Why did I receive a Change in Terms Notice and updated Member Agreement & Disclosure in the mail?

A Change in Terms Notice and updated Member Agreement & Disclosure was mailed to Citadel members in December 2022. You may regularly receive similar documents from other organizations that do business in Pennsylvania and throughout the U.S.

Citadel members receive these documents when they open a new account or loan with the credit union, and regulation also requires financial institutions to distribute updated versions when changes to these documents occur. Citadel has not materially altered our disclosures in a few years, but when changes are made, we believe distribution to the community is necessary.

We have highlighted some of the recent changes mentioned in the notice below:

  • The Dispute Resolution and Arbitration section has been part of our Disclosures for a number of years and is fairly standard for financial institutions in the U.S. Language within this section was expanded to address emerging developments in the U.S. legal environment. We also afforded customers the opportunity to opt-out of this provision, which wasn’t previously available.
  • High Yield Savings Account & Business High Yield Savings Account:
    • $10 Monthly Service Fee will be eliminated
    • Dividends will be calculated and paid monthly on a minimum daily balance of $10,000
    • The current floor of Wall Street Journal Prime minus 3.75% will be eliminated
  • Early Withdrawal Penalties on Certificates and IRA Certificates:
    • The disclosure was modified to provide greater clarity around penalties for early withdraw of these funds.
  • New Certificate products were added, which will allow customers to increase rates one time during the term. These products are expected to be available later this year.

You can review the Member Agreement and Disclosures document in its entirety any time at CitadelBanking.com/Disclosures. We appreciate your time and consideration on this, and thank you for being a member of Citadel.