TERMS AND CONDITIONS OF YOUR ACCOUNT
EFFECTIVE DATE: MARCH 1, 2009
Dear Credit Union Member:
This brochure contains the rules which govern your account(s) with us. Please read this brochure carefully. If you sign your signature card or continue to have an account with us, you agree to these rules, our by-laws, and any by-law amendments. You agree to pay the fees we charge and you give us the right to collect any fees, as earned, directly from the account balance. You will receive a separate schedule of rates, qualifying balances, and fees if they are not included in this brochure. If you have any questions, please call us.
This agreement is subject to applicable federal laws and the laws of the state of Florida (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 brochure is to:
WAIVER AND MODIFICATION - To be effective, any waiver or modification of any term or condition stated in this Agreement must be in writing and signed by an authorized officer of the Credit Union and shall not be considered a waiver of any future or other obligation or right.
As used in this brochure, the words "we," "our," and "us" mean the credit union and the words "you" and "your" mean the owner(s) of this account and anyone signing in a representative capacity (e.g. a "Convenience Account Agent" or grantee of a power of attorney) appointed by or on behalf of the owner(s) to sign on the account.
LIABILITY - Each of you agrees 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 that we impose. You authorize us to deduct these charges as accrued directly from the account balance. You also agree to pay additional reasonable charges we may impose for services you request which are not covered by this agreement. Each of you also agrees to be jointly and individually liable for any account deficit resulting from charges or overdrafts, whether caused by you or another authorized to withdraw from this account, and our costs to collect the deficit including, to the extent permitted by law, our reasonable attorneys' fees. You agree that at our option we may suspend your membership rights if you violate the terms of this agreement.
DEPOSITS - Any items, other than cash, accepted for deposit (including items drawn "on us") will be given provisional credit only until collection is final (and 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 initiated by mail or outside depository until we actually record them. All transactions received after our "daily cut-off time" on a business day we are open, or received on a day in which we are not open for business, will be treated and recorded as if initiated on the next following business day that we are open. If this account earns dividends, we are prohibited by law from guaranteeing the payment of dividends or that dividends we do pay will be at the disclosed rate. We must base our dividend payments to you upon the money we actually earn and that is available for distribution at the end of a dividend period. Unless otherwise agreed, you waive any right to receive any original item after it is paid.
WITHDRAWALS - Unless otherwise clearly indicated to the contrary, any one of you who signs in the space designated for signatures on the signature card, including anyone signing in a representative capacity, may withdraw or transfer all or any part of the account balance at any time on forms approved by us. Each of you (until we receive written notice to the contrary) authorizes each other person signing on the signature card to endorse any item payable to you or your order for deposit to this account or any other transaction with us. We reserve the right to refuse any withdrawal or transfer request which is attempted by any method not specifically permitted, which is for an amount less than any minimum withdrawal requirement, or which exceeds any frequency limitation. Even if we honor a nonconforming request, repeated abuse of the stated limitations (if any) may eventually force us to close this account. We will use the date a transaction is completed by us (as opposed to the day you initiate it) to apply the frequency limitations. We reserve the right to require you to notify us of your intention to withdraw shares or deposits from this account as explained in our by-laws. Withdrawals from a time deposit prior to maturity or prior to the expiration of any notice period may be restricted and may be subject to penalty. See your notice of penalties for early withdrawal.
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 on any or all of our accounts. Single-Party Account - Such an account is owned by one party. Multiple-Party Account - Parties own account in proportion to net contributions unless there is clear and convincing evidence of a different intent. Corporate, Partnership, and other Organizational Accounts - We will usually require a separate authorization form designating the person permitted and conditions required for withdrawal from any account in the name of a legal entity such as a partnership, corporation or other organization. We will honor such authorization according to its terms until it is amended or terminated in writing by the governing body of such organization. Joint Accounts - We may accept orders and transactions from any one-joint owner. Any owner may withdraw funds in the account, stop payment on items drawn on the account, pledge funds in the account or close the account without the other owners' consent. We are not required to provide notice of an owner's actions to other owners. We may enforce our lien rights created by any owner's indebtedness against all funds in the account, regardless of the source of the funds. Minor Accounts - Minor owners must have a joint owner of at least eighteen years of age. The minor and the adult owner may each individually transact business on the account without inquiry by us as to the purpose of the transaction. The minor's guardian may not transact business on the account unless the guardian is the adult owner. Subject to this section, the rules governing joint accounts also govern minor accounts. Florida Uniform Transfers to Minors Account - A Florida Uniform Transfer to Minors Account (FUTMA) must be established by a member as custodian on behalf of a minor. In the absence of a court order, only the custodian is entitled to transact business on the account. The custodian must transact business on the account for the exclusive benefit of the minor. However, we need not inquire about the purpose of any transaction. Business/Organizational Accounts - The owner will inform us of all persons authorized to transact business on the account. The owner's written authorization will remain in effect until we receive written notice otherwise and have a reasonable opportunity to act on such notice. Checks deposited to the account must be endorsed with the account number and name and be listed on a deposit slip or tape showing the total deposit. Third-party checks payable to a business/organization may not be cashed; such checks must be deposited to the account. We shall have no notice of any breach of fiduciary duties arising from a transaction by any agent of the owner unless we have written notice of any wrongdoing and a reasonable opportunity to act on that notice. RIGHTS AT DEATH - Single-Party Account - At death of the party, ownership passes as part of the party's estate. Single-Party Account With Pay-on-Death Designation - At death of the party, ownership passes to the designated pay-on-death beneficiaries and is not part of the party's estate. Multiple-Party Account With Right of Survivorship - At death of a party, ownership passes to the surviving party or parties. Multiple-Party Account With Right of Survivorship and Pay-on-Death Designation - At death of last surviving party, ownership passes to the designated pay-on-death beneficiaries and is not part of the last surviving party's estate. Multiple-Party Account Without Right of Survivorship - At death of party, deceased party's ownership passes as part of deceased party's estate.
PLEDGES - Unless you tell us differently in writing, 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 joint account survivor or trust account beneficiary become effective. For example, if one joint tenant pledges the deposit evidenced by this agreement for a debt (i.e. uses it to secure a debt) and then dies, (1) the surviving joint tenant's rights in this account do not take effect until the debt has been satisfied and (2) the debt may be satisfied with the funds in this account.
STOP-PAYMENT ORDERS - We may, in our sole discretion, stop payment on any item drawn upon your account if we receive a stop payment order in time for us to act upon the request. If we accept a verbal stop payment order, we will send you a written confirmation of your stop payment order. The written confirmation of your stop payment order shall be binding on you unless and until you provide us with written notice of any changes to the written confirmation and we have a reasonable opportunity to act on such written notice. Your stop-payment order must provide the number of the account, date and number of the item, its exact amount, and to whom it was issued. If you do not give us a proper stop-payment order as described above, we will not be liable to you or any other party for paying the item. Written stop-payment orders are effective for six months. To continue the effectiveness of a stop-payment order after six months, it must be renewed in writing every six months. Stop-payment orders are ineffective for any guaranteed, certified, cashier's, or teller's items. If you stop payment on any item, you may still be liable to any person, including us, who is a holder of the item. If you place a proper stop-payment order and the item is paid through no fault of yours, we will only be liable for your actual damages and will not be liable for any resulting consequential damages.
ELECTRONIC COLLECTION - You agree that we may, in our sole discretion, electronically collect any check, draft or other item presented to the credit union. We may also electronically collect any returned item or representment fees.
TELEPHONE TRANSFERS - A telephone transfer of funds from this account to another account with us, if otherwise permitted or arranged for, may be made by the same persons and under the same conditions generally applicable to withdrawals made in writing. An automated clearing house (ACH) electronic transaction may be initiated by you through the telephone. Any ACH transaction initiated by you through the telephone is subject to the same terms and conditions as if the ACH transaction were initiated in writing or electronically. We restrict the number of transfers from a savings account to another account, or third parties, to a maximum of six per month (less the number of certain "preauthorized transfers" during the month). Other account transfer restrictions are described elsewhere in this brochure.
ACH ORIGINATION (CHECK BY PHONE):
You understand and agree that the SFCU may utilize a third party or parties to perform the ACH transaction between your account and a third party, and that the SFCU may require you to confirm through a third party the initiation of the ACH to a third party before the ACH transfer is completed by the SFCU.
AMENDMENTS AND TERMINATION - We may change our by-laws and any term of this agreement. Rules governing changes in interest or dividend rates have been provided separately. For other changes we will give you reasonable notice in writing or by any other method permitted by law. We reserve the right to close this account if your membership in this credit union terminates. You agree to keep us informed about your current address at all times. Notice from us to any one of you is notice to all of you.
STATEMENTS - You must examine your statement of account with "reasonable promptness." If you discover (or reasonably should have discovered) any unauthorized payments or alterations, you must promptly notify us of the relevant facts. 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 exercised 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 forged or altered 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 that such time will not, in any circumstance, exceed a total of 30 days from when the statement is first made available to you.
You further agree that if you fail to report any unauthorized signatures, alterations, forgeries or any other errors in your account within 60 days of when we make the statement available, you cannot assert a claim against us on any items in that statement, and the loss will be entirely yours. This 60 day limitation is without regard to whether we exercised ordinary care. The limitation in this paragraph is in addition to that contained in the first paragraph of this section.
ACCOUNT TRANSFER - This account may not be transferred or assigned without our prior written consent.
DIRECT DEPOSITS - If, in connection with a direct deposit plan, we deposit any amount in this account which should have been returned to the Federal Government for any reason, you authorize us to deduct the amount of our liability to the Federal Government from this 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 legal remedy to recover the amount of our liability.
TEMPORARY ACCOUNT AGREEMENT - If this option is selected, this is a temporary account agreement. Each person who signs in the space designated for signatures on the signature card (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.
RESTRICTIVE LEGENDS - We are not required to honor any restrictive legend on items you write unless we have agreed to the restriction in a writing signed by an officer of the credit union. Examples of restrictive legends are "must be presented within 90 days" or "not valid for more than $1,000.00."
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 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 on the signature card or that are filed separately with us, and contain the required number of signatures for this purpose.
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 owed to us now or in the future, by any of you having the right of withdrawal, to the extent of such persons' or legal entity's right to withdraw. If the debt arises from a note, "any due and payable debt" includes the total amount of which we are entitled to demand payment under the terms of the note at the time we charge the account, including any balance the due date for which we properly accelerate under the note.
The right to repayment arising under this agreement does not apply to this account if: (a) it is an Individual Retirement Account or other tax-deferred retirement account, or (b) 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.
AGENTS - An agent is someone who you authorize to have access to this account on your behalf. (We, however, have no duty or agreement whatsoever to monitor or insure that the acts of the agent are for your benefit.) This may be done by allowing your agent to sign on the space as a "convenience account agent" (as defined by Florida law) on the signature card, or by separate form (such as a power of attorney). An agent is not an owner of the account. We will allow agents to be appointed only on individual accounts unless each owner of a joint account has executed a separate power of attorney naming an agent. We may refuse to accept an agent, or an agency account.
ACCOUNT INFORMATION - We may, in our sole discretion, obtain your account and credit history from third parties from time to time.
MULTIPLE ACCOUNTS - If you require multiple account types or multiple forms of ownership with different owners and/or different terms, we may require you to complete additional signature cards.
ENDORSEMENTS - We may, in our sole discretion, accept items deposited to your account if the items are payable to, or to the order of, any one or more owners, whether or not the items are endorsed by all payees. We may supply missing endorsements. We may verify all endorsements on third party checks presented for deposit by comparison with signature cards. Insurance government and certain other checks must be endorsed exactly as they are made payable. If we accept items from you with endorsements outside the space on the back of the item between the top edge and 1.5 inches from the top edge, you will be liable for any loss incurred by us as a result of misplaced endorsements. We may disregard any information on an item other than the signature of the drawer and MICR information. Any item presented with a full payment legend must be presented in person to an authorized Credit Union officer; otherwise, payment is made with full reservation of rights.
DISPUTES - If (1) we receive written notice of any dispute as to the ownership of the funds, amounts to be withdrawn, previous withdrawals or transfers; (2) we are uncertain as to who is entitled to the funds in the account; (3) we receive inconsistent instructions from account owners; or (4) any legal action (including garnishment, attachment, and levy) is brought against your account, we may, in our sole discretion, place an administrative hold on the funds in the account. Thereafter, we may notify all owners, beneficiaries, and other persons claiming an interest in the account and refuse to release the funds to anyone until we receive: (a) a request for payment agreed to in writing by all owners, beneficiaries, and other persons claiming an interest in the funds, (b) a bond indemnifying us from any and all liability, or (c) a court order.
INSUFFICIENT FUNDS - If there are insufficient available funds to cover the entire amount of an item posted to your account, the item will, in our sole discretion, either be dishonored, honored, or handled in accordance with the overdraft protection plan, if you have one and if applicable. If the account has sufficient funds to cover some but not all items, we may honor items for which there are sufficient funds in any order at our discretion. We may determine the amount of available funds in your account at any time between presentation and the midnight deadline. Only one determination of the amount of available funds is required. We need not notify you if the available funds are insufficient to cover an item. If we cover an overdraft item, we do not thereby agree to cover future overdrafts. We may discontinue honoring overdrafts at any time without prior notice. You must immediately pay to us the amount of any overdraft item we honor. We may pursue collection of previously dishonored items at any time.
OVERDRAFT PROTECTION - If you have an overdraft protection plan with us, we may, in our sole discretion, honor overdraft items by transferring the necessary funds from another account of yours to your overdrawn account. We will not make such a transfer if it would cause a "savings deposit" account, as defined by Reg. D, to exceed the six transfers/month limit on "Reg. D transfers." Refer to your overdraft protection plan agreement for further terms and conditions.
POSTDATED ITEMS - You will not deposit items to your account before they are properly payable. You must not date an item drawn on your account later than the date you write it. If you do and the item is presented for payment before its date, we may return it unpaid or pay the item unless you notify us in writing of the postdating. Your notice will be ineffective unless (1) we receive and have a reasonable opportunity to act upon the notice and (2) your notice describes the item, including number, date, and amount. If you do not give us proper notice as described above, we will not be liable for paying the item before the date stated on the item. Proper written notice is effective for six months. To remain effective, notice must be renewed in writing every six months. If we pay a postdated item, we may charge your account as of the date we pay the item.
STALEDATED ITEMS - We are not required to pay an item drawn on your account if the item is presented more than six months after the date stated on the item. However, we may, in our sole discretion, pay such an item and charge your account for payment unless (1) the item is a certified check or (2) there is a proper written stop-payment order in place.
LOST ITEMS - In receiving items from you for withdrawal or deposit, we act only as your agent. We reserve the right to reverse credit for any deposited items or charge your account for the items should they become lost in the collection process.
LIABILITY FOR ERRORS - If we fail to complete a transaction as required by this Agreement, our liability is limited to your losses or damages proximately caused by our action or failure to act. We will have no liability if: (a) your account has insufficient available funds to complete the transaction; (b) the failure to complete the transaction is caused by the negligence of someone other than us; (c) the transaction is prevented by circumstances beyond our control; (d) your account is subject to garnishment, levy, attachment, or other legal process; (e) we impose an administrative hold as set forth in the "Disputes" section of this Agreement.
GARNISHMENT AND LEVY - Any legal action (including garnishment, attachment, and levy) against your account is subordinate to our lien rights. If a garnishment/levy strikes the account, we will not be liable to you even if paying the money to the third party leaves insufficient funds to cover outstanding items. You will be liable to us for any expenses (including attorney's fees and court costs) incurred in responding to a legal action against your account.
NAME AND ADDRESS CHANGES - You must notify us in writing immediately if you change your address and/or name. Notice will be ineffective until we receive and have a reasonable opportunity to act upon the notice. We will only attempt to communicate with you at the latest address and/or phone number provided by you.
CONTACT INFORMATION - You must keep us advised of your contact information (home phone, work phone, cellular phone numbers). You must tell us when you plan to travel outside the continental United States. Failure to keep your contact information current may result in denied transactions.
ACCOUNT TERMINATION - We may terminate your account for any reason not prohibited by law at any time without prior notice. You may terminate your account at any time by notifying us in writing. Your notice will be ineffective until we receive it and have a reasonable opportunity to act upon it. We are not required to pay any item drawn on a terminated account. If we pay such an item, you will pay us the amount of the item immediately. You will indemnify and hold us harmless for any liabilities arising from your actions as to the account.
MEMBERSHIP TERMINATION - You may terminate your membership by written notice to the Credit Union. Notice will not be effective until received by the Credit Union. We are not liable for and are not required to pay any item drawn on your account(s) once your membership is terminated. You agree to indemnify and hold us harmless for any liabilities arising from your relations with us. We may terminate your membership for any reason permitted by applicable law, including causing us a loss.
DENIAL OF SERVICES - If you cause us any loss we may, without any notice to you, deny any services provided by us.
DORMANT AND ABANDONED ACCOUNTS - We will classify your account as dormant and charge a dormant account fee when no member initiated monetary transaction has occurred for 365 days. The dormant account fee will be assessed on dormant accounts which belong to a member who is 19 years or older and has less than $100.00 on deposit (all share and certificate accounts) and has had no share or loan activity for 365 days (other than credited dividends) and has no loans, share certificates, IRA or VISA account. If the account balance reaches $0.00 or less, we may close the account without further notice to you. If a deposit or withdrawal has not been made on the account and the Credit Union has not had other contact with you for five (5) years, the account will be presumed to be abandoned. Funds in abandoned accounts will be remitted in accordance with Florida law.
DEATH - Upon your death, funds in the account shall be payable in accordance with this Agreement and applicable law. We may require the claimant to produce certain documents before releasing the funds in the account. Anyone (including your heirs or legal representatives) claiming the funds in your account after your death may be required to indemnify and hold us harmless for any losses resulting from honoring their claim.
FINGERPRINTS - You agree that we may require you to provide fingerprints at any time.
SEVERABILITY - If any provision of this Agreement is held by a court to be invalid or unenforceable for any reason, the remaining provisions will not, as a result, be invalid or unenforceable. The remaining provisions will continue to be valid and enforceable.
YOUR LIABILITY - Any disputes regarding this Agreement shall be within the jurisdiction of the court of the county in which the main office of the Credit Union is located. If legal action is required to enforce this Agreement, or collect any fees or charges assessed pursuant to this Agreement, we have the right, subject to applicable law, to payment by you of our reasonable attorney's fees and costs including any fees and/or costs incurred in any legal or court action. If you are a party to such a legal action, you agree it may be filed in the county and state in which the main office of the Credit Union is located, if allowed by applicable law.
By using your Home$Banking (H$B) code or authorizing any other person to use your H$B access code to access home banking service at SunState Federal Credit Union, you agree to the terms and conditions of the Home$Banking Agreement and Electronic Funds Transfer disclosure below.
HOME$BANKING AGREEMENT
In the following Agreement and Electronic Funds Transfer Disclosure:
To access your account, line of credit, or loan using Home$Banking, you must use your H$B access code along with your unique user name. You will be assigned a Home$Banking access code by SFCU when you have requested Home$Banking services; you must change your H$B access code the first time you access Home$Banking.
You will select a unique user name when you register online. In addition to your H$B access code, SFCU may, in its sole discretion, impose additional authentication requirements to help maintain the security of Home$Banking. Additional authentication requirements may include, but are not limited to, challenge questions and responses. Because of the ever-changing nature of fraud, SFCU may add or delete authentication requirements in its sole discretion without prior notice to you. SFCU may, it its sole discretion, reject any attempt to access Home$Banking if such attempt fails any authentication requirement. While authentication requirements will enhance the security of Home$Banking, SFCU can provide no guarantee or warranty that Home$Banking is fully secure.
You will need a personal computer and access to the internet through an internet provider. You are responsible for installation, maintenance and operation of your computer. SFCU accepts no responsibility for any errors or failures involving any telephone service, internet service provider or your computer.
You will hold your H$B access code in strict confidence. You will notify SFCU immediately of the loss or theft of the H$B access code. If SFCU receives such notice, SFCU may, in its discretion, freeze your account, line of credit or loan to prevent further electronic access. SFCU may, at its discretion, reissue and reactivate a new H$B access code for your use.
Delivering H$B access code to another person constitutes authorization of that person to conduct any Home$Banking transaction or inquiry on your account, line of credit and/or loan using Home$Banking. You shall be liable for all authorized Home$Banking transactions. If you fail to maintain the security of your H$B access code and SFCU suffers a loss your H$B services will be immediately terminated. You agree to be liable to SFCU for any liability, loss or expenses that SFCU incurs as a result of any dispute involving your accounts or services. You authorize SFCU to deduct any such liability, loss or expense from your account without prior written notice to you.
Authorized use of the H$B access code for any Home$Banking transaction is an order by you for that transaction on your account, line of credit and/or loan. Transactions will be posted to account, line of credit and/or loan on the business day the transaction is conducted.
You may use the BillPayer feature of Home$Banking to pay from your Share Draft Checking Account. The payee of a BillPayer payment will not receive payment for as many as seven business days after the payment order is processed by us. Any BillPayer payment received by us after 3:00 p.m. on a business day or on a non-business day will be processed by us the next business day. Your Share Draft Checking Account must contain sufficient available funds at the time BillPayer payment order is initiated for the payment order to be processed. We shall have no liability for any special, indirect or consequential damages arising from any failure of or error in any BillPayer payment order.
Except as inconsistent with the Agreement, use of Home$Banking is subject to the terms and conditions of your account agreements, line of credit agreements, and loan agreements as amended by SFCU from time to time, which are incorporated by reference herein. Changes in the terms and conditions of your account agreements, line of credit agreements and loan agreements may affect the use of Home$Banking.
This agreement may be amended by SFCU at any time in its discretion. You will receive notice of amendments as required by applicable law without restatement of the terms herein.
You agree to pay all charges to your account, line of credit and/or loan made by you and by persons authorized by you to use the H$B access code. You agree to pay any fees and charges assessed against your account, line of credit and/or loan under the terms of this agreement, the fee schedule and any other agreement with SFCU. If you do not pay any amounts owing to SFCU under this Agreement (including any overdrafts on your account), you authorize SFCU, in its sole discretion, to add any amount owing to SFCU to the balance of any loan or line of credit you have with SFCU.
Home$Banking and H$B access code are the property of SFCU which may (except as required by applicable law), revoke or limit any or all uses of the Home$Banking service. You may not use the Home$Banking service after SFCU revokes the H$B access code or your use of Home$Banking.
You may terminate your H$B access code or your use of Home$Banking by mailing or delivering written notice to SFCU. However, your notice will be ineffective until SFCU receives your notice and has a reasonable opportunity to act upon it. In any event, your notice will not be binding on SFCU before midnight of the SFCU business day following the receipt of such notice by SFCU.
You agree to indemnify SFCU for any amounts, including but not limited to expenses, court costs and attorney fees, incurred by SFCU in the event of overdraft or your failure to perform according to the provisions of this Agreement. You agree to hold SFCU harmless for any failure of the SFCU Home$Banking system due to electronic, mechanical or similar problem beyond the control of the SFCU.
Statements and notices will be mailed to you at the most recent address you have given SFCU. Notice to any of you will be notice to all of you.
This agreement is governed by the Bylaws of the SFCU, federal laws and regulations, the laws and regulations of the State of Florida and local clearing house rules, as amended from time to time. Any disputes regarding this Agreement shall be within the jurisdiction of the court of the county in which the SFCU's principal place of doing business is located (currently Alachua County).
ATM CARD/VISA CHECK CARD AGREEMENT
For the purposes of the ATM Card/Visa® Check Card Agreement, "Card" means any ATM Card or Visa® Check Card issued to any of you and any duplicates, renewals or substitutions thereof, and "Cardholder" means each person whose name is embossed on the face of the Card and each person who signs the request for cards, uses or authorizes use of the Card. By using or authorizing the use of the Card, Cardholder agrees with SunState Federal Credit Union ("SFCU") to the following terms, conditions and disclosures:
1. Cardholder will hold in strict confidence the personal identification number (PIN) to be used with the Card. Cardholder will notify SFCU immediately of loss, theft or unauthorized use of the card and/or PIN.
2. Use of the Card, the Account number, the PIN, or any combination of the three for payments, purchases or to obtain cash from merchants, financial institutions or others who honor the Card is an order by Cardholder for the withdrawal of the amount of the Transaction from Cardholder's Account at the SFCU ("Account"). Each Transaction with the Card will be charged to the Account on the date the Transaction is posted to the Account. Deposit and payment receipts are binding on SFCU only after verification by SFCU.
3. Except as inconsistent with this Agreement, use of the Card is subject to the terms and conditions of the Account as amended by SFCU from time to time, which are incorporated by reference herein. Changes in the terms and conditions of the Account may affect the use of the Card. The Card may not be used for any illegal transactions.
4. Although the sales, cash advance or other slips or receipts that Cardholder signs or receives when using the Card and/or PIN may contain different terms, this Agreement is the sole Agreement that applies to all Transactions related to the Card and/or PIN except as stated herein.
5. Delivering the Card and/or PIN to another person constitutes authorization of that person to use the Card. Cardholder shall be liable for all authorized use of the Card.
6. SFCU is not liable for the refusal or inability of any electronic terminal to honor the Card or to complete a withdrawal from the Account, or for a terminal's retention of the Card. SFCU is not liable for the refusal of any merchant or financial institution to honor the Card or to complete a withdrawal from the Account or for a merchant or financial institution's retention of the Card. SFCU is not subject to claims and defenses arising out of goods or services Cardholder purchases with the Card.
7. Statements and notices will be mailed to you at the most recent address you have given SFCU. Notice to any Cardholder will be notice to all Cardholders.
8. This Agreement is subject to amendment by SFCU at any time in its sole discretion. Cardholder will receive notice of amendments in accordance with applicable law without restatement of the terms herein.
9. Cardholder agrees to indemnify SFCU for any amounts, including but not limited to expenses, court costs and attorney's fees, incurred by SFCU in the event of an overdraft or Cardholder's failure to perform according to the provisions of this Agreement.
10. Cardholder agrees to pay all charges (purchases and cash advances) to Cardholder's Account made by Cardholder or anyone whom Cardholder authorized to use the Card. Cardholder also agrees to pay any fees and charges assessed against Cardholder's Account under the terms of this Agreement and any other agreement with the SFCU.
11. The Card is the property of SFCU which may, without liability or advance notice, revoke or limit any or all Card uses. The Card may not be used after the SFCU cancels it or after it has expired. If SFCU cancels, Cardholder agrees to send the Card to:
SunState Federal Credit Union
ATTN: Electronic Services
PO Box 2252
Gainesville, FL 32602-2252
12. To be effective, any waiver or modification of any term or condition stated in this Agreement must be in writing and signed by an authorized officer of SFCU and shall not be considered as a waiver of any future or other obligation or right.
13. In the event that any paragraph of this Agreement or portion thereof is held by a court to be invalid or unenforceable for any reason, the other paragraphs and portions of the Agreement shall not be invalid or unenforceable and will continue in full force and effect.
14. This Agreement is governed by the Bylaws of SFCU, federal laws and regulations, the laws and regulations of the State of Florida, and local clearinghouse rules, as amended from time to time. Any disputes regarding this Agreement shall be within the jurisdiction of the court of the county in which SFCU's principal place of doing business is located.
15. If legal action is necessary to enforce this Agreement or collect any amounts owing to SFCU or fees or charges as assessed under this Agreement, SFCU has the right, subject to applicable law, to payment by Cardholder of all attorney's fees and costs, including fees on any appeal and any post-judgement actions. Cardholder agrees that such legal action may be filed and heard in the county and state in which SFCU's principal place of doing business is located, if allowed by applicable law.
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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.
Electronic Fund Transfers Initiated By Third Parties. You may authorize a third party to initiate electronic fund transfers between your account and the third party's account. These transfers to make or receive payment may be one-time occurrences or may recur as directed by you. These transfers may use the Automated Clearing House (ACH) or other payments network. Your authorization to the third party to make these transfers can occur in a number of ways. For example, your authorization to convert a check or draft to an electronic fund transfer or to electronically pay a returned check or draft charge can occur when a merchant provides you with notice and you go forward with the transaction (typically, at the point of purchase, a merchant will post a sign and print the notice on a receipt). In all cases, these third party transfers will require you to provide the third party with your account number and credit union information. This information can be found on your check or draft as well as on a deposit or withdrawal slip. Thus, you should only provide your credit union and account information (whether over the phone, the Internet, or via some other method) to trusted third parties whom you have authorized to initiate these electronic fund transfers. Examples of these transfers include, but are not limited to:
MONEY$LINE Telephone Transfers - types of transfers and dollar limitations - You may access your account by telephone at (352) 381-5200 or 800-421-2648 (outside Gainesville) using a touch tone phone, your account numbers, your access code, and a secondary code that you will select when you log into the system to:
Please also see Limitations on frequency of transfers section regarding limitations that apply to telephone transfers.
HOMEBANKING Computer Transfers - types of transfers and dollar limitations - You may access your account via internet at www.sunstatefcu.org using your account numbers, and your H$B access code, to:
You may also use Home$Banking to request that bills be paid from your Share Draft/Checking Account. There are no limitations on the number of bills you can pay. Payment orders received by us after 5 P.M. Eastern Time on a business day or on a non-business day will not be processed until the next business day. Payees will not receive payment orders for as many as seven business days after payment orders are processed.
E-Access - types of transfers and dollar limitations - You may access your accounts by ATM using your E-Access Card and personal identification code. You may do ATM transfers as described below except you may not make deposits using your card.
ATM Transfers - types of transfers and dollar limitations - You may access your account(s) by ATM using your ATM card or Visa® Check Card and personal identification code, to:
Some of these services may not be available at all terminals.
Please also see Limitations on frequency of transfers section regarding limitations that apply to ATM transfers.
Types of ATM Point-of-Sale Transactions - You may access your share draft account(s) to purchase goods (in person), pay for services (in person), and get cash from a merchant, if the merchant permits, or from a participating financial institution.
Point-of-Sale Transactions - dollar limitations - Using your card:
Please also see Limitations on frequency of transfers section regarding limitations that apply to debit card transactions.
Types of Visa® Check Card Point-of-Sale Transactions - You may access your share draft/checking account(s) to purchase goods (in person or by phone), pay for services (in person or by phone), and get cash from a merchant, if the merchant permits, or from a participating financial institution.
Point-of-Sale Transactions - frequency and dollar limitations - Using your card:
Please also see Limitations on frequency of transfers section regarding limitations that apply to Visa® Check Card transactions.
Currency Conversion. Transactions initiated in foreign countries and/or foreign currencies will be charged to cardholder's account in U.S. dollars. The conversion rate to dollars will be (a) a rate selected by Visa from the range of rates available in wholesale currency markets for the applicable central processing date, which rate may vary from the rate Visa itself receives, or (b) the government-mandated rate in effect for the applicable central processing date, in each of the above instances, plus an International Service Assessment Fee also known as ISAFee, INTLSvcAsmt, or INTLServAsmtFee.
Advisory Against Illegal Use. You agree not to use your card(s) for illegal gambling or other illegal purpose. Display of a payment card logo by, for example, an online merchant does not necessarily mean that transactions are lawful in all jurisdictions in which the cardholder may be located.
Non-Visa Debit Transaction Processing. We have enabled non-Visa debit transaction processing. This means you may use your Visa-branded debit card on a PIN-Debit Network* (a non-Visa network) without using a PIN.
The non-Visa debit network(s) for which such transactions are enabled are: ACCEL/Exchange Network.
Examples of the types of actions that you may be required to make to initiate a Visa transaction on your Visa-branded debit card include signing a receipt, providing a card number over the phone or via the Internet, or swiping the card through a point-of-sale terminal.
Examples of the types of actions you may be required to make to initiate a transaction on a PIN-Debit Network include initiating a payment directly with the biller (possibly via telephone, Internet, or kiosk locations), responding to a logo displayed at a payment site and choosing to direct payment through that network, and having your identity verified using known information derived from an existing relationship with you instead of through use of a PIN.
The provisions of your agreement with us relating only to Visa transactions are not applicable to non-Visa transactions. For example, the additional limits on liability (sometimes referred to as Visa's zero-liability program) and the streamlined error resolution procedures offered on Visa debit card transactions are not applicable to transactions processed on a PIN-Debit Network.
*Visa Rules generally define PIN-Debit Network as a non-Visa debit network that typically authenticates transactions by use of a personal identification number (PIN) but that is not generally known for having a card program.
Limitations on frequency of transfers. In addition to those limitations on transfers elsewhere described, if any, the following limitations apply:
FEES
Except as indicated elsewhere, we do not charge for these electronic fund transfers.
ATM Operator/Network Fees. When you use an ATM not owned by us, you may be charged a fee by the ATM operator or any network used (and you may be charged a fee for a balance inquiry even if you do not complete a fund transfer).
DOCUMENTATION
PREAUTHORIZED PAYMENTS
CREDIT UNION'S LIABILITY FOR FAILURE TO MAKE TRANSFERS
If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:
There may be other exceptions stated in our agreement with you.
CONFIDENTIALITY
We will disclose information to third parties about your account or the transfers you make:
UNAUTHORIZED TRANSFERS
(a) Consumer liability.
• Generally. Tell us AT ONCE if you believe your card and/or code has been lost or stolen, or if you believe that an electronic fund transfer has been made without your permission using information from your check or draft. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account (plus your maximum overdraft line of credit). If you tell us within 2 business days after you learn of the loss or theft of your card and/or code, you can lose no more than $50 if someone used your card and/or code without your permission.
If you do NOT tell us within 2 business days after you learn of the loss or theft of your card and/or code, and we can prove we could have stopped someone from using your card and/or code without your permission if you had told us, you could lose as much as $500.
Also, if your statement shows transfers that you did not make, including those made by card, code or other means, tell us at once. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time.
If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods.
• Additional Limit on Liability for Visa® Check Card. Unless you have been grossly negligent or have engaged in fraud, you will not be liable for any unauthorized transactions using your lost or stolen Visa® Check Card. This additional limit on liability does not apply to ATM transactions or to transactions using your Personal Identification Number which are not processed by VISA®.
(b) Contact in event of unauthorized transfer. If you believe your Card and/or PIN has been lost or stolen or that someone has transferred or may transfer money from you account(s) or lines of credit without your permission, call: (877) 786-7828 or (352) 381-5200 during regular business hours or (800) 991-4965 after hours and weekends or write us at: SunState Federal Credit Union, Regulation E Clerk, PO Box 1162, Gainesville, FL 32602-1162. You should also call the number or write to the address listed in this brochure if you believe a transfer has been made using the information from your check or draft without your permission.
ERROR RESOLUTION NOTICE
In Case of Errors or Questions About Your Electronic Transfers, Call or Write us at the telephone number or address listed in this brochure, as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared.
If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days.
We will determine whether an error occurred within 10 business days (5 business days for Visa® Check Card point-of-sale transactions processed by Visa and 20 business days if the transfer involved a new account) after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days (90 days if the transfer involved a new account, a point-of-sale transaction, or a foreign-initiated transfer) to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days (5 business days for Visa® Check Card point-of-sale transactions processed by Visa and 20 business days if the transfer involved a new account) for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account. Your account is considered a new account for the first 30 days after the first deposit is made, unless each of you already has an established account with us before this account is opened.
We will tell you the results within three business days after completing our investigation. If we decide that there was no error, we will send you a written explanation.
You may ask for copies of the documents that we used in our investigation.
Please see the back panel of this brochure for our address and phone numbers.
SUNSTATE FEDERAL CREDIT UNION
REGULATION E CLERK
Business Days: Monday through Saturday
Excluding Federal Holidays
MORE DETAILED INFORMATION IS AVAILABLE
ON REQUEST
NOTICE OF ATM/NIGHT DEPOSIT FACILITY USER PRECAUTIONS
As with all financial transactions, please exercise discretion when using an automated teller machine (ATM) or night deposit facility. For your own safety, be careful. The following suggestions may be helpful.
The ATM Safety Precautions are required by the Florida Statutes, but do not create any rights or duties as between you and SFCU. The Precautions are not all inclusive. ATM users should utilize such other precautions as may be appropriate under any particular set of circumstances. SFCU expressly disclaims any and all liability as related to the use of any ATM owned or controlled by SFCU.
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REG. J NOTICE AND
FUNDS TRANSFER AGREEMENT
1. If you send or receive a wire transfer, Fedwire may be used. Regulation J is the law covering all Fedwire transactions. This means that your rights and liabilities in a wire transfer involving Fedwire will be governed by Regulation J as well as this agreement.
2. This agreement and notice apply to funds transfers as defined in Chapter 670 of the Florida Statutes, Article 4A of the Uniform Commercial Code and Subpart B of Regulation J of the Board of Governors of the Federal Reserve Bank System.
3. The Credit Union may establish or change cut-off times for the receipt and processing of funds transfer requests, amendments, or cancellations. Unless other times are posted, the cut-off time for funds transfers will be 1:00 P.M. on each weekday the Credit Union is open that is not a holiday. For foreign wires, the cut-off time is 11:00 A.M. Payment orders, cancellations, or amendments received after the applicable cut-off time may be treated as having been received on the next business day following the funds transfer and processed accordingly.
4. The Credit Union may charge your account for the amount of any funds transfer initiated by you or any person authorized as a joint owner or any other authorized party with the right of access to the account from which the funds transfer is to be made.
5. You agree to the following security procedures established by SFCU:
6. If you give the Credit Union a payment order which identifies the beneficiary (recipient of funds) by both name and identifying account number, payment may be made by the beneficiary's bank on the basis of the identifying or bank account number, even if the number identifies a person different than the named beneficiary. This means that you will be responsible to the Credit Union if the funds transfer is completed on the basis of the identification number you provided.
7. If you give the Credit Union a payment order which identifies an intermediary or beneficiary's bank by both name and identifying number, a receiving bank may rely on the number as the proper identification even if it identifies an entity other than the named bank. This means that you will be responsible for any loss or expenses incurred by a receiving bank which executes or attempts to execute the payment order in reliance on the identifying number you provided.
8. The Credit Union may give you credit for automated clearinghouse (ACH) payments before it receives final settlement of the funds transfer. Any such credit is provisional until the Credit Union receives final settlement of the payment. If the Credit Union does not receive such final settlement, you agree to refund to the Credit Union the amount credited to you in connection with that ACH entry. This means that the Credit Union may provide you with access to ACH funds before the Credit Union actually receives the money. However, if the Credit Union does not receive the money, then the Credit Union may reverse the entry on your account and you will be liable to repay the Credit Union.
9. ACH transactions are governed by the operating rules of the National Automated Clearinghouse Association. In accordance with these rules, the Credit Union will not provide you or any other authorized person with next-day notice of receipt of ACH credit transfers to your account. You will continue to receive notice of receipt of ACH items in the periodic statements which the Credit Union provides.
10. The Credit Union will be obligated to pay you interest on unauthorized or ineffective transfers only if you notify the Credit Union of relevant facts within 90 days after the date you receive notification from the Credit Union that the order was accepted or that your account was debited with respect to the order. If the Credit Union becomes obligated to pay interest to you, you agree the rate of interest to be paid shall be equal to the dividend or interest rate, in the form of a daily rate, applicable to the account at the Credit Union to which the funds transfer should have been made or from which the funds transfer was made.
11. If you request a foreign wire transfer, the transfer period could be a minimum of fourteen (14) days.
12. You have a duty to exercise ordinary care to discover erroneous payment orders. If you do not notify the Credit Union that an error was made within 90 days after the date you receive notification from the Credit Union that a payment order was completed, you will be liable to the Credit Union for the loss incurred as a result of your failure to exercise that duty of care.
13. You have read and understand the above agreement and notices and agree to the terms. You authorize the Credit Union to execute payment orders and debit your account.
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YOUR ABILITY TO WITHDRAW FUNDS
This policy statement applies to "transaction" accounts. Transaction accounts, in general, are accounts which permit an unlimited number of payments to third persons and an unlimited number of telephone and preauthorized transfers to other accounts of yours with us. Share draft accounts are the most common transaction accounts. Feel free to ask us whether any of your other accounts might also be under this policy.
Our policy is to make funds from your cash and check deposits available to you on the same day we receive your deposit. 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 on the same day we receive your deposit. Depending on the type of check that you deposit, funds may not be available until the fifth business day after the day of your deposit. The first $100 of your deposits, however, may be available on the same day.
If we are not going to make all of the funds from your deposit available on the same day we receive your deposit, 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 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 eleventh business day after the day of your deposit.
SPECIAL RULES FOR NEW ACCOUNTS
If you are a new member, the following special rules will apply during the first 30 days your account is open.
Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,000 of a day's total deposits of cashier's, certified, teller's, traveler's, and federal, state and local government checks will be available on the same day as the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you (and you may have to use a special deposit slip). The excess over $5,000 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,000 will not be available until the second business day after the day of your deposit.
Funds from all other check deposits will be available on the fifth business day after the day of your deposit.
DEPOSITS AT AUTOMATED TELLER MACHINES
Funds from any deposits (cash or checks) made at automated teller machines (ATMs) we do not own or operate will not be available until the fifth business day after the day of your deposit. This rule does not apply to ATMs that we own or operate. Deposits at ATMs we own or operate and at our night depositories will be available the first business day after the day of deposit subject to the policy stated above concerning funds availability. All ATMs that we own or operate are identified as our machines.
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TRUTH-IN-SAVINGS DISCLOSURE
REGULAR SHARE ACCOUNT
Rate Information:
The dividend rate and annual percentage yield may change every dividend period. We may change the dividend rate for your account as determined by the credit union board of directors.
Compounding and crediting - Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.
Dividend period - For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example above is March 31.
If you close your share account before dividends are paid, you will receive the accrued dividends through the withdrawal date.
Minimum balance requirements:
The minimum balance required to open this account is $5.00.
You must maintain a minimum daily balance of $500.00 in your account each day to obtain the disclosed annual percentage yield.
Daily balance computation method - Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of dividends on noncash deposits - Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations:
During any month, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, ATM transfer (to third parties only), or telephonic order or instruction. No more than three of the six transfers may be made by debit card or similar order to a third party. If you exceed the transfer limitations set forth above, your account will be subject to closure by the credit union.
Par value of a share:
The par value of a share in this account is $5.00.
IRA SHARE ACCOUNT
Rate Information:
The dividend rate and annual percentage yield may change every dividend period. We may change the dividend rate for your account as determined by the credit union board of directors.
Compounding and crediting - Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.
Dividend period - For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example above is March 31.
If you close your share account before dividends are paid, you will receive the accrued dividends through the withdrawal date.
Minimum balance requirements:
The minimum balance required to open this account is $5.00.
You must maintain a minimum daily balance of $500.00 in your account each day to obtain the disclosed annual percentage yield.
Daily balance computation method - Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of dividends on noncash deposits - Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations:
You may not make any withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party.
ROTH IRA SHARE ACCOUNT
Rate Information:
The dividend rate and annual percentage yield may change every dividend period. We may change the dividend rate for your account as determined by the credit union board of directors.
Compounding and crediting - Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.
Dividend period - For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example above is March 31.
If you close your share account before dividends are paid, you will receive the accrued dividends through the withdrawal date.
Minimum balance requirements:
The minimum balance required to open this account is $5.00.
You must maintain a minimum daily balance of $500.00 in your account each day to obtain the disclosed annual percentage yield.
Daily balance computation method - Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of dividends on noncash deposits - Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations:
You may not make any withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party.
FUTURE ENDEAVORS ACCOUNT
(may be opened for any
eligible individual up to age 18;
you must have an adult joint owner)
Rate Information:
The dividend rate and annual percentage yield may change every dividend period. We may change the dividend rate for your account as determined by the credit union board of directors.
This account is intended to be a long-term savings account and normally earns dividends at a higher rate than the Regular Share account.
Compounding and crediting - Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.
Dividend period - For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example above is March 31.
If you close your share account before dividends are paid, you will receive the accrued dividends through the withdrawal date.
Minimum balance requirements:
The minimum balance required to open this account is $5.00.
You must maintain a minimum daily balance of $5.00 in your account each day to obtain the disclosed annual percentage yield.
Daily balance computation method - Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of dividends on noncash deposits - Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations:
No more than one withdrawal is allowed each calendar quarter.
You may not make any withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party.
If a second withdrawal is made during any calendar quarter, the account will be closed and the balance will be transferred to a Regular Share account.
Your Future Endeavors account will be closed effective immediately AFTER the crediting of dividends for the dividend period in which age 19 is reached.
SPECIAL ACCOUNT
Rate Information:
The dividend rate and annual percentage yield may change every dividend period. We may change the dividend rate for your account as determined by the credit union board of directors.
Compounding and crediting - Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.
Dividend period - For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example above is March 31.
If you close your share account before dividends are paid, you will receive the accrued dividends through the withdrawal date.
Minimum balance requirements:
The minimum balance required to open this account is $0.00.
You must maintain a minimum daily balance of $500.00 in your account each day to obtain the disclosed annual percentage yield.
Daily balance computation method - Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of dividends on noncash deposits - Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations:
During any month, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a telephonic order or instruction or similar order to a third party. If you exceed the transfer limitations set forth above, your account will be subject to closure by the credit union.
SHARE DRAFT ACCOUNT
Rate Information:
The dividend rate and annual percentage yield may change every dividend period. We may change the dividend rate for your account as determined by the credit union board of directors.
Compounding and crediting - Dividends will be compounded every month. Dividends will be credited to your account every month.
Dividend period - For this account type, the dividend period is monthly, for example, the beginning date of the first dividend period of the calendar year is January 1 and the ending date of such dividend period is January 31 All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example above is January 31
Minimum balance requirements:
The minimum balance required to open this account is $5.00.
You must maintain a minimum daily balance of $1,000.00 in your account each day to obtain the disclosed annual percentage yield.
Daily balance computation method - Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of dividends on noncash deposits - Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations:
No transaction limitations apply to this account unless otherwise stated in the Common Features section.
MONEY MARKET ACCOUNT (TIERED ACCOUNT)
Rate Information:
The dividend rate and annual percentage yield may change every week. We may change the dividend rate for your account as determined by the credit union board of directors.
Compounding and crediting - Dividends will be compounded daily. Dividends will be credited to your account every week.
Dividend period - For this account type, the dividend period is weekly, beginning on Thursday of each week and ending on Wednesday of the following week, for example, the beginning date of the first dividend period of the calendar year is July 4, 2002, and the ending date of such dividend period is July 10, 2002. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example above is July 10, 2002.
If you close your share account before dividends are paid, you will receive the accrued dividends through the withdrawal date.
Minimum balance requirements:
The minimum balance required to open this account is $10,000.00.
You must maintain a minimum daily balance of $10,000.00 in your account each day to obtain the disclosed annual percentage yield.
Daily balance computation method - Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of dividends on noncash deposits - Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations:
During any month, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer (ATM transfer to third parties only), telephonic order or instruction or similar order to a third party. No more than three of the six transfers may be made by check, debit card, or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the credit union.