Share Accounts

Modesto's First Federal Credit Union is a full service financial institution offering a full line of financial products and services. We offer a variety of savings plans that provide you, our member, with the greatest flexibility. Our deposit products are the mainstay of the credit union; each dollar saved represents a "share" in the credit union. You will sometimes hear savings accounts referred to as "share" accounts.

Regular Shares - M1FCU's share accounts are a traditional account designed for members who are looking for a simple way to save. It offers a low $5.00 minimum balance requirement and convenient access to funds. It requires a small deposit of only $5.

Each member has a primary share (savings) account. This account activates your membership to the credit union and allows you to begin the savings. You may have special share accounts under your original account number for things such as taxes, vacations, etc.

Share Certificates (Time Deposits) - Modesto's First FCU offers a variety of Share Certificates to suit your financial needs. Our Share Certificates provide an excellent investment opportunity with an exciting advantage - - the opportunity to lock in a high rate with a guaranteed interest rate. Share Certificate maturity dates vary as do minimum balance requirements. Dividends are paid each Quarter. Six, twelve and twenty-four month terms are available.

Club Accounts -

• Christmas and vacation accounts available.
• Dividends paid quarterly on the average daily balance.
• Funds can be automatically transferred to savings, draft accounts, or withdrawn on your request.
• Funds may remain in account if not needed.

Share Draft (Checking) - Share Draft accounts at Modesto's First Federal Credit Union have a unique twist to them. Unlike other financial institutions Modesto's First' share draft accounts do not have a minimum balance requirement or a monthly service fee. Additional features include unlimited draft writing, no per check charges and overdraft protection. A $1 fee is assessed for non-coop ATM use.

Federal Deposit Insurance - Member accounts at M1FCU are insured up to $100,000. As a member, you do not directly pay for this insurance coverage, it is paid by the credit union. NCUA's reserve equity is rated the best reserved and most financially sound of the federal deposit insurance funds. Members have peace of mind knowing that their money is safe.

For purposes of this disclosure, the dividend rate and annual percent yield stated for the term share accounts were offered within the most recent seven calendar days and are accurate as of January 29, 2008. All rates are subject to change without notice. Please call (209) 521-2020 to obtain current rate information. The dividend rate and Annual Percentage Yield for regular share accounts are accurate as of the last dividend declaration date.

Type of Account	Minimum Balance	Term	Dividend Rate	Annual Percentage Yield
Regular Share	$5.00	Quarterly	0.748%	0.75%
Share Draft			0.748%	0.75%
Club Accounts	$5.00	Quarterly	0.748%	0.75%
IRA Accounts		Quarterly	0.748%	0.75%
Super Premium CD	$50,000.00	6 Month	2.771%	2.80%
Super Premium CD	$50,000.00	12 Month	2.771%	2.80%
Super Premium CD	$50,000.00	24 Month	2.869%	2.90%
Super Premium CD	$50,000.00	36 Month	2.967%	3.00%
Premium Share CD	$10,000.00	6 Months	2.722%	2.75%
Premium Share   CD	$10,000.00	12 Months	2.722%	2.75%
Premium Share CD	$10,000.00	24 Months	2.771%	2.80%
Premium Share CD	$10,000.00	36 Months	2.869%	2.90%
Share CD	$1,000.00	6 Months	2.477%	2.50%
Share   CD	$1,000.00	12 Months	2.477%	2.50%
Share CD	$1,000.00	24 Months	2.526%	2.55%
Share CD	$1,000.00	36 Months	2.526%	2.55%

Early Withdrawal Penalty

We may impose a penalty if you withdraw principal from your account before the maturity date. The penalty imposed shall be as follows:

1. If the qualifying period is one year or less, the member shall forfeit an amount equal to: a) all dividends for 90 days on the amount withdrawn, or b) if a withdrawal reduces the balance below the required minimum, the account shall be closed and a loss of dividends as stated above, whichever is less, will be assessed on the entire amount in the account.

2. If the qualifying period is more than one year, the member shall forfeit an amount equal to: a) all dividends for 180 days on the amount withdrawn, or b) if a withdrawal reduces the balance below the required minimum, the account shall be closed and a loss of dividends as stated above, whichever is less, will be assessed on the entire amount in the account.

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