Truth in Savings Disclosure

Truth in Savings Disclosure

This disclosure is effective 5-Nov-2019 and may be amended from time to time.

COMMON FEATURES

Nature of dividends—Dividends are paid from current income and available earnings, after required transfer to reserves at the end of a dividend period. Prospective dividend rates and yields are set forth on Black Opal’s Rate Sheets and are not guaranteed.

Transaction limitations—There are limits on certain withdrawals and transfers that may be made from Savings, E-Savings and Money Management Savings. Subject to availability, up to six preauthorized or automatic transfers of funds per month are permitted from your account to another of your accounts with us, or to a third party. Preauthorized or automatic transfers include transfers made at a predetermined time or through Black Opal’s Online Banking from this account to any of your other accounts with us or to a third party. Transfers also include Line of Credit or account convenience service agreements where the money is automatically transferred from your Line of Credit or designated savings account to cover transactions that would otherwise be denied due to non-sufficient funds in any of your other accounts; and transfers to a third party. The date the transfer clears the account will determine whether these limits have been exceeded during any month. We have no duty to honor withdrawals or transfers beyond the applicable limits. If within our sole discretion, we honor withdrawals or transfers that are beyond the applicable limits, we may impose excess transaction fees. If these limitations are exceeded, we may, in our sole discretion, close your account and/or transfer the funds to another account that you are eligible to maintain. There is no limit on the frequency of withdrawals or transfers that may be made in person or ATM, but each such withdrawal or transfer must be made using only those forms and devices provided or approved by us for this account. Also, there is no limitation on transfers for the purpose of repaying loans and associated expenses where the loan has been made by us.

Federal Deposit Insurance Corporation— Member accounts in Black Opal are federally insured by the Federal Deposit Insurance Corporation (FDIC)

SAVINGS

Rate information—The prospective dividend rate and corresponding annual percentage yield (APY) may change at our sole discretion, at any time, and without notice as determined by the Black Opal rate-setting committee.

Compounding and crediting—Dividends will be compounded and credited every quarter.

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, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates.

The dividend declaration date is the last day of the dividend period and for the example above is March 31.

Minimum balance requirements—No minimum balance requirements apply to this account. Deposits may be made in amount at any time.

Daily balance computation method—Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.

Accrual of dividends on noncash deposits—Dividends will begin to accrue on the business day you deposit noncash items (for example, checks) to your account.

Transaction limitations—See Common Features Section.

CHECKING

Rate information—The prospective dividend rate and corresponding annual percentage yield (APY) may change at our sole discretion, at any time, and without notice, as determined by the Black Opal rate-setting committee.

Compounding and crediting—Dividends will be compounded and credited every month.

Minimum balance requirements—No minimum balance requirements apply to this account. Deposits may be made in any amount at any time.

Transaction limitations—There is no limit on the frequency of withdrawals or transfers that may be made directly to another of your accounts with us, or to third parties, either in person or by (subject to availability) negotiable order of withdrawal, check, draft, debit card, electronic order, or instruction, mail, messenger, telephone, ATMs, but each such withdrawal or transfer must be made using only those forms and devices provided by us for this type of account.