TRUTH IN SAVINGS (Regulation DD). The Truth in Savings Act, Regulation DD, was enacted to help consumers make informed decisions about deposit accounts, terms and conditions on which interest is paid and fees are assessed. The Credit Union makes the following product disclosures available for your review and comparison to products offered by other financial institutions. Our Truth In Savings Disclosure includes information you need to know about your deposit accounts at I.B.E.W. Local 66 Federal Credit Union (the “Credit Union”) and notes the features and requirements of all member deposit accounts. This disclosure is designed to help make your membership and the Services offered by the Credit Union easy to understand

If you have questions related to the material presented on this website, or concerning your accounts with the Credit Union, please stop by the Credit Union or call us at (713) 946-6513.

    1. DIVIDENDS. The frequency and conditions upon which dividends are paid on all dividend-bearing accounts are in accordance with the Federal Credit Union Act, the Truth-in-Savings Act, and applicable Regulations. Dividend rate changes are within our sole discretion and are subject to change weekly. Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period. The dividend declaration date follows the ending date of a dividend period.

      All cash and non-cash items deposited will begin accruing dividends as of the business day we receive the deposit. If any of account is closed, with the exception of Certificate of Deposit Accounts, prior to the date dividends are posted, accrued dividends will not be paid. If a Term Certificate of Deposit is closed before its maturity date, accrued dividends will be paid through the date of such withdrawal less penalties if applicable.

      For a specific dividend rate(s) for each type of dividend-bearing account, please refer to the Credit Union’s current rate sheet on, or by calling the Credit Union directly at (713) 946-6513.

    2. BALANCE COMPUTATION METHODS. The Credit Union uses the Average Daily Balance Method. This balance method establishes an average balance for a period, i.e., monthly or quarterly. The average daily balance is determined by adding the full amount of principal in the account for each day of the period and dividing that figure by the number of days in the period. Your account balance each day is the ending balance of the account from the previous day, plus deposits and minus withdrawals made that business day.
    3. COLLECTED BALANCE. All dividend-bearing deposit accounts at the Credit Union will accrue dividends daily on the “collected balance” in the account. Collected balance is the balance on which the Credit Union has received provisional credit for the non-cash items (checks) that you have deposited. The Credit Union will begin to pay dividends no later than the business day specified in Regulation CC and in the Expedited Funds Availability Act.
    4. RATE INFORMATION. Unless otherwise stated with the product information, all dividend-bearing accounts at the Credit Union will be “variable rate” products. Variable rate means the interest rate and the Annual Percentage Yield (APY) may change after the account is opened at any time, at the discretion of the Credit Union.
    5. ANNUAL PERCENTAGE YIELD (APY). APY is the effective rate your money will earn if it remains on deposit for a full year at the same annual dividend rate and if all dividends are left in the deposit account. Yield is the critical measure of how much dividend you can expect to earn based on the dividend rate and the frequency with which dividends are added to your account (compounding) for a 365 or 366 (leap year) day period. Because your dividends earn dividends if left in the account, the APY is greater than the annual dividend rate. If you withdraw some of the dividends or some of your deposit, the amount of dividends earned will be reduced.
    6. ANNUAL PERCENTAGE YIELD EARNED (APYE). APYE represents the Annual Percentage Yield that was actually earned during the cycle period and which will appear on your periodic account statement. The calculation reflects the relationship between the dividends actually earned during the statement period and the average daily balance in the account. If the account has multiple dividend rates, this method will produce a single composite APYE figure.
  2. CHANGE IN TERMS AND CONDITIONS. The Credit Union may change the terms or conditions of its deposit account disclosure from time to time. Any change in terms which could adversely affect you will be disclosed in a notice, mailed or delivered to you at least 30 days before the effective date of the change. This notice may be a separate document or may be included as a part of a periodic statement.
  3. OVERDRAFT POLICY. The Membership and Account Agreement controls the duties, obligations and rights of the Depositor, the Authorized Signatories and the Credit Union with regard to all Checking, Money Market and/or savings accounts. The Membership and Account Agreement explains the details and rules regarding the Credit Union’s Overdraft Policy.

    Overdraft fees apply to overdrafts created by checks (share drafts), in person withdrawals, ATM withdrawal or by any other electronic means. Please see the current “Schedules of Fees” section for current overdraft fee information.

  4. DIVIDEND RATE – CERTIFICATES OF DEPOSIT. The Dividend Rate for a I.B.E.W. Local 66 Federal Credit Union Certificate of Deposit generally is fixed for the term of the CD and is usually expressed in terms of its Annual Percentage Yield or APY. The APY is a rate of return which assumes that your funds will remain on deposit for the full term of the CD and that any dividends earned before the maturity date (end of the term) will be added to the principal (your initial deposit). Dividends added in this way are compounded, and allows you to earn dividends on your dividends. For CDs with terms longer than 12 months, dividends are compounded annually. For CDs with terms shorter than 12 months, the dividends are compounded at maturity (when the term expires). The Dividend Rate stated on your Certificate of Deposit will remain in effect until the maturity date. Dividends begin to accrue on the effective date of the Certificate. Dividends not paid to you by check or credited to another account will be added to the principal annually or on the maturity date of the Certificate, whichever comes first. Single/Multiple Maturities: A Certificate is issued in either single maturity or multiple maturity form. A single maturity Certificate will not earn dividends after the maturity date. A multiple maturity Certificate will be automatically renewed for time periods.
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