This Disclosure Statement sets forth certain terms relating to your Accounts with us.  These terms are part of your contract with us and are binding upon both of us .

Savings Accounts, Preferred Checking Account, Preferred Gold Checking, Club Accounts, Money Market Account.

Rate Information

Your dividend rate and annual percentage yield may change.  At our discretion we may change the dividend rate on your account at any time.

The dividend rate and Annual Percentage Yield set forth on the back of this disclosure are as of the last dividend declaration date.

Dividend are paid from current and available earnings, after required transfers to reserves at the end of the dividend period.

Accrual of Dividends on Non-cash Items

Accrual or dividends on non-cash items (for example, checks) you deposit will begin on the day you deposit such non-cash items.

Dividend Compounding and Crediting

Dividends are compounded and credited monthly.  The dividend period is monthly, for example the beginning date of the first dividend period of the calendar year is January 1 and the ending date of such dividend is January 31. All other  dividend periods follow this same pattern of dates.  The dividend declaration date follows the ending date of a dividend period, and for example set forth herein is February 1.  If you close your account before dividends are certified, you will receive the accrued dividend.

Calculation Method

We use the daily-balance method to calculate dividends on your account.  This method applies a periodic rate to the principal in the account each day.

Minimum Balance Requirements and Transaction Limitations

The par value of a share in this credit union is $25.00

The minimum balance requirements for your accounts are disclosed in the minimum balance and account rate information section of this dislosure.

We may require you to give written notice of an intended withdrawal not less than 7 days before the withdrawal is to be made.  Under applicable law, we may extend the notice period for up to 90 days.

If your account is a Money Market Account or Statement Savings Account, during each monthly statement period, you are limited to making no more than 6 transfers to another account with us or to a third party by means of preauthorized  or authomatic transfers, or telephonic agreement, order or instruction, or by check, draft, debit card or similar order made by you and payable to third parties.  For purposes of this limitation, transfers made by using Online Banking Services are counted against the permissible number of transfers.

Certificate of Deposit

Rate Information

Your dividend rate and annual percentage yield may charge.  At our discretion  we may change the dividend rate on your account at any time.

The dividend rate and Annual Percentage Yield set forth on the back of this disclosure are as of the last dividend declaration date.

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

The disclosed annual percentage yield assumes that funds ramain on deposit.   Any withdrawal will reduce earnings.

Accrual of Dividend and Non-cash Items

Accrual of dividends on non-cash items (for example, checks) you deposit will begin on the day you deposit such non-cash items.

Dividend Compounding and Crediting

Dividends are compounding and credited monthly, unless designated in this agreement as a sinple interest account.  The dividend compounding and crediting methods follow the same pattern as previously disclosed in this disclosure.

Account Transaction Limitations

You may only withdraw dividends after they have been credited to your account. 

In unusual circumstances we may require a 90 day written notice of intent to withdraw any or all of the funds in this account.

Early Withdrawl Penalty

If you withdraw any principal before the maturity date, a penalty will be imposed on the account which you withdrew and charged to your account.  If your account has an original maturity of 1 year or less the penalty will be equal to 30 days dividends, which  would have been earned on the amount of principal withdrawn.  If your account has an original maturity of more than 1 year the penalty will be equal to 90 days dividends, which would have been earned on the amount of principal withdrawn.

No penalty shall be assessed in the event of the death or adjudication of mental incompetence of any owner of the account.

The credit union may also allow a withdrawal, in whole or in part, without penalty, with respect to any deposit which is contributed under the individual Retirement Account where the individual for whose benefit the plan or account is maintained is 59.5 years of age or older or becomes disabled as defined in the Internal Revenue Code.

Renewal Policy

This account will automatically renew at maturity.  You can prevent renewal if you withdraw your entire balance at maturity, or within teh 10 calendar day grace period.  You can prevent renewal if we receive written notice within the 10 calendar day grace period.  We can prevent renewal by mailing notification to you at least 30 days before teh maturity date.

Each renewal term will be the same as the original term, beginning on the maturity date.  The dividend rate will be equal to the rate offered on new Certificate of Deposit Accounts on the maturity date, which have the same term, minimum balance requirements  and other features in common with the original Certificate of Deposit Account.

You will have a grace period of 10 calendar days after the maturity date to withdraw funds without penalty.

If you do not renew your account for any reason, your deposit will be placed in a dividend bearing account.

Service Fees and Charges

We will provide you with a separate schedule setting forth the fees and charges that may be imposed upon your account(s).

Additonal Transaction Limitations Covering All Accounts

As a member of our credit union, you are subject to the following rules that are contained in our governing documents:

1.  In order to maintain an account with us, you must maintain a share account which meets the par value requirements set forth herein.  For this credit union, you must hold one share with the herein-noted par value in order to maintain account with us.

2.  Shares may be transferred only from one member to another, by written instrument in such form as we may prescribe.

3.  You may not withdraw shareholdings that are pledged required as security for loans without our written approval, except to teh extend that your shares exceed your total primary and contingent liability to us.  Further, you may not withdraw any shareholdings below the amount of your primary or contingent liability to us if you are delinquent as a borrower, or if borrowers for whom you act as co-maker, endorser, or guarantor are delinquent, without our prio written approval.

4.  Shares paid in under an accumulated payroll deduction plan may not be withdrawn until credited to your account.

5.  You agree not to use any of your accounts, access devices or services for unlawful internet gambling or other illegal activities.

Insured Deposits

National Credit Union Share Insurance Fund

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

Massachusetts Credit Union Share Insurance Corporation

The portion of members accounts in excess of those sums which are insured by the National Credit Union Share Insurance Fund are insured by the Massachusetts Credit Union Share Insurance Corporation.