Truth In Savings Disclosure (Reg. DD)
STATEMENT SAVINGS PLUS ACCOUNT
VARIABLE RATE ACCOUNT: Your interest rate and annual percentage yield may change.
DETERMINATION OF RATE: At our discretion, we may change the interest rate on your account.
FREQUENCY OF RATE CHANGES: We may change the interest rate on your account at any time.
TIERING LEVELS AND THEIR APPLICABLE INTEREST RATES: The interest rate to be paid on your account will depend on the daily balance in your account. See the last panel of this brochure to determine what interest rate will be paid depending on the daily balance in your account. The separate "tiers" that have varying interest rates that apply are:
- If the daily balance in your account is less than $25,000.00, the entire balance in your account will earn the appropriate interest rate.
- If the daily balance in your account is $25,000.00 up to and including $49,999.99, the entire balance in your account will earn the appropriate interest rate.
- If the daily balance in your account is $50,000.00 up to and including $74,999.99, the entire balance in your account will earn the appropriate interest rate.
- If the daily balance in your account is $75,000.00 up to and including $99,999.99, the entire balance in your account will earn the appropriate interest rate.
- If the daily balance in your account is $100,000.00 or more, the entire balance in your account will earn the appropriate interest rate.
At our discretion we may change the tier structuring.
COMPOUNDING AND CREDITING: Interest will be compounded on a daily basis and credited to your account on a monthly basis.
BALANCE REQUIREMENTS AND FEES:
TO OPEN THE ACCOUNT: You must deposit $500.00 to open the account.
MINIMUM BALANCE REQUIREMENT AND FEE: You must maintain an average daily balance of $500.00. If the average daily balance drops below $500.00 at anytime a $7.00 monthly fee will be assessed to your account.
TO OBTAIN THE ANNUAL PERCENTAGE YIELD DISCLOSED: You must maintain a balance in the account each day to obtain the disclosed annual percentage yield.
NONACTIVE/DORMANT ACCOUNT FEE: You must make at least one deposit or withdrawal every 365 days in order to keep this account active. Failure to do so will result in a $25.00 fee.
BALANCE COMPUTATION METHOD: We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
ACCRUAL OF INTEREST ON NONCASH DEPOSITS: Interest begins to accrue on the business day you deposit noncash items (for example, checks).
DEBIT CARD: You must receive a debit card when you open this account. If the card is not activated in 2 months there will be a $10.00 fee.
PASSBOOK SAVINGS ACCOUNT
VARIABLE RATE ACCOUNT: Your interest rate and annual percentage yield may change.
DETERMINATION OF RATE: At our discretion, we may change the interest rate on your account.
FREQUENCY OF RATE CHANGES: We may change the interest rate on your account at any time.
COMPOUNDING AND CREDITING: Interest will be compounded on a daily basis and credited to your account on a quarterly basis.
MINIMUM BALANCE REQUIREMENTS:
TO OPEN THE ACCOUNT: You must deposit $25.00 to open the account.
TO OBTAIN THE ANNUAL PERCENTAGE YIELD DISCLOSED: You must maintain a balance of $25.00 in the account each day to obtain the disclosed annual percentage yield.
BALANCE COMPUTATION METHOD: We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
ACCRUAL OF INTEREST ON NONCASH DEPOSITS: Interest begins to accrue on the business day you deposit noncash items (for example, checks).
CHRISTMAS CLUB ACCOUNT
VARIABLE RATE ACCOUNT: Your interest rate and annual percentage yield may change.
DETERMINATION OF RATE: At our discretion, we may change the interest rate on your account.
FREQUENCY OF RATE CHANGES: We may change the interest rate on your account at any time.
COMPOUNDING AND CREDITING: Interest will be compounded on a daily basis and credited to your account on a quarterly basis.
MINIMUM BALANCE REQUIREMENTS:
TO OPEN THE ACCOUNT: You must deposit $ .01 to open the account.
TO OBTAIN THE ANNUAL PERCENTAGE YIELD DISCLOSED: You must maintain a balance in the account each day to obtain the disclosed annual percentage yield.
BALANCE COMPUTATION METHOD: We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
ACCRUAL OF INTEREST ON NONCASH DEPOSITS: Interest begins to accrue on the business day you deposit noncash items (for example, checks).
MONEY MARKET ACCOUNT
VARIABLE RATE ACCOUNT: Your interest rate and annual percentage yield may change.
DETERMINATION OF RATE: At our discretion, we may change the interest rate on your account.
FREQUENCY OF RATE CHANGES: We may change the interest rate on your account at any time.
TIERING LEVELS AND THEIR APPLICABLE INTEREST RATES: The interest rate to be paid on your account will depend on the daily balance in your account. See the last panel of this brochure to determine what interest rate will be paid depending on the daily balance in your account. The separate "tiers" that have varying interest rates that apply are:
- If the daily balance in your account is $ .01 or more but less than $1,000.00, the entire balance in your account will earn the appropriate interest rate.
- If the daily balance in your account is $1,000.00 or more, the entire balance in your account will earn the appropriate interest rate.
COMPOUNDING AND CREDITING: Interest will be compounded on a daily basis and credited to your account on a monthly basis.
MINIMUM BALANCE REQUIREMENTS:
TO OPEN THE ACCOUNT: You must deposit $1,000.00 to open the account.
TO OBTAIN THE ANNUAL PERCENTAGE YIELD DISCLOSED: You must maintain a $1,000.00 balance in the account each day to obtain the disclosed annual percentage yield.
BALANCE COMPUTATION METHOD: We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
ACCRUAL OF INTEREST ON NONCASH DEPOSITS: Interest begins to accrue on the business day you deposit noncash items (for example, checks).
6 MONTH CERTIFICATE OF DEPOSIT
FIXED RATE ACCOUNT: The interest rate on this account is fixed. You will be paid this rate until the maturity date of the certificate.
COMPOUNDING AND CREDITING: Interest will not be compounded on this account and will be credited to your account monthly or at maturity.
MINIMUM BALANCE REQUIREMENTS:
TO OPEN THE ACCOUNT: You must deposit $2,500.00 to open the account.
TO OBTAIN THE ANNUAL PERCENTAGE YIELD DISCLOSED: You must maintain a minimum balance of $2,500.00 in the account to obtain the disclosed annual percentage yield.
BALANCE COMPUTATION METHOD: We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
ACCRUAL OF INTEREST ON NONCASH DEPOSITS: Interest begins to accrue on the business day you deposit noncash items (for example, checks).
TRANSACTION LIMITATIONS: You may not make deposits into your account until the maturity date.
WHEN YOUR ACCOUNT WILL MATURE: See the last panel of this brochure to determine the maturity date or term needed to obtain the annual yield stated.
EARLY WITHDRAWAL PENALTY: We may impose a penalty if you withdraw any of the principal before the maturity date. The amount of the penalty is three months of interest.
Any withdrawal which reduces the account balance below the minimum balance requirement shall be considered as a withdrawal of the entire account balance and shall be subject to the penalty prescribed above.
WITHDRAWAL OF INTEREST PRIOR TO MATURITY: The annual percentage yield disclosed in the rate section assumes interest will remain on deposit until maturity. Any withdrawal will reduce earnings.
RENEWAL OF ACCOUNT: Your account will automatically renew at maturity. You will have 7 calendar days after the maturity date to withdraw your funds without being charged a penalty.
1,2,4,6 AND 8 TO 10 YEAR CERTIFICATE OF DEPOSIT
FIXED RATE ACCOUNT: The interest rate on this account is fixed. You will be paid this rate until the maturity date of the certificate.
COMPOUNDING AND CREDITING: Certificates with terms of 1 year will earn interest on a daily compounded basis and credited on a semi-annual basis unless monthly interest checks or transfers are taken. In this case, interest will be earned on a noncompounded basis. Certificates with terms of 2, 4, 6, 8 or 10 years will earn interest on a daily compounded basis and will be credited on a quarterly basis unless monthly checks or transfers are taken. In this case, interest will be earned on a noncompounded basis. For new accounts, see back panel of this brochure for option selected.
MINIMUM BALANCE REQUIREMENTS:
TO OPEN THE ACCOUNT: You must deposit $500.00 to open the account.
TO OBTAIN THE ANNUAL PERCENTAGE YIELD DISCLOSED: You must maintain a minimum balance of $500.00 in the account to obtain the disclosed annual percentage yield.
BALANCE COMPUTATION METHOD: We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
ACCRUAL OF INTEREST ON NONCASH DEPOSITS: Interest begins to accrue on the business day you deposit noncash items (for example, checks).
TRANSACTION LIMITATIONS: You may not make deposits into your account until the maturity date.
WHEN YOUR ACCOUNT WILL MATURE: See the last panel of this brochure to determine the maturity date or term needed to obtain the annual yield stated.
EARLY WITHDRAWAL PENALTY: We may impose a penalty if you withdraw any of the principal before the maturity date. The amount of the penalty is as follows:
CERTIFICATE TERM and WITHDRAWAL PENALTY
1 Year - 3 Months of Interest
Greater Than 1 year - 6 Months of Interest
Any withdrawal which reduces the account balance below the minimum balance requirement shall be considered as a withdrawal of the entire account balance and shall be subject to the penalty prescribed above.
WITHDRAWAL OF INTEREST PRIOR TO MATURITY: The annual percentage yield disclosed in the rate section assumes interest will remain on deposit until maturity. Any withdrawal will reduce earnings.
RENEWAL OF ACCOUNT: Your account will automatically renew at maturity. You will have 7 calendar days after the maturity date to withdraw your funds without being charged a penalty.
18 MONTH TRADITIONAL IRA CERTIFICATE and 30 MONTH ROTH AND EDUCATION IRA CERTIFICATE
VARIABLE RATE ACCOUNT: Your interest rate and annual percentage yield may change.
DETERMINATION OF RATE: The interest rate on your account is set at our discretion.
FREQUENCY OF RATE CHANGES: We may change the interest rate on your account on a quarterly basis.
COMPOUNDING AND CREDITING: Interest will be compounded on a daily basis and may be credited to your account on a quarterly or monthly basis.
MINIMUM BALANCE REQUIREMENTS:
TO OPEN THE ACCOUNT: You must deposit $50.00 to open the account.
TO OBTAIN THE ANNUAL PERCENTAGE YIELD DISCLOSED: You must maintain a balance in the account to obtain the disclosed annual percentage yield.
BALANCE COMPUTATION METHOD: We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
ACCRUAL OF INTEREST ON NONCASH DEPOSITS: Interest begins to accrue on the business day you deposit noncash items (for example, checks).
TRANSACTION LIMITATIONS: You may make additions to the balance in your account during its term.
WHEN YOUR ACCOUNT WILL MATURE: See the last panel of this brochure to determine the maturity date or term needed to obtain the annual yield stated.
EARLY WITHDRAWAL PENALTY: We may impose a penalty if you withdraw any of the principal before the maturity date. The amount of the penalty is 6 months of interest.
Any withdrawal which reduces the account balance below the minimum balance requirement shall be considered as a withdrawal of the entire account balance and shall be subject to the penalty prescribed above.
IRA ACCOUNT PROVISIONS: No penalty will be imposed for any withdrawal that is made within 7 days of establishing the IRA Account. In addition to any penalty that we may impose for early withdrawal, under certain circumstances, there may be an additional IRS penalty. See your Retirement Account Documents for details.
WITHDRAWAL OF INTEREST PRIOR TO MATURITY: The annual percentage yield disclosed in the rate section assumes interest will remain on deposit until maturity. Any withdrawal will reduce earnings.
RENEWAL OF ACCOUNT: Your account will automatically renew at maturity. You will have 7 calendar days after the maturity date to withdraw your funds without being charged a penalty.
Privacy Policy
Armstrong County Building and Loan Association recognizes and respects the importance of our customers personal privacy and that is why we are committed to treat it with strict confidentiality. ACBLA understands the concerns that customers have for privacy and we have adopted the following Privacy Policy to communicate to you how we responsibly handle your private information.
ACBLA does not sell or share nonpublic personal information about you to anyone, except as permitted by law.
ACBLA has always believed in personal privacy and we will only gather, retain, and use information about customers when it is necessary in the course of doing business. The nonpublic personal information we receive about our customers comes through the following sources: Information we receive from you on applications, Information about your transactions with us, Information about your transactions with nonaffiliated third parties and Information from a consumer reporting agency such as credit bureaus. If you submit information via e-mail, we will use your e-mail information only for the specific purpose of responding to your requests or comments. Your e-mail address will not be sold nor will it be shared with any third party.
ACBLA does not collect personally identifying information from users visiting our web site.
If you decide to close your account(s) or become an inactive customer, we will follow the privacy policies and practices as described in this notice. We will not disclose nonpublic personal information about former customers, except as permitted by law.
ACBLA restricts access to nonpublic personal information about you to those employees who need to know that information to provide products and services to you. We maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard your nonpublic personal information.
ACBLA reserves the right to change this policy at any time and you will be contacted if we do.
Underwriting Guidelines of Standards and Policies For Non-Commercial Loans
The Armstrong County Building and Loan Association is a nondiscriminatory lending institution. Any prospective borrower regardless of race, age, sex, martial status, color, religion, national origin, age or location of the dwelling, familial status of handicap may submit an application. Applicants will not be discriminated against due to the fact that all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Protection Act.
The Armstrong County Building and Loan Association will make mortgage loans on residential property that is for single family occupancy or 1-4 family units. The lending area for the association will be considered the borders of Armstrong County. There are no maximum or minimum loan amounts that can be obtained. The maximum loan that can be made by this association will be 80% of the sales price or appraised value; whichever is lower. Student loans, mobile home loans, or loans for the purchase of unimproved land will not be granted by this association.
An application will only be considered when it is in writing and either the borrower or co-borrower has signed the application. This can only be done by an in person interview with an individual so designated by this association to take applications. The application form necessary for an application to be considered will be the FNMA application form. The application will be considered complete when the association is in receipt of all information that it regularly obtains in considering mortgage credit. Those include: a complete application form (signed and dated), a credit report, verification of employment and if deemed necessary any down payment requirements, an appraisal, and a construction contract when applicable, as well as any other required information. The association will notify the applicant within 30 days of receipt of a completed application of action taken. If the action taken is either a denial of counteroffer, the ECOA/adverse action notice will be mailed within 30 days of the completed application.
In evaluating loan applications, an appraisal report and credit report must be obtained by the association. The appraisal must be made as per the appraisal policy of ACBLA in order to get an ample description of the property. The appraisal must not be more than one year old. The borrower or co-borrower is considered to be the "client" of the association and any information on this appraisal will be made available to them. All information gathered that is not public information will be treated in the strictest confidentiality by all association personnel involved. Please feel free to read ACBLA's Privacy Policy.
The credit report will be obtained through Credit Bureau, Inc. 908 Penn Ave., Pittsburgh, PA 15222. The ACBLA Loan Committee reserves the right to evaluate all credit reports and make decisions on any loan from this credit report. Any borrower approved for a mortgage loan that would not qualify under the normal guidelines of the association will have the approval so noted in the Executive Committee minutes along with a written justification to be included as a permanent part of his loan file. Any applicant has a right to express his explanation of any derogatory credit information.
The borrower and co-borrower must meet certain criteria in order to be eligible for a loan with ACBLA. This criteria relates to the income and down payment of the borrower. All sources of income for the borrower and co-borrower that have been stable for at least one year will be considered for the loan. Income/Employment verification must be provided by supplying either copies of latest paystubs, W-2's, or the individual's Federal Income Tax Return. For a self employed borrower a minimum of two years of tax returns must be supplied. For self-employeed borrowers, Schedule C Income may be enhanced by any interest payments claimed on Schedule C plus 80% of any applicable depreciation. If the borrower has not been employed in the current position for at least two years, then employment data must be given going back that far. Income from alimony, child support, and separate maintenance need not be disclosed if the applicant does not want the association to consider it. The ACBLA has the policy that monthly mortgage obligation shall not exceed 28% of the total monthly gross income and total obligations shall not exceed 38% of the monthly gross income. Other obligations other than the mortgage will be considered if they have a duration of more than seven months. A minimum down payment of 20% must be made by the borrower. This must come from savings of cash held by the borrower. If a down payment is required the source of the down payment must be given to the association. The down payment cannot be borrowed unless it is borrowed from parents or grandparents. Another residential property may be used as collateral if the borrower or the borrower's parents owns it. This property must either be title free or have the first mortgage on it at ACBLA. Both properties will be placed on the mortgage along with the names of all parties owning any of the properties. The property used, as collateral will be held on the mortgage until the mortgage loan is reduced to a level that the purchased property will support without the collateral. The total loan amount may not exceed 80% of the appraised value of the two combined properties.
A mortgage at the ACBLA may not have a term exceeding 30 years. The home must have a remaining economic life that will exceed the term of the mortgage. The economic life will be determined by the association's appraiser.
The association will grant construction loans and owner-built loans to borrowers for the construction of their home. In both instances land may be used as collateral for all or part of the down payment. Land value is to be determined by the sales price of the land or a value placed upon it by the association's appraiser. The land value and proposed cost of the home will be considered as the total property value. The association will loan a maximum of 80% of this property value.
All monies for completion of the home including any down payment by the borrower along with the loan amount will be deposited into a loans-in-process account at the association. Disbursements will be made per the construction agreement schedule of payments if a contractor is involved. If the loan is an owner-built loan a maximum of two thousand dollars will be advanced unless the bill is for specific material exceeding this amount at which time an invoice must be presented. Additional advances will be made only after receipt of invoices.
To qualify for a construction loan the borrower must submit to the association blueprints for the home along with specifications as to the materials involved. If the construction is to be done by a contractor his bid must also be included. If the loan is an owner-built loan the verification of costs to complete the home must be by specific sub-contractor bids or submission of a complete materials listing obtained from suppliers. Figures must be to complete the home entirely.
Inspections will be made at the construction site by the association's appraiser at a minimum of three times when there is a contractor involved or at a minimum of once a month for owner-built loans. The appraiser will also inspect the construction site at or as near as possible to the closing date of the mortgage to insure that no work has started. A dated photograph will be attached to the inspection report indicating that no work has started. If work has started a release of mechanic's lien document must be supplied to the association signed by all materials suppliers and laborers prior to any disbursements.
In addition to the regular note and mortgage documents the association will require that no-lien contract be filed when a contractor is involved. Also a construction agreement between the borrower and contractor showing a schedule of payments must be submitted. All construction loans will also get a rider to their mortgage note explaining the association's method of collecting interest during the term of construction along with disclosure of the procedure for starting regular payments. The term of the construction loan will not exceed 12 months. The borrower will be invoiced each month for interest due during the construction phase. This invoice will be due upon receipt. Regular loan payments will commence the 1st day of the 2nd month after the loans in process is depleted. If the 12 months construction loan term has expired without completion of the dwelling the association will notify the borrower as to when regular payments are to commence. Contractors are to be approved by the association's executive committee at its discretion.
Refinance and Home Equity loans are made by this association as first or second mortgage loans on the property. They can be made at a maximum of 80% of the appraised value of the home after improvements. Second mortgages where ACBLA does not have the first mortgage and home equity mortgages will be made in the amount of 50% of the appraised value, less the outstanding balance of any existing liens.
All loan closings are to take place at the office of the borrower's attorney or another locale so approved by both the borrower and his attorney. Association instructions for the disbursement of funds will be given to the borrower's attorney when the mortgage is approved.
Interest rate charges and fees involved on all mortgages will be set by the board of directors. A schedule of current mortgage loan rates and terms may be obtained at the association's home office or online at ACBLA.com any time.
Escrow accounts for taxes and insurance are not required but may be established by the borrower. Escrow payments, when made, will be capitalized to the mortgage loan. The amount paid by the association for taxes, insurance, etc. will be added directly to the principal.
A Fire Insurance Binder must be provided at the time of the closing of the mortgage. The company is to be left to the discretion of the borrower. Flood Insurance will also be required if the property is located in a federally designated flood zone. If policies are not provided, the association may obtain policies and add the cost to the principal balance, in at least the amount of the loan, or up to the maximum permitted for flood insurance, with ACBLA named as mortgagee. Disability and Credit Life Insurance are offered to all borrowers but are not required to obtain credit at the association.
Payments may be made by cash or check at the association's office located at 935 5th Ave. P.O. Box 271, Ford City, PA 16226. Payments by mail may also be sent to this address.
When a required payment is not made on or before the 16th day of the month, a late charge of 4% of the payment will be charged.
Default notices, Management letters and foreclosure procedures are all included within the association's collection policy, a copy of which is available to the public.
There are no early payment or payoff penalties charged by this association. To pay off a mortgage, the borrower pays his current principal balance, any interest accumulated to the day the mortgage is being paid off, and the required fee to satisfy the mortgage at the proper court house.
The Mortgage Officer for ACBLA will be Dale A. Kerr. He will make sure all applicants receive the RESPA Loan Booklet, Good Faith Estimate and Consumer ARM Handbook, and if necessary, the ECOA Adverse Action Notice. When applicable he will also make sure the customer receives the Adjustable Rate Mortgage Loan Information Disclosure, Flood Hazard Disclosure, Mortgage Servicing Disclosure statement, and the Truth in Lending (Reg. Z) Disclosure. At closing he will also assure that the proper HUD Settlement Statement and if applicable the Right of Rescission are received by the customer. He will also handle the complaints of any applicant and notify the loan committee of these complaints.
The association will always require the borrower to sign a Promissory Note and Mortgage Lien Instrument and will record the latter as a lien at the appropriate county courthouse. Approvals will be made by phone communication with the borrower. Formal written approval is not a regular practice of ACBLA but may be given upon request.
Stanley R. Roberts, Dale A. Kerr, and Jay L. Smoyer are the persons designated by ACBLA to take written applications. All mortgages must be approved by the loan committee consisting of the President, Vice President and Secretary of the Association. A commitment may be made only after approval by this committee. The commitment will be good for 60 days from the approval date, unless additional time is required for legal problems.
Management will review the loan portfolio for compensation and yield to the association and provide adequate reports to the board of directors. This policy will also comply with the Community Reinvestment Act Policy of the association and will be utilized with the qualified thrift lender test as required by the association's regulators. This policy also reflects the considerations of interagency guidelines for real estate lending policies as established by the Federal Thrift Supervisory Agencies.
All standards and policies in this underwriting guideline are subject to change by the ACBLA. The board of directors will review this policy at a minimum of an annual basis to assure compliance by management to the policy. The board will also monitor conditions within the association's lending area to ensure that this policy is still appropriate due to current market conditions. Addendums to the Standards and Policies will be published and made available to the public along with these standards.
