Certificate of Deposit Account Disclosure
Requirements to Open an Account
The member must have a Share Savings Account in good standing and no delinquent loans. The minimum required balance must be deposited upon opening the account. Dividends will be posted to the members share savings account quarterly on the last day of the quarter.
Early Withdrawal Penalty
We MOBC FCU will impose a penalty if you attempt to withdraw any of the principle before the maturity date.
Certificate Withdrawal Penalties - Amount of Penalty
Any penalty for early withdrawal will not affect principle. Penalties for early withdrawals are as follows:
12, 18 and 24 Months
Exceptions to Early Withdrawal Penalties
At our option, we may pay the account before maturity without imposing an early withdrawal penalty in the event that an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.
EFFECTIVE March 1, 2024 all investment certificates will automatically renew. You must notify MOBC FCU within the 10 calendar-day grace period after automatic renewal to either close OR withdraw funds without penalty.
Your account is non-transferable and non-negotiable. The funds in your account may not be pledged to secure any obligation of an owner, except obligations with MOBC FCU.
The Annual Percentage Yield (APY)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 term of the account. The Annual Percentage Yield is based on an assumption that dividends will remain on deposit until maturity. The rates and fees appearing in this Schedule are accurate as of the Effective Date. If you have any questions or require current rate and fee information on your accounts, please call the credit union.
Nature of Dividends
Dividends are paid from current income and available earnings after required transfers at the end of the dividend period.
Dividends Compounding and Crediting
The compounding and crediting of dividends applicable to each account is set forth in the Rate Schedule. The Dividend Period begins on the first calendar day of the Dividend Period and ends on the last calendar day of the Dividend Period.
The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For all 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 period. The average daily balance is determined by adding the full amount of the principal in the account for each day of the period and dividing that figure by the number of days in the period.
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 account. For all accounts, if you close your account before accrued dividends are credited, accrued dividends will not be paid.
After your account is opened, you will not be allowed to make additional deposits to your account or withdrawals of dividends until the established posting date.
Tell us AT ONCE if you believe that an electronic fund transfer has been made without your permission using information from your account Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account. If you tell us within 2 business days after you learn of the loss or theft involving your account you can lose no more than $50 if someone access your account without your permission
If you do NOT tell us within 2 business days after you learn of the loss or theft and we can prove we could have stopped someone from using your information without your permission if you had told us, you could lose as much as $500
Also, if your statement shows transfers that you did not make tell us at once. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we may extend the time periods.
You should also call the number or write to the address listed below if you believe a transfer has been made using the information from your account without your permission.
Call: 817-261-9325 or write: Mount Olive Baptist Church Federal Credit Union 514 N. L. Robinson Dr. Arlington, TX 76011
For purposes of these disclosures, our business days are Sunday through Friday. Holidays are (not) included.
Mon – Thur
9:00 AM - 4:00 PM
9:00 AM - 6:00 PM
Saturday and Sunday
We will charge you $3.00 for each transfer you make over the allowable 6 transaction per month
We will disclose information to third parties about your account or the transfers you make:
In case of errors or questions about transfers to or from your account call or write to us at the contact information above as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared.
If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days.
We will determine whether an error occurred within 10 business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days to investigate your complaint or question the Credit Unions approval. If we decide to do this, we will credit your account within 10 business days for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account.
For errors involving new accounts we may take up to 90 days to investigate your complaint or question. For new accounts, we may take up to 20 business days to credit your account for the amount you think is in error.
We will tell you the results within three business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation.
Our Credit Union is committed to providing a website that is accessible to the widest possible audience in accordance with ADA. We are working to increase the accessibility and usability of our website for all people. If you are using a screen reader or other auxiliary aid and are having problems using this website, please contact us at 817-261-9325 for assistance. Products and services available on this website are available at our office located at 514 N. L. Robinson Drive, Arlington, Texas – 76011.
Open an Account
Request your free credit reports