Percentage Rate for purchases	13.9% APR effective 5-1-09; Old balances remain at 11.9% APR till paid off. New rate applies to purchases and advances completed on or after 5-1-09.
Grace period for repayment of the balance for purchases	You have 25 days to repay your balance before a finance charge on purchases will be imposed.
Method of computing the balance for purchases	Average daily balances (including new purchases)
Minimum finance charge	None
Transaction fee for cash advance	None
Transaction fee for purchases	None
Annual fees	None
Late payment fee	$25.00 fee will be assessed 15 days after statement cycle if account is delinquent.
Over-credit-limit fee International Transaction Fee	$25.00 fee will be charged to your account if your balance exceeds your credit limit by $25.00. A 1% international transaction fee will be assessed on all transactions where the merchant country differs from the country of the card issuer.

**This information was printed and accurate as of May 1, 2009 and is subject to change after this date. Contact the credit union to verify rates, terms, and fees.

Change in terms:
You agree not to make or permit to be made any illegal transactions on your Account through use of a Card, a check, or in any other manner. We may deny authorization for any Internet gambling transaction.

ARC Credit Union
18720 Thirteen Mile Road
Roseville, Michigan 48066
586-773-9112
Fax: 586-773-6261
arcmain@earthlink.net