Rate & Fee Schedule

Effective July 6, 2022

This schedule sets forth conditions, rates, fees and charges applicable to Savings, Checking, Certificate Accounts, Individual Retirement Accounts (IRA’s), Coverdell Education Savings Accounts (CESA’s) and Health Savings Accounts (HSA’s) at Granite Federal Credit Union. The credit union may offer other rates and fees or amend those contained herein. Each account holder agrees to the terms set forth herein and acknowledges that it is part of the Membership and Account Agreement. For terms on member business accounts, please see the Business Rate and Fee Schedule.

TRUTH-IN-SAVINGS DISCLOSURE

Except as specifically described, the following disclosures apply to all accounts. All accounts described in this Truth-in-Savings Disclosure are share accounts.

1. Rate Information. The Dividend Rate and Annual Percentage Yield on your accounts are set forth herein. For Regular Savings Accounts, the Dividend Rate and Annual Percentage Yield may change monthly as determined by the Credit Union’s Board of Directors. For Money Market Savings Accounts, and IRA Savings Accounts, the Dividend Rate and APY may change at any time as determined by the Credit Union’s Board of Directors. The Money Market Savings is a tiered-rate account. The Dividend Rate and Annual Percentage Yield applicable to the Money Market Savings account depend on the balance ranges set forth herein. Once a balance range is met, the Dividend Rate and Annual Percentage Yield for that range will apply to the full balance of your account. For Certificate accounts, the Dividend Rate and Annual Percentage Yield are fixed and will be in effect for the term of the account. A withdrawal of dividends will reduce earnings.

2. Nature of Dividends. For Share Savings, Money Market Savings, and IRA accounts, dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period. The Dividend Rate and Annual Percentage Yield set forth herein are accurate as of the Effective Date and is the rate that the credit union anticipates paying for the applicable dividend period.

3. Compounding & Crediting. The Dividend Period is the period of time at the end of which an account earns dividend credit. Dividends for all accounts will be compounded and credited monthly. The Dividend Period for all accounts begins on the first calendar day (effective date) of the month (or the open date during the first month) and ends on the last calendar day (effective date) of the month.

4. Accrual of Dividends. For all accounts, dividends will begin to accrue on cash and noncash deposits on the day the credit union receives provisional credit. Dividends will begin to accrue on electronic direct deposits on the calendar day (effective date) we receive the deposit. If you close a Share Savings, Money Market Savings, or IRA account before accrued dividends are credited, accrued dividends will not be paid.

5. Balance Information. To open any account, you must deposit or already have on deposit at least the par value of one full share in a Share Account. The minimum balance required to open each account is set forth herein. For Share Savings, Money Market, IRA, and Certificate accounts, the minimum daily balance required to obtain the stated Annual Percentage Yield is set forth herein. If the minimum balance is not met, you will not earn the stated Annual Percentage Yield. For all accounts, dividends are calculated by the daily balance method, which applies a daily periodic rate to the principal in the account each day.

6. Certificate Account Features.

a. Account Limitations. After your account is opened, you may not make additional deposits except with First Step and Home Buyer Certificate accounts. For First Step and Home Buyer Certificate accounts, you must choose a monthly amount ($10.00 minimum for First Step and $25 minimum for Home Buyer) to be automatically transferred from your Checking, Share Savings or Money Market accounts. You may also make additional deposits of up to $10,000 each calendar month to your First Step or Home Buyer Certificate account. On the crediting date, you may elect to have dividends transferred automatically to your Share Savings, Money Market or Checking account. Each member is limited to $100,000 in any one or combination of First Step and/or Home Buyer Certificates.

b. Maturity. Your Certificate account will mature on the maturity date set forth on your Account Receipt or Renewal Notice.

c. Early Withdrawal Penalty. We may impose a penalty if you withdraw any of the principal balance before the maturity date.

(1) Amount of Penalty For all Certificate accounts, the amount of the early withdrawal penalty is based on the term of your account. The penalty schedule is as follows:

i. Terms of twelve (12) months or less – ninety days (90) days of dividends;

ii. Terms of twelve (12) to forty-eight (48) months – (180) days of dividends;

iii. Terms of forty-eight (48) months or more – (365) days of dividends;

(2) How the Penalty Works. The penalty is calculated as a forfeiture of part of the dividend that has been or would be earned on the amount withdrawn. It applies whether or not the dividend has been earned. If the account has not yet earned enough dividends or if the dividend has already been paid, the penalty will be deducted from the principal.

(3) Exceptions to Early Withdrawal Penalties. We may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances:

i. When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.

ii. Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after establishment, provided that the depositor forfeits an amount of at least equal to the dividend earned in the amount withdrawn.

iii. Where the account is a Traditional or Roth IRA and the amount being withdrawn is during the year the IRA owner turns age seventy-and-a- half (70 1/2) or any year thereafter.

iv. Where the account is a Home Buyer Certificate and the amount being withdrawn is used toward the purchase of a home.

d.Renewal Policy. Certificate accounts are automatically renewable accounts. Your account will automatically renew for another term upon maturity, and you have a grace period of ten (10) days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty. From time to time, the credit union may offer Certificates at special rates. These “Special Offerings” are renewable as regular Certificates. You may elect not to have your Certificate account renew at any time.

e. Nontransferable/Nonnegotiable. Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation without our prior written consent.

The par value of a membership share is $5.00

If you have questions or require current rate information on your business or organizational accounts, please contact us at: Granite Credit Union (801) 288-3000 www.granite.org.