Aberdeen Federal Credit Union

Aberdeen Federal Credit Union Disclosures

Privacy Policy

At Aberdeen Federal Credit Union, your privacy is our top priority. This notice describes how we protect the privacy of your personal information. Aberdeen Federal Credit Union collects nonpublic personal information about you from the following resources:

  • Information we receive from you on applications and other forms
  • Information about your transactions with us
  • Information about your transactions with others
  • Information we receive from consumer-reporting agencies

We DO NOT disclose any nonpublic personal information about you to anyone, except as permitted by law.

If you decide to terminate your membership or become an inactive member, we will adhere to the privacy policies and practices described in this notice.

Aberdeen Federal Credit Union restricts access to your personal and account information to those employees who need to know that information in order to provide products or services to you. We maintain physical, electronic and procedural safeguards that comply with federal regulations to guard your nonpublic personal information.


Truth-in Savings Disclosure


The rates, fees and terms applicable to your account at the Credit Union are provided in the Truth-in-Savings Disclosure. The Credit Union may offer other rates for these accounts from time to time. 
Except as specifically described, the following disclosures apply to all of the accounts. All accounts described in this Truth-in-Savings Disclosure are share accounts.

1. Rate Information. The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period. For all accounts, the Dividend Rate and Annual Percentage Yield are fixed and will be in effect for the initial term of the account. For accounts subject to dividend compounding, the Annual Percentage Yield is based on an assumption that dividends will remain on deposit until maturity. A withdrawal of dividends will reduce earnings.        

 2. Dividend Period. For each account the dividend period is the account’s term. The dividend period begins on the first day of the term and ends on the maturity date.     

3. Dividend Compounding and Crediting. The compounding and crediting frequency of dividends are:
Months                               Dividends Compounded                         Dividends Credited
3 or 6                                              At Maturity                                                 At Maturity
12, 18, or 24                                 Quarterly                                                   Quarterly

4. Balance Information. The minimum balance requirements are $500.00  for most certifcates and $200.00 for Generation Y Share Certificates. To open any account you must
deposit or already have on deposit at least par value of one full share in a Primary
Share Account. The pare value amount is $5.00. Some accounts may have
additional minimum opening deposit requirements. For all accounts, dividends
are calculated by the Daily Balance method, which applies a periodic rate to the
balance in the account each day.

5. Accrual of Dividends. For all accounts, dividends will begin to accrue on
noncash deposits (e.g. checks) on the business day you make the deposit to your

6. Transaction Limitations. For all accounts, after your account is opened you may make withdrawals subject to the early withdrawal penalties stated below. Additional deposits are not allowed on share certificates with an exception of the Generation Y certificates. Deposits are allowed in increments of $25.00 to the Generation Y certificate.

7. Maturity. Your account will mature as stated on your Account Disclosure or Renewal Notice.

8. Early Withdrawal Penalty. We may impose a penalty if you withdraw from your account before the maturity date.
Amount of Penalty. For all accounts, the amount of the early withdrawal .
penalty is based on the term of your account. The penalty schedule is as follows

  • Term of 1 year or less: 90 days’ dividends
  • Term longer than one year: 180 day’s dvidends                                                                  

 How the Penalty Works. The penalty is calculated as a forfeiture of part of the
dividends that have been or would be earned. In other words, if the account has
not yet earned enough dividends or if the dividends has already been paid, the
penalty will be deducted from the principle.
Exceptions to Early Withdrawal Penalties. At our option, 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 the establishment; or where the account is a Keogh Plan (Keogh), provided that the depositor forfeits an amount of at least to the simple dividends earned in the amount withdrawn; or where the account is an IRA or Keogh and the owner attains age 591/2 or becomes disabled.
Renewal Policy. For all accounts, your account will automatically renew for another term upon maturity. 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. 

Nontransferable/Nonnegotiable. Your account is nontransferable and nonnegotiable.

The renewal dividend rate and annual percentage yield will be available on the maturity date. Please call us for current renewal rate information. If you have any questions or require current rate and fee information on your accounts, please call the Credit Union.