Security Statement • Truth-In-Savings • Regular Share Account • Holidays Savings Account • Share Certificate Account

PRIVACY STATEMENT

• Information we receive from you on membership and loan applications and other forms;
• Information about your transactions with us, our affiliates, or others;
• Information we receive from a consumer reporting agency;
• Information obtained when verifying the information you provide on an application or other forms, such as from your current or past employers or from other institutions where you conduct financial transactions;
• Information we receive from you during the course of regular business.

We may also disclose all the information we collect, as described previously and as permitted by law, to companies that perform marketing or other services on our behalf or to other financial institutions with whom we have joint marketing agreements.  To protect our members' privacy, we only work with companies that agree to maintain strong confidentiality protections and limit the use of information we provide.  We do not allow these companies to sell the member information we provide to third parties.

We may also disclose information about you under other circumstances as permitted or required by law.  These disclosures typically include information to follow your instructions as you authorize, to conduct the operations of the credit union, or to protect the security of our financial records.

Disclosure of Information About Former Members

If you terminate your membership with Eastern Michigan University Credit Union, we will not share information we have collected about you, except as permitted or required by law.

How We Protect Your Information

We restrict access to nonpublic personal information about you to those employees who have a specific business purpose in utilizing your data.  Our employees are trained in the importance of maintaining confidentiality and member privacy.  We maintain physical, electronic, and procedural safeguards that comply with federal regulations and leading industry practices to safeguard your nonpublic personal information.


What Members Can Do to Help

Eastern Michigan University Credit Union is committed to protecting the privacy of its members.  Members can help by following these simple guidelines:

• Protect your account numbers, card numbers, PINs (personal identification numbers) and passwords.  Never keep your PIN with your debit or credit card which can provide free access to your accounts if your card is lost or stolen.
• Use caution when disclosing your account numbers, social security numbers, etc. to other persons.  If someone calls you, explains the call is on behalf of the credit union and asks for your account number, you should beware.  Official credit union staff will have access to your information and will not need to ask for it.
• Keep your information with us current.  It is important that we have current information on how to reach you.  If we detect potentially fraudulent or unauthorized activity or use of an account, we will attempt to contact you immediately.  If your address or phone number changes, please let us know.
• Let us know if you have questions.  Please do not hesitate to call us at (734) 487-1033 - we are here to serve you!
  

Linking to Other Web Sites

Eastern Michigan University Credit Union is not responsible for the content of any third party Web site or the privacy practices of such third parties.  In addition, a link from our Web site to another Web site does not indicate that the Credit Union endorses the services or policies of such third party Web site.  You should always investigate the information practices of all Web sites that you access and carefully examine the privacy policies, if any, of the Web sites appearing on or linking to or from our Web site.  Information collected from the linked Web sites will be subject to the information practices of those Web sites.

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SECURITY STATEMENT

Our Credit Union is constantly concerned about our member’s critical information and privacy. With this in mind, we have the following security services installed on our Internet server:

• Each server is behind a Firewall. This UNIX based hardware product blocks critical ports and IP addresses on servers from external attack and access.
• Each server runs proprietary software that constantly monitors the servers for unauthorized use and attempts to "hack" into information. Administrators are contacted when forced attacks are committed, and countermeasures can be applied to stop these instances.
• All administrative activity requires user login and authentication. All administrative updates are logged into files that can be reviewed later.
• All servers come with a Global Verisign Certificate (RSA) for digitally encrypted communications between the Web server and your member. Information passed in applications cannot be decrypted by third parties attempting to "pick" information being passed across the Internet backbone.
• All servers run the latest version of Apache Web Server, considered the strongest and most secure Web server software on the market.

• To further safeguard your account information against unauthorized access, the software uses a double authentication scheme.  This prevents an unauthorized user from accessing your account if they are able to determine your user id/password combination.

• We utilize 128-bit Secured Socket Layer (SSL) strong encryption during your on-line sessions. Encryption is a sophisticated way of scrambling all information transmitted on-line.  To verify your session is secure, look for a web address beginning with https: or for the "lock" icon in your browser tray.

Please contact us at (734)487-1033 or click here with any questions or concerns regarding the security of your account online.

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TRUTH IN SAVINGS DISCLOSURES

The Truth in Savings Act (T-I-S) is a section of the Federal Deposit Insurance Corporation Improvement Act of 1991.  The National Credit Union Administration is charged with enforcing the act which applies to ALL credit unions.

The purpose of T-I-S is to promote and simplify comparisons among accounts at all financial institutions.  T-I-S enables consumers to make informed choices/comparisons among competing claims of financial institutions by requiring disclosure of the interest rates payable on these accounts and the fees assessable against these accounts.

It is the intent of Eastern Michigan University Credit Union to maintain compliance with this federal law pertaining to full disclosure regarding the terms and conditions of all savings programs.

The following disclosure information illustrates the various savings alternatives available at Eastern Michigan University Credit Union.

The Rate Information page sets forth certain conditions, rates, fees and charges applicable to your accounts at the Eastern Michigan University Credit Union as of 2/21/07.

If you have questions regarding any of the accounts offered at EMU Credit Union, please let a credit union representative assist you.  You may contact our office at (734)487-1033 or click here.

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REGULAR SHARE ACCOUNT

"Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period."

Compounding and Crediting

Dividends will be compounded quarterly and will be credited quarterly.

For this account type, the dividend period is quarterly.  For example, the beginning date of the first dividend period of the calendar year is 01/01/07 and the ending date of such dividend period is 03/31/07.  All other dividend periods follow this same pattern of dates.  The dividend declaration date follows the ending date of a dividend period, and for the example is 04/01/07.

Account Restrictions and Features

During any statement period, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer or telephonic order or instruction.  No more than three of the six transfers may be made by check, draft, debit card, or similar order to a third party.  If you exceed the transfer limitations set forth above in any statement period, your account will be closed.

Balance Computation Method

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 calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period.

Minimum Balance Requirements

The minimum required to open this account is the purchase of a $5.00 par value share in the credit union.

You must maintain a minimum average daily balance of $5.00 in your account to obtain the disclosed annual percentage yield.

Accrual of Dividends on Non-Cash Deposits

Dividends will begin accrueing on the business day you deposit non-cash items (e.g., checks) to your account.

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HOLIDAY SAVINGS CLUB ACCOUNT

Compounding and Crediting

Interest will be credited annually on October 31.  There will be no compounding.  Funds will be available for withdrawal on November 1.

If you close your deposit account before interest is paid, you will not receive the accrued interest.

Account Restrictions and Features

During any statement period, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer or telephonic order or instruction.  No more than three of the six transfers may be made by check, draft, debit card, or similar order to a third party.  If you exceed the transfer limitations set forth above in any statement period, your account will be closed.

Additional deposits to this account, prior to maturity, may be accepted at the credit union's discretion.

Balance Computation Method

Interest is 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 calculated by adding the balance in the account for each day of the period and dividing that figure by the numbers of days in the period.

Minimum Balance Requirements

No minimum balance requirements apply to this account.

Accrual of Interest on Non-Cash Deposits

Interest will begin to accrue on the business day you deposit non-cash items (e.g., checks) to your account.

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SHARE CERTIFICATE ACCOUNTS

Compounding and Crediting

Interest will be paid at maturity on 6-month and 12-month certificates.  Interest will be paid and compounded semi-annually on 18-month certificates and quarterly on 24-month certificates.

Account Restrictions and Features

The credit union reserves the right to require a member intending to make a withdrawal from any deposit account (except a draft account or upon maturity of a certificate account) to give written notice of such intent not less than seven days and up to 30 days before such withdrawal.

Additional deposits to this account, prior to maturity, are not allowed.

Balance Computation Method

Interest is 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 calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period.

Accrual of Interest on Non-Cash Deposits

Interest will begin to accure on the business day you deposit noncash items (e.g., checks) to your account.

Early Withdrawal Provisions

You may withdraw funds from your account, prior to maturity, only if you make a complete withdrawal and close the account.  Fifteen (15) days prior written notice is required.

We will impose a penalty if you withdraw any of the funds in your account before the maturity date.  This certificate account will be cancelled and (1) interest will be paid on the account only at the current regular share rate instead of the originally contemplated interest rate and (2) interest shall be paid only through the end of the last full month that this certificate of deposit account was outstanding.  This interest rate penalty shall not apply to any interest earned prior to the last renewal date.

The early withdrawal penalties do not apply to withdrawals after the death of any owner of the account.

Renewal Policies

Your account will automatically renew at maturity.  You will have a grace period of 7 business days after the maturity date to withdraw the funds in the account without being charged an early withdrawal penalty.

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Eastern Michigan University CU
761 Jenness St
Ypsilanti, Michigan 48197
(734) 487-1033
Fax: (734) 487-1951
credit.union@emich.edu