Terms and Conditions of Your Account
Dear Credit Union Member:
This disclosure is intended to provide you with information about one or more of your accounts offered by the Credit Union. It contains rules which govern your account(s) with us. Please read this disclosure carefully as you are entering into a binding agreement with the Credit Union. If you sign an Account Agreement form and use your account after you receive this disclosure it means you understand and agree to these rules. Much of our relationship with our members is governed by our bylaws, state and federal laws, all of which may change from time to time. If you have any questions, please contact a member service representative.
The Credit Union reserves the right to waive enforcement of any of the terms in this Agreement with respect to any transaction. Any such waiver would not affect the right of the Credit Union to enforce any of its rights with respect to other members, or to enforce any right with respect to a later transaction with this member.
As used in this disclosure, the work “we” means the Credit Union and the work “you” means the account holder. Words and phrases used in this brochure should be interpreted so that the singular includes the plural and the plural includes the singular (except where we clearly intend otherwise).
Any non-cash item deposited to your account (including items drawn on us) will be given provisional credit only until collection of the item is final. 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 business day that we open.
Anyone who signs the account agreement as signer may withdraw or transfer all or part of the account balance at any time. Each individual authorizes each other individual signing the account agreement form to endorse any item payable to you or your order for deposit to your account or any other transaction with us (until we receive written notice to the contrary).
We reserve the right to refuse any withdrawal or transfer request which is attempted by any method not specifically permitted, which exceeds any frequency limitations or violates any minimum or maximum dollar limitation. We will use the date a transaction is completed by us (as opposed to the date you initiated it) to apply any frequency limitations.
Withdrawals will first be made from collected funds, and we may refuse any withdrawal requested against uncollected funds. The Credit Union usually allows regular Share Account funds to be withdrawn at any time without previous notice, however we reserve the right to demand 60-day notice of withdrawal.
National Credit Union Share Insurance Fund
Member accounts in this credit union are federally insured up to $250,000 by the National Credit Union Share Insurance Fund.
Dividends are paid from available earnings. The rate and method we use to calculate dividends may change from time to time.
Each of you agrees, for yourself (and the person or entity you represent if you sign a representative of another), to the terms of this account and the charges that we may impose. Contact the Credit Union office if you have any questions about the charges that may be imposed. You authorize us to deduct these charges directly from the account balance as incurred. You also agree to pay additional charges we may impose for services you request which are not contemplated by this agreement or your account. Each of you also agrees to be jointly and separately liable for any account deficit (resulting, for example, from charges imposed, overdrafts or items cashed or deposited that are returned unpaid) whether caused by you or another individual authorized to withdrawal from your account, including the cost we incur to collect the deficit to the extent permitted by law, our reasonable attorney fees. In addition, the member waives the right to a jury trial in disputes concerning their accounts with the Credit Union.
The Credit Union may charge a dormant/inactive fee and close your account if there is no member-initiated activity for six months.
We can change this Account Disclosure or the Fee Schedule accompanying this Disclosure at any time in a manner and to the extent permitted by law.
Types of Accounts
As a Credit Union member you may take advantage of the various share draft (checking), share (savings) and time deposit accounts offered by the Credit Union. Please ask us about the specific accounts we offer.
Liens or Garnishment of your Account(s)
We have a lien on all funds in all of your accounts with us. This lien extends to funds now or hereafter deposited with us (plus dividends and any insurance benefits). This lien secures loans, charges, overdrafts or any amount you may now or hereafter owe us. We may enforce this lien by applying your funds directly to any amount you owe us and we may exercise this right without obtaining a court judgement and as otherwise permitted by law.
Off set is the right of one who is indebted to another to reduce or eliminate the indebtedness by charging against the debt any amount which his creditor in that transaction may owe him in another transaction as borrower, guarantor, or otherwise. The Credit Union may use the account to pay debt even if withdrawal results in an interest penalty or dishonor of subsequent drafts.
Any garnishment, levy or execution against the account is subject to the Credit Union’s right of off set and security interest. If garnishment, levy or execution hits the account, the Credit Union may refuse to allow any withdrawals until the dispute is resolved. In such case, the Credit Union will not be liable to the member, even if paying the money to the third party leaves insufficient funds to cover outstanding drafts. All expenses in responding to a court order are chargeable to the member.
The Credit Union has the right to charge fees in connection with its services. These fees may change from time to time. The current fee schedule is available and the member will receive written notice of any changes.
No account may be transferred or assigned without prior written consent.
If, in connection with a direct deposit plan, we deposit any amount in an 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 your account 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.
If you send or receive a wire transfer, Fedwire may be used. Regulation J is the law covering all Fedwire transactions. If you give us a payment order which identifies the beneficiary (recipient of the funds) by both name and identifying or 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. If you give us 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 a different person than the named bank.
We may give you credit for automated clearing house (ACH) payments before we receive final settlement of the funds transfer. Any such credit is provisional until we receive final settlement. You are hereby notified and agree, if we do not receive such final settlement, we are entitled to a refund from you of the amount credited to you in connection with that ACH entry. ACH transactions are governed by operating rules of the National Automated Clearing House Association. In accordance with these rules, we will not provide you with next day notice of receipt of ACH credit transfers to your account. You will continue to receive notices of receipt of ACH items in the periodic statements which we provide.
Rights and Responsibilities of a Custodian with Accounts Set Up Under the Uniform Transfer to Minors Act
- A gift made in the manner presented by the Uniform Transfer to Minors Act is irrevocable and conveys to the minor indefeasibly vested title to the money. Once a custodial account is opened, the donor cannot change his mind and revoke the transfer.
- The custodian has broad powers and duties over the account. The custodian has the duty of collecting, holding, managing, investing and reinvesting the custodial property. The custodian has the duty to expend for the minor’s benefit, so much or all of the custodial property as he deems advisable for the minor’s support, maintenance, education and benefit. The custodian has complete discretion as to the time and the amount of such payment, and he need not take into account the duty of himself or any other person to support the minor, or his ability to do so; nor must he take into account other income or property of the minor which may be available.
- Any unexpended custodial property or money generally must be paid over to the minor upon his attaining the age of 18 years or 21 years if the account designates this.
Joint Account Ownership
Any account in 2 or more names, that is payable to either of the named persons, or to any survivor, will be treated as a joint account provided that all account holders have signed the Account Agreement form. A joint account creates a legal form of ownership which is called a “joint tenacy”. Each joint owner named on the account, who has signed the signature form, is considered to be an owner of the account. Every owner has an equal and undivided interest in all monies deposited into and any interest earned on the account, even though he may not have owned the monies originally. This means that while all the owners are living, we, the Credit Union, may honor withdrawal requests, checks or orders drawn by any owner for part or all of the monies in the account. The Credit Union may do this without giving notice to or receiving the consent of the other owner(s), unless we first receive a written notice signed by an owner directing the Credit Union not to pay or deliver any part of the joint account. If the Credit Union receives such a notice, we may require written authorization from all owners before we allow any payment or transfer from the account. This written notice does not prevent us from making, or make us liable for, any payment from the account to any third party or us, as described above.
We are required to limit the following types of transfers from accounts (other than share draft/checking accounts) to no more than six transfers per month:
All preauthorized transfers to another account or to a third party (including automatic transfers to cover overdrafts but excluding transfers for loan payments or routine allocations of direct payroll deposit to your other accounts or family member accounts); and
Telephone/internet-initiated transfers to another account or a third party. In addition, if we allow access by share draft (check) or point of sale to an account (other than a share draft/checking account), any transfers made by share draft/check or point of sale transfers will be included in the six per month maximum.
Additional Rules for Checking Accounts
The word “item” will mean a share draft or check and any other means of deposit or withdrawal. For example, an “item” could be a share draft or check deposited to or written on an account, or an electronic deposit to, transfer, or withdrawal from an account. The following rules apply to our share draft/checking accounts:
You must use only approved share draft/check forms to withdraw funds from this type of account. Withdrawals by electronic funds transfer, if permitted from this type of account, will be explained in the “Electronic Funds Transfer” brochure.
We are under no obligation to pay an item which exceeds the balance in your account. If we do pay such an item, you are still responsible for the overdraft and any fee we may impose for it.
Payment of Share Drafts/Checks
We may pay a share draft/check on whatever day it is presented for payment, not-withstanding the date appearing on the share draft/check. If a member dies or is adjudicated incompetent, the Credit Union retains the reasonable opportunity to act on it. Even with knowledge, the Credit Union is protected from liability when it continues to honor a member’s draft even though it has received notice of an adverse claim to the account. Unless the Credit Union is served with an appropriate court order or the claim provides the Credit Union with indemnity (at a level acceptable to the Credit Union) it may ignore the adverse claim.
Paid Share Drafts/Checks
Paid Share Drafts/Checks will not be returned to you. We will make copies available to you of specific paid share drafts upon your request. A fee may be imposed for each share draft requested.
You may stop payment on a share draft drawn on your account. An oral stop order is effective for only fourteen (14) days and must be followed up with a written notice that is effective for six (6) months. You must inform the Credit Union of the exact amount & the number on the share draft and the account number. The Credit Union is entitled to a reasonable period of time following the stop order to process the stop payment request.
If we dishonor an item by mistake, our liability is limited to actual damages proved. The Credit Union retains the right to pay or dishonor a share draft more than six (6) months old without prior notice to the member. The Credit Union retains the right to disregard information on the share draft other than the identification of the payor Credit Union, payable through bank, payee, and the amount. Language on the share draft such as “void if not paid in 30 days” or “not good in excess of $100” or the like, will not be honored.
The Credit Union will mail or make available through electronic channels monthly statements. The member is expected to examine the statements carefully and reconcile the account. If there are discrepancies, the Credit Union should be notified immediately, as the statement is considered correct unless the Credit Union is notified within sixty (60) days of the member receiving the statement of any errors.
Termination of Account
We may close your share draft/checking account at any time by mailing you a notice with a remittance for the balance therein. We are not liable for refusing to pay any share draft/check presented after the account is closed.
The member may terminate the relationship upon written ten (10) day notice. The termination, however, does not release the member from payment of accrued fees or liability for drafts in process, and entitles the member to the return of the balance less any appropriate debit items.
Minimum Membership Requirements
To be a member and remain a member of this Credit Union, you must subscribe to at least one share. Your membership will terminate if you withdraw all of your shares.
Members may be expelled for non-participation in the affairs of the Credit Union. Ever $ Green Federal Credit Union will assess an inactive account fee as listed in the fee schedule and close your account(s) and change your status to non-member on accounts of members 18 years or older if:
- There is no member-initiated activity for six months, and
- The aggregate balance in all their share deposit accounts is less than $25, and
- They have not voted at an annual or special members’ meeting for 1 year, and
- The member has no active loans. This includes student and mortgage loans.
To find out what steps you must take to reinstate your membership, please contact a Member Service Representative.