Truth-in-Lending

Club Accounts

1.   Interest Rate Information - The Annual Percentage Yield (APY) is a percentage rate that reflects the total amount of interest to be paid on an account based on the interest rate and frequency of compounding for an annual period. The dividend rate and annual percentage yield may change quarterly, as determined by the credit union board of directors.

2.  Dividend Period - For this account type, the dividend period is quarterly, for example the beginning date of the first dividend period of the calendar year is January 1 through March  31. All other dividend periods follow this same pattern of dates. The dividend rates and annual percentage yields are the rates and yield as of the last dividend declaration date, which for this example is March 31.

3.  Dividend Compounding and Crediting - Dividends will be compounded daily and will be credited to your account quarterly.

4.  Balance Information - Dividends are calculated by the daily balance method that applies a daily periodic rate to the balance in the account each day.   Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the dividend period.  The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.

5.  Accrual of Dividends - For all accounts, interest will begin to accrue on the business day you make the deposit to your account.  For all accounts, if you close your account before accrued interest is credited, accrued interest will not be paid.

6. Minimum Opening Deposit - There isn’t a minimum opening balance requirement for Club Accounts.

7.  Minimum Balance Requirements - There isn’t a minimum daily balance required to receive interest.  There isn’t a minimum balance required to keep the account open.

Truth-in-Savings Club Account»

Certificate Accounts

 1.   Interest Rate Information - The Annual Percentage Yield (APY) is a percentage rate that reflects the total amount of interest to be paid on an account based on the interest rate and frequency of compounding for an annual period. For Share Certificate accounts, the Interest Rate and APY are fixed and will be in effect for the term of the account.

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 - Interest will be compounded daily and will be credited to a share account monthly.

4.  Balance Information - To open any account, you must deposit or already have on deposit the minimum required share(s) in a share account.  Some accounts may have additional minimum opening deposit requirements.  For Share Certificate accounts, dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the dividend period.  The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.

5.  Accrual of Dividends - For Share Certificate accounts, dividend will begin to accrue on deposits on the business day you make the deposit to your account.  If you close your account before accrued interest is credited, accrued interest will not be paid.

6.  Minimum Balance Requirements for sHARE CERTIFICATE ACCOUNT -

The minimum opening balance requirements for Share Certificate Accounts is $1000.00.

7.  Transaction Limitations - After your account is opened, you are not allowed to make any additional deposits.  Withdrawals are allowed from the certificate subject to a penalty.

8.  Maturity - Your account will mature as stated on your account receipt or renewal notice.

9.  Early Withdrawal Penalty - We will impose a penalty if you withdraw funds from your account before the maturity date.

a.  Amount of Penalty – For Share Certificate accounts, the amount of the early withdrawal penalty for your account is 182 days of interest.

b.  How the Penalty Works - The penalty is calculated as forfeiture of part of the interest that has been or would be 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, the penalty will be deducted from the principal. 

c. Exceptions to Early Withdrawal Penalties. – At our option, we may pay the account before maturity without imposing an early withdrawal penalty when an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction. 

10.  RENEWAL POLICY – The account will no longer earn dividends past the maturity date. For accounts that are not renewed or the Credit Union has not been notified on how to process the Share Certificate within 30 days of maturity, the account balance will be transferred to another account of yours. 

11. NONTRANSFERABLE/NONNEGOTIABLE – Your account is nontransferable and nonnegotiable. 

12.  MEMBERSHIP – As a condition of membership, you must purchase and maintain the minimum required share amount. 

If you have any questions or require additional information on your accounts, please call the Credit Union.

 Truth-in-Savings Certificate Accounts»

Privacy Policy

We recognize our responsibility to keep the information you provide to us secure and confidential. Keeping your personal information safe is our priority. Access to members’ information will be reasonably limited to those employees who have a business reason for such access.

GIEFCU is owned by its members. It is governed by a Board of Directors that you elect. You can be confident that your financial privacy is a top priority of this institution. This privacy notice describes our policy and practices about your personal information.

In order to protect our members’ privacy, we only work with companies that agree to maintain strong confidentiality protections and we limit the use of information we provide. We do not permit these companies to see or transmit to third parties the information we provide to them.

How does Griffith Institute Employees Federal Credit Union protect my personal information?
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. GIEFCU regularly tests and assesses its information security measures and adopts upgrades and enhancements as necessary.

We restrict access to nonpublic personal information about you to those employees who need to know that information 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.

How does Griffith Institute Employees Federal Credit Union collect my personal information?
We collect your personal information, for example, when you 
         • open an account 
         • apply for a loan 
         • provide employment information 
         • pay us by check 
         • show your driver’s license
We also collect your personal information from others, such as credit bureaus or other companies.

Nonpublic Personal Information for Current and Former Members and Nonaffiliated Third Parties
Since we value our member relationship with you, we will not disclose your nonpublic personal information to third parties, except as permitted by law. We do not disclose nonpublic personal information about former members.

Why can’t I limit all sharing?
Federal law gives you the right to limit only 
         • sharing for affiliates’ everyday business purposes
                        —information about your creditworthiness 
         • affiliates from using your information to market to you 
         • sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

What happens when I limit sharing for an account I hold jointly with someone else? Your choices will apply to everyone on your account.

Questions? Call 716-592-9887.

Privacy Notice »

Dormant Account Policy

A members’ account shall be considered dormant if no activity has taken place on the account for three years.

A dormant account notification will be sent to members once the account has been inactive for three years or more. Members will be requested to activate their account by making a deposit, withdrawal, or notifying the Credit Union that they acknowledge the account. If they do not activate their account, they will incur a monthly dormant account fee. Any account that is dormant after three years, the balance in the account will automatically be escheated to the State of New York.

Fees on all dormant accounts shall be assessed at $1.00 per month after two years of inactivity. The fee shall continue monthly until the balance in the account is zero and the account is closed, the account has been reactivated, or the balance has been sent to New York State. If after three years there is still a balance, the monies remaining will be escheated to the state.

Exceptions are if the member has other accounts with the credit union i.e. Certificates of Deposit, Loans, etc.; or if the member is under 18 years of age.

The Credit Union will make the necessary attempts to contact members with dormant accounts before any funds are escheated to the state. This makes it essential that addresses on all accounts be current and up to date.

Please contact the Credit Union office if you have any questions.