Membership
And Account Agreement
Share Accounts & Share Drafts
Term Share Certificates
General
Terms & Conditions
Funds Availability Disclosure
Electronic Funds Transfer (EFT) Disclosure
MEMBERSHIP
AND ACCOUNT AGREEMENT
This
Agreement covers the rights and responsibilities concerning your
accounts and
the rights and responsibilities of the credit
union providing this Agreement (credit union). In this Agreement,
the words “you” and “yours” mean anyone
who signs an Account Card or Account Change Card (Account Card
or any other account opening document). The words “we,” “us,” and “our” mean
the credit union. The word “account” means any
one (1) or more share or other accounts you have with the
credit union.
Your account type(s) and ownership features are designated
on your Account Card. By signing an Account Card, each of
you, jointly
and
severally, agree to the terms and conditions in this Agreement
and Account Card, the Funds Availability Policy Disclosure,
Truth-in-Savings Disclosure, Electronic Funds Transfer Agreement
and Disclosure,
Privacy
Notice Disclosure, any Account Deposit Receipt accompanying
this Agreement, the credit union’s bylaws and policies,
and any amendments to these documents from time to time which
collectively
govern your membership and accounts.
Membership
Eligibility
To join the credit
union you must meet the membership requirements including purchase
and maintenance
of the minimum required share(s) (“membership share”)
as set forth in the credit union’s bylaws. You authorize
us to check your account, credit and employment history,
and obtain reports from third parties, including credit reporting
agencies,
to verify your eligibility for the accounts and services
you
request.
Individual
Accounts
An individual account
is an account owned by one (1) member (individual, corporation,
partnership,
trust or other organization) qualified for credit union membership.
If
the account owner dies, the interest passes, subject to
applicable law, to the account owner’s estate or Payable
on Death (POD) beneficiary/payee or trust beneficiary, subject
to
other provisions
of this Agreement governing our protection for honoring
transfer and withdrawal requests of an owner or owner’s agent
prior to notice of an owner’s death and to any security
interest or pledge granted by the account owner and subject
to our statutory
lien rights.
Joint
Accounts
A joint account is an account
owned by two (2) or more persons.
a. Rights of Survivorship. Unless otherwise stated on
the Account Card, a joint account includes rights of
survivorship.
This
means when one (1) owner dies, all sums in the account
will pass to
the surviving owner(s). For a joint account without rights
of survivorship,
the deceased owner’s interest passes to his or her estate.
A surviving owner’s interest is subject to the credit union’s
statutory lien for the deceased owner’s obligations,
and to any security interest or pledge granted by a deceased
owner,
even
if a surviving owner did not consent to it.
b. Control of Joint 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 withdraw
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.
c. Joint Account Owner Liability. If an item deposited
in a joint account is returned unpaid, a joint account
is overdrawn,
or if we
do not receive final payment on a transaction, the owners,
jointly and severally, are liable to us for the amount
of the returned item,
overdraft, or unpaid amount and any charges, regardless
of who initiated or benefited from the transaction. If
any account
owner is indebted
to us, we may enforce our rights against any account
of the indebted owner, including all funds in the joint
account
regardless of who
contributed the funds in the account.
POD/Trust
Account Designations
A Payable on Death (POD)
account or trust account designation is an instruction
to the credit union that an individual or joint account so designated
is payable
to the owner(s) during his, her or their lifetimes
and, when the last account owner dies, payable to all and surviving
POD
or trust
beneficiaries/payees. If there is more than one (1)
surviving beneficiary/payee, the account is owned jointly by such
beneficiaries/payees
without
rights of survivorship upon the death of the last account
owner. Any POD or trust beneficiary/payee designation shall not
apply to
Individual Retirement Accounts (IRAs). We are not obligated
to notify any beneficiary/payee of the existence of any account
or the vesting
of the beneficiary/payee’s interest in any account,
except as otherwise provided by law. This paragraph
does not apply
to an account held on behalf of or held in the name
of a trust.
Accounts
For Minors
We may require any account established
by a minor to be a joint account with an owner who
has reached the age of majority under state law and who shall be
jointly
and severally
liable to us for any returned item, overdraft, or
unpaid charges or amounts on such account. We may pay funds directly
to the
minor without regard to his or her minority. Unless
a guardian or parent
is an account owner, the guardian or parent shall
not have any account access rights. We have no duty to inquire
about
the use
or purpose
of any transaction. We will not change the account
status when the minor reaches the age of majority unless authorized
in
writing by
all account owners.
Uniform
Transfers/Gifts To Minors Account
A Uniform
Transfers/Gifts to Minors Account (UTMA/UGMA) is
an individual account created by
a custodian who deposits funds as an irrevocable
gift to a minor. The minor to whom the gift is made is the beneficiary
of the
custodial property in the account. The custodian
has possession
and control
of the account for the exclusive right and benefit
of the minor and, barring a court order otherwise, is the only
party entitled
to make
deposits, withdrawals, or close the account. We
have no duty to inquire about the use or purpose of any transaction.
If
the custodian
dies,
we may suspend the account until we receive instructions
from
any person authorized by law to withdraw funds
or a court order authorizing
withdrawal.
Agency
Designation On An Account
An agency designation
on an account is an instruction to us that the
owner authorizes another person to make transactions as agent for
the account
owner regarding
the accounts designated. An agent has no ownership
interest in the account(s) or credit union voting rights. We have
no
duty
to inquire
about the use or purpose of any transaction made
by the agent
Deposit
Of Funds Requirements
Funds may
be deposited to any account, in any manner approved by the credit
union
in accordance with the requirements as set
forth in the Truth-in-Savings Disclosure.
Deposits made by mail, at night depositories
or at unstaffed facilities are not our responsibility until we
receive them.
We reserve the
right to refuse or to return any deposit.
a. Endorsements. We may accept transfers, checks, drafts, and other
items for deposit into any
of your accounts
if they are
made payable
to, or to the order of, one (1) or more account
owners even if they are not endorsed by all
payees. You
authorize us
to supply
missing
endorsements of any owners if we choose. If
a check, draft or item that is payable to two
(2)
or more
persons is ambiguous
as to whether
it is payable to either or both, we will process
the check, draft
or item as though it is payable to all such
persons. If an insurance, government, or other
check or
draft requires
an
endorsement,
we may require endorsement as set forth on
the item. Endorsements must be
made on the back of the share draft or check
within 1½ inches
from the top edge, although we may accept endorsements
outside this space. However, any loss we incur
from a delay or processing
error
resulting from an irregular endorsement or
other markings by you or any prior endorser
will be your responsibility.
b. Collection of Items. We act only as your
agent and we are not responsible for handling
items
for deposit
or collection
beyond the
exercise of ordinary care. We are not liable
for the negligence of any correspondent or
for loss
in transit,
and each correspondent
will only be liable for its own negligence.
We may send any item
for collection. Items drawn on an institution
located outside the United States are handled
on a collection
basis only.
You waive any
notice of nonpayment, dishonor, or protest
regarding items we purchase or receive for
credit or collection
to your
account. We reserve the
right to pursue collection of previously dishonored
items at any time, including giving a payor
financial institution
extra time beyond
any midnight deadline limits.
c. Restrictive Legends. Some checks and drafts
contain restrictive legends or similar limitations
on the
front of the item.
Examples of restrictive legends include “two signatures required”, “void
after 60 days” or “not valid over $500.” We
are not liable for payment of any check or draft contrary to
a restrictive
legend or other limitation contained in or on the item unless
we have specifically agreed in writing to the restrictions
or limitations.
d. Final Payment. All items or Automated Clearing
House (ACH) transfers credited to your account
are provisional
until
we receive final payment.
If final payment is not received, we may charge
your account for the amount of such items or
ACH transfers
and impose
a return item
charge on your account. Any collection fees
we incur may be charged to your account. We
reserve
the right
to refuse
or return any item
or funds transfer.
e. Direct Deposits. We may offer preauthorized
deposits (e.g., payroll checks, Social Security
or retirement
checks, or
other government
checks) or preauthorized transfers from other
accounts. You must authorize direct deposits
or preauthorized
transfers by filling out
a separate form. You must notify us at least
30 days in advance
to cancel or change a direct deposit or transfer
option. If your account
is overdrawn, you authorize us to deduct the
amount your account is overdrawn from any deposit,
including
deposits
of government payments
or benefits. If we are required to reimburse
the U.S. Government for any benefit payment
directly deposited
into your account,
we may deduct the amount returned from any
of your
accounts, unless
prohibited by law.
f. Crediting of Deposits. Deposits made after
the deposit cut-off time and deposits made
on either
holidays or
days that are not our
business days will be credited to your account
on the next business day.
Account
Access
a. Authorized Signature. Your signature on
the Account Card authorizes your account
access. We will not
be liable for
refusing to honor
any item or instruction if we believe the
signature is not genuine. If you have authorized the
use
of a facsimile
signature,
we may honor
any check or draft that appears to bear your
facsimile signature even if it was made by
an unauthorized
person. You authorize
us to honor transactions initiated by a third
person to whom you have given
your account number even if you do not authorize
a particular transaction.
b. Access Options. You may withdraw or transfer
funds from your account(s) in any manner
we permit (e.g.,
at an automated
teller machine, in
person, by mail, Internet access, automatic
transfer, or telephone, as applicable). We
may return as
unpaid any
check or draft drawn
on a form we do not provide, and you are
responsible for any loss we incur handling
such a check
or draft. We have
the right to review
and approve any form of power of attorney
and may restrict account withdrawals or transfers.
We are
under no obligation
to honor any
power of attorney.
c. Credit Union Examination. We may disregard
information on any check or draft other than
the signature
of the drawer, the amount
and any magnetic encoding. You agree we do
not fail to exercise ordinary care in paying
an item
solely
because
our procedures
do not provide
for sight examination of items.
ACH
& Wire Transfers
Except as amended by this
Agreement, electronic funds transfers we
permit that are subject to Article
4A of the Uniform Commercial Code will
be subject to such provisions of the Uniform Commercial Code as
enacted
by the state where
the main office of the credit union is
located. We may execute certain
requests for electronic funds transfers
by Fedwire. Fedwire transactions are subject to Federal Reserve
Board
Regulation
J. You may order
electronic funds transfers to or from your
account. We will debit your account for the amount of an electronic
funds transfer
and
will charge your account for any fees related
to the transfer. Unless
we agree otherwise in writing, we reserve
the right to refuse to execute any order to transfer funds to or
from your account.
We
are not obligated to execute any order
to transfer funds out of your
account if the amount of the requested
transfer plus applicable fees exceeds the available funds in your
account.
We are not
liable for
errors, delays, interruptions or transmission
failures caused by third parties or circumstances beyond our control
including
mechanical,
electronic or equipment failure. We will
not provide you with next day notice of ACH, wire transfers and
other electronic
payments credited to your account. You
will receive notice of such credits
on your
account statements. You may contact us
to determine whether a payment
has been received. If we fail to properly
execute a payment order, and such action results in a delay in
payment to you,
we will
pay you dividends or interest for the period
of delay as required by
applicable law. The dividends or interest
paid to you will be based on the lowest nominal dividend or interest
rate we
were
paying
on any account during that period. Payment
orders we accept will be
executed within a reasonable time of receipt
but may not necessarily be executed on the date they are received.
Cut-off times may
apply to the receipt, execution and processing
of funds transfers, payment
orders, cancellations, and amendments and,
if received after a cut-off time, may be treated as having been
received on the
next
following
funds transfer business day. Information
about any cut-off times is available upon request. When you initiate
a wire transfer,
you may identify the recipient and any
financial institution by name
and by account or identifying number. The
credit union and any
other financial institutions facilitating
the transfer may rely strictly
on the account or identifying number even
if the number identifies a different person or financial institution.
Any account owner
may amend or cancel a payment order even
if that person did not initiate
the order. We may refuse requests to amend
or cancel a payment order that we believe will expose the credit
union to liability
or loss.
Any request to amend or cancel a payment
order that we accept will be processed within a reasonable time
after it is received.
You
agree to hold us harmless from and indemnify
us for all losses and expenses
resulting from any actual or attempted
amendment or cancellation of a payment order. We may require you
to follow
a security
procedure to execute a payment order or
certain electronic funds transfer
transactions. We will notify you of any
such security procedures and you agree
that our security procedures are commercially
reasonable
Account
Rates And Fees
We pay account earnings
and assess fees against your account
as set forth in the Truth-in-Savings Disclosure
or Schedule of Fees and Charges. We may
change the Truth-in-Savings Disclosure or Schedule of Fees and
Charges at any time and
will
notify you as required by law.
Transaction
Limitations
a. Withdrawal Restrictions. We will
pay checks or drafts, permit withdrawals
and make transfers
from
available
funds in your account.
The availability of funds in your account
may be delayed as described in our
Funds Availability
Policy Disclosure.
We may also pay checks
or drafts, permit withdrawals and make
transfers from your account from insufficient
available
funds
if you
have established
an overdraft
protection plan or, if you do not have
such a plan with us, according to our
overdraft payment
policy.
We may refuse to allow a withdrawal
in some situations, and will advise
you
accordingly: for example,
(1) a dispute between
account
owners (unless a court has ordered
the credit
union to allow the withdrawal); (2)
a legal garnishment or attachment
is
served; (3)
the account secures any obligation
to us; (4) required
documentation has not been presented;
or (5) you fail to repay a credit
union loan on time. We may require
you to give written notice of seven
(7) days
to 60 days before any intended withdrawals.
b. Transfer Limitations. We may limit
the dollar amount or the number of
transfers from your
account. Please
consult your Truth-in-Savings
Disclosure or your Electronic Funds
Transfer Agreement and
Disclosure.
Certificate
Accounts
Any term share account, term
share certificate is subject to the
terms of this Agreement and the Truth-in-Savings
Disclosure, the terms of which are
incorporated herein by reference.
Overdrafts
a. Payment of Overdrafts. If, on any
day, the available funds in your
share or deposit
account
are not
sufficient to pay
the full
amount of a check, draft, item,
transaction or other items posted to your account
plus any applicable
fee (“overdraft”),
we may pay or return the overdraft.
The credit union’s determination
of an insufficient available account
balance may be made at any time
between presentation and the credit
union’s midnight
deadline with only one (1) review
of the account required. We do
not have
to notify you if your account does
not have sufficient available funds
to pay an overdraft. Your account
may be subject to a
charge for each overdraft regardless
of whether we pay or return the
overdraft. Except as otherwise
agreed in writing, if we exercise
our right
to use our discretion to pay an
overdraft, we do not agree
to pay overdrafts
in the future and may discontinue
covering overdrafts at any time
without notice. If we pay an overdraft
or impose a fee
that overdraws
your account, you agree to pay
the overdrawn amount in accordance
with your overdraft protection
plan or, if you do not have such
a plan, in accordance with our
overdraft payment policy.
b. Order of Payments. Checks, drafts,
items and other transactions may
not be processed
in the
order that
you make them or
in the order that we receive them.
We may, at our discretion, pay
a check, draft
or item and execute other transactions
on your account in
any order we choose. The order
in which we process checks, drafts
and
items
and execute other transactions
on your account may affect the
total
amount
of
overdraft
fees that may
be charged
to your account. Please
contact us if you have questions
about how we pay checks or drafts
and process
transfers
and
withdrawals.
c. Overdraft Service. The Credit
Union may, as a discretionary service
and
not as a right
of
yours or obligation to
you, pay overdrafts up to $500.00
(overdraft balance) on accounts
that
are eligible
(not
including youth or business accounts)
and in good standing (defined as
having no
delinquent loans;
no losses;
no garnishment, attachments
or levies against your checking
account). The
Credit Union’s
fees, charges and each paid check
or item will be included in this
limit. When performing ATM/POS
transactions, utilizing
Straight
Talk or memberONLINE, on your periodic
statement, or quoted by a Member
Service Representative the balance
shown is your actual balance,
not inclusive of the overdraft
balance. This overdraft service
is not a line of credit, is not
guaranteed and is independent of
any
other payment arrangement the Credit
Union may offer. Generally,
the Credit Union will not pay an
overdraft in excess of any limit
established for your account type,
inclusive of any overdraft
fees. Also, the Credit Union may
refuse to pay an overdraft at
any time,
even if the Credit Union has previously
paid such overdrafts. The Credit
Union has no obligation to notify
you before paying
or returning
any item. The following transactions
may be covered under this service:
checks, ACH debits, ATM or Check
Card and other payments
or withdrawals
authorized by you, account service
charges, pre-authorized drafts,
and any other items that may be
posted to your account.
You will
be charged a Non-Sufficient Funds
fee for each paid overdraft check
or item as set forth in the Fee
Schedule. There is no
limit to
the number of overdrafts paid or
fees incurred on any one (1) day.
You
agree that your overdraft balance,
including applicable overdraft
fees, is due and payable upon demand.
In no event may your
account remain overdrawn for more
than thirty (30) days. Accounts
may
be closed for failure to repay
overdraft balances and the Credit
Union
may report information about your
account to consumer reporting agencies
and/or collection agencies as applicable.
The Credit
Union offers
the overdraft service as a convenience
to members for incidental overdrafts.
The Credit Union does not encourage
repeated account
overdraws. In the event that you
should choose not to participate
in this service, you may do so
by notifying the Credit Union.
The Credit Union reserves the right
to change the limitations
or discontinue
the program at any time without
prior notice, reason or cause
Postdated
And Staledated Drafts
You agree not to
issue any check or draft that
is postdated. If you do issue a check or
draft that is payable on a future
date and we pay it before that date, you agree that we shall have
no liability to you
for such
payment. You agree not to deposit
checks, drafts, or other items before they
are properly payable. We are
not obligated to pay any check or draft drawn on your account that
is presented more than
six (6)
months
past its date.
Stop
Payment Orders
a. Stop Payment Order Request.
Any owner may request a stop
payment order on any
check or
draft drawn
on the owner’s account.
To be binding the order must
be in writing, dated, signed,
and must
accurately describe the check
or draft including the exact
account number, check or draft
number and the exact amount
of the check or
draft. This exact information
is necessary for the credit
union’s
computer to identify the check
or draft. If we receive incorrect
or incomplete information,
we will not be responsible
for failing to stop payment
on the check or draft. In addition,
we must
receive sufficient advance
notice of the stop payment
order to allow
us a reasonable opportunity
for us to act on it.
If we recredit your account
after paying a check or draft
over
a valid and timely
stop
payment
order, you
agree
to sign a statement
describing the dispute with
the payee, to assign to us
all of
your rights
against the
payee
or other holders
of the
check or draft and
to assist us in any legal action.
b. Duration of Order. You may
make an oral stop payment order
which
will lapse
within
14 calendar
days unless
confirmed in writing within
that time. Written stop payment
orders are effective for six
(6) months
and may be renewed
for additional
six (6)
month periods by
requesting in writing that
the stop payment order be renewed
within a
period during
which the stop
payment
order is
effective.
We are
not required to notify you
when
a stop payment order expires.
c. Liability. Fees for stop
payment orders are set forth
in the Truth-in-Savings
Disclosure or Schedule
of Fees
and Charges.
Payment on any certified
check, cashier’s check,
teller’s check, or any
other check, draft, or payment
guaranteed by us may be stopped
only according
to the provisions of Section
4-403 of the Uniform Commercial
Code as enacted by the state
of New York. Although payment
of an item
may be stopped, you may remain
liable to any item holder,
including us. You agree to
indemnify and hold the credit
union harmless from
all costs, including attorney’s
fees, damages or claims related
to our refusing payment of
an item, including claims
of any joint
account owner, payee, or endorsee
in failing to stop payment
of an item as a result of incorrect
information provided by
you.
Credit
Union Liability
If we do not properly complete
a transaction according to
this Agreement, we will be liable for your losses or damages not
to exceed the amount of the transaction,
except as otherwise provided
by law. We will not be liable if: (1) your account contains insufficient
funds for the transaction; (2)
circumstances beyond our
control prevent the transaction; (3) your loss is caused by your
or another
financial institution’s
negligence; or (4) your account
funds are subject to legal process or other claim.
We will not be liable for
consequential damages, except liability for wrongful dishonor.
We exercise ordinary
care if our actions
or non-actions are consistent
with applicable state law, Federal Reserve
regulations and operating
letters, clearinghouse rules, and general financial institution
practices
followed in the area
we serve.
You grant us the right, in
making payments of deposited funds, to rely
exclusively on the form of
the account and the terms of this Agreement. Any conflict between
what you or our employees may
say or write
will be resolved by reference
to this Agreement.
Checks
Presented for Payment In Persons
We
may refuse to accept any check
or draft drawn on your
account that is
presented for payment
in person. Such refusal shall
not constitute a wrongful
dishonor of the check
or draft and we shall have
no liability
for refusing payment.
Remotely
Created Checks
For purposes of this paragraph, “account” means
a transaction account,
credit account, and any other account on which checks (share drafts)
may be drawn. A remotely created check is a
check created by someone
other than the person on whose account the check is drawn. A remotely
created check is generally created by
a third party payee as
authorized by the owner of the account on which the check is drawn.
Authorization is usually made over the
telephone or through
on-line communication. The owner of the account does not sign a
remotely
created check. In place of the owner’s
signature, the remotely
created check usually bears a statement that the owner authorized
the check or bears the owner’s printed
or typed name. If you
authorize a third party to draw a remotely created check against
your account,
you may not later revoke
your authorization. It
is your responsibility to resolve any authorization
issues directly with
the third party. We are not required to credit your account and
may charge
against your account any
remotely created
check for which the third
party has proof of your authorization.
Pledge/Statutory
Lien
Unless prohibited by law,
you pledge and grant
as security for all obligations you may have
now or in
the future, except
obligations secured by your principal residence, all shares and
dividends and
all deposits and interest, if
any, in all accounts
you have with us now and in the future. If you
pledge
a specific dollar amount
in your account for a loan, we will freeze the funds in your account(s)
to the extent of the outstanding
balance
of the loan or, if
greater, the amount of the pledge if the loan is a revolving loan.
Otherwise,
funds in your pledged
account(s)
may be withdrawn unless
you are in default. Federal or state law, depending upon whether
we have a federal or state charter,
gives
us a lien on all shares
and dividends and all deposits and interest, if any, in accounts
you have with us now and in the
future. Except
as limited by state
or federal law, the statutory lien gives us the right to apply
the balance
of all your accounts to any
obligation
on which you are in
default. After you are in default, we may exercise our statutory
lien rights
without further notice to
you.
Your pledge and our
statutory lien rights
will allow
us to apply the
funds in your
account
to what you
owe when
you
are in default,
except as limited by
state or federal law.
If we do
not apply
the funds
in your account(s)
to satisfy
your
obligation,
we may place
an administrative freeze
on your account(s)
in order to protect
our statutory lien
rights
and may apply the funds
in your
account(s) to the amount
you owe us at a
later
time. The statutory
lien and your pledge
do
not apply
to any Individual
Retirement Account
or
any other account that
would lose special
tax treatment
under state or federal
law if given
as
security. By not enforcing
our right to
apply funds in your
account to your obligations
that
are in
default, we do not
waive our right to
enforce
these
rights at a later time
Legal
Process
If any legal action is brought against
your account, we
may pay out funds according to the terms of the action or refuse
any payout until the dispute is resolved.
Any
expenses or attorney
fees we incur responding to legal process may be charged
against your account
without notice, unless prohibited by law. Any legal process against
your account is subject to our lien
and security
interest.
Account
Information
Upon request, we will give
you the name and
address of each agency from which we obtain a credit
report
regarding your
account. We agree not to disclose account information to third
parties except
when: (1) it is necessary to complete
a transaction;
(2) the third party seeks to verify the existence or condition
of
your account in
accordance with applicable law; (3) such disclosure complies with
the law or
a government agency or court order;
or
(4) you give us
written permission
Notices
a. Name or Address
Changes. You
are responsible for
notifying us
of any address or name
change. The credit
union is
only required
to attempt to
communicate with you at the
most recent address
you have
provided
to
us. We
may require all
name and address
changes
to be provided
in writing. If
we attempt to
locate you, we may impose
a service
fee as
set forth
in the Truth-in-Savings
Disclosure or
Schedule of Fees
and Charges.
b. Notice of
Amendments. Except
as prohibited
by applicable
law,
we may change
the terms of
this
Agreement. We
will notify you
of any change
in terms,
rates,
or fees as required
by law. We reserve
the
right
to waive any
term in this
Agreement.
Any
such waiver shall
not affect our
right to future
enforcement.
c. Effect of
Notice. Any written
notice
you give
us is effective
when we receive
it.
Any written
notice we give
to you is
effective when
it is deposited
in the
U.S.
mail, postage
prepaid and addressed
to you at your
statement mailing
address.
Notice to any
account owner
is considered
notice to
all account
owners.
d. Electronic
Notices. If you
have agreed
to receive notices
electronically,
we
may send
you notices
electronically
and discontinue
mailing
paper notices
to you until
you notify us
that
you wish to reinstate
receiving
paper notices.
Taxpayer
Identification Numbers And
Backup Withholding
Your
failure to
furnish a correct Taxpayer Identification Number (TIN) or meet
other requirements may result in backup withholding.
If your account
is subject to backup withholding, we must withhold and pay
to the Internal
Revenue Service (IRS) a percentage of dividends, interest, and
certain other payments. If you fail to provide
your
TIN, we may
suspend opening your account.
Statements
a. Contents.
If we provide
a periodic
statement
for your
account, you
will receive
a periodic
statement
of transactions
and activity
on your account
during the
statement
period as required
by applicable
law. If a
periodic statement
is provided,
you
agree that
only
one (1) statement
is
necessary
for joint accounts.
For share
draft or
checking accounts, you
understand
and agree
that your
original
check or
draft, when paid,
becomes property
of the credit
union and
may not be returned
to
you, but
copies may be retained
by us or
be payable through
financial
institutions
and made
available upon your request.
You understand
and agree
that statements
are made
available
to you
on the date
they are
sent to you.
You also
understand
and agree
that
checks, drafts
or copies
thereof are
made available
to you on
the date the statement
is sent to
you, even
if
the checks
or drafts
do
not
accompany
the
statement.
b. Examination.
You are responsible
for
promptly
examining
each statement
upon
receiving
it and reporting
any irregularities
to us. If
you
fail
to
report
any
irregularities
such as forged,
altered,
unauthorized,
unsigned,
or otherwise
fraudulent
items drawn
on your
account,
erroneous
payments
or
transactions,
or other
discrepancies
reflected
on your
statement
within 60
days of the
date we sent
the statement
to you,
we will not
be
responsible
for your
loss.
We
also
will not
be liable
for any items
that
are forged
or altered
in a manner
not detectable
by a reasonable
person, including
the unauthorized
use of a
facsimile
signature
machine.
c. Notice
to Credit
Union.
You agree
that the
credit union’s
retention
of checks
or drafts
does not
alter or
waive your
responsibility
to examine
your statements
or the time
limit for
notifying
us
of any errors.
The statement
will be considered
correct for
all purposes
and we will
not be liable
for any payment
made or charged
to your account
unless you
notify us
in writing
within the
above
time limit
for notifying
us of any
errors. If
you fail
to receive
a periodic
statement,
you agree
to notify
us within
14 days of
the time
you regularly
receive a
statement.
Inactive
Accounts
If your account falls below any
applicable
minimum balance and you have not made any transactions over a period
specified
in the Truth-in-Savings Disclosure or Schedule of
Fees and
Charges, we may classify your account as inactive or dormant.
Unless
prohibited by applicable law, we may charge a service fee, as set
forth in the Truth-in-Savings Disclosure or Schedule
of
Fees and
Charges, for processing your inactive account. If we impose a
fee, we
will notify you, as required by law, at your last known address.
You authorize us to transfer funds from another account
of yours
to cover
any service fees, if applicable. To the extent allowed by law,
we reserve the right to transfer the account funds
to an account
payable
and to suspend any further account statements. If a deposit or
withdrawal has not been made on the account and
we have
had no other sufficient contact with you within the period specified
by
state law,
the account will be presumed to be abandoned. Funds
in abandoned
accounts will be reported and remitted in accordance with
state law.
Once funds have been turned over to the state, we have no further
liability to you for such funds and if you
choose
to reclaim such funds, you must apply to the appropriate state
agency
Special
Account Instructions
You
may request that
we facilitate
certain
trust,
will,
or court-ordered
account
arrangements.
However,
because
we do
not give
legal
advice,
we cannot
counsel
you as
to which
account
arrangement
most
appropriately
meets
the
specific
requirements
of your
trust,
will,
or court
order.
If you
ask
us to
follow
any instructions
that
we believe
might
expose
us to
claims,
lawsuits,
expenses,
liabilities,
or damages,
whether
directly
or indirectly,
we may
refuse
to follow
your
instructions
or may
require
you to
indemnify
us or
post
a bond
or provide
us with
other
protection.
Account
changes
requested
by you,
or any
account
owner,
such
as adding
or closing
an account
or service,
must
be evidenced
by a
signed
Account
Change
Card
and accepted
by us.
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 to the ownership of the account or of the funds in
the account;
(4)
any checks or 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 accounts; or (7) we reasonably deem it necessary to prevent
a loss
to us. You may terminate an individual account by giving
written
notice. We reserve the right to require the consent of all owners
to
terminate a joint account. We are not responsible for payment
of
any check, draft, withdrawal, or other item after your account
is terminated; however, if we pay an item after termination,
you agree to reimburse
us.
Termination
of Membership
You
may terminate
your
membership
by
giving
us
written
notice
or
by
withdrawing
your
minimum
required
membership
share,
if
any,
and
closing
all
your
accounts.
You
may
be
denied
services
for
causing
a
loss
to
the
credit
union
or
you
may
be
expelled
for
any
reason
as
allowed
by
applicable
law.
Death
of Account Owner
We may continue to honor all transfer
orders, withdrawals, deposits and other transactions on an account
until we know of a member’s death. Once we know of a member’s
death, we may pay checks or drafts or honor other payments or
transfer orders authorized by the deceased member for a period
of ten (10)
days after that date unless we receive instructions from any
person claiming an interest in the account to stop payment on
the checks,
drafts or other items. We may require anyone claiming a deceased
owner’s
account funds to indemnify us for any losses resulting from
our honoring that claim. This
Agreement will
be binding upon any heirs or legal representatives of any
account owner.
Severability
If a court holds any portion of this
Agreement to be invalid or unenforceable, the remainder of this
Agreement
shall not be invalid or unenforceable and will continue in full
force and
effect. All headings are intended for reference only and are
not to be construed as part of the Agreement.
Enforcement
You are liable to us for any losses, costs
or expenses we incur resulting from your failure to follow
this Agreement. You authorize us to deduct any such losses,
costs or expenses from
your account without prior notice to you. If we bring a legal
action to collect any amount due under or to enforce this Agreement,
we
shall be entitled, subject to applicable law, to payment of
reasonable attorney’s
fees and costs, including fees on any appeal, bankruptcy
proceedings, and any post-judgment collection actions.
Governing
Law
This Agreement is governed by the credit
union’s bylaws, federal laws and regulations, the laws,
including applicable principles of contract law, and regulations
of the state
in which the credit union’s
main office is located, and local clearinghouse
rules, as amended from time to time. As
permitted by applicable law, you agree that any
legal action regarding
this Agreement
shall be brought in the county in which the credit
union
is located.
Negative
Information Notice
We may report information
about your loan, share or deposit accounts to credit bureaus.
Late payments, missed payments, or other defaults on your accounts
may be reflected in your credit report.
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SHARE
DRAFT AND SHARE ACCOUNTS</
