Jumbo Money Market Savings Account (MMSA) Disclosure Statement
Please read the Jumbo Money Market Savings Account Disclosure Statement thoroughly before proceeding to the application at the bottom of this page. You will be required to indicate on the application that you have acknowledged receipt of and have read and understood the MMSA Disclosures.

JUMBO MMSA: To open a Jumbo MMSA, you must first be a member of URW Community Federal® (i.e., own a share savings account with a $25.00 minimum balance).

TRANSFERS AND WITHDRAWALS: You may transfer and/or withdraw funds from your Jumbo MMSA account as often as you want under the following conditions: in person, by mail, by messenger, by automatic teller, to pay your URW Community Federal loan, to have funds mailed directly to you, or as distributions of your direct deposit. Federal regulations limit the number of certain types of transfers and/or withdrawals you can make from your Jumbo MMSA account to six per calendar month. The types of transfers and withdrawals that are limited are those requested by fax, telephone, Internet, pre-authorized transfers, including those through the Automated Clearing House (ACH) or Jumbo MMSA checks. Excessive transactions that are limited by the regulation could result in fees and account closure. URW Community Federal encourages you to use blue or black ink when writing MMSA checks. You cannot convert a regular MMSA to a Jumbo MMSA. You must open a new Jumbo MMSA and transfer the funds from your existing MMSA. Earned dividends begin the day the Jumbo MMSA was opened.

CURRENT RATES AND FEES: The dividend rate and the Annual Percentage Yield (APY) for your Jumbo Money Market Savings Account is disclosed on your Confirmation Notice. Fees and charges that may be assessed are disclosed on URW Community Federal's current Schedule of Fees and Charges. Current rates and fees may also be obtained by going to urwfcu.org or by calling URW Community Federal toll-free in the U.S. 1-866-879-6328.

JOINT OWNERSHIP: If you designate a joint owner, your Jumbo MMSA is co-owned equally by you and your joint owner. Together, you and your joint owner agree that your entire balance (including accumulated dividends) may be withdrawn or transferred at any time, and that you shall discharge URW Community Federal from any liability for carrying out any of these requested actions. A joint owner cannot be removed from an account without his/her permission. If you no longer want the joint owner to have access to your account, you must close the account and open a new one. Like the owner, a joint owner may close the account.

OVERDRAWN ACCOUNTS: The owner and joint owner (if any) agree to be jointly and severally liable for negative balances on any accounts in which either or both owners have an ownership interest including any overdrafts, regardless of the cause, and agree to immediately deposit sufficient funds to cover the negative amount of the overdraft. The owner and joint owner (if any) agree that URW Community Federal has the right to transfer funds from any accounts, in which either have an ownership interest, to correct a negative or overdrawn amount on any account on which either of their names appear. The owner and joint owner agree to reimburse URW Community Federal for all costs of collection, including reasonable attorneys' fees and court costs.

INSURANCE: Your shares are backed by the assets of URW Community Federal. The shares in all your individual accounts are aggregated and insured against loss up to a total of $250,000 by the National Credit Union Administration (NCUA), a U.S. government agency. If you have an IRA, it is separately insured up to $250,000 by NCUA. Joint accounts are insured separately from individual accounts up to $250,000 by NCUA.

GOVERNING LAWS: Your URW Community Federal accounts are maintained and governed in accordance with Federal law and the laws of the Commonwealth of Virginia, as amended. Property may be transferred to the state if there has been no activity within the time period specified by state law.

DIVIDENDS: Dividends accrue daily on account balances of $100,000 or greater. If the Jumbo MMSA balance falls below the minimum balance requirement of $100,000, the dividend rate will convert to the existing share savings rate. Dividends are a division and distribution of earnings among members after all expenses have been paid and the required amount has been set aside for reserves. Dividend rates are declared prospectively by the Board of Directors in the month preceding the dividend period. The dividend rates and APY may vary weekly as determined by the Board of Directors. Dividends at URW Community Federal are earned on deposits, including non-cash deposits, from day-of-deposit to day-of-withdrawal, or until the account is deemed closed, whichever is earlier. An account is deemed closed as of the day you instruct us to close the account. Dividends are computed using the daily balance method by applying the daily periodic rate to the full amount in your account at the end of each day. Dividends for the Jumbo MMSA are compounded monthly and credited on the last business day of the month in which they were earned. The dividend period is monthly, beginning the first day of the month and ending the last day of the month. For example, the beginning date of the first dividend period of a calendar year is 1 January and the ending date of such dividend period is 31 January. All other dividend periods follow this same pattern of dates.

PAYMENT OF CHECKS: By requesting a Jumbo MMSA, you authorize URW Community Federal to pay Jumbo MMSA checks signed by you or your joint owner (if any) of this account and to charge the payments against the Jumbo MMSA. Each negotiated Jumbo MMSA check will be charged to the Jumbo MMSA as of the date of receipt of the payment order by URW Community Federal. URW Community Federal will not be responsible for delaying payment of post-dated checks. URW Community Federal is authorized to refuse checks which exceed funds available in the Jumbo MMSA. A fee will be assessed in the amount shown on URW Community Federal's current Schedule of Fees and Charges for each refused Jumbo MMSA check. The owner and joint owner (if any) may request that payment of a Jumbo MMSA check be stopped by providing notification to URW Community Federal. A fee will be assessed in the amount shown on URW Community Federal's current Schedule of Fees and Charges for each stop payment request. The owner or joint owner (if any) may request copies of paid Jumbo MMSA checks. A fee may be assessed as provided on URW Community Federal's current Schedule of Fees and Charges for each Jumbo MMSA check copy. Except for negligence, URW Community Federal is not liable for any action it takes regarding the payment or nonpayment of a Jumbo MMSA check. URW Community Federal is under no obligation to pay or refuse the payment of a Jumbo MMSA check on which the date is more than six months old. Jumbo MMSA checks deposited in other financial institutions may be sent to us electronically.

CHANGE IN TERMS: URW Community Federal reserves the right to terminate this agreement. The terms of this account may change upon 30 days notice. The right or authority of URW Community Federal under this agreement shall not be changed or terminated by you except by written notice to said credit union which shall not affect transactions previously made.

OTHER TERMS AND CONDITIONS: Shares in your Jumbo MMSA may not be pledged as collateral on any loan. You must notify URW Community Federal in writing of an error concerning an item on your monthly Jumbo MMSA statement no later than the sixtieth day following the day the statement was mailed. If we do not receive your written notice of an error within this time frame, you may not dispute the item. The use of the Jumbo MMSA is subject to such other terms, conditions or requirements as URW Community Federal may establish from time to time. All non-cash share purchases or payments made to the Jumbo MMSA will be credited subject to final payment of the deposit item. URW Community Federal has the right of assignment of this agreement. URW Community Federal reserves the right to enforce a statutory lien against any shares and dividends you have on deposit at URW Community Federal if you fail to satisfy a financial obligation you have with us. We may enforce this right without prior notice to you.

Proceed to the Jumbo Money Market Savings Account Application


539 Arnett Boulevard
Danville, VA 24540

314 Lowes Drive
Danville, VA 24540

1901 Goodyear Boulevard
Danville, VA 24541

142 South Main Street
Danville, VA 24541

701 Broad Street
Danville, VA 24541

230 South Ridge Street
Danville, VA 24541

228 Cleveland Street
Danville, VA 24540

13701 US Highway 29, Suite I
Chatham, VA 24531

4018 Halifax Road
South Boston, VA 24592

1 High School Circle
South Boston, VA 24592

796 Commonwealth Boulevard
Martinsville, VA 24112

1092 NC Highway 86 N
Yanceyville, NC 27379

URW Routing Number: 251480482

Equal Housing Lender logo
Equal Housing Lender
NMLS# 368135
National Credit Union Association logo
Web Design by TekaByte
Copyright 2023 - URW Community Federal Credit Union