Truth-In-Savings Disclosures

Rate information: The dividend rates and annual percentage yields for term share certificates as set forth above were offered within the most recent seven calendar days and are accurate as of the effective date above. Please call the Credit Union at 973-785-9200 to obtain current rate information.

Compounding and crediting: Dividends for Membership share savings, IRA savings, and Club accounts accrue daily, compound quarterly and are credited quarterly. Dividends for all other accounts is accrued daily and is both credited and compounded monthly. The dividend period for all term share certificate accounts and monthly accounts begins on the first calendar day of the month and ends on the last calendar day of the month. The dividend period for quarterly accounts begins on the first day of the quarter (January 1, April 1, July 1, October 1) and ends on the last day of the quarter. The dividend declaration date is the ending date of the dividend period. Dividends begin to accrue on the day you deposit cash and non-cash items to your account. If you close your account before dividends are credited, you will not receive accrued dividends.

Minimum balance requirements: The minimum balance to open each account type is set forth above. No dividends will be earned on any day the account balance is below the minimum to earn the APY.

Withdrawal of dividends prior to maturity: Upon opening the account, the member must choose to have dividends remain in the account, be transferred to another account, or be mailed. The annual percentage yield is based on an assumption that dividends remain in the account until maturity. A withdrawal will reduce earnings.

Balance computation method: Dividends are calculated by the daily balance method which applies a periodic rate to the balance in your account each day.

Transaction limitations: After the account is opened you may not make deposits until the maturity date stated on the certificate. Maximum IRA contributions vary; please consult your tax advisor. A 10% penalty will apply to withdrawals from IRA accounts if you are under 59 1/2 years old or funds are not rolled over into another IRA plan within 60 days.

Early withdrawal penalties: We may impose a penalty if you withdraw any of the funds before the maturity date. The penalty will equal 90 days loss of dividends on the amount withdrawn for term share certificates with terms of 30 days to 6 months, 180 days loss of dividends on the amount withdrawn for term share certificates with terms of over 6 months to 18 months, 270 days loss of dividends on the amount withdrawn for term share certificates with terms of 2 years, and 365 days loss of dividends on the amount withdrawn for term share certificates with terms of 3 to 5 years.

Savings
If a member has a regular share savings account only with a balance less than $50 AND no transactions that have taken place within a 12-month period, then a monthly dormant account fee may be charged.

Checking
A member can opt to have overdraft protection from their Ready-Cash & their savings &/or money market.  However, funds may be transferred from the Ready-Cash first then the savings or money market.  A member can also opt to have overdraft protection from Courtesy Pay & their savings or money market.  However, funds may be transferred from the savings or money market first; then transferred from Courtesy Pay.  Also, the full amount needed must be either available on the Ready-Cash or in the savings or money market (funds may not be transferred from a combination of both instruments).

1 Rates are subject to change without notice. Restrictions may apply. Rates may vary depending on credit, loan amount, and loan term.  Loan Rates may apply to new loans only, and may not apply to refinancing of existing NJFCU loans.  Advertised promotions may not always be combined with another, and such may end at any time without notice.

2 Rates for real estate-secured loans are for qualified members and are subject to loan amount, credit, and value of home.

3 Credit cards after six months of issue may be subject to prevailing fees for balance transfer transactions (presently, three percent of the amount transferred).  A special prevailing interest rate (Presently of one percent) is for six months, then the variable rate may vary depending on a member’s credit score and the type of card chosen.

4 Balance transfer offers are not available for the Liberty Card.

See our Truth In Savings Disclaimer