VAC Employees Federal Credit Union
Member NCUA
2 Wilson Ave. Bath, NY 14810
phone: 607-776-3684

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607-776-3684

AUTO LOAN SPECIAL

2017 – 2015 New and Used vehicles 1.95% APR up to 72 months.
2014 – 2012 Used vehicles
2.10% APR up to 60 months.

Collateral Loan Special

New Collateral Loans 2.00% up to 5 years.

2.50% 6 – 10 years.

Used Collateral Loans
3.00% up to 5 years
3.50% 6 – 8 years

Personal Loan Special

$5000 at 5.00% up to 3 years.

See All Loan Rates >

SAVINGS

Share Rate: .05% - APY .05%

6-month .20% - APY .20%
12-month .30% - APY .30%
24 month Not available

IRA

Traditional IRA: .10% - APY .10%
Roth IRA: .10% - APY .10%
Coverdell IRA: .10% - APY .10%
Traditional IRA: .45% - APY .45%
Roth IRA: .45% - APY .45%

Rates are determined by the 
Board of Directors and could 
change at any time. Effective
date of dividends: 12/31/13.

See All Savings Rates >

Hours of Operation

Lobby:
Mon – Thur: 8:00am to 4:30pm
Friday: 8:00am to 5:30pm

Drive thru hours:
Mon – Fri: 8:00am to 4:30pm

Federal holidays observed

Disclosures

Truth-in-Savings Disclosure

Regular Share Account

Rate Information:

The dividend rate and annual percentage yield may change every quarter. We may change the dividend rate for your account as determined by the credit union board of directors.

Compounding and crediting – Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.

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 January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example above is March 31.

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

Minimum balance requirements:

The minimum required to open this account is the purchase of a 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.

Average daily 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. The period we use is the quarter.

Accrual of dividends on noncash deposits – Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.


Transaction limitations:

No transaction limitations apply to this account unless otherwise state in the Common Features section.

Par value of a share:

The par value of a share in this account is $5.00.


Share Draft Account

Monthly service fee required.

Minimum balance requirements:

No minimum balance requirements apply to this account.
Transaction limitations:

No transaction limitations apply to this account unless otherwise stated in the Common Features section.


IRA Share Account

Rate Information:

The dividend rate and annual percentage yield may change every quarter. We may change the dividend rate for your account as determined by the credit union board of directors.

Compounding and crediting- Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.

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 January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example above is March 31.

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

Minimum balance requirements:

You must maintain a minimum average daily balance of $50.00 in your account to obtain the disclosed annual percentage yield.

Average daily 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. The period we use is the quarterly statement cycle.

Accrual of dividends on noncash deposits- Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.

Transactions limitations:

No more than one withdrawal is allowed each quarter.

Fees and charges:

An early withdrawal fee of $20.00 will be charged for each withdrawal. This fee will not apply if you are 59 ½ years of age or older.

Christmas Club Account

Rate Information:

The dividend rate and annual percentage yield may change every quarter. We may change the dividend rate for your account as determined by the credit union board of directors.

Compounding and crediting – Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.

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 January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example above is March 31.

Minimum balance requirements:

You must maintain a minimum average daily balance of $50.00 in your account to obtain the disclosed annual percentage yield.

Average daily 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. The period we use is the quarterly statement cycle.

Accrual of dividends on noncash deposits- Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.

Transaction limitations:
An early withdrawal fee of $20.00 will be charged for each withdrawal. Excessive withdrawals from a Christmas Club may result in closure

Special Clubs Account

Rate Information:

The Dividend rate and annual percentage yield my change every quarter. We may change the dividend rate for your account as determined by the credit union board of directors.

Compounding and crediting- Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.

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 January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example above is March 31.

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

Minimum balance requirements:

You must maintain a minimum average daily balance of $50.00 in your account to obtain the disclosed annual percentage yield.

Average daily 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. The period we use is the quarterly statement cycle.

Accrual of dividends on noncash deposits- Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.

Transaction limitations:

No transaction limitations apply to this account.


6,12 and 24 Month Time Share Certificate

Rate Information - The dividend rate on your time-share certificate is disclosed on your certificate along with the annual percentage yield. You will be paid this rate until the first maturity.

Compounding frequency – Dividends will be compounded every quarter.

Crediting frequency- Dividends will be credited to your account every quarter.

Dividend period- For this account type, the dividend period is quarterly.

Effect of closing and account- If you close your account before dividends are paid, you will not receive the accrued dividends.

Minimum balance requirements:

The minimum balance required to open this account is $1000.00. You must maintain a minimum average daily balance of $1000.00 in your account to obtain the disclosed annual percentage yield.

Average daily 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. The period we use is the quarterly statement cycle.

Accrual of dividends on noncash deposits- Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.

Transaction limitations:

After the account is opened, you may not make additions in the account until the maturity date stated on the account.

Your may not make withdrawals of principal from your account before maturity.

You cannot withdraw dividends from your account before maturity.

Time requirements- Your account will mature by the date stated on your time-share certificate.

Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity)-

· The penalty we may impose will equal the greater of:

-seven days dividends on the amount withdrawn subject to penalty, or
-all dividends that have been earned.

In certain circumstance such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. Other exceptions may also apply, for example, if this is part of an IRA or other tax-deferred savings plan.

Automatically renewable account- This account will automatically renew at maturity. You may prevent renewal if you withdraw the funds in the account at maturity (or within the grace period mentioned below, if any) or we receive written notice from you within the grace period mentioned below, if any. We can prevent renewal if we mail notice to you at least 30 calendar days before maturity. If either you or we prevent renewal, your funds will be placed in a dividend-bearing account.

Each renewal term will be the same as the original term, beginning on the maturity date. The dividend rate will be the same we offer on new term share accounts on the maturity date which have the same term, minimum balance (if any) and other features as the original term share account.

You will have a grace period of ten calendar days after maturity to withdraw the funds without being charged an early withdrawal penalty.


18-Month IRA Share Certificate

Rate Information- The dividend rate on your term share account is disclosed on your certificate along with the annual percentage yield. You will be paid this rate until first maturity.

Compounding frequency- Dividends will be compounded semiannually.

Crediting frequency- Dividends will be credited to your account semiannually.

Dividend period – For this account type, the dividend period is semiannual.

Effect of closing an account- If you close your account before dividends are paid, you will not receive the accrued dividends.

Minimum balance requirements:

The minimum balance required to open this account is $1000.00.

You must maintain a minimum average daily balance of $1000.00 in your account to obtain the disclosed annual percentage yield.

Average daily 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. The period we use is the quarterly statement cycle.

Accrual of dividends on noncash deposits- Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.

Transaction limitations:

After the account is opened, you may not make additions into the account until the maturity date stated on the account.

You may not make withdrawals of principal from your account before maturity.

You cannot withdraw dividends from your account before maturity.

Time requirements- Your account will mature on the date stated on your certificate.

Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity)-

The penalty we may impose will equal the greater of:

- seven days dividends on the amount withdrawn subject to penalty, or
- all dividends that have been earned.


In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. Other exceptions my also apply, for example, if this is part of an IRA or other tax-deferred savings plan.

Automatically renewable account- This account will automatically renew at maturity. You may prevent renewal if you withdraw the funds in the account at maturity (or within the grace period mentioned below, if any) or we receive written notice from you within the grace period mentioned below, if any. We can prevent renewal if we mail notice to you at lease 30 calendar days before maturity. If either you or we prevent renewal, your funds will be placed in a dividend-bearing account.

Each renewal term will be the same as the original term, beginning on the maturity date. The dividend rate will be the same we offer on new term share accounts on the maturity date which have the same term, minimum balance (if any) and other features as the original term share account.

You will have a grace period of ten calendar days after maturity to withdraw the funds without being charged an early withdrawal penalty.

Common Features

Bylaw requirements:

You must complete payment of one share in your Regular Share account as a condition of admission to membership.

Transaction limitation- We reserve the right to at any time require not less than seven days notice in writing before each withdrawal from an interest-bearing account other than a time deposit, or from any other savings account as defined by Regulation D.

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

National Credit Union Share Insurance Fund- Member accounts in this credit union are federally insured by the National Credit Union Share Insurance Fund.

The following fees may be assessed against your account and the following transaction limitations, if any, apply to your account.

Membership entrance fee……………………………………$1.00
Draft printing…………(fee depends on style and quantity of draft ordered)
Cashier’s check (under $1,000)…………………………$5.00
Money orders………………………………………………………$1.75

An account is considered dormant if for one year no withdrawals or deposits, other than credited dividends, have been made to the account. The fee for a dormant account is $25.00 per year.
Normally charged during the month of June.

Nonsufficient funds – each……………………………………$40.00
Account balancing assistance………………………………$15.00 per hour
Stop payments – each…………………………………………$45.00
Photocopy………………………………………………………………$2.00

Your Ability to Withdraw Funds

This policy statement applies to all accounts.

Our policy is to make funds from your cash and check deposits available to you on the first business day after the day we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once the funds are available, you can withdraw them in cash and we will use the funds to pay checks that you have written.

Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.

For determining the availability of your deposit, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit before closing on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after closing or on a day we are not open, we will consider that the deposit was made on the next business day we are open.

If we cash a check for you that is drawn on another bank, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it.

Longer Delays May Apply

Case-by-case delays. In some cases, we will not make all of the funds that you deposit by check available to you on the first business day after the day of your deposit. Depending on the type of check that you deposit, funds may not be available until the fifth business day after the day of your deposit. The first $100 of your deposits, however, may be available on the first business day.
If we are not going to make all of the funds from your deposit available on the first business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the day after we receive your deposit.

If you will need the funds from a deposit right away, you should ask us when the funds will be available.

Safeguard exceptions. In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:

We believe a check you deposit will not be paid.
You deposit checks totaling more that $5,000 on any one day.
You redeposit a check that has been returned unpaid.
You have overdrawn your account repeatedly in the last six months.
There is an emergency, such as failure of computer of communications equipment.

We will notify you if we delay your ability to withdrawn funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the eleventh business day after the day of your deposit.

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Your savings federally insured to at least $250,000
and backed by the full faith and credit of the
United States Government