Included under this policy heading shall be certificate of deposits, savings (regular shares), demand deposits (share drafts), dormant accounts, IRA accounts and IRA certificates, and any other member special accounts.

1. Objective.
1. The Credit Union shall encourage share savings from all members on a systematic basis.
2. Credit Union policies shall encourage member thrift.
3. The Credit Union shall comply with Truth-In-Savings (TIS) by providing account disclosures upon request and when opening or renewing existing accounts.

2. Restrictions.
1. Each member must maintain a balance in their primary share account of at least $30 which represents a minimum required ownership in the Credit Union of six shares with a par value of $5 each.


2. * The maximum amount of funds an individual member can have on deposit in the Credit Union is $1,000,000 regardless of the account type(s) and term(s).


3. * The maximum deposit amount an individual member can make within a 30-day period is $500,000.

3. Small Share Accounts/Dormant Accounts.
1. A small share account is defined as a share account with less than $30 on deposit. A dormant account is defined as being an account in which the member has neither made a deposit nor a withdrawal for a period of one (1) year as per section 45-7-204 of the Tennessee Laws and Regulations.
2. Member savings accounts having no activity for a period of at least 12 months shall automatically be considered a dormant account.
3. Dormant accounts shall be placed under a "dormant" account control maintained by the manager or assistant manager.
4. Efforts to activate or close dormant accounts shall be continuous.
5. Activation of small share accounts shall be sought following six months of inactivity.
6. Dormant accounts with no forwarding address and no response for more than 1 year will be disposed of under the normal proceedings under the laws of the State of Tennessee governing these accounts, and Article XXI of the credit union by-laws.

4. Life Savings Insurance.

1. Savings in the credit union shall be covered by Life Savings Insurance up to $4,000. This insurance coverage will be provided to the member at no cost through CUNA MUTUAL INSURANCE SOCIETY.

2. After age 55 a member must maintain $4,000 in the primary share account for full insurance coverage. Each member will receive a certificate explaining the insurance coverage on Life Savings.

3. ** The LS insurance program will be discontinued beginning April 1, 2005.

5. Promotion.

The promotion of savings shall be continuous.

6. Dividends.

1. * Dividends shall be at a rate that will be commensurate with those prevailing in the savings community including community credit unions, provided earnings are adequate to do so. Credit Union rates will be reported monthly to the Board at its regularly scheduled meetings.

2. * The Asset/Liability Management Committee will recommend to the Board the dividend rate that will be paid on Share Savings and Share Draft accounts. The Share Savings and Share Draft rate will be declared for the calendar quarter at the last scheduled meeting of the quarter by the Board of Directors. Dividends declared will be posted quarterly on the last day of the quarter. The dividend rate for the Primary Share Savings account will be the same rate for secondary share savings, share club and share escrow accounts.

3. * The Credit Union Manager will recommend rates for both the IRA Share Savings and Share Money Market Accounts. IRA Share Savings rates are for the calendar quarter. Share Money Market rates are set on a monthly basis even though the rate may remain unchanged during a quarter.

4. * The Asset/Liability Management Committee will recommend rates for Share Certificates and Share IRA Certificates.

5. * Dividends will accrue on the average daily balance on Share Savings, Share Club, Share Draft, Share Escrow and Share IRA Savings accounts. Money Market Share accounts and Share Certificate accounts will accrue dividends on a daily interest basis.

7. Share Savings Certificates.
The EPB Employees Credit Union shall provide a share savings certificate program.
1. Share Certificates of Deposit issued shall be:
1. Granted in initial amounts of at least $1,500. A member will be allowed to open any certificate of deposit with a minimum of $1,500.
2. Granted in additional increments as separate certificates.
3. Granted for a period of three to sixty months.
4. Signed by the manager or qualified staff member.
5. Excluded from the life savings insurance coverage.
<>Subject to automatic renewal for an additional period at the current rate.

3. Early withdrawal penalties on certificates of deposit issued for more than 90 days shall be set as follows:

1. 30 day penalty on certificates with terms of 90 days or less.
2. 90 day penalty on certificates with terms over 90 days and through 24 months.
3. 120 day penalty on certificates with terms of more than 24 months.
4. Penalties will be assessed only on principal withdrawn. Should a certificate renew, any interest earned and credited during the previous term will be considered principal, and subject to penalty, during the renewed term.

4. Dividend rates shall be negotiable with the manager and treasurer on members' regular certificate of deposits in the amount of $75,000 or more.

8. Share Drafts.

1. * Share drafts will be processed and cleared through Volunteer Corporate Credit Union in Brentwood, TN.

2. The dividend rate on share draft accounts shall be paid at a lower rate than regular shares and paid in the same manner as regular share accounts, and said rates shall be set by the board of directors.

3. Program operational policies are as follows:
1. There shall be no minimum required balance to be maintained or to open a share draft account. Accounts on the computer system are typically referred to as "1" suffix accounts.
2. To open a draft account, an updated credit report will be required. Members with no credit experience will be put on a 60-day probationary period. A derogatory credit report may result in denial of a share draft account.
3. * Net pay check, payroll deduction, EFT/ACH deposits and withdrawals and Visa Check Card transactions can be processed through the draft account.
4. There will be no charge to the member for purchasing the Credit Union designated "free" drafts.
5. Should the member request personalized drafts offered by most check printers, both printing and postage charges will be charged to the member.
6. There will be no monthly service fee for any amount maintained.
7. Fees, based on board approval, will be assessed for:
1. Stop Payment Orders
2. Photocopy/Fax of cleared drafts
3. Overdraft transfers from shares
4. * NSF charges per each draft, ACH or Visa Check Card NSF transaction
5. No member will be responsible for any fee assessed on his/her account that was made in error by a member of the staff of this credit union. A refund or a credit will be made to their account.

4. Non-sufficient Funds (NSFs).
1. It is the general policy of this Credit Union to return all share drafts should there not be enough funds on deposit in the share draft account or the primary share account to cover the draft(s).
2. Members may select up to three draft, regular share or club accounts from which funds may be automatically transferred to cover potential share draft clearings. The member must be an authorized party to the attached account(s) unless the primary account holder has signed a special authorization to allow the draft member access to his/her account(s).
3. The staff, with management's authority, will decide when to pay or to return an NSF. This decision shall be based in part on factors such as: the probability of collecting the NSF, member's standing with the Credit Union, number of past NSF's, the amount of the current NSF(s), and any other information that management thinks is relative to the probable collection of the draft(s) and fees.
4. Any draft account having more than five overdrafts in a calendar year will be subject to closure. Management may shorten or lengthen this number on a case by case basis due to unusual or special circumstances.
5. Each overdraft item will result in the assessment of a $15 overdraft fee. Management may waive this assessment if a "final warning" letter has been sent and the account is in the process of being closed.
6. A computer generated notice will be sent to the member on the day an overdraft occurs.
7. Unless management believes further delay could cost the Credit Union, a "warning" notice will be attached to the Overdraft Notice after three NSF's. This type of warning may be repeated for several times. A "final warning" notice will be attached after the fifth NSF notice. This notice, too, may be repeated for several more times. Once a member has received 10 NSF notices, a "warning letter" from management will be sent. A "final letter" from management will be sent should NSF's continue to occur. The final letter will give the member 30 days to stop using the draft so all outstanding drafts can be cleared and the account can be closed.

9. Individual Retirement Accounts.

1. The minimum to open an IRA shall be $50.00.

2. Deposits in the Individual Retirement Accounts shall earn on a day-in day-out basis.

3. Members may have an option to invest their funds in a IRA savings account (typically an "I" suffix account for regular qualified deposits, and occasional rollover deposits); or, in IRA certificates of deposits (typically a "J" suffix account for rollover deposits only).

4. All IRA's will be set up on fixed terms and rates .10% (one tenth of one percent) above current regular certificate rates that can be adjusted twice per calendar year at member's request.

5. (Purposely left blank)

10. Secondary Share Accounts.

1. Secondary share accounts will be provided to members who wish to have an additional share accounts.

2. The dividend rate will be the same as for regular shares.

3. Life Savings Insurance will NOT be included.

4. Normally these accounts will fall under the primary member number and will typically be referred to as the "B", "C", "D", etc. share account.

11. Daily Money Market Account.

1. This account is a special savings account approved by the Board of Directors of this Credit Union and is insured along with other Credit Union accounts balances in aggregate up to $100,000.00 by the NCUA.

2. This account is only for the personal use of the individual(s) whose signature(s) are affixed to the account agreement and is non-transferable, as defined in 12 CFR part 204.

3. There will be a minimum balance maintained in this account at all time of at least two thousand five hundred dollars ($2,500.00). The smallest single deposit amount is fifty dollars ($50.00). The smallest single withdrawal amount is two hundred fifty dollars ($250.00).

4. Remote withdrawal transactions may not exceed three (3) per calendar month. Account holders will be restricted to not more than six (6) transfers per month.

5. The interest rate paid on this type of account is subject to change daily. Interest is accrued daily and paid monthly.

12. Federal Insurance.

All member's deposit accounts shall be insured by the NCUA for the maximum appropriate amount allowed by law.

Approved June 19, 1986
Revised November 23, 1989
Revised July 25, 1990
Revised June 23, 1994
Revised May 18, 1995
Reviewed April 18, 1996
Revised September 17, 1998
Revised August 26, 1999
* Revised June 27, 2002
Reviewed July 24, 2003
** Revised March 16, 1005