Membership Agreement and Disclosures
THESE AGREEMENTS AND DISCLOSURES CONTAIN IMPORTANT MEMBERSHIP INFORMATION, NECESSARY TRUTH-IN-SAVINGS ACCOUNT DISCLOSURES, ELECTRONIC SERVICES AGREEMENT AND DISCLOSURES, FUNDS AVAILABILITY POLICY, AND WIRE TRANSFER AGREEMENT. PLEASE BE CERTAIN TO READ THESE AGREEMENTS AND DISCLOSURES CAREFULLY AND NOTIFY US AT ONCE IF ANY PARTS ARE UNCLEAR.
Throughout these Agreements and Disclosures, the references to “We,” “Us,” “Our,” and “Credit Union” mean MOOG EMPLOYEES FEDERAL CREDIT UNION. The words “You” and “Your” mean each person applying for and/or using any of the services described herein. “Account” means any account or accounts established for You as set forth in these Agreements and Disclosures. The word “Card” means any VISA® Debit Card issued to You by Us and any duplicates or renewals We may issue. Our Personal Computer Account Access System is hereinafter referred to as “Online Banking.” “E-Check” means any check which You authorize the payee to process electronically. For joint accounts, read singular pronouns in the plural.
MOOG EMPLOYEES FEDERAL CREDIT UNION MEMBERSHIP
To apply for membership with MOOG Employees Federal Credit Union You must complete, sign and return an application for membership.
Your signature on Your application for membership informs the Credit Union that You would like to join the Credit Union and that You agree to conform to the Credit Union’s Bylaws and Amendments.
Credit Union membership is granted to applicants within MOOG Employees Federal Credit Union common bond as outlined in the Credit Union’s Charter.
Eligibility also includes Credit Union employees and persons retires as pensioners or annuitants from organizations within the Credit Union’s common bond. By signing Your application for membership, You acknowledge receipt of these Agreements and Disclosures, including the terms and conditions which apply to Your Accounts.
FAMILY MEMBERSHIP
Credit Union members in good standing and whose status is currently within the Credit Union’s common bond (as outlined therein) may sponsor immediate family members and possibly other members of Your household for Credit Union membership. Eligible family members may include for instance: father, mother, brother, sister, son, daughter, grandmother, grandfather and spouse (which may include anyone living in Your residence the You maintain a single economic unit with).
ACCOUNT AGREEMENT
YOU AGREE AND ACKNOWLEDGE THAT THIS AGREEMENT CONTROLS YOUR ACCOUNT(S) WITH MOOG EMPLOYEES FEDERAL CREDIT UNION, TOGETHER WITH ANY OTHER RELATED DOCUMENT SUCH AS OUR FUNDS AVAILABILITY POLICY AND ELECTRONIC SERVICES AGREEMENT AND/OR AGREEMENTS AND DISCLOSURES, ALL OF WHICH, TO THE EXTENT APPLICABLE, ARE INCORPORATED INTO THIS AGREEMENT BY REFERENCE.
ACCOUNT OWNERSHIP
JOINT ACCOUNTS. If Your Account is owned jointly, then all funds on deposit are owned by any of the joint Owners with right of survivorship. The joint Owners of the Accounts hereby agree with each other and with Us that all sums, whenever paid into the Accounts by any or all of the joint Owners to the credit of the joint Owners with all accumulations thereon, are and shall be owned by them jointly, with right of survivorship and be subject to the withdrawal or receipt of any of them, and payment to any of them or the survivor or survivors shall be valid and discharge Us from any liability for such payment. You authorize Us to recognize any of the signatures subscribed in Your application for membership, for the payment of funds or the transaction of any business for the Accounts. We can release or pay any amount on deposit in Your Account to any Owner. We can honor checks, withdrawals, orders or requests from any Owner. All Owners are liable to Us for any overdrafts that may occur on Your account, regardless if whether or not a benefit occurred and checks cashed against any Account are subject to collectability from such Account if returned unpaid. Any Owner may provide Us written notice to freeze funds on deposit and We may, at Our option, honor such written request. If We do, then the Account will remain frozen until We receive subsequent written notice signed by all Owners of the Account as to a disposition of funds on deposit. Any or all of the joint Owners may pledge all or any part of the shares in the Accounts as collateral security to a loan or loans and any funds on deposit may be utilized to satisfy any debt or garnishment of any Owner of the Account. The right or authority of the Credit Union under these Agreements and Disclosures shall not be changed or terminated by said owners or any of them except by written notice to Us, which shall not affect transactions made prior to such notice. It is the responsibility of joint Account Owners to determine any legal effects of opening and maintaining a joint account.
CUSTODIAL ACCOUNTS. Any custodial Account is subject to the New York Uniform Transfers To Minors Act and it is Your responsibility to determine any legal effects related to this type of Account. You understand and agree that the gift of money to the minor named at the time You open such Account includes all dividends thereon and any future additions thereto, is irrevocable and is made in accordance with and is to include all provisions of the New York Uniform Transfers To Minors Act as it is now or hereafter amended. The age of delivery to custodian FBO minor shall be upon the age of 21 unless otherwise specified by the custodian under the New York Uniform Transfers to Minors Act.
AUTHORIZED SIGNERS. If You establish Your Account with authorized signers, or you subsequently appoint any authorized signers, You understand and agree that the Credit Union will not at any time be liable for the actions of such authorized signers and/or be obligated to ensure that their actions are in accordance with any instructions You have provided to them. Any appointment of an authorized signer, together with any subsequent revocation or change must be in writing. It is Your responsibility to determine any legal effects related to Your appointing any authorized signers on Your Account.
PAYABLE-ON-DEATH STATUS. If the Account Designation shows a payable-on-death status, any Beneficiary has rights to the Account: (a) if the Beneficiary is a natural person, only if the Beneficiary is alive and only if You and any joint Owners are deceased; (b) if the Beneficiary is a charity or other non-profit organization, only if the charity or non-profit organization is in operation as a validly constituted, registered and/or licensed entity under applicable state law and You and any joint Owners are deceased. Upon your death and the death of any joint Owners, the fund on deposit will be paid to the beneficiary (ies) of record in equal shares. If, however, none of the payable-on-death beneficiaries You names is alive (or in operation as a validly constituted, registered and/or licensed entity under applicable state law in the case of a charity or non-profit organization) at Your death, the funds will be paid to the party or parties as required by applicable law. It is the responsibility of all Account Owners to determine any legal effects of opening and maintaining an Account with payable-on-death status.
ARBITRATION. Any controversy or claim arising out of or relating to these Agreements and Disclosures, or the breach thereof, shall be settled by arbitration administered by the American Arbitration Association in accordance with its Arbitration Rules and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. All parties hereby waive all rights to a jury trial or class action relief.
INDEMNITY. You agree to indemnify and hold harmless MOOG Employees Federal Credit Union and their successors and assigns, from any claim, action, liability, loss, damage or suit, arising out of any action or inaction on Our part in connection with these Agreements and Disclosures and/or Your failure to abide by its terms. In the event of any claim, We shall provide You with reasonable and timely notice of such claim, and thereafter You shall at Your own expense defend, protect and hold harmless the Credit Union against said claim or any loss or liability thereunder. In the event You fail to defend and/or indemnify and hold Us harmless, then in such instance We shall have full rights to defend, pay or settle said claim on Your behalf without notice to You and with full right of recourse against You for all fees, costs, expenses and payments made or agreed to be paid to discharge said claim. You further agree to pay all reasonable attorney’s fees necessary to enforce such provision. Such indemnity shall be unlimited in amount and duration and be binding upon and inure to the benefit of all parties, their successors, assigns and personal representatives.
POWER OF ATTORNEY. If You name a person to act as Your attorney-in-fact or agent in any way with Your Account, We are only obligated to deal with such person if We, in Our sole judgment, approve the form of appointment and the supporting documentation.
DEPOSIT OF ITEMS. You may make deposits to Your Account using any method available from Us, including deposits in person, by mail or electronic means. We have the right to refuse to accept any check or instrument for deposit at Our sole discretion. If You deposit an item and it is returned unpaid, We will debit Your Account for the amount of the item and charge You a fee. You will be liable to Us for the amount of any item You deposit which is returned unpaid, and in addition, will be responsible for any of Our costs and expenses incurred in the collection of such returned item from You, including reasonable attorney fees. Subject to Our Funds Availability Policy, You may not be able to withdraw funds from Your Account until We have received final settlement for any items deposited. If You make a deposit on a Saturday, Sunday, or holiday, or after Our predetermined cut-off hour on business days, the deposit will be credited to Your Account as of the next business day.
COLLECTION AND PROCESSING OF ITEMS. In processing items You have deposited for collection, We are only Your agent and assume no responsibility beyond the exercise of ordinary care. Any item deposited is subject to final settlement in cash or credit. We may use any method We feel is appropriate to collect items, which may include use of a Federal Reserve Bank. We are not responsible for the acts of any third party We use for the collection of items including responsibility for lost items. If We use a local clearinghouse in the collection of items, You authorize Us to do so and to act in accordance with any applicable rules and regulations. We may permit You to withdraw funds from Your Account before final settlement has been made, however, if final settlement is not made, We have the right to charge Your Account or otherwise require You to repay such funds. In processing items presented for payment on Your Account, We will pay such items each business day in the order of Our choosing, subject to the available funds in that Account. All of which means that the transactions may not be processed in the order in which they occurred and that You could incur multiple fees in a single day should there be insufficient funds to pay all items presented that day.
OVERDRAFT PROTECTION. To the extent permitted by law, You authorize Us to transfer funds from other accounts You may have with Us in necessary multiples (or in such increments as We may from time to time determine) to Your Account to cover any overdraft. If You have a line of credit with Us, transfers will be made first from Your primary share Account, provided You have enough available funds in that Account, then from Your line of credit up to Your available credit limit, and then We may elect to pay such overdraft, subject to any preference You have indicated to Us for clearing any overdraft(s). Overdrafts are subject to insufficient funds (NSF) fee. You hold Us harmless from any and all liability which might otherwise exist if a transfer does not occur.
OVERDRAFTS. You understand and agree that We may from time to time, and at Our sole discretion, pay certain items in order to cover an overdraft, and charge You a fee for doing so. You further understand that payment of any overdrafts will be made in an order of Our choosing. You hold Us harmless from any and all liability which might otherwise exist if We do not pay an overdraft. If You would like to opt-out, that is, if You would prefer We not pay any share drafts that would overdraw Your share draft Account, You may opt-out by writing to Us at the address in this Agreement or by calling Us at the telephone number shown in this Agreement and informing Us of Your intention to opt-out.
NOTICE OF RECEIPT OF ACH ITEMS. Under the operating rules of the National Automated Clearing House Association which are applicable to ACH transactions involving your account and as permitted by law, We are not required to give You next day notice of receipt of an ACH item, and We will not do so. We will continue to notify You of the receipt of payments in the periodic statements We provide to You.
PROVISIONAL PAYMENT (ACH ORIGINATION). Credits given by any Receiving Depository Financial Institution to the receiver with respect to any automated clearing house credit entries subject to Article 4A of the Uniform Commercial Code (UCC-4A), are provisional until the Receiving Depository Financial Institution has received final settlement through a Federal Reserve Bank, or has otherwise received payment as provided in Section 4A-403(a) of UCC-4A. If the Receiving Depository Financial Institution does not receive such final settlement or payment, then they shall be entitles to a refund from the receiver of the amount so credited, and We shall not be deemed to have paid the receiver the amount of such entry.
PROVISIONAL PAYMENT (ACH RECEIPT). Credit given by Us to You with respect to any automated clearing house credit entry is provisional until We receive final settlement for such entry through a Federal Reserve Bank. If We do not receive final settlement, You are hereby notified and agree that We are entitled to a refund of the amount credited to You in connection with such entry, and the party making payment to You via such entry (i.e., the originator of the entry) shall not be deemed to have paid You the amount of such entry.
CHOICE OF LAW. We may accept payments on Your behalf for Your account which have been transmitted through one ore more Automated Clearing Houses (“ACH”) and which are not subject to the Electronic Fund Transfer Act. Your rights and obligations with respect to such payments shall be construed in accordance with and governed by the laws of the State of New York as provided by the operating rules of the National Automated Clearing House Association, which are applicable to ACH transactions involving your account.
EXPENSES. If We incur any costs or expenses as a result of any attachment, garnishment or levy against Your Account You will reimburse Us for such costs or expenses, or We may charge them to Your Account.
INACTIVE OR DORMANT ACCOUNTS. Inactive Accounts (Accounts with no withdrawals or deposits within a one-year period) may be subject to an Inactive Account Fee. If no activity occurs in Your Account within the time period specified by applicable state law, the property in Your Account may be subject to transfer to the appropriate state authority (“escheatment”). We have no liability if Your Account becomes dormant and is therefore subject to escheatment in accordance with applicable state law.
LIEN IMPRESSMENT AND SET-OFF. You agree that We may impress and enforce a statutory lien upon Your Accounts with Us to the extent You owe Us any money and We may enforce Our right to do so without further notice to You. We have the right to set-off any of Your money or property in Our possession against any amount You owe Us. The right of set-off and Our impressed lien does not extend to any Keogh, IRA or similar tax deferred deposit You may have with Us. If Your Account is owned jointly Our right of set-off and Our impressed lien extends to any amount owed to Us by any of the joint Owners.
CREDIT REPORTING NOTICE. We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit report.
MINIMUM BALANCE REQUIREMENTS, FEES AND SERVICE CHARGES. You agree to pay Us any applicable fees or charges and are responsible for any minimum balance requirements and deposit requirements called for in Our Agreements and Disclosures provided to You when You opened Your Account. In any case and with proper notice to You, fees, charges, balance requirements and deposit requirements may be changed by Us from time to time.
SUSPENSION OF SERVICES. We have the right to suspend the benefit of any Credit Union service at any time for reasonable cause. At Our discretion, We also have the right to pay any share draft presented for payment from Your Account after Your Account is closed or suspended and to recover such amount paid from You.
Account services are available to those members in good standing with the Credit Union. We reserve the right to cancel or suspend services to a member who is not in good standing, which includes members that have: (a) a delinquent loan; (b) a primary Share Account balance below the $5.00 minimum; (c) an unresolved deposited returned check; (d) any unpaid and uncollected fees; or (e) a negative balance on an Account.
ASSIGNABILITY. You may not assign or transfer any interest in Your Account.
AGREEMENTS AND DISCLOSURES. The Agreements and Disclosures provided to You at the time You opened Your Account and referred to throughout this Agreement, contain: (a) a list of fees and charges applicable to Your Account; (b) the dividends and applicable Annual Percentage Yield (APY); (c) how dividends are credited or compounded; and (d) other pertinent information related to Your Account. Your Agreements and Disclosures may be amended by Us from time to time in a manner as prescribed by law.
STOP PAYMENTS. You may ask Us orally to stop payment on a share draft. For any such request to remain valid, however, You must also supply Us with a written request within 14 days after You make any such oral request. Stop payment requests are also subject to the terms and conditions of the Order For Stop Payment form related to any such request. Your request must be given to Us in a timely manner so that We have a reasonable opportunity to act on Your request. A written stop payment request is effective for 6 months. If at the end of 6 months You request Us to continue the stop payment order, that request will be treated as a new request. We are not liable if We pay a share draft which You have requested Us to stop payment on as long as We act in good faith and exercise ordinary care.
In any event, any damages that We might otherwise be liable for shall not exceed the amount of the involved share draft. If We do pay a share draft for which You have requested stop payment and as a result any other item is returned unpaid by Us due to nonsufficient funds, We are not liable for any consequences resulting from such action. If Your Account is a joint Account, any Owner of the Account may request a stop payment. Any release of a stop payment order must be made by the person who made the request. If You ask Us to stop payment on a pre-authorized transfer, Your request will be processed under the provisions of Our Electronic Fund Transfer Agreement with You.
You may also ask Us to replace a lost, destroyed or stolen cashier’s, teller or certified check and if You do, You agree to execute a declaration of loss and claim for reimbursement form together with any other documentation We may require, such as an affidavit. Regardless of the type of documentation presented to Us, the request must be in a form acceptable to the Credit Union and given to Us in a timely manner so that We have a reasonable opportunity to act on such request. Such declaration of loss and claim for reimbursement will not become effective until the later of: (a) the 90th day after the date of the check (or 90th day following the date of acceptance, in the case of a certified check); or (b) the date We receive the declaration of loss and claim for reimbursement together with any other required documentation.
SHARE DRAFTS AND OTHER ACCOUNT ACCESS DEVICES. Any share draft or other Account access device which does not meet Our standards for acceptance may be rejected by Us, whether such standards are established by law, regulation or Our own policy.
POSTDATED, STALE OR OVERDRAFT SHARE DRAFTS. You understand that postdating a share draft will have no effect on whether or not it is honored prior to or after the date of any such share draft. A stale share draft is any share draft received by Us that is dated 6 months or more prior to the date of receipt. We may pay or refuse to pay any postdated, stale or overdraft share draft, or other item presented for payment on Your Account without any liability.
SHARE DRAFT SAFEKEEPING. Share draft Safekeeping is automatic on Your Account and Your cancelled share drafts will not be returned to You. You understand that cancelled share drafts retained by Us are later destroyed after a reasonable period of time. If You subsequently request a copy of a share draft an We are unable to supply it, then We shall not be liable for any damage You may sustain in excess of the face amount of the involved share draft.
PERIODIC STATEMENTS. You will be provided with a periodic statement showing activity on Your Account. If You believe any statement reflects discrepancies, You must notify Us of such discrepancies within 60 days from the date We mailed the statement to You. If the discrepancy noted is the result of an electronic fund transfer, then the provisions of Our Electronic Fund Transfer Agreement with You will control resolution of the matter.
AMENDMENTS. This Agreement may be amended by Us at any time, in which case We will provide You with a notice of amendment as required by law or regulation.
PARTNERSHIP OR CORPORATION ACCOUNTS. If Your Account is a partnership or corporate account, You will supply Us with a separate authorization informing Us of the authorized signers for the Account and provide any other related documents if We request You to do so. We require that all partners or owners be individually eligible for membership.
NOTIFICATION OF ADDRESS CHANGE. You will notify Us promptly in writing with Your signature if You move or otherwise have a change of address. In the event We are unable to locate You, You agree to pay all fees associated with maintaining an invalid address in Our records and any costs and locator fees incurred in Our locating efforts.
WAIVERS. You agree and understand that Our failure or delay to exercise any right, remedy, power, or privilege available to Us pursuant to this Agreement shall not affect or disallow Our future exercise of that right, remedy, power or privilege.
GOVERNING LAW. This Agreement shall be governed by the laws of the State of New York, except to the extent that federal law controls.
ACCOUNT DISCLOSURES
THE FOLLOWING DISCLOSURES CONTAIN IMPORTANT INFORMATION AND THE TERMS AND CONDITIONS OF ANY ACCOUNT OR ACCOUNTS THAT YOU MAY HAVE WITH US AND ARE PROVIDED AS REQUIRED BY THE TRUTH-IN-SAVINGS ACT. WHEREVER USED, “APY” MEANS ANNUAL PERCENTAGE YIELD.
SPECIFIC TERMS APPLICABLE TO YOUR PRIMARY SHARE ACCOUNT
Fixed Rate Information. This Account is subject to a Fixed Rate. For the current dividend rate and corresponding APY, refer to the Rates – Shares tab on this website.
Minimum Balance Requirements. The minimum balance required to open this Account is $5.00. To obtain the disclosed annual percentage yield, You must maintain a balance in Your Account each day at least equal to $50.00.
Compounding and Crediting. Dividends will be earned daily for each day on which Your balance exceeds the minimum balance requirement for Your Account. The dividend period is Quarterly, and dividends will be compounded and credited to Your account quarterly. Accrued but uncredited dividends will not be paid at the time You close Your Account.
Transactions Limitations. During any calendar month, You may not make any withdrawals through an ACH transaction, nor make more than six withdrawals from or transfers to another credit union Account of Yours or to a third party by means of a pre-authorized or automatic transfer or telephonic order or instruction, or by check, draft, debit card, if applicable, or similar order to a third party. If You exceed these limitations, Your Account may be subject to closure by the credit union.
SPECIFIC TERMS APPLICABLE TO YOUR PRIMARY SHARE (No Dividend) ACCOUNT
Dividend Information. No dividends are paid on this Account.
Minimum Balance Requirements. The minimum balance required to open this Account is $5.00.
Transactions Limitations. During any calendar month, You may not make any withdrawals through an ACH transaction, nor make more than six withdrawals from or transfers to another Credit Union Account of Yours or to a third party by means of a pre-authorized or automatic transfer or telephonic order or instruction, or by check, draft, debit card, if applicable, or similar order to a third party. If You exceed these limitations, Your Account may be subject to closure by the Credit Union.
SPECIFIC TERMS APPLICABLE TO YOUR YOUTH SHARE (17 Years & Younger) ACCOUNT
Fixed Rate Information. This Account is subject to a Fixed Rate. For the current dividend rate and corresponding APY, refer to the Rates – Shares tab on this website.
Minimum Balance Requirements. The minimum balance required to open this Account is $5.00. To obtain the disclosed annual percentage yield, You must maintain a balance in Your Account each day at least equal to $5.00.
Compounding and Crediting. Dividends will be earned daily for each day on which Your balance exceeds the minimum balance requirement for Your Account. The dividend period is Monthly, and dividends will be compounded and credited to Your account monthly. Accrued but uncredited dividends will not be paid at the time You close Your Account.
Transactions Limitations. During any calendar month, You may not make any withdrawals through an ACH transaction, nor make more than six withdrawals from or transfers to another Credit Union Account of Yours or to a third party by means of a pre-authorized or automatic transfer or telephonic order or instruction, or by check, draft, debit card, if applicable, or similar order to a third party. If You exceed these limitations, Your Account may be subject to closure by the Credit Union.
Additional Information. When you have reached Your 18th birthday, Your Account will be closed and Your entire balance transferred to a Primary Share Account, subject to the terms and conditions of such Account.
SPECIFIC TERMS APPLICABLE TO YOUR TRADITIONAL IRA SHARE ACCOUNT
Fixed Rate Information. This Account is subject to a Fixed Rate. For the current dividend rate and corresponding APY, refer to the Rates – Shares tab on this website.
Minimum Balance Requirements. The minimum balance required to open this Account is $50.00. To obtain the disclosed annual percentage yield, You must maintain a balance in Your Account each day at least equal to $50.00.
Compounding and Crediting. Dividends will be earned daily for each day on which Your balance exceeds the minimum balance requirement for Your Account. The dividend period is Monthly, and dividends will be compounded and credited to Your account monthly. Accrued but uncredited dividends will not be paid at the time You close Your Account.
Transactions Limitations. During any calendar month, You may not make any withdrawals through an ACH transaction, nor make more than six withdrawals from or transfers to another Credit Union Account of Yours or to a third party by means of a pre-authorized or automatic transfer or telephonic order or instruction, or by check, draft, debit card, if applicable, or similar order to a third party. If You exceed these limitations, Your Account may be subject to closure by the Credit Union. Individual Retirement Accounts are subject to limitations and/or penalties imposed by the Internal Revenue Service. Please see Your IRA Agreement or Your tax advisor for additional information. No other transaction limitations apply to this Account.
SPECIFIC TERMS APPLICABLE TO YOUR EDUCATIONAL IRA ACCOUNT
Fixed Rate Information. This Account is subject to a Fixed Rate. For the current dividend rate and corresponding APY, refer to the Rates – Shares tab on this website.
Minimum Balance Requirements. The minimum balance required to open this Account is $50.00. To obtain the disclosed annual percentage yield, You must maintain a balance in Your Account each day at least equal to $50.00.
Compounding and Crediting. Dividends will be earned daily for each day on which Your balance exceeds the minimum balance requirement for Your Account. The dividend period is Monthly, and dividends will be compounded and credited to Your account monthly. Accrued but uncredited dividends will not be paid at the time You close Your Account.
Transactions Limitations. During any calendar month, You may not make any withdrawals through an ACH transaction, nor make more than six withdrawals from or transfers to another Credit Union Account of Yours or to a third party by means of a pre-authorized or automatic transfer or telephonic order or instruction, or by check, draft, debit card, if applicable, or similar order to a third party. If You exceed these limitations, Your Account may be subject to closure by the Credit Union. Individual Retirement Accounts are subject to limitations and/or penalties imposed by the Internal Revenue Service. Please see Your IRA Agreement or Your tax advisor for additional information. No other transaction limitations apply to this Account.
SPECIFIC TERMS APPLICABLE TO YOUR ROTH IRA SHARE ACCOUNT
Fixed Rate Information. This Account is subject to a Fixed Rate. For the current dividend rate and corresponding APY, refer to the Rates – Shares tab on this website.
Minimum Balance Requirements. The minimum balance required to open this Account is $50.00. To obtain the disclosed annual percentage yield, You must maintain a balance in Your Account each day at least equal to $50.00.
Compounding and Crediting. Dividends will be earned daily for each day on which Your balance exceeds the minimum balance requirement for Your Account. The dividend period is Monthly, and dividends will be compounded and credited to Your account monthly. Accrued but uncredited dividends will not be paid at the time You close Your Account.
Transactions Limitations. During any calendar month, You may not make any withdrawals through an ACH transaction, nor make more than six withdrawals from or transfers to another Credit Union Account of Yours or to a third party by means of a pre-authorized or automatic transfer or telephonic order or instruction, or by check, draft, debit card, if applicable, or similar order to a third party. If You exceed these limitations, Your Account may be subject to closure by the Credit Union. Individual Retirement Accounts are subject to limitations and/or penalties imposed by the Internal Revenue Service. Please see Your IRA Agreement or Your tax advisor for additional information. No other transaction limitations apply to this Account.
SPECIFIC TERMS APPLICABLE TO YOUR ROTH IRA CONVERSION SHARE ACCOUNT
Fixed Rate Information. This Account is subject to a Fixed Rate. For the current dividend rate and corresponding APY, refer to the Rates – Shares tab on this website.
Minimum Balance Requirements. The minimum balance required to open this Account is $50.00. To obtain the disclosed annual percentage yield, You must maintain a balance in Your Account each day at least equal to $50.00.
Compounding and Crediting. Dividends will be earned daily for each day on which Your balance exceeds the minimum balance requirement for Your Account. The dividend period is Monthly, and dividends will be compounded and credited to Your account monthly. Accrued but uncredited dividends will not be paid at the time You close Your Account.
Transactions Limitations. During any calendar month, You may not make any withdrawals through an ACH transaction, nor make more than six withdrawals from or transfers to another Credit Union Account of Yours or to a third party by means of a pre-authorized or automatic transfer or telephonic order or instruction, or by check, draft, debit card, if applicable, or similar order to a third party. If You exceed these limitations, Your Account may be subject to closure by the Credit Union. Individual Retirement Accounts are subject to limitations and/or penalties imposed by the Internal Revenue Service. Please see Your IRA Agreement or Your tax advisor for additional information. No other transaction limitations apply to this Account.
SPECIFIC TERMS APPLICABLE TO YOUR MONEY MARKET ACCOUNT
Fixed Rate Information. This Account is subject to a Fixed Rate. For the current dividend rate and corresponding APY, refer to the Rates – Shares tab on this website.
Minimum Balance Requirements. The minimum balance required to open this Account is $5.00. To obtain the disclosed annual percentage yield, You must maintain a balance in Your Account each day at least equal to $2500.00.
Compounding and Crediting. Dividends will be earned daily for each day on which Your balance exceeds the minimum balance requirement for Your Account. The dividend period is Monthly, and dividends will be compounded and credited to Your account monthly. Accrued but uncredited dividends will not be paid at the time You close Your Account.
Transactions Limitations. During any calendar month, You may not make any withdrawals through an ACH transaction, nor make more than six withdrawals from or transfers to another Credit Union Account of Yours or to a third party by means of a pre-authorized or automatic transfer or telephonic order or instruction, or by check, draft, debit card, if applicable, or similar order to a third party. If You exceed these limitations, Your Account may be subject to closure by the Credit Union.
SPECIFIC TERMS APPLICABLE TO YOUR VACATION SHARE ACCOUNT
Fixed Rate Information. This Account is subject to a Fixed Rate. For the current dividend rate and corresponding APY, refer to the Rates – Shares tab on this website.
Minimum Balance Requirements. The minimum balance required to open this Account is $5.00. To obtain the disclosed annual percentage yield, You must maintain a balance in Your Account each day at least equal to $50.00.
Compounding and Crediting. Dividends will be earned daily for each day on which Your balance exceeds the minimum balance requirement for Your Account. The dividend period is Quarterly, and dividends will be compounded and credited to Your account quarterly. Accrued but uncredited dividends will not be paid at the time You close Your Account.
Transactions Limitations. During any calendar month, You may not make any withdrawals through an ACH transaction, nor make more than six withdrawals from or transfers to another Credit Union Account of Yours or to a third party by means of a pre-authorized or automatic transfer or telephonic order or instruction, or by check, draft, debit card, if applicable, or similar order to a third party. If You exceed these limitations, Your Account may be subject to closure by the Credit Union.
SPECIFIC TERMS APPLICABLE TO YOUR CHRISTMAS SHARE ACCOUNT
Fixed Rate Information. This Account is subject to a Fixed Rate. For the current dividend rate and corresponding APY, refer to the Rates – Shares tab on this website.
Minimum Balance Requirements. The minimum balance required to open this Account is $5.00. To obtain the disclosed annual percentage yield, You must maintain a balance in Your Account each day at least equal to $50.00.
Compounding and Crediting. Dividends will be earned daily for each day on which Your balance exceeds the minimum balance requirement for Your Account. The dividend period is Quarterly, and dividends will be compounded and credited to Your account quarterly. Accrued but uncredited dividends will not be paid at the time You close Your Account.
Transactions Limitations. During any calendar month, You may not make any withdrawals through an ACH transaction, nor make more than six withdrawals from or transfers to another Credit Union Account of Yours or to a third party by means of a pre-authorized or automatic transfer or telephonic order or instruction, or by check, draft, debit card, if applicable, or similar order to a third party. If You exceed these limitations, Your Account may be subject to closure by the Credit Union.
SPECIFIC TERMS APPLICABLE TO YOUR SHARE DRAFT ACCOUNT
Fixed Rate Information. This Account is subject to a Fixed Rate. For the current dividend rate and corresponding APY, refer to the Rates – Shares tab on this website.
Minimum Balance Requirements. The minimum balance required to open this Account is $5.00. To obtain the disclosed annual percentage yield, You must maintain a balance in Your Account each day at least equal to $5.00.
Compounding and Crediting. Dividends will be earned daily for each day on which Your balance exceeds the minimum balance requirement for Your Account. The dividend period is Monthly, and dividends will be compounded and credited to Your account monthly. Accrued but uncredited dividends will not be paid at the time You close Your Account.
Transactions Limitations. No transaction limitations apply to this Account.
SPECIFIC TERMS APPLICABLE TO YOUR JUMBO TERM SHARE CERTIFICATE ACCOUNTS
Fixed Rate Information. These Accounts are subject to a Fixed Rate. For the current dividend rate and corresponding APY, refer to the Rates – Shares tab on this website.
Compounding and Crediting. Dividends will be earned daily for each day on which Your balance exceeds the minimum balance requirement for Your Account. The dividend period is Monthly, and dividends will be compounded and credited to Your account monthly. Accrued but uncredited dividends will not be paid at the time You close Your Account.
Minimum Balance Requirements. For the minimum balance required to open these Accounts, refer to the Rates – Shares tab on this website. You must maintain a daily balance at least equal to the minimum balance required to open Your Account during each dividend period to obtain the disclosed annual percentage yield and to keep Your Account open.
Maturity Date. Your Account will mature after the term indicated on the Rates – Shares tab on this website.
Early Withdrawal Provisions. We will impose a penalty if You withdraw any funds before the maturity date. The penalty imposed will equal 90 days’ dividends.
Renewal Policies. Your Account will renew automatically at maturity, and You will have a grace period of 10 calendar days following the Maturity Date to make withdrawals and/or deposits without penalty.
SPECIFIC TERMS APPLICABLE TO YOUR TERM SHARE CERTIFICATE ACCOUNTS
Fixed Rate Information. These Accounts are subject to a Fixed Rate. For the current dividend rate and corresponding APY, refer to the Rates – Shares tab on this website.
Compounding and Crediting. Dividends will be earned daily for each day on which Your balance exceeds the minimum balance requirement for Your Account. Dividends will not be compounded and will be credited to Your Account at maturity. Accrued but uncredited dividends will not be paid at the time You close Your Account.
Minimum Balance Requirements. For the minimum balance required to open these Accounts, refer to the Rates – Shares tab on this website. You must maintain a daily balance at least equal to the minimum balance required to open Your Account during each dividend period to obtain the disclosed annual percentage yield and to keep Your Account open.
Maturity Date. Your Account will mature after the term indicated on the Rates – Shares tab on this website.
Early Withdrawal Provisions. We will impose a penalty if You withdraw any funds before the maturity date. The penalty imposed will equal 90 days’ dividends.
Renewal Policies. Your Account will renew automatically at maturity, and You will have a grace period of 10 calendar days following the Maturity Date to make withdrawals and/or deposits without penalty.
SPECIFIC TERMS APPLICABLE TO YOUR TRADITIONAL IRA TERM SHARE CERTIFICATE ACCOUNTS
Fixed Rate Information. These Accounts are subject to a Fixed Rate. For the current dividend rate and corresponding APY, refer to the Rates – Shares tab on this website.
Compounding and Crediting. Dividends will be earned daily for each day on which Your balance exceeds the minimum balance requirement for Your Account. Dividends will not be compounded and will be credited to Your Account at maturity. Accrued but uncredited dividends will not be paid at the time You close Your Account.
Minimum Balance Requirements. For the minimum balance required to open these Accounts, refer to the Rates – Shares tab on this website. You must maintain a daily balance at least equal to the minimum balance required to open Your Account during each dividend period to obtain the disclosed annual percentage yield and to keep Your Account open.
Maturity Date. Your Account will mature after the term indicated on the Rates – Shares tab on this website.
Early Withdrawal Provisions. We will impose a penalty if You withdraw any funds before the maturity date. The penalty imposed will equal 90 days’ dividends.
Renewal Policies. Your Account will renew automatically at maturity, and You will have a grace period of 10 calendar days following the Maturity Date to make withdrawals and/or deposits without penalty.
Transaction Limitations. Individual Retirement Accounts are subject to limitations and/or penalties imposed by the Internal Revenue Service. Please see Your IRA Agreement or Your tax advisor for additional information.
SPECIFIC TERMS APPLICABLE TO YOUR EDUCATIONAL IRA TERM SHARE CERTIFICATE ACCOUNTS
Fixed Rate Information. These Accounts are subject to a Fixed Rate. For the current dividend rate and corresponding APY, refer to the Rates – Shares tab on this website.
Compounding and Crediting. Dividends will be earned daily for each day on which Your balance exceeds the minimum balance requirement for Your Account. Dividends will not be compounded and will be credited to Your Account at maturity. Accrued but uncredited dividends will not be paid at the time You close Your Account.
Minimum Balance Requirements. For the minimum balance required to open these Accounts, refer to the Rates – Shares tab on this website. You must maintain a daily balance at least equal to the minimum balance required to open Your Account during each dividend period to obtain the disclosed annual percentage yield and to keep Your Account open.
Maturity Date. Your Account will mature after the term indicated on the Rates – Shares tab on this website.
Early Withdrawal Provisions. We will impose a penalty if You withdraw any funds before the maturity date. The penalty imposed will equal 90 days’ dividends.
Renewal Policies. Your Account will renew automatically at maturity, and You will have a grace period of 10 calendar days following the Maturity Date to make withdrawals and/or deposits without penalty.
Transaction Limitations. Individual Retirement Accounts are subject to limitations and/or penalties imposed by the Internal Revenue Service. Please see Your IRA Agreement or Your tax advisor for additional information.
SPECIFIC TERMS APPLICABLE TO YOUR ROTH IRA TERM SHARE CERTIFICATE ACCOUNTS
Fixed Rate Information. These Accounts are subject to a Fixed Rate. For the current dividend rate and corresponding APY, refer to the Rates – Shares tab on this website.
Compounding and Crediting. Dividends will be earned daily for each day on which Your balance exceeds the minimum balance requirement for Your Account. Dividends will not be compounded and will be credited to Your Account at maturity. Accrued but uncredited dividends will not be paid at the time You close Your Account.
Minimum Balance Requirements. For the minimum balance required to open these Accounts, refer to the Rates – Shares tab on this website. You must maintain a daily balance at least equal to the minimum balance required to open Your Account during each dividend period to obtain the disclosed annual percentage yield and to keep Your Account open.
Maturity Date. Your Account will mature after the term indicated on the Rates – Shares tab on this website.
Early Withdrawal Provisions. We will impose a penalty if You withdraw any funds before the maturity date. The penalty imposed will equal 90 days’ dividends.
Renewal Policies. Your Account will renew automatically at maturity, and You will have a grace period of 10 calendar days following the Maturity Date to make withdrawals and/or deposits without penalty.
Transaction Limitations. Individual Retirement Accounts are subject to limitations and/or penalties imposed by the Internal Revenue Service. Please see Your IRA Agreement or Your tax advisor for additional information.
SPECIFIC TERMS APPLICABLE TO YOUR ROTH CONVERSION IRA TERM SHARE CERTIFICATE ACCOUNTS
Fixed Rate Information. These Accounts are subject to a Fixed Rate. For the current dividend rate and corresponding APY, refer to the Rates – Shares tab on this website.
Compounding and Crediting. Dividends will be earned daily for each day on which Your balance exceeds the minimum balance requirement for Your Account. Dividends will not be compounded and will be credited to Your Account at maturity. Accrued but uncredited dividends will not be paid at the time You close Your Account.
Minimum Balance Requirements. For the minimum balance required to open these Accounts, refer to the Rates – Shares tab on this website. You must maintain a daily balance at least equal to the minimum balance required to open Your Account during each dividend period to obtain the disclosed annual percentage yield and to keep Your Account open.
Maturity Date. Your Account will mature after the term indicated on the Rates – Shares tab on this website.
Early Withdrawal Provisions. We will impose a penalty if You withdraw any funds before the maturity date. The penalty imposed will equal 90 days’ dividends.
Renewal Policies. Your Account will renew automatically at maturity, and You will have a grace period of 10 calendar days following the Maturity Date to make withdrawals and/or deposits without penalty.
Transaction Limitations. Individual Retirement Accounts are subject to limitations and/or penalties imposed by the Internal Revenue Service. Please see Your IRA Agreement or Your tax advisor for additional information.
GENERAL TERMS APPLICABLE TO ALL ACCOUNTS
Member in Good Standing. The Account services described in these Agreements and Disclosures are available to those members in good standing with the Credit Union. We reserve the right to suspend services to a member who is not in good standing, which includes members that have:
A delinquent loan
A primary share Account balance below the $5.00 minimum
An unresolved deposited returned check
Unpaid and uncollected Credit Union fees
A negative balance on an Account
Minimum Balance Requirements. To be a member and maintain Accounts with Us You must purchase 1 share in the Credit Union. The par value of a share in this Credit Union is $5.00. If the balance in Your primary share Account drops below 1 share ($5.00), at any time, We may, at Our option, close Your Account.
Nonsufficient Funds Returns. Any share draft or pre-authorized transfer, or transaction made through the use of a debit card, or other electronic means, as is applicable (including any in-person transaction), that is presented to Us for payment on Your Account when Your Account lacks sufficient collected funds to pay any such item may, at Our option, be returned for nonsufficient funds or We may honor any such item and charge You a fee for doing so.
Overdraft Balance Calculation. When processing transactions that debit or credit Your Account, We start each Business Day with Your final Account balance from the preceding Business Day. The final balance takes into account all of the debit and credit transactions that were settled that Business Day pursuant to Our Funds Availability Policy, as well as any other debits or credits to Your Account that were finally settled that day, as described above in the “Deposit of Items” and “Collection and Processing of Items” sections of the Account Agreement. This starting balance at the beginning of a Business Day (the preceding Business Day’s final balance) is sometimes referred to as Your “actual balance”.
As credits and debits to Your Account are received by Us, We add them to and subtract them from Your actual balance. Examples of credits include, but are not limited to, electronic direct deposits, check deposits that have been fully and finally collected, ACH credits that have settled that day, and cash deposits made to one of Our tellers. Examples of debits include, but are not limited to, checks drawn on Your Account that are presented to Us for payment, electronic fund transfer (EFT) debit transactions (such as preauthorized payments and settled EFT debits), memo-posted EFT debits (EFT debits that We have authorized but which have not been settled), and Credit Union fees and charges. The result of this calculation at any given point in time is called Your “available balance”.
For the purpose of determining whether an overdraft has occurred, We use Your available balance. First, we add all of the settled credit transactions to the beginning actual balance. Then, We subtract all of the debit transactions that settled that day. We also subtract all of the pending debit transactions. This determines the available balance for overdraft purposes. Each debit transaction that We process when Your Account has a negative available balance is an overdraft, subject to and overdraft charge.
Subject to applicable law, You are responsible for paying any overdraft fees and charges assessed in connection with Our payment of an overdraft, as well as any NSF fees charged to Your Account when we dishonor and return an item for non-sufficient funds. It is Your responsibility to know Your Account balance, and if You have any questions You should contact a Credit Union representative.
Withdrawals of Dividends Prior to Maturity. For all Accounts in which dividends will compound and credit prior to the maturity date, the Annual Percentage Yield assumes dividends remain on deposit until maturity. A withdrawal will reduce earnings.
Additional Transaction Limitations. For all Accounts (except share draft Accounts), the Credit Union reserves the right to require a member intending to make a withdrawal to give written notice of such intent not less than seven days and up to 60 days before any such withdrawal.
Nature of Dividends. Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.
Balance Computation Method. For all dividend-bearing Accounts, dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in Your Account each day.
Accrual on Noncash Deposits. For all dividend-bearing Accounts, dividends will begin to accrue on the business day that You deposit noncash items (e.g. checks) into Your Account.
Fees and Charges. Any fees and charges applicable to Your Account are disclosed on the schedule of fees and charges link on this website.