Honors Checking Truth in Savings Disclosure
This disclosure contains the rules that govern your deposit account as of March 1, 2022.
Account Overview
Dirigo Federal Credit Union’s Honors Checking is a free, variable rate checking account with no minimum balance. A Honors Checking rewards accountholders with dividends and nationwide ATM fee refunds when they meet minimum qualifications during the account’s Monthly Qualification Cycles.
Purpose & Use Expectations
The Dirigo Honors Checking is the accountholder’s primary checking account in which payroll transactions and day‐to‐day spending activities, including but not limited to grocery, gasoline, apparel, shopping, dining, sporting, and entertainment transactions, are posted and settled.
Transaction Activity: Comparable with the spending activities identified above, we expect the account’s debit card to be used frequently throughout each month and for transaction amounts to reflect a wide dollar range. Small debit card transactions conducted on the same day at a single merchant or multiple transactions made during a condensed period, particularly near the end of a Monthly Qualification Cycle, are not considered normal, day‐to‐day spending behavior. For example, our institution does not consider multiple one dollar ($1) debit card transactions conducted two days before the end of the cycle period at a convenience store as usual day-to-day spending behavior. Calculated transactions made to qualify for rewards could be deemed inappropriate and may not count toward earning the account’s rewards.
Account Purpose & Use: Dirigo Federal Credit Union reserves the right to determine if the account is being maintained for a purpose other than day‐to‐day, primary use. Accountholders who persist in making debit card transactions in a calculated and limited fashion to meet their monthly qualifications may have their accounts converted to a different checking account or closed altogether. We also reserve the right to convert the account to a different checking account if the account does not have consistent active use over 12 consecutive Statement Cycles.
Qualifications
You must meet all four (4) qualifications during each Monthly Qualification Cycle to receive the Honors Checking rewards:
1. Have at least 1 ACH credit transaction post and settle
2. Have at least 12 PIN‐based or signature‐based debit card purchases post and settle
3. Be enrolled in and agree to receive e‐Statements
4. Be enrolled in and log into online banking
“Monthly Qualification Cycle” means the current Statement Cycle.
“Statement Cycle” means the period of time for which Dirigo Federal Credit Union provides a summary of the financial activities and transactions that post and settle to the accountholder’s account.
Activity Posting: Transactions and activities may take one (1) or more Business Days from the date the transaction or activity occurred to post and settle to the account. Transactions bundled together by merchants and received by our institution as a single transaction count as a single transaction towards monthly rewards.
Unqualified Account Activities: ATM‐processed transactions, transfers between accounts, debit card purchases processed by merchants and received by our Credit Union as ATM transactions, non‐retail payment transactions, and purchases made with debit cards not issued by our Credit Union do not count toward earning account rewards.
Rewards
Dividends and ATM fee reimbursements will be credited to the account on the last day of the current Statement Cycle. APY = Annual Percentage Yield. APY calculations are based on an assumed total account balance of $100,000.00
Dividend Rate & Annual Percentage Yield (APY): When your Honors Checking account qualifications are met during a Monthly Qualification Cycle, Tier 1: A dividend rate of 1.98% will be paid on the portion of your average daily balance that is less than or equal to $25,000.00. The annual percentage yield for this tier is 2.00%. Tier 2: A dividend rate of 0.299% will be paid on the portion of your average daily balance that is greater than $25,000.01. The annual percentage yield for this tier will range from 2.00% to 0.64%, depending on the balance in the account. When your Honors Checking account qualifications are not met, the dividend rate paid on the entire balance will be 0.049%, with an annual percentage yield of 0.05%.
Compounding & Crediting: Dividends are compounded every month. Dividends are credited to your account on the last day of the current Statement Cycle. If you close your account before the dividend is credited, you will not receive the accrued dividend. Dividends begin to accrue on the Business Day you deposit cash or non-cash items (for example, checks).
Balance Computation Method: Dirigo FCU uses the average daily balance method to calculate the dividends on your account. This method applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the principal for each day of the period and dividing that figure by the number of days in the period. The period we use is the Statement Cycle.
ATM Fee Refunds: You will receive reimbursements up to an aggregate total of $25.00 (a maximum of $4.99 per single transaction) for nationwide ATM withdrawal fees imposed by other financial institutions and incurred during the Monthly Qualification Cycle in which you qualified. An ATM receipt must be presented for reimbursements of individual ATM withdrawal fees of $5.00 or higher. We reimburse ATM withdrawal fees based on estimates when the withdrawal information we receive does not identify the ATM fee.
If you have not received an appropriate reimbursement, we will adjust the reimbursement amount if a transaction receipt is received within sixty (60) calendar days of the withdrawal transaction.
Rates and rewards are variable and at our discretion, may change after the account is opened without notice to you. Fees may reduce earnings. No minimum balance is required to earn or receive the account’s rewards. See the accompanying Schedule of Fees for fees that may apply to this account. Rewards less than a penny cannot be distributed.
Terms & Conditions
A $0.00 minimum deposit is required to open the account. Monthly ACH credit, enrollment and at least one login to online banking, receipt of electronic statements and 12 debit card transactions post and settle are conditions of this account. There are no fees to open or close this account. There are no recurring monthly service charges associated with this account. Enrollment in electronic services (e.g., online banking, electronic statements) may be required to meet some of this account’s qualifications. There is a limit of 1 account(s) per social security number.
See the accompanying Schedule of Fees for any fees that may apply to this account.
Closure of Checking Account: We have the right to close this account at any time, with proper notice. Our decision to close the account will not affect your existing obligations to us, including any obligation to pay fees or charges incurred before termination. No deposits will be accepted, and no checks will be paid after closing the account. If the account is closed, you will forfeit any uncredited rewards to your account. A Dirigo Federal Credit Union check for the remaining balance, if applicable, will be mailed to the accountholder at the address indicated on our current records. In addition, any optional add‐on products or services associated with your Honors Checking account will also be terminated. This account is not to be used for commercial purposes.
Contact a Dirigo Federal Credit Union service representative for additional information, details, and enrollment instructions at 1.800.281.5435. Federally insured by NCUA.
Overdraft Protection
Dirigo Federal Credit Union offers optional overdraft protection plans to protect you from overdrafts and declined transactions. The following fees are applicable: A Member Privilege Fee of $27.00 for each item we pay. A Non‐Sufficient Funds (NSF) Fee of $27.00 for each item returned unpaid.
Overdraft Protection Transfer Fee (if you are enrolled) is $1.00 each time we transfer available funds from the savings account to the checking account to clear an item. The fee may be imposed for covering overdrafts created by check, in‐person withdrawal, ATM withdrawal, or other electronic means.
Dirigo FCU is not obligated to pay overdrafts if your account is not in good standing, you are not making regular deposits, or you have too many overdrafts.
Dirigo Federal Credit Union reserves the right to require the accountholder to pay an overdraft immediately or on demand, or require the accountholder to establish a positive account balance within 30 days, not exceeding 45 days.
Signature Rewards Checking Account
This disclosure contains the rules that govern your deposit account as of March 1, 2022
Account Overview
Dirigo FCU’s Signature Rewards is a free variable reward checking account with no minimum balance. A Signature Rewards Checking rewards accountholders with cash back on their PIN/Signature based debit card purchases and nationwide ATM fee refunds when they meet minimum qualifications during the account’s Monthly Qualification Cycle.
Purpose & Use Expectations
The Signature Rewards account is intended to be the accountholder’s primary checking account in which payroll transactions and day-to-day spending activities, including but not limited to grocery, gasoline, apparel, shopping, dining, sporting, and entertainment transactions, are posted and settled.
Transaction Activity: Comparable with the spending activities identified above, we expect the account’s debit card to be used frequently throughout each month and for transaction amounts to reflect a wide dollar range. Small debit card transactions conducted on the same day at a single merchant or multiple transactions made during a condensed period, particularly near the end of a Monthly Qualification Cycle, are not considered normal, day‐to‐day spending behavior. For example, our institution does not consider multiple one dollar ($1) debit card transactions conducted two days before the end of the cycle period at a convenience store as usual day-to-day spending behavior. Calculated transactions made to qualify for rewards could be deemed inappropriate and may not count toward earning the account’s rewards.
Account Purpose & Use: Dirigo Federal Credit Union reserves the right to determine if the account is being maintained for a purpose other than day‐to‐day, primary use. Accountholders who persist in making debit card transactions in a calculated and limited fashion to meet their monthly qualifications may have their accounts converted to a different checking account or closed altogether. We also reserve the right to convert the account to a different checking account if the account does not have consistent active use over 12 consecutive Statement Cycles.
Qualifications
You must meet all four (4) qualifications during each Monthly Qualification Cycle to receive the Signature Rewards Checking rewards:
1. Have at least 1 ACH credit transactions post and settle
2. Have at least 12 PIN/signature-based debit card purchases
3. Be enrolled in and agree to receive e-Statements
4. Be enrolled in and log into online banking at least once per monthly cycle
“Banking Day” means any business day on which an office of the credit union is open to the public for the purpose of carrying out substantially all of its banking functions.
“Business Day” means a calendar day other than a Saturday or a Sunday, January 1, the third Monday in January, the third Monday in February, the last Monday in May, July 4, the first Monday in September, the second Monday in October, November 11, the fourth Thursday in November, or December 25. If January 1, July 4, November 11, or December 25 falls on a Sunday, the following Monday is not a Business Day.
“Statement Cycle” means the period of time for which Dirigo Federal Credit Union provides a summary of the financial activities and transactions that post and settle to the accountholder’s account.
“Monthly Qualification Cycle” means the current Statement Cycle.
Activity Posting: Transactions and activities may take one (1) or more Business Days from the date the transaction or activity occurred to post and settle to the account. Transactions bundled together by merchants and received by our institution as a single transaction count as a single transaction towards monthly rewards.
Unqualified Account Activities: ATM‐processed transactions, transfers between accounts, debit card purchases processed by merchants and received by our Credit Union as ATM transactions, non‐retail payment transactions, and purchases made with debit cards not issued by our Credit Union do not count toward earning account rewards.
Rewards
Signature Rewards payments and ATM refunds will be credited to the account on the last calendar day of the month.
When Signature Rewards qualifications are met during a Monthly Qualification Cycle, you will receive:
1. 2.00% cash back on up to a total of $400.00 PIN-based/signature-based debit card purchases that post and settle to the account during that cycle period up to a maximum cash back earned of $8.00 per Monthly Qualification Cycle.
2. Reimbursements up to an aggregate total of $25.00 (a maximum of $4.99 per single transaction) for nationwide ATM withdrawal fees imposed by other financial institutions and incurred during the Monthly Qualification Cycle in which you qualified. An ATM receipt must be presented for reimbursements of individual ATM withdrawal fees of $5.00 or higher. We reimburse ATM withdrawal fees based on estimates when the withdrawal information we receive does not identify the ATM fee. If you have not received an appropriate reimbursement, we will adjust the reimbursement amount if a transaction receipt is received within sixty (60) calendar days of the withdrawal transaction.
Rates and rewards are variable and at our discretion, may change after the account is opened without notice to you. Fees may reduce earnings. No minimum balance is required to earn or receive the account’s rewards. See the accompanying Schedule of Fees for fees that may apply to this account. Rewards less than a penny cannot be distributed.
When Signature Rewards qualifications are not met, you will not receive rewards on PIN-based/signature-based debit card purchases and ATM fees are not refunded.
Closure of Checking Account: We have the right to close this account at any time, with proper notice. Our decision to close the account will not affect your existing obligations to us, including any obligation to pay fees or charges incurred before termination. No deposits will be accepted, and no checks will be paid after closing the account. If the account is closed, you will forfeit any uncredited rewards to your account. A Dirigo Federal Credit Union check for the remaining balance, if applicable, will be mailed to the accountholder at the address indicated on our current records. In addition, any optional add‐on products or services associated with your Signature Rewards Checking account will also be terminated. This account is not to be used for commercial purposes.
Contact a Dirigo Federal Credit Union service representative for additional information, details, and enrollment instructions at 1.800.281.5435. Federally insured by NCUA.
Terms & Condition
A $0.00 minimum deposit is required to open the account. Monthly ACH credit, enrollment and at least one login to online banking, receipt of electronic statements, and 12 debit card transactions post and settle are conditions of this account. This account is not to be used for commercial purposes, and there is a limit of 1 account per social security number. There are no recurring monthly service charges associated with this account. See Dirigo Federal Credit Union’s schedule of Fees for fees that may apply to this account. Enrollment in electronic services (e.g. online banking, electronic statements) may be required to meet some of this account’s qualifications.
Overdraft Protection
Dirigo Federal Credit Union offers optional overdraft protection plans to protect you from overdrafts and declined transactions. The following fees are applicable: A Member Privilege Fee of $27.00 for each item we pay. A Non‐Sufficient Funds (NSF) Fee of $27.00 for each item returned unpaid.
Overdraft Protection Transfer Fee (if you are enrolled) is $1.00 each time we transfer available funds from the savings account to the checking account to clear an item. The fee may be imposed for covering overdrafts created by check, in‐person withdrawal, ATM withdrawal, or other electronic means.
Dirigo FCU is not obligated to pay overdrafts if your account is not in good standing, you are not making regular deposits, or you have too many overdrafts.
Dirigo Federal Credit Union reserves the right to require the accountholder to pay an overdraft immediately or on demand, or require the accountholder to establish a positive account balance within 30 days, not exceeding 45 days.