Important changes to your account agreement – This is a notice of changes to the agreement of the account(s) you have with us. Your account(s) will be governed by the
revised terms of the agreement below. The effective date(s) are indicated below.
If you continue to have your account(s) after the effective date you have accepted, and agreed to, the modified account agreement.
Overview of changes – The section(s) or disclosure(s) in your account agreement that are changing are listed below. Each section or disclosure heading is followed by the
effective date of the changes to that section or disclosure, as well as a summary of the changes to that section or disclosure. The full text of the section(s) or disclosure(s) of the
account agreement that have changed is provided at the end. If you have any questions about these changes, contact us at [email protected].
Funds Availability:
Effective date: 10/31/2024
Multiple dollar amount change:
Important new information about making withdrawals from your account – We are making changes to our funds availability policy with you. The dollar amounts shown in bold
italics have increased. The result of this change is that, in the circumstance when the updated dollar amounts apply, more money will be made available to you sooner.
Terms and Conditions:
Effective date: 10/31/2024
Summary of changes – Below is a list of sections of the Terms and Conditions of your account with changes. Each section heading is followed by a summary of the changes to
that section. In general, to make finding the full section easier, the sections are in the order presented in the attached terms and conditions.
• AGREEMENT – Technical wording changes were made to this section. For example, “this document” was changed to “this agreement” throughout the section.
• WITHDRAWALS – The “Generally” subsection was renamed to “Important terms for accounts where more than one person can withdraw.”
• UNDERSTANDING AND AVOIDING OVERDRAFT AND NONSUFFICIENT FUNDS (NSF) FEES
– “Determining your available balance” subsection – Made clarifying edits relating to the types of authorized transactions that get added to or subtracted from the account
balance.
– “Overdrafts” – Clarified that “one-time” is sometimes referred to as “everyday.”
– “Nonsufficient Funds (NSF) fees” subsection – Clarified that it is the merchant or payee that controls whether an item or payment is re-presented.
– “Important information regarding decoupled cards” subsection – This section is new.
– “Funds availability” subsection – We included a cross-reference to the funds availability disclosure which is titled, “Your Ability to Withdraw Funds.”
– “Payment order of items” subsection – We changed the phrase “check, item, or transaction” to the plural usage. We also added “which may result in one or more overdraft
or NSF fees” to the end of the same sentence.
– “A Temporary Debit Authorization Hold Affects Your Account Balance” subsection – Made changes similar to those made in the “Payment order of items” subsection.
• OWNERSHIP OF ACCOUNT AND BENEFICIARY DESIGNATION section – Clarified that the credit union reserves the right to refuse some forms of beneficiary designation
on any or all of our accounts.
• STOP PAYMENTS section – Changed “by computers” to “by using an automated process.”
• AMENDMENTS AND TERMINATION section – The section has undergone an extensive revision. The following are some of the changes that have been made. We have
clarified that the types of changes we can make include modifying or deleting existing terms as well as adding new terms. Text was added to document our right to suspend,
modify, convert, or terminate a service. We added information on how any of these types of changes can be communicated to you. We added information about the process
of closing an account.
• CORRECTION OF CLERICAL ERRORS section – Under this new provision, you agree to allow us to correct a clerical error, unless otherwise prohibited by law.
• NOTICES section – A sentence was added on communicating via email (for parties who may have agreed to that method of communication).
• STATEMENTS section
– “Your duty to report unauthorized signatures, alterations and forgeries” subsection – Revised subsection title to “Your duty to report unauthorized signatures (including
forgeries and counterfeit checks) and alterations on checks and other items.” Made corresponding changes to the text of the subsection.
– “Duty to notify if statement not received” subsection – Added the following sentence, “Absent a lack of ordinary care by us, a failure to receive your statement in a timely
manner does not extend the time you have to conduct your review under this agreement.”
• DIRECT DEPOSITS section – The title of this section has been changed to REIMBURSEMENT OF FEDERAL BENEFIT PAYMENTS. Also, the word “available” was added
to the last sentence.
• CHECK CASHING section – Removed the word “such” from the second sentence.
• LEGAL ACTIONS AFFECTING YOUR ACCOUNT section – Added several references to applying “applicable law” throughout. Also, added a sentence stating that this
agreement does not waive any depositor rights to challenge a legal action. Added the words “or transfers” after “we may … not allow any payments or transfers.” Clarified that
in addition to the option of freezing an account, we may take other actions as may be appropriate under the circumstances.
• ACCOUNT SECURITY section
– “Your duty to protect account information and methods of access” – Added the word “Your” to the beginning of this subsection’s title. Added the following language, “You
should also safeguard your username, password, and other access and identifying information when accessing your account through a computer or other electronic, audio,
or mobile device or technology. If you give anyone authority to access the account on your behalf, you should exercise caution and ensure the trustworthiness of that
agent.” Also, language was added to describe identity verification methods that may be used to protect account security.
• TELEPHONIC INSTRUCTIONS section – The section title was changed to INSTRUCTIONS FROM YOU and revised to include email instructions.
• MONITORING AND RECORDING TELEPHONE CALLS AND CONSENT TO RECEIVE COMMUNICATIONS section – Change the nature of the section from a consent
provision to a disclosure. Changed the section title to MONITORING AND RECORDING TELEPHONE CALLS AND ACCOUNT COMMUNICATIONS.
• CLAIM OF LOSS section – Added “/one-time” after the word “everyday.” Also, the word “generally” was added to the second sentence.
• EARLY WITHDRAWALS PENALTIES section – Changed “See your notice of penalty for early withdrawals …” to “See your separately provided notice of penalty …”
• ADDRESS OR NAME CHANGES section – Changed the section title to CHANGES IN NAME AND CONTACT INFORMATION. Expanded the section to include more than
just address changes.
• TRUNCATION, SUBSTITUTE CHECKS, AND OTHER CHECK IMAGES section – Changed “our internal policy” to “our policy.”
• INTERNATIONAL ACH TRANSACTIONS section – This section is new.
TERMS AND CONDITIONS OF YOUR ACCOUNT
IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT – To help the government fight the funding of terrorism and money laundering
activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to
see your driver’s license or other identifying documents.
AGREEMENT – This document, along with any other documents we give you pertaining to your account(s), is a contract (also referred to as “this agreement”) that establishes rules
which control your account(s) with us. Please read this carefully and retain it for future reference. If you open the account (whether in-person, electronically, or by any other method
permitted by us) or continue to use the account after receiving a notice of change or amendment, you agree to these rules. You will receive a separate schedule of rates, qualifying
balances, and fees if they are not included in this agreement. If you have any questions, please ask us.
This agreement is subject to applicable federal laws, the laws of the state of North Carolina and other applicable rules such as the operating letters of the Federal Reserve Banks
and payment processing system rules (except to the extent that this agreement can and does vary such rules or laws). The body of state and federal law that governs our
relationship with you, however, is too large and complex to be reproduced here. The purpose of this agreement is to:
(1) summarize some laws that apply to common transactions;
(2) establish rules to cover transactions or events which the law does not regulate;
(3) establish rules for certain transactions or events which the law regulates but permits variation by agreement; and
(4) give you disclosures of some of our policies to which you may be entitled or in which you may be interested.
If any provision of this agreement is found to be unenforceable according to its terms, all remaining provisions will continue in full force and effect. We may permit some variations
from our standard agreement, but we must agree to any variation in writing either on the signature card for your account or in some other document. Nothing in this agreement is
intended to vary our duty to act in good faith and with ordinary care when required by law.
As used in this agreement the words “we,” “our,” and “us” mean the financial institution and the words “you” and “your” mean the account holder(s) and anyone else with the
authority to deposit, withdraw, or exercise control over the funds in the account. However, this agreement does not intend, and the terms “you” and “your” should not be interpreted,
to expand an individual’s responsibility for an organization’s liability. If this account is owned by a corporation, partnership or other organization, individual liability is determined by
the laws generally applicable to that type of organization. The headings in this agreement are for convenience or reference only and will not govern the interpretation of the
provisions. Unless it would be inconsistent to do so, words and phrases used in this agreement should be construed so the singular includes the plural and the plural includes the
singular.
BYLAWS – Our bylaws, which we may amend from time to time, establish basic rules about our credit union policies and operations which affect your account and membership.
You may obtain a copy of the bylaws on request. Our right to require you to give us notice of your intention to withdraw funds from your account is described in the bylaws. Unless
we have agreed otherwise, you are not entitled to receive any original item after it is paid, although you may request that we send you an item(s) or a copy of an item(s). Dividends
are based on current earnings and available earnings of the credit union, after providing for required reserves.
LIABILITY – You agree, for yourself (and the person or entity you represent if you sign as a representative of another) to the terms of this account and the schedule of charges.
You authorize us to deduct these charges, without notice to you, directly from the account balance as accrued. You will pay any additional reasonable charges for services you
request which are not covered by this agreement.
Each of you also agrees to be jointly and severally (individually) liable for any account shortage resulting from charges or overdrafts, whether caused by you or another with access
to this account. This liability is due immediately, and we can deduct any amounts deposited into the account and apply those amounts to the shortage. You have no right to defer
payment of this liability, and you are liable regardless of whether you signed the item or benefited from the charge or overdraft.
You will be liable for our costs as well as for our reasonable attorneys’ fees, to the extent permitted by law, whether incurred as a result of collection or in any other dispute involving
your account. This includes, but is not limited to, disputes between you and another joint owner; you and an authorized signer or similar party; or a third party claiming an interest in
your account. This also includes any action that you or a third party takes regarding the account that causes us, in good faith, to seek the advice of an attorney, whether or not we
become involved in the dispute. All costs and attorneys’ fees can be deducted from your account when they are incurred, without notice to you.
DEPOSITS – We will give only provisional credit until collection is final for any items, other than cash, we accept for deposit (including items drawn “on us”). Before settlement of
any item becomes final, we act only as your agent, regardless of the form of indorsement or lack of indorsement on the item and even though we provide you provisional credit for
the item. We may reverse any provisional credit for items that are lost, stolen, or returned. Unless prohibited by law, we also reserve the right to charge back to your account the
amount of any item deposited to your account or cashed for you which was initially paid by the payor bank and which is later returned to us due to an allegedly forged, unauthorized
or missing indorsement, claim of alteration, encoding error, counterfeit cashier’s check or other problem which in our judgment justifies reversal of credit. You authorize us to
attempt to collect previously returned items without giving you notice, and in attempting to collect we may permit the payor bank to hold an item beyond the midnight deadline.
Actual credit for deposits of, or payable in, foreign currency will be at the exchange rate in effect on final collection in U.S. dollars. We are not responsible for transactions by mail or
outside depository until we actually record them. If you deliver a deposit to us and you will not be present when the deposit is counted, you must provide us an itemized list of the
deposit (deposit slip). To process the deposit, we will verify and record the deposit, and credit the deposit to the account. If there are any discrepancies between the amounts shown
on the itemized list of the deposit and the amount we determine to be the actual deposit, we will notify you of the discrepancy. You will be entitled to credit only for the actual deposit
as determined by us, regardless of what is stated on the itemized deposit slip. We will treat and record all transactions received after our “daily cutoff time” on a business day we are
open, or received on a day we are not open for business, as if initiated on the next business day that we are open. At our option, we may take an item for collection rather than for
deposit. If we accept a third-party check or draft for deposit, we may require any third-party indorsers to verify or guarantee their indorsements, or indorse in our presence.
WITHDRAWALS
Important terms for accounts where more than one person can withdraw – Unless clearly indicated otherwise on the account records, any of you, acting alone, who signs to
open the account or has authority to make withdrawals may withdraw or transfer all or any part of the account balance at any time. Each of you (until we receive written notice to the
contrary) authorizes each other person who signs or has authority to make withdrawals to indorse any item payable to you or your order for deposit to this account or any other
transaction with us.
Postdated checks – A postdated check is one which bears a date later than the date on which the check is written. We may properly pay and charge your account for a postdated
check even though payment was made before the date of the check, unless we have received written notice of the postdating in time to have a reasonable opportunity to act.
Because we process checks mechanically, your notice will not be effective and we will not be liable for failing to honor your notice unless it precisely identifies the number, date,
amount and payee of the item.
Checks and withdrawal rules – If you do not purchase your check blanks from us, you must be certain that we approve the check blanks you purchase. We may refuse any
withdrawal or transfer request which you attempt on forms not approved by us or by any method we do not specifically permit. We may refuse any withdrawal or transfer request
which is greater in number than the frequency permitted by our policy, or which is for an amount greater or less than any withdrawal limitations. We will use the date the transaction
is completed by us (as opposed to the date you initiate it) to apply any frequency limitations. In addition, we may place limitations on the account until your identity is verified.
Even if we honor a nonconforming request, we are not required to do so later. If you violate the stated transaction limitations (if any), in our discretion we may close your account or
reclassify your account as another type of account. If we reclassify your account, your account will be subject to the fees and earnings rules of the new account classification.
If we are presented with an item drawn against your account that would be a “substitute check,” as defined by law, but for an error or defect in the item introduced in the substitute
check creation process, you agree that we may pay such item.
Cash withdrawals – We recommend you take care when making large cash withdrawals because carrying large amounts of cash may pose a danger to your personal safety. As an
alternative to making a large cash withdrawal, you may want to consider a cashier’s check or similar instrument. You assume full responsibility of any loss in the event the cash you
withdraw is lost, stolen, or destroyed. You agree to hold us harmless from any loss you incur as a result of your decision to withdraw funds in the form of cash.
Multiple signatures, electronic check conversion, and similar transactions – An electronic check conversion transaction is a transaction where a check or similar item is
converted into an electronic fund transfer as defined in the Electronic Fund Transfers regulation. In these types of transactions the check or similar item is either removed from
circulation (truncated) or given back to you. As a result, we have no opportunity to review the signatures or otherwise examine the original check or item. You agree that, as to these
or any items as to which we have no opportunity to examine the signatures, you waive any requirement of multiple signatures.
UNDERSTANDING AND AVOIDING OVERDRAFT AND NONSUFFICIENT FUNDS (NSF) FEES
Generally – The information in this section is being provided to help you understand what happens if your account is overdrawn. Understanding the concepts of overdrafts and nonsufficient funds (NSF) is important and can help you avoid being assessed fees or charges. This section also provides contractual terms relating to overdrafts and NSF
transactions.
An overdrawn account will typically result in you being charged an overdraft fee or an NSF fee. Generally, an overdraft occurs when there is not enough money in your account to
pay for a transaction, but we pay (or cover) the transaction anyway. An NSF transaction is slightly different. In an NSF transaction, we do not cover the transaction. Instead, the
transaction is rejected and the item or requested payment is returned. In either situation, we can charge you a fee.
Determining your available balance – We use the “available balance” method to determine whether your account is overdrawn, that is, whether there is enough money in your
account to pay for a transaction. Importantly, your “available” balance may not be the same as your account’s “actual” balance. This means an overdraft or an NSF transaction could
occur regardless of your account’s actual balance.
Your account’s actual balance (sometimes called the ledger balance) only includes transactions that have settled up to that point in time, that is, transactions (deposits and
payments) that have posted to your account. The actual balance does not include outstanding transactions (such as checks that have not yet cleared and electronic transactions
that have been authorized but which are still pending). The balance on your periodic statement is the ledger balance for your account as of the statement date.
As the name implies, your available balance is calculated based on the money “available” in your account to make payments. In other words, the available balance takes ACH credit
transactions and debit card transactions that have been authorized, but not yet settled, and adds or subtracts them from the actual balance. In addition, when calculating your
available balance, any “holds” placed on deposits that have not yet cleared are also subtracted from the actual balance. For more information on how holds placed on funds in your
account can impact your available balance, read the subsection titled “A temporary debit authorization hold affects your account balance.”
Overdrafts – You understand that we may, at our discretion, honor withdrawal requests that overdraw your account. However, the fact that we may honor withdrawal requests that overdraw the account balance does not obligate us to do so later. So you can NOT rely on us to pay overdrafts on your account regardless of how frequently or under what
circumstances we have paid overdrafts on your account in the past. We can change our practice of paying, or not paying, discretionary overdrafts on your account without notice to
you. You can ask us if we have other account services that might be available to you where we commit to paying overdrafts under certain circumstances, such as an overdraft
protection line-of-credit or a plan to sweep funds from another account you have with us. You agree that we may charge fees for overdrafts. For consumer accounts, we will not
charge fees for overdrafts caused by ATM withdrawals or one-time (sometimes referred to as “everyday”) debit card transactions if you have not opted-in to that service. We may
use subsequent deposits, including direct deposits of social security or other government benefits, to cover such overdrafts and overdraft fees.
Nonsufficient funds (NSF) fees – If an item drafted by you (such as a check) or a transaction you set up (such as a preauthorized transfer) is presented for payment in an amount
that is more than the amount of money available in your account, and we decide not to pay the item or transaction, you agree that we can charge you an NSF fee for returning the
payment. Be aware that such an item or payment may be presented multiple times by the merchant or other payee until it is paid, and that we do not monitor or control the number
of times a transaction is presented for payment. You agree that we may charge you an NSF fee each time a payment is presented if the amount of money available in your account
is not sufficient to cover the payment, regardless of the number of times the payment is presented.
Payment types – Some, but not necessarily all, of the ways you can access the funds in your account include debit card transactions, automated clearing house (ACH)
transactions, and check transactions. All these payment types can use different processing systems and some may take more or less time to post. This information is important for a
number of reasons. For example, keeping track of the checks you write and the timing of the preauthorized payments you set up will help you to know what other transactions might
still post against your account. For information about how and when we process these different payment types, see the “Payment order of items” subsection below.
Balance information – Keeping track of your balance is important. You can review your balance in a number of ways including reviewing your periodic statement, reviewing your
balance online, accessing your account information by phone, or coming into one of our branches.
Funds availability – Knowing when funds you deposit will be made available for withdrawal is another important concept that can help you avoid being assessed fees or charges.
Please see our funds availability disclosure (generally titled, “Your Ability to Withdraw Funds”) for information on when different types of deposits will be made available for
withdrawal. For an account to which our funds availability policy disclosure does not apply, you can ask us when you make a deposit when those funds will be available for
withdrawal. An item may be returned after the funds from the deposit of that item are made available for withdrawal. In that case, we will reverse the credit of the item. We may
determine the amount of available funds in your account for the purpose of deciding whether to return an item for insufficient funds at any time between the times we receive the
item and when we return the item or send a notice in lieu of return. We need only make one determination, but if we choose to make a subsequent determination, the account
balance at the subsequent time will determine whether there are insufficient available funds.
A temporary debit authorization hold affects your account balance – On debit card purchases, merchants may request a temporary hold on your account for a specified sum of
money when the merchant does not know the exact amount of the purchase at the time the card is authorized. The amount of the temporary hold may be more than the actual
amount of your purchase. Some common transactions where this occurs involve purchases of gasoline, hotel rooms, or meals at restaurants. When this happens, our processing
system cannot determine that the amount of the hold exceeds the actual amount of your purchase. This temporary hold, and the amount charged to your account, will eventually be
adjusted to the actual amount of your purchase, but it could be three calendar days, or even longer in some cases, before the adjustment is made. Until the adjustment is made, the
amount of funds in your account available for other transactions will be reduced by the amount of the temporary hold. If one or more transactions are presented for payment in an
amount greater than the funds left after the deduction of the temporary hold amount, you will be charged an NSF or overdraft fee according to our NSF or overdraft fee policy, which
may result in one or more overdraft or NSF fees. You will be charged the fee even if you would have had sufficient funds in your account if the amount of the hold had been equal to
the amount of your purchase.
Payment order of items – The law permits us to pay items (such as checks or drafts) drawn on your account in any order. To assist you in handling your account with us, we are
providing you with the following information regarding how we process the items that you write. When processing items drawn on your account, our policy is to pay them in the order
that they are received. The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented. There is no policy that is
favorable in every instance. If the smallest items are paid first, you may have fewer NSF or overdraft fees, but the largest, and perhaps more important items (such as rent or
mortgage payments) might not be paid. If an item is presented without sufficient funds in your account to pay it, we may, at our discretion, pay the item (creating an overdraft) or return
the item (NSF). The amounts of the overdraft and NSF fees are disclosed elsewhere. By paying items in the order that we receive them, we think our policy attains a reasonable
balance between minimizing additional cost to you and paying your more important items. We encourage you to make careful records and practice good account management. This
will help you to avoid writing checks or drafts without sufficient funds and incurring the resulting fees.
OWNERSHIP OF ACCOUNT AND BENEFICIARY DESIGNATION – These rules apply to this account depending on the form of ownership and beneficiary designation, if any,
specified on the account records. We reserve the right to refuse some forms of ownership and beneficiary designations on any or all of our accounts unless otherwise prohibited by
law. We make no representations as to the appropriateness or effect of the ownership and beneficiary designations, except as they determine to whom we pay the account funds.
Individual Account – is an account in the name of one person.
Joint Account – With Survivorship – You intend and agree that regardless of whose funds are deposited in the account, that upon your death the balance in the account will
belong to the survivor(s). If two or more of you survive, you will own the balance in the account as joint tenants with right of survivorship. This agreement is governed by North
Carolina General Statutes § 54-109.58.
Personal Agency Accounts – Such an account allows you to name an agent who will have authority to make withdrawals from the account by check or otherwise and indorse
checks payable to you for deposit only into the account and otherwise make deposits. In addition, you may elect to extend the authority of your agent so your agent may act
notwithstanding your subsequent incapacity or mental incompetence. Your agent’s authority would then end at such time as the agent receives notification from a qualified guardian
or duly appointed attorney-in-fact. If you do not extend the authority of your agent, then your subsequent incapacity or mental incompetence will terminate the authority of your
agent. This agreement is governed by North Carolina General Statutes § 54-109.63.
Joint Account – No Survivorship – is owned by two or more persons, but none of you intend (merely by opening this account) to create any right of survivorship in any other
person.
Payable on Death (POD) Account – A beneficiary cannot withdraw unless: (1) the person creating the account dies, and (2) the beneficiary is then living. The person creating this
account type reserves the right to: (1) change beneficiaries, (2) change account types, and (3) withdraw all or part of the account funds at any time. This agreement is governed by
North Carolina General Statutes § 54-109.57A.
In the event of either: 1) written notice of the existence of a dispute between the owners or beneficiaries or other persons concerning their respective rights of ownership to the funds
contained in, or proposed to be withdrawn, or previously withdrawn from an account; or 2) the Credit Union’s uncertainty as to who is entitled to the funds in an account(s), the Credit
Union reserves the right to place an administrative hold on the funds in the account(s), notify all owners, beneficiaries, and/or all other persons claiming an interest in the account(s), of
either the dispute or the Credit Union’s uncertainty as to who is entitled to the funds, and will not release the funds to any owners, beneficiary(s) or other persons claiming an interest in
funds in the account, until the Credit Union receives either: 1) a request for payment in writing agreed to by all owners, beneficiary(s) or all other persons claiming an interest in funds
held in an account(s), or 2) the payment is authorized or directed by a court of proper jurisdiction.
MINOR ACCOUNTS – We may offer an account for a minor who is at least 12 years of age. The account must be held jointly with another member who is at least 18 years of age
and who shall be jointly and severally liable to us for any returned item, negative balance, unpaid fees, or amount on such account. We may pay funds directly to the minor without
regard to his or her minority status. A parent or guardian who is not a joint owner will not have any account access rights. We have no duty to inquire about the purpose or use of
any transaction. Once the minor reaches the age of 18, the joint owner may notify us in writing of their desire to be removed from the account.
Our typical debit limits are $1,000.00 at a point of sale and $500.00 cash. Our HSA also has a debit card, which is limited to $1000.00 and no cash is available.
Our Minor account debit limits will typically be $100.00 for point of sale transactions and $50.00 cash ATM withdrawals. Other options may be available, please discuss with our
Member Service team. We may require your request in writing.
CONTROL OF MULTIPLE PARTY ACCOUNTS – Any owner is authorized and deemed to act for any other owner(s) and may instruct us regarding transactions and other
account matters. Each owner guarantees the signature of any other owner(s). Any owner may withdrawal all funds, stop payment on items, transfer, or pledge to us all or any part of
the shares without the consent of the other owner(s). We have no duty to notify any owner(s) about any transaction. We reserve the right to require written consent of all owners for
any change to or termination of an account. If we receive written notice of a dispute between owners or inconsistent instructions from them, we may suspend or terminate the
account and require a court order or written consent from all owners to act.
BUSINESS, ORGANIZATION AND ASSOCIATION ACCOUNTS – Earnings in the form of interest, dividends, or credits will be paid only on collected funds, unless otherwise
provided by law or our policy. You represent that you have the authority to open and conduct business on this account on behalf of the entity. We may require the governing body of
the entity opening the account to give us a separate authorization telling us who is authorized to act on its behalf. We will honor the authorization until we actually receive written
notice of a change from the governing body of the entity.
STOP PAYMENTS – The rules in this section cover stopping payment of items such as checks and drafts. Rules for stopping payment of other types of transfers of funds, such as consumer electronic fund transfers, may be established by law or our policy. If we have not disclosed these rules to you elsewhere, you may ask us about those rules.
We may accept an order to stop payment on any item from any one of you. You must make any stop-payment order in the manner required by law and we must receive it in time to
give us a reasonable opportunity to act on it before our stop-payment cutoff time. Because the most effective way for us to execute a stop-payment order is by using an automated
process, to be effective, your stop-payment order must precisely identify the number, date, and amount of the item, and the payee. You may stop payment on any item drawn on your
account whether you sign the item or not. Your stop-payment order is effective for six months if it is given to us in writing or by another type of record. (Generally, a “record” is
information that is stored in such a way that it can be retrieved and can be heard or read and understood – you can ask us what type of stop-payment records you can give us.) Your
order will lapse after that time if you do not renew the order in writing before the end of the six-month period. If the original stop-payment order was oral your stop-payment order will
lapse after 14 calendar days if it is not confirmed in writing or by another type of record within that time period. We are not obligated to notify you when a stop-payment order expires.
If you stop payment on an item and we incur any damages or expenses because of the stop payment, you agree to indemnify us for those damages or expenses, including
attorneys’ fees. You assign to us all rights against the payee or any other holder of the item. You agree to cooperate with us in any legal actions that we may take against such
persons. You should be aware that anyone holding the item may be entitled to enforce payment against you despite the stop-payment order.
Our stop-payment cutoff time is one hour after the opening of the next banking day after the banking day on which we receive the item. Additional limitations on our obligation to
stop payment are provided by law (e.g., we paid the item in cash or we certified the item).
TELEPHONE TRANSFERS – A telephone transfer of funds from this account to another account with us, if otherwise arranged for or permitted, may be made by the same
persons and under the same conditions generally applicable to withdrawals made in writing. Limitations on the number of telephonic transfers from a savings account, if any, are
described elsewhere.
AMENDMENTS AND TERMINATION – We may amend or delete any term of our bylaws or this agreement. We may also add new terms to our bylaws or to this agreement. In
addition, we may suspend, modify, convert, or terminate a service, convert this account to another account type, or close this account for any reason (including if your membership
in the credit union terminates). For any of these types of changes, we will give you reasonable notice in writing by any reasonable method including by mail, by any electronic
communication method to which you have agreed, on or with a periodic statement, or through any other method permitted by law. If we close the account, we will tender the account
balance to you or your agent personally, by mail, or by another agreed upon method.
Reasonable notice depends on the circumstances, and in some cases, such as when we cannot verify your identity or we suspect fraud, it might be reasonable for us to give you
notice after the change becomes effective. For instance, if we suspect fraudulent activity with respect to your account, and if we deem it appropriate under the circumstances and
necessary to prevent further fraud, we might immediately freeze or close your account and then give you notice.
Unless otherwise indicated in the notice of change, if we have notified you of a change to your account, and you continue to have your account after the effective date of the change, you
have accepted and agreed to the new or modified terms. You should review any change in terms notice carefully as the notice will provide important information of which you may need
to be aware.
We reserve the right to waive any term of this agreement. However, such waiver shall not affect our right to enforce the term at a later date.
If you request that we close your account, you are responsible for leaving enough money in the account to cover any outstanding items or transactions to be paid from the account.
Once any outstanding items or transactions are paid, we will close the account and tender the account balance, if any, to you or your agent personally, by mail, or by another
agreed upon method. Only a joint tenant that is a member can close an account.
Any items and transactions presented for payment after the account is closed may be dishonored. Any deposits we receive after the account is closed may be returned. We will not
be liable for any damages for not honoring any such debits or deposits received after the account is closed.
Note: Rules governing changes in interest rates are provided separately in the Truth-in-Savings disclosure or in another document. In addition, for changes governed by a specific
law or regulation, we will follow the specific timing and format notice requirements of those laws or regulations.
CORRECTION OF CLERICAL ERRORS – Unless otherwise prohibited by law, you agree, if determined necessary in our reasonable discretion, to allow us to correct clerical
errors, such as obtaining your missing signature, on any account documents or disclosures that are part of our agreement with you. For errors on your periodic statement, please
refer to the STATEMENTS section.
NOTICES – Any written notice you give us is effective when we actually receive it, and it must be given to us according to the specific delivery instructions provided elsewhere, if
any. We must receive any notice in time to have a reasonable opportunity to act on it. If a notice is regarding a check or other item, you must give us sufficient information to be able
to identify the check or item, including the precise check or item number, amount, date and payee. Notice we give you via the United States Mail is effective when it is deposited in
the United States Mail with proper postage and addressed to your mailing address we currently have on file. Notice we give you through your email of record, or other electronic
method to which you agreed, will be treated as delivered to you when sent. Notice to any of you is notice to all of you.
TERMINATION OF ACCOUNT – We may terminate your account at any time without notice to you or may require you to close your account and apply for a new account if: (1)
there is a change in owners or authorized signers; (2) there has been a forgery or fraud reported or committed involving your account; (3) there is a dispute as the ownership of the
account or of the funds in the account; (4) any share drafts are lost or stolen, (5) there are excessive returned unpaid items not covered by an overdraft protection plan; (6) there
has been any misrepresentation or any other abuse of any of your account; or (7) we reasonably deem it necessary to prevent a loss to us. You may terminate a single party
account by giving written notice. We reserve the right to require the consent of all owners to terminate a multiple party account. We are not responsible for payment of any draft,
withdrawal, or other item after your account is terminated, however, if we pay an item after termination, you agree to reimburse us. We may, without prior notice, set-off all shares or
deposits, against any amount owed to us, effectively surrendering my membership.
TERMINATION OF MEMBERSHIP – You may terminate your membership by giving us notice. You may be denied services or expelled for any reason allowed by applicable law,
including causing a loss in the Credit Union.
STATEMENTS
Your duty to report unauthorized signatures (including forgeries and counterfeit checks) and alterations on checks and other items – You must examine your statement of account with “reasonable promptness.” If you discover (or reasonably should have discovered) any unauthorized signatures (including forgeries and counterfeit checks) or
alterations, you must promptly notify us of the relevant facts. As between you and us, if you fail to do either of these duties, you will have to either share the loss with us, or bear the
loss entirely yourself (depending on whether we used ordinary care and, if not, whether we substantially contributed to the loss). The loss could be not only with respect to items on
the statement but other items with unauthorized signatures or alterations by the same wrongdoer.
You agree that the time you have to examine your statement and report to us will depend on the circumstances, but will not, in any circumstance, exceed a total of 30 days from
when the statement is first sent or made available to you.
You further agree that if you fail to report any unauthorized signatures or alterations in your account within 60 days of when we first send or make the statement available, you
cannot assert a claim against us on any items in that statement, and as between you and us the loss will be entirely yours. This 60-day limitation is without regard to whether we
used ordinary care. The limitation in this paragraph is in addition to that contained in the first paragraph of this section.
Your duty to report other errors or problems – In addition to your duty to review your statements for unauthorized signatures and alterations, you agree to examine your
statement with reasonable promptness for any other error or problem – such as an encoding error or an unexpected deposit amount. Also, if you receive or we make available either
your items or images of your items, you must examine them for any unauthorized or missing indorsements or any other problems. You agree that the time you have to examine your
statement and items and report to us will depend on the circumstances. However, this time period shall not exceed 60 days. Failure to examine your statement and items and report
any errors to us within 60 days of when we first send or make the statement available precludes you from asserting a claim against us for any errors on items identified in that
statement and as between you and us the loss will be entirely yours.
Errors relating to electronic fund transfers or substitute checks – For information on errors relating to electronic fund transfers (e.g., online, mobile, debit card or ATM
transactions) refer to your Electronic Fund Transfers disclosure and the sections on consumer liability and error resolution. For information on errors relating to a substitute check
you received, refer to your disclosure entitled Substitute Checks and Your Rights.
Duty to notify if statement not received – You agree to immediately notify us if you do not receive your statement by the date you normally expect to receive it. You agree to notify
us promptly of an address change. If your statements or other mail is returned to us, we may assess a $5.00 return mail fee each returned item. Not receiving your statement in a
timely manner is a sign that there may be an issue with your account, such as possible fraud or identity theft. Absent a lack of ordinary care by us, a failure to receive your
statement in a timely manner does not extend the time you have to conduct your review under this agreement.
ACCOUNT TRANSFER – This account may not be transferred or assigned without our prior written consent.
REIMBURSEMENT OF FEDERAL BENEFIT PAYMENTS – If we are required for any reason to reimburse the federal government for all or any portion of a benefit payment that
was directly deposited into your account, you authorize us to deduct the amount of our liability to the federal government from the account or from any other account you have with
us, without prior notice and at any time, except as prohibited by law. We may also use any other available legal remedy to recover the amount of our liability.
TEMPORARY ACCOUNT AGREEMENT – If the account documentation indicates that this is a temporary account agreement, each person who signs to open the account or has
authority to make withdrawals (except as indicated to the contrary) may transact business on this account. However, we may at some time in the future restrict or prohibit further use
of this account if you fail to comply with the requirements we have imposed within a reasonable time.
RIGHT TO REPAYMENT OF INDEBTEDNESS – You each agree that we may (without prior notice and when permitted by law) charge against and deduct from this account any
due and payable debt any of you owe us now or in the future. If this account is owned by one or more of you as individuals, we may set off any funds in the account against a due
and payable debt a partnership owes us now or in the future, to the extent of your liability as a partner for the partnership debt. If your debt arises from a promissory note, then the
amount of the due and payable debt will be the full amount we have demanded, as entitled under the terms of the note, and this amount may include any portion of the balance for
which we have properly accelerated the due date.
In addition to these contract rights, we may also have rights under a “statutory lien.” A “lien” on property is a creditor’s right to obtain ownership of the property in the event a debtor
defaults on a debt. A “statutory lien” is one created by federal or state statute. If federal or state law provides us with a statutory lien, then we are authorized to apply, without prior
notice, your shares and dividends to any debt you owe us, in accord with the statutory lien.
Neither our contract rights nor rights under a statutory lien apply to this account if prohibited by law. For example, neither our contract rights nor rights under a statutory lien apply to
this account if: (a) it is an Individual Retirement Account or similar tax-deferred account, or (b) the debt is created by a consumer credit transaction under a credit card plan (but this
does not affect our rights under any consensual security interest), or (c) the debtor’s right of withdrawal arises only in a representative capacity. We will not be liable for the dishonor
of any check or draft when the dishonor occurs because we charge and deduct an amount you owe us from your account. You agree to hold us harmless from any claim arising as
a result of our exercise of our right to repayment.
RESTRICTIVE LEGENDS OR INDORSEMENTS – The automated processing of the large volume of checks we receive prevents us from inspecting or looking for restrictive
legends, restrictive indorsements or other special instructions on every check. For this reason, we are not required to honor any restrictive legend or indorsement or other special
instruction placed on checks you write unless we have agreed in writing to the restriction or instruction. Unless we have agreed in writing, we are not responsible for any losses,
claims, damages, or expenses that result from your placement of these restrictions or instructions on your checks. Examples of restrictive legends placed on checks are “must be
presented within 90 days” or “not valid for more than $1,000.00.” The payee’s signature accompanied by the words “for deposit only” is an example of a restrictive indorsement.
PLEDGES – Each owner of this account may pledge all or any part of the funds in it for any purpose to which we agree. Any pledge of this account must first be satisfied before the
rights of any surviving account owner or account beneficiary become effective.
CHECK PROCESSING – We process items mechanically by relying almost exclusively on the information encoded in magnetic ink along the bottom of the items. This means that
we do not individually examine all of your items to determine if the item is properly completed, signed and indorsed or to determine if it contains any information other than what is
encoded in magnetic ink. You agree that we have exercised ordinary care if our automated processing is consistent with general banking practice, even though we do not inspect
each item. Because we do not inspect each item, if you write a check to multiple payees, we can properly pay the check regardless of the number of indorsements unless you notify
us in writing that the check requires multiple indorsements. We must receive the notice in time for us to have a reasonable opportunity to act on it, and you must tell us the precise
date of the check, amount, check number and payee. We are not responsible for any unauthorized signature or alteration that would not be identified by a reasonable inspection of
the item. Using an automated process helps us keep costs down for you and all account holders.
CHECK CASHING – We may charge a fee for anyone that does not have an account with us who is cashing a check, draft or other instrument written on your account. We may
also require reasonable identification to cash a check, draft or other instrument. We can decide what identification is reasonable under the circumstances and such identification
may be documentary or physical and may include collecting a thumbprint or fingerprint.
INDORSEMENTS – We may accept for deposit any item payable to you or your order, even if they are not indorsed by you. We may give cash back to any one of you. We may
supply any missing indorsement(s) for any item we accept for deposit or collection, and you warrant that all indorsements are genuine.
To ensure that your check or share draft is processed without delay, you must indorse it (sign it on the back) in a specific area. Your entire indorsement (whether a signature or a
stamp) along with any other indorsement information (e.g. additional indorsements, ID information, driver’s license number, etc.) must fall within 11/2” of the “trailing edge” of a check.
Indorsements must be made in blue or black ink, so that they are readable by automated check processing equipment.
As you look at the front of a check, the “trailing edge” is the left edge. When you flip the check over, be sure to keep all indorsement information within 11/2” of that edge.
It is important that you confine the indorsement information to this area since the remaining blank space will be used by others in the processing of the check to place additional
needed indorsements and information. You agree that you will indemnify, defend, and hold us harmless for any loss, liability, damage or expense that occurs because your
indorsement, another indorsement or information you have printed on the back of the check obscures our indorsement.
These indorsement guidelines apply to both personal and business checks.
DEATH OR INCOMPETENCE – You agree to notify us promptly if any person with a right to withdraw funds from your account(s) dies or is adjudicated (determined by the
appropriate official) incompetent. We may continue to honor your checks, items, and instructions until: (a) we know of your death or adjudication of incompetence, and (b) we have
had a reasonable opportunity to act on that knowledge. You agree that we may pay or certify checks drawn on or before the date of death or adjudication of incompetence for up to
ten (10) days after your death or adjudication of incompetence unless ordered to stop payment by someone claiming an interest in the account.
FIDUCIARY ACCOUNTS – Accounts may be opened by a person acting in a fiduciary capacity. A fiduciary is someone who is appointed to act on behalf of and for the benefit of
another. We are not responsible for the actions of a fiduciary, including the misuse of funds. This account may be opened and maintained by a person or persons named as a
trustee under a written trust agreement, or as executors, administrators, or conservators under court orders. You understand that by merely opening such an account, we are not
acting in the capacity of a trustee in connection with the trust nor do we undertake any obligation to monitor or enforce the terms of the trust or letters.
CREDIT VERIFICATION – You agree that we may verify credit and employment history by any necessary means, including preparation of a credit report by a credit reporting
agency.
LEGAL ACTIONS AFFECTING YOUR ACCOUNT – If we are served with a subpoena, restraining order, writ of attachment or execution, levy, garnishment, search warrant, or
similar order relating to your account (termed “legal action” in this section), we will comply with that legal action as required by applicable law. However, nothing in this agreement
shall be construed as a waiver of any rights you may have under applicable law with regards to such legal action. Subject to applicable law, we may, in our sole discretion, choose
to freeze the assets in the account and not allow any payments or transfers out of the account, or take other action as may be appropriate under the circumstances, until there is a
final court determination regarding the legal action. We may do these things even if the legal action involves less than all of you. In these cases, we will not have any liability to you if
there are insufficient funds to pay your items because we have withdrawn funds from your account or in any way restricted access to your funds in accordance with the legal action
and applicable law. Any fees or expenses we incur in responding to any legal action (including, without limitation, attorneys’ fees, and our internal expenses) may be charged
against your account, unless otherwise prohibited by applicable law. The list of fees applicable to your account(s) – provided elsewhere – may specify additional fees that we may
charge for responding to certain legal actions.
ACCOUNT SECURITY
Your duty to protect account information and methods of access – Our policy may require methods of verifying your identity before providing you with a service or allowing you
access to your account. We can decide what identification is reasonable under the circumstances. For example, process and identification requirements may vary depending on
whether they are online or in person. Identification may be documentary or physical and may include collecting a fingerprint, voiceprint, or other biometric information.
It is your responsibility to protect the account numbers and electronic access devices (e.g., an ATM card) we provide you for your accounts. You should also safeguard your username, password, and other access and identifying information when accessing your account through a computer or other electronic, audio, or mobile device or technology. If
you give anyone authority to access the account on your behalf, you should exercise caution and ensure the trustworthiness of that agent. Do not discuss, compare, or share
information about your account numbers with anyone unless you are willing to give them full use of your money. An account number can be used by thieves to issue an electronic
debit or to encode your number on a false demand draft which looks like and functions like an authorized check. If you furnish your access device or information and grant actual
authority to make transfers to another person (a family member or coworker, for example) who then exceeds that authority, you are liable for the transfers unless we have been
notified that transfers by that person are no longer authorized. Your account number can also be used to electronically remove money from your account, and payment can be
made from your account even though you did not contact us directly and order the payment.
You must also take precaution in safeguarding your blank checks. Notify us at once if you believe your checks have been lost or stolen. As between you and us, if you are negligent
in safeguarding your checks, you must bear the loss entirely yourself or share the loss with us (we may have to share some of the loss if we failed to use ordinary care and if we
substantially contributed to the loss).
Positive pay and other fraud prevention services – Except for consumer electronic fund transfers subject to Regulation E, you agree that if we offer you services appropriate for
your account to help identify and limit fraud or other unauthorized transactions against your account, and you reject those services, you will be responsible for any fraudulent or
unauthorized transactions which could have been prevented by the services we offered. You will not be responsible for such transactions if we acted in bad faith or to the extent our
negligence contributed to the loss. Such services include positive pay or commercially reasonable security procedures. If we offered you a commercially reasonable security
procedure which you reject, you agree that you are responsible for any payment order, whether authorized or not, that we accept in compliance with an alternative security
procedure that you have selected. The positive pay service can help detect and prevent check fraud and is appropriate for account holders that issue a high volume of checks, a lot
of checks to the general public, or checks for large dollar amounts.
INSTRUCTIONS FROM YOU – Unless required by law or we have agreed otherwise in writing, we are not required to act upon instructions you give us via facsimile transmission,
email, voicemail, or phone call to a facsimile number, email address, or phone number not designated by us for a particular purpose or for a purpose that is unrelated to the request
or instruction.
MONITORING AND RECORDING TELEPHONE CALLS AND ACCOUNT COMMUNICATIONS – Subject to federal and state law, we may monitor or record phone calls for
security reasons, to maintain a record, and to ensure that you receive courteous and efficient service. You consent in advance to any such recording.
To provide you with the best possible service in our ongoing business relationship for your account, we may need to contact you about your account from time to time by telephone,
text messaging, or email. In contacting you about your account, we may use any telephone numbers or email addresses that you have previously provided to us by virtue of an
existing business relationship or that you may subsequently provide to us.
You acknowledge that the number we use to contact you may be assigned to a landline, a paging service, a cellular wireless service, a specialized mobile radio service, other radio
common carrier service, or any other service for which you may be charged for the call. You acknowledge that we may contact you by voice, voicemail, or text messaging. You further
acknowledge that we may use pre-recorded voice messages, artificial voice messages, or automatic telephone dialing systems.
If necessary, you may change or remove any of the telephone numbers, email addresses, or other methods of contacting you at any time using any reasonable means to notify us.
CLAIM OF LOSS – The following rules do not apply to a transaction or claim related to a consumer electronic fund transfer governed by Regulation E (e.g., an everyday/one-time
consumer debit card or ATM transaction). The error resolution procedures for consumer electronic fund transfers can be found in our initial Regulation E disclosure generally titled,
“Electronic Fund Transfers.” For other transactions or claims, if you claim a credit or refund because of a forgery, alteration, or any other unauthorized withdrawal, you agree to
cooperate with us in the investigation of the loss, including giving us an affidavit containing whatever reasonable information we require concerning your account, the transaction,
and the circumstances surrounding the loss. You will notify law enforcement authorities of any criminal act related to the claim of lost, missing, or stolen checks or unauthorized
withdrawals. We will have a reasonable period of time to investigate the facts and circumstances surrounding any claim of loss. Unless we have acted in bad faith, we will not be
liable for special or consequential damages, including loss of profits or opportunity, or for attorneys’ fees incurred by you.
You agree that you will not waive any rights you have to recover your loss against anyone who is obligated to repay, insure, or otherwise reimburse you for your loss. You will
pursue your rights or, at our option, assign them to us so that we may pursue them. Our liability will be reduced by the amount you recover or are entitled to recover from these
other sources.
EARLY WITHDRAWAL PENALTIES (and involuntary withdrawals) – We may impose early withdrawal penalties on a withdrawal from a time or term share account even if you
don’t initiate the withdrawal. For instance, the early withdrawal penalty may be imposed if the withdrawal is caused by the enforcement of our right to repayment of indebtedness
against funds in the account or as a result of an attachment or other legal process. We may close your account and impose the early withdrawal penalty on the entire account
balance in the event of a partial early withdrawal. See your separately provided notice of penalty for early withdrawal for additional information.
CHANGES IN NAME AND CONTACT INFORMATION – You are responsible for notifying us of any change in your name, address, or other information we use to communicate with
you. Unless we agree otherwise, notice of such a change must be made in writing. Informing us of your address or name change on a check reorder form is not sufficient. We will
attempt to communicate with you only by use of the most recent information you have provided to us. If provided elsewhere, we may impose an account research service fee if we
attempt to locate you.
RESOLVING ACCOUNT DISPUTES – We may place an administrative hold on the funds in your account (refuse payment or withdrawal of the funds) if it becomes subject to a
claim adverse to (1) your own interest; (2) others claiming an interest as survivors or beneficiaries of your account; or (3) a claim arising by operation of law. The hold may be placed
for such period of time as we believe reasonably necessary to allow a legal proceeding to determine the merits of the claim or until we receive evidence satisfactory to us that the
dispute has been resolved. We will not be liable for any items that are dishonored as a consequence of placing a hold on funds in your account for these reasons.
WAIVER OF NOTICES – To the extent permitted by law, you waive any notice of non-payment, dishonor or protest regarding any items credited to or charged against your
account. For example, if you deposit an item and it is returned unpaid or we receive a notice of nonpayment, we do not have to notify you unless required by federal Regulation CC
or other law.
ACH AND WIRE TRANSFERS – This agreement is subject to Article 4A of the Uniform Commercial Code – Fund Transfers as adopted in the state in which you have your
account with us. If you originate a fund transfer and you identify by name and number a beneficiary financial institution, an intermediary financial institution or a beneficiary, we
and every receiving or beneficiary financial institution may rely on the identifying number to make payment. We may rely on the number even if it identifies a financial institution,
person or account other than the one named. You agree to be bound by automated clearing house association rules. These rules provide, among other things, that payments
made to you, or originated by you, are provisional until final settlement is made through a Federal Reserve Bank or payment is otherwise made as provided in Article 4A-403(a) of
the Uniform Commercial Code. If we do not receive such payment, we are entitled to a refund from you in the amount credited to your account and the party originating such
payment will not be considered to have paid the amount so credited. Credit entries may be made by ACH. If we receive a payment order to credit an account you have with us by
wire or ACH, we are not required to give you any notice of the payment order or credit.
INTERNATIONAL ACH TRANSACTIONS – Financial institutions are required by law to scrutinize or verify any international ACH transaction (IAT) that they receive against the
Specially Designated Nationals (SDN) list of the Office of Foreign Assets Control (OFAC). This action may, from time to time, cause us to temporarily suspend processing of an
IAT and potentially affect the settlement and/or availability of such payments.
FACSIMILE SIGNATURES – Unless you make advance arrangements with us, we have no obligation to honor facsimile signatures on your checks or other orders. If we do agree
to honor items containing facsimile signatures, you authorize us, at any time, to charge you for all checks, drafts, or other orders, for the payment of money, that are drawn on us.
You give us this authority regardless of by whom or by what means the facsimile signature(s) may have been affixed so long as they resemble the facsimile signature specimen filed
with us, and contain the required number of signatures for this purpose. You must notify us at once if you suspect that your facsimile signature is being or has been misused.
ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES
Indicated below are types of Electronic Fund Transfers we are capable of handling, some of which may not apply to your account. Please read this disclosure carefully because it
tells you your rights and obligations for the transactions listed. You should keep this notice for future reference.
YOUR ABILITY TO WITHDRAW FUNDS
This policy statement applies to all accounts.
Our policy is to make funds from your cash, check, and electronic direct deposits available to you immediately. At that time, you can withdraw the funds in cash and we will use
the funds to pay checks that you have written.
Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to
us unpaid and for any other problems involving your deposit.
For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit before closing on a
business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after closing or on a day we are not open, we will consider
that the deposit was made on the next business day we are open.
If we cash a check for you that is drawn on another bank, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will
be available at the time funds from the check we cashed would have been available if you had deposited it.
If we accept for deposit a check that is drawn on another bank, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw
a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time
periods that are described elsewhere in this disclosure for the type of check that you deposited.
LONGER DELAYS MAY APPLY
Case-by-case delays. In some cases, we will not make all of the funds that you deposit by check available to you immediately. Depending on the type of check that you
deposit, funds may not be available until the second business day after the day of your deposit. The first $275 of your deposits, however, will be available immediately.
If we are not going to make all of the funds from your deposit available immediately, we will notify you at the time you make your deposit. We will also tell you when the funds
will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the
day after we receive your deposit.
If you will need the funds from a deposit right away, you should ask us when the funds will be available.
Safeguard exceptions. In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
• We believe a check you deposit will not be paid.
• You deposit checks totaling more than $6,725 on any one day.
• You redeposit a check that has been returned unpaid.
• You have overdrawn your account repeatedly in the last six months.
• There is an emergency, such as failure of computer or communications equipment.
We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no
later than the seventh business day after the day of your deposit.
COMMON FEATURES
Please refer to our separate rate sheet for current dividend rate and annual percentage yield information.
Bylaw requirements:
You must complete payment of one share in your Savings account as a condition of admission to membership.
Transaction limitation – We reserve the right to at any time require not less than 60 days notice in writing before each withdrawal from an interest-bearing account, other than a
time deposit or demand deposit, or from any other savings deposit as defined by Regulation D.
Nature of dividends – Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period. (This disclosure further
explains the dividend feature of your non-term share account(s).)
National Credit Union Share Insurance Fund – Member accounts in this credit union are federally insured by the National Credit Union Share Insurance Fund.
The following fees may be assessed against your account and the following transaction limitations, if any, apply to your account.
Check printing……………………………………………………………………………………………………………………………………………………………….(fee depends on style and quantity of draft ordered)
Nonsufficient funds item (each)………………………………………………………………………………………………………………………………………………………………………………………………………$23.00
The categories of transactions for which an overdraft fee may be imposed are those by any of the following means: share drafts, ACH, Point-of-Sale, ATM withdrawals, in person
withdrawals, or by other electronic means.
Overdraft privilege fee …………………………………………………………………………………………………………………………………………………………………………………………………………………..$23.00
Stop payments – each …………………………………………………………………………………………………………………………………………………………………………………………………………………..$23.00
Outgoing wire transfer
Domestic………………………………………………………………………………………………………………………………………………………………………………………………………………………………..$18.00
Foreign…………………………………………………………………………………………………………………………………………………………………………………………………………………………………..$33.50
Copy of check ………………………………………………………………………………………………………………………………………………………………………………………………………………………………..$5.00
Escheat fee ………………………………………………………………………………………………………………………………………………………………………………………………………………………………….$50.00
Lost/damaged debit card ……………………………………………………………………………………………………………………………………………………………………………………………………………….$10.00
Statement copy ………………………………………………………………………………………………………………………………………………………………………………………………………………………………$5.00
Account research ……………………………………………………………………………………………………………………………………………………………………………………………………….$20.00 per 1/2 hour
Return mail fee ………………………………………………………………………………………………………………………………………………………………………………………………………………………………$5.00
