Truth in Savings Disclosure

All 1st Bergen non-certificate accounts are variable rate accounts. Rate and Annual Percentage Yields are subject to change from time to time at our discretion without notice to you. We do not impose a limit on the amount the dividend rate and Annual Percentage Rate on your account may change.

Dividends compounded daily and credited quarterly. Dividend period is quarterly. If you close your share account before dividends are credited, you will not receive accrued dividends.

Dividends are calculated by the daily balance method, which applies a daily periodic rate to the principal in your account each day.
Dividends begin to accrue on the business day you deposit cash and noncash items (e.g. checks).

Dividends are paid from current income and available earnings, after required transfers to reserves at the end of the dividend period.
A member who reduces his share balance below the par value of one share and does not increase the balance to at least the par value of one share within 12 months of the reduction may be terminated from membership at the end of the dividend period. Shares may be transferred only from one member to another, by written instrument in such form as the Credit Union may prescribe.

No member may withdraw shareholdings that are pledged as required on security on loans without the written approval of the Credit Union, except to the extent that such shares exceed the member’s total primary and contingent liability to the Credit Union. No member may withdraw any shareholdings below the amount of his/her primary or contingent liability to the Credit Union if he/she is delinquent as a borrower, or if borrowers for whom he/she is co-maker, endorser, or guarantor are delinquent, without the written approval of the Credit Union.

The par value of a regular share in this Credit Union is $5.

A Membership Eligibility Account is required for membership with 1st Bergen. This account houses your share. No deposits or withdrawals are permitted from this account as long as you are a member. This account does not pay dividends.

The annual percentage yield is based on an assumption that dividends will remain in the account until maturity. A withdrawal will reduce earnings.
Fees and/or service charges may reduce earnings.

Certificates will automatically renew on the maturity date for the same term. The dividend rate in effect at the time the certificate renews into the new term will be applied to the account. Account holder has a ten (10) day grace period to change the term or close the certificate account without a penalty.

We may impose a penalty if you withdraw any of the funds before a Certificate maturity date. The penalty is calculated as a forfeiture of part of the dividends that have been or would have been earned on the account. It applies whether or not the dividends have been earned. In other words, 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.

After a Certificate is opened, you can't make deposits into the account.
If a Certificate balance falls below $250, it will be closed.
Accounts are federally insured by the National Credit Union Administration.

Rates and yields are determined at the discretion of the Credit Union and are subject to change at any time.

Please call 201-968-0202 or go to www.1st for current dividend rates and terms.