This Agreement covers the rights and responsibilities of both you and South
Florida Educational Federal Credit Union (Credit Union). All principal owners
business accounts must be eligible for membership in order for your business
to become a business member. In this Agreement, the words "you" and "yours"
mean anyone who signs a Signature Card. The word "account" means any one
or more share or other accounts you have with the Credit Union. The
classification and form of ownership of your account is set forth on your
Signature Card. By signing a Signature Card, each of you, jointly and
agree to the terms and conditions in this Agreement, Signature Card, Business Account Information brochure, Electronic Funds Transfer Disclosure, if
applicable, and separate acknowledgments signed by you, the Credit Union's Bylaws (Bylaws) and Policies, and any amendments of these documents from time to
time which collectively govern your Business Membership and Accounts.
When you sign the Signature Card, receive the Business Membership and Account Agreement, Business Account Information brochure and Electronic Funds Transfer
Disclosure (if applicable), you jointly and severally enter into a binding contract with the Credit Union. This means that you should read and retain a
copy of all Agreements, Disclosures and Schedules and feel free to ask any questions about them. The Accounts are governed by all the referenced
disclosures as well as by state and federal laws and regulations.
- Membership Eligibility - To be eligible for membership, you must be an individual or entity qualifying within the Credit Union's field
of membership and must purchase and maintain at least one share (the "membership share") as required by the Bylaws. Membership at the Credit Union should
not be considered an employment benefit. You authorize the Credit Union to check your account, credit, employment history and obtain a credit report from
third parties, including credit reporting agencies, to verify your eligibility for the accounts and services you request.
- Business Member Account Ownership - Business member accounts are accounts owned by a business, including sole proprietorships,
partnerships, LLCs, non-profits and corporations. The Credit Union reserves the right to refuse some forms of ownership on any or all accounts. The
Credit Union makes no representations as to the appropriateness or effect of the ownership and beneficiary designations, except that they shall determine
to whom we pay the account funds.
i. Corporations - If your account is in the name of a corporation, the signature of those persons authorized to perform transactions on the account
("authorized persons") are indicated on the account Signature Card. You certify to the Credit Union that such persons have been duly authorized to act on
the corporation's account by a properly noticed and held meeting of the board of such corporation. We are hereby authorized to act upon the instructions
of such signatories until we receive written notice of authorization of others to sign for the corporation, together with an amended account Signature
Card containing the signatures of such person(s).
ii. Partnerships - If your account is in the name of a partnership the persons whose signatures appear on the account Signature Card ("authorized
persons") represent, warrant and agree that all items and funds deposited in this account belong to the partnership, that each of them has been duly
authorized by the partnership or unincorporated association and has the power and authority to act, sign and bind the partnership, that we may rely on
such authority until written notice of revocation is received by us from one of the authorized signers, and that no dissolution of the partnerships has
iii. Authorized Persons - Authorized persons are vested with the authority to open and close accounts and transact any business of any nature on
such accounts. All authorized persons are deemed to act for the other authorized person(s) and the Credit Union may accept orders and instructions
regarding the account, request for future services, and any transaction from any other authorized person and the Credit Union shall have no duty in such
event to notify the other authorized person(s). Each authorized person guarantees the signature of the other authorized persons. For purposes of this
Agreement, every principal owner of the business is an authorized person. If there are employees of the business that are not principal owners and are
not individually eligible for membership at the Credit Union, they can be designated as authorized persons of the business account(s) but they individually
cannot establish an account at the Credit Union. For purposes of this Agreement, all authorized persons are considered account owners.
iv. Disputes - The Credit Union reserves the right at any time to require written consent of all authorized persons for a change of ownership or
terminations of a Business Member Account. If the Credit Union receives written notice of a dispute between account owners or receives inconsistent
instructions from them, the Credit Union may suspend or terminate the account, require a court order to act or require that all authorized persons agree
in writing to any transaction concerning the account.
v. Owner/Authorized Person Liability - If any item deposited in a Business Member Account is returned unpaid, an account is overdrawn, or if the
Credit Union does not receive final payment on any transaction, each of the authorized persons is jointly and severally liable to the Credit Union for the
amount of the returned item, overdraft, or unpaid amount and any charges, regardless of who created the overdraft, deposited or cashed the item or
benefited from the transaction. If any authorized person is indebted to the Credit Union, the Credit Union may enforce its rights against any or all
funds in the Member Business Account regardless of who contributed the funds to the account.
vi. Rights of Survivorship - On a Business Member Account, upon death of one of the owners, that person's interest will pass according to the
corporate documents of that business.
vii. Site Visits - The Credit Union reserves the right to visit any and all business site locations, whether or not previously announced.
viii. Prohibited Businesses - The Credit Union will not provide business accounts for Money Services Businesses as defined in 31 CFR 1010.100(d),
businesses that are in any way involved in Internet gambling or engaging in any illegal business activity, or any other business that may pose a
reputation or security risk to the Credit Union.
- Agency Designation - An agency designation is an instruction to the Credit Union that the account owner has authorized another person
to make transactions as agent for the account owner regarding the accounts designated. The customary method used in appointing an agent is a Power of
Attorney. An agent has no ownership interest in the account or Credit Union voting rights. The Credit Union has no duty to inquire of the use or purpose
of any transaction by the agent or ensure that the acts of the agent are for your benefit. An agency designation is acceptable for designated
transactions on single party accounts. As to multiple party accounts, in order for an agent to handle designated transactions, the agent must be appointed
by all owners. The Credit Union has the right to review and approve any form of Power of Attorney and may restrict any withdrawals or transfers on your
accounts. You agree not to hold the Credit Union responsible for any loss or damage you may incur as a result of the Credit Union following instructions
given by an agent acting under a valid Power of Attorney.
- Deposit Protection - Funds in your account(s) with the Credit Union are insured by the National Credit Union Administration (NCUA) and
backed by the full faith and credit of the United States. The amount of insurance coverage you have depends on the number of accounts you have with us
that are of different "ownership." An individual account is one unique form of "ownership"; a joint account, business account, a beneficiary/trust
account, and a self directed qualified retirement account (e.g. an IRA) are examples of some of the others. Share insurance for a person's self directed
qualified retirement account is up to $250,000. (An IRA is a self directed qualified retirement account as is any account where the owner decides where
and how to invest the balance.) Share insurance for the other ownerships is at least $250,000 per interest of the owner.
- Deposit of Funds Requirements - Funds may be deposited to any account, in any manner approved by the Credit Union in accordance with
the requirements set forth on the Business Account Information brochure.
a. Endorsements - You authorize the Credit Union, in its discretion, to accept transfers, checks, drafts, and other items for deposit into your
account if they are made payable to, or to the order of the name of the business, whether or not they are endorsed by all payees. You authorize the Credit
Union to supply missing endorsements if the Credit Union so chooses. If an insurance, government, or other check or draft requires an endorsement as set
forth on the back of the check or draft, the Credit Union may require endorsement as set forth on the item. Endorsements must be placed in accordance
with instructions on the draft or check. The Credit Union may accept drafts or checks with endorsements outside this space. However, if any such
endorsement or any other marking you or any prior endorser has made on the draft or check cause any delay or error in processing the item for payment, you
will be responsible for any loss incurred by the Credit Union due to the delay or error. For checks that exceed $1,000 and are made payable to a person
or entity other than the business, the person or entity must present the check in person with proper ID or have a bank guarantee their signature before
the check will be accepted for deposit.
b. Collection of Items - The Credit Union shall not be responsible for deposits made by mail or at an unstaffed facility until the Credit Union
actually receives them. In handling items for deposit or collection, the Credit Union only acts as your agent and assumes no responsibility beyond the
exercise of ordinary care. The Credit Union will not be liable for the negligence of any correspondent or for loss in transit, and each correspondent will
only be liable for its own negligence. The Credit Union reserves the right to send any item for collection.
c. Final Payment - All items or ACH (Automated Clearing House) transfers credited to your account are provisional and subject to our receipt of
final payment. If final payment is not received, the Credit Union reserves the right to charge your account for the amount of such items or ACH
transfers or both and impose a return item charge on your account. If the Credit Union incurs any service charge to collect any item, the Credit Union may apply
such service charge to your account. The Credit Union reserves the right to refuse or to return all or any item or funds transfer. The Credit Union shall have the
right to charge back against your account all previously deposited items or other items endorsed by you that are returned to the Credit Union unpaid,
regardless of whether the amount of the item has been available for your use.
d. Direct Deposits - The Credit Union may offer direct deposit options allowing you to preauthorize deposits or preauthorize transfers from other
accounts at the Credit Union. You must authorize any direct deposits to your accounts by a separate authorization form. If applicable, you must notify
the Credit Union at least thirty (30) days prior to any direct deposit or preauthorized transfer if you wish to cancel or change the direct deposit or
direct transfer option. Upon filing bankruptcy, if you fail to cancel any direct deposit authorization, you instruct your employer and the Credit Union to
make and apply direct deposits in accordance with your authorization on file with the Credit Union. If the Credit Union is required to reimburse your
employer or the U.S. Government for any benefit payment directly deposited into your account for any reason, you agree that the Credit Union may deduct the
amount returned from any of your accounts, unless prohibited by law.
e. Crediting of Deposits - Deposits received at unstaffed facilities such as night depositories will be credited on the day funds are removed and
processed by the Credit Union. Items drawn on an institution located outside the United States are handled on a collection basis only. Amounts will be
credited to your account when final payment is received. You waive any notice of non-payment, dishonor, or protest regarding any items purchased or
received by Credit Union for credit to your account or for collection.
f. Transactions by Mail - You may deposit checks by mail. You should endorse the check being sent through the mail with the words "For Deposit Only"
and should include your correct account number and suffix underneath to ensure the check is credited to the correct account. If you do not provide the
Credit Union with instructions indicating how or where the check should be credited, we may apply it to any account or any loan balance you have with the
Credit Union or we may return the check to you. Following your deposit, examine your statement carefully to ensure that we received the item. Do not
send cash through the mail for deposit.
- Account Access
a. Authorized Signature - In order to access any account, the Credit Union must have an authorized signature of yours on a Signature Card. The
Credit Union is authorized to recognize your signature, but will not be liable for refusing to honor any item or instruction of yours if it believes in
good faith that the signature on such item or instruction is not genuine. If you have authorized the use of a facsimile signature, the Credit Union may
honor any draft that appears to bear your facsimile signature, even if it was made by an unauthorized person. If you give your accounts' secret access
code to a third person, you authorize the Credit Union to honor transactions initiated by the third person even if you did not specifically authorize a
b. Access Options - You may make withdrawals or transfers from your account in any manner which is permitted by the Credit Union (i.e. draft,
automated teller machines (ATMs), Point-of-Sale transactions (POS), Online Banking, in person, by mail, automatic transfer, or telephone, as applicable.)
The Credit Union reserves the right to suspend or restrict any service or privilege due to abusive treatment of Credit Union staff. If the Credit Union
accepts any draft that is not drawn on a form provided by the Credit Union, you will be responsible for any loss incurred by the Credit Union for handling
the draft. The Credit Union may return as unpaid any draft that is not drawn on the form provided by the Credit Union. The Credit Union may also return,
as unpaid, any draft showing a signature that does not match the signature on file at the Credit Union, for the account on which it is drawn.
c. Pre-Authorized Drafts - If you voluntarily give information about your deposit account (such as the Credit Union's routing number and your
account number) to a party who is seeking to sell you goods or services, and you do not physically deliver a check to the party, any debit to your
account initiated by the party to whom you gave the information is deemed authorized.
d. ACH & Wire Transfers - If provided by the Credit Union, you may initiate or receive credits or debits to your account via wire transfer or ACH
transfer. You agree that if you receive funds by a wire or ACH transfer, the Credit Union is not required to notify you at the time the funds are
received. Instead, the transfer will be shown on your periodic statement. The Credit Union may provisionally credit your account for an ACH transfer
before it receives final settlement for the transfer. You agree that if the Credit Union does not receive final settlement for an ACH transfer, it may
reverse the provisional credit to your account or you will refund the amount to the Credit Union. When you initiate a wire transfer, you may identify
either the recipient or any financial institution by name and by account or identifying number. The Credit Union (and other institutions) may rely on the
account or other identifying number as the proper identification, even if it identifies a different party or institution. Wire transfers are governed by
Federal Reserve Regulation J if the transfer is cleared through the Federal Reserve. ACH transactions are governed by the rules of the National Automated
Clearing House Association.
e. Credit Union Examination - The Credit Union may disregard information on any draft or check other than the signature of the drawer, amount of the
item and any magnetic encoded information referred to as the MICR line (numbers and symbols at the bottom of draft/check). Any other instruction on the
draft/check cannot be recognized by the Credit Union because of truncation and automatic processing which is necessary and allows the Credit Union to clear
the greatest number of items at the lowest possible cost for all members. You agree that the Credit Union does not fail to exercise ordinary care in
paying an item solely because its procedures do not provide for sight examination of items.
- Account Rates and Service Charges - The Credit Union's payment of earnings on your account is subject to the account rates and service charges, payment and
balance requirements as set forth in the Business Account Information brochure.
The Credit Union may apply service charges for accounts and services. You agree that the Credit Union may change the Business
Account Information brochure at any time, and you will be notified of such changes as required by law.
- Transaction Limitations
a. Withdrawal Restrictions - The Credit Union may permit a withdrawal only if you have sufficient available funds in your account to cover the full
amount of the withdrawal. Share Drafts or other transfer or payment orders which are drawn against insufficient funds will be subject to a service charge,
set forth in the Business Account Information brochure. If there are sufficient funds to cover some but not all of your withdrawal orders, the Credit
Union may allow those withdrawals for which there are sufficient funds in any order at the Credit Union's discretion. The Credit Union may also refuse to
allow a withdrawal in other cases. For example: any dispute between the business owners and/or authorized users about the account (unless a court has
ordered the Credit Union to allow the withdrawal); a legal garnishment or attachment is served; the account secures any obligation to the Credit Union; any
required documentation has not been presented; or you fail to repay a Credit Union loan on time. You will be advised of the reasons for refusal if such
action is taken.
b. Transfer Limitations - You may make transfers from your Share Savings Account and Share Draft Checking Account to other share accounts or to a
third party. These transfers are bound by the limitations set forth in the Account Features and Limitations section in your Business Account Information brochure. There is no limit on the number of transactions you may make in the following manner: (i) transfers to any loan account with the Credit
Union; or (ii) transfers to another Credit Union account or withdrawals (checks mailed directly to you) when such transfer or withdrawal is initiated in
person, by mail, or at an ATM.
- Time Accounts - Any time deposit, term share or share certificate offered by the Credit Union is subject to the terms of this Agreement
and the specific terms and disclosures set forth on the Business Account Information brochure, Share Certificate Disclosure and Account Deposit
Receipt for each account which are incorporated herein by reference.
a. Overdraft Liability - If on any day, the funds in your Share Draft Checking Account are not sufficient to cover drafts, service charges or other items
posted to your account, those amounts will be handled in accordance with our overdraft procedures. The Credit Union's determination of an insufficient
account balance may be made at any time between presentation and the Credit Union's midnight deadline with only one review of the account required. The
Credit Union has no duty to notify you of an insufficient funds draft. Your account will be subject to a charge for the item whether paid or returned as
set forth in the Business Account Information brochure. Except as otherwise agreed in writing, the Credit Union, by covering one or any overdraft, does
not agree to cover overdrafts in the future and may discontinue covering overdrafts at any time without notice. If the Credit Union pays a draft or
imposes a service charge that would otherwise overdraw your account, you agree to pay the overdrawn amount immediately. All business owners will be jointly and
severally liable for overdrafts caused by any other party or parties to the account. In the event that the Credit Union reasonably believes that your use
of your account is abusive due to excessive checks drawn on insufficient funds, excessive activity, or otherwise, certain account privileges may be
suspended or your account may be closed.
The Credit Union reserves the right to pursue collection of previously dishonored items at any time, including giving a payor bank extra time beyond any
midnight deadline limits.
b. Overdraft Transfers - If the Credit Union approves a transfer of funds from your Share Savings Account due to an overdraft, it will honor drafts
drawn on insufficient funds in your account by transferring the necessary funds pursuant to the transfer limitations set forth in your Business Account
Information brochure under Account Features and Limitations. The service charge for overdraft transfers, if any, is set forth on the Business Account Information brochure.
- Postdated and Staledated Drafts - You authorize the Credit Union to accept and pay any draft without regard to the date of the draft
even if the draft is presented for payment before its date. You also agree not to deposit checks, drafts, or other items before they are properly payable.
The Credit Union is under no obligation to you to pay a check or draft drawn on your account which is presented more than six (6) months after its date.
- Stop Payment Orders
a. Stop Payment Request - You may ask the Credit Union to stop payment on any draft or electronic payment you or any account owner draw upon your
Share Draft Checking Account. You may request a stop payment by Bank-by-Phone, by fax, by mail, or in person. The stop payment will be effective if the
Credit Union receives the order in time for the Credit Union to act upon the order and you state the number of the account, the number of the draft, its
exact amount and the payee's name. You understand that the exact information is necessary for the Credit Union's system to stop the payment. If you give
the Credit Union incorrect or incomplete information, the Credit Union will not be responsible for failing to stop payment. If the stop payment order is
not received in time for the Credit Union to act upon the order, the Credit Union will not be liable to you or to any other party for failing to stop the
payment. If the Credit Union recredits your account after allowing a payment over a valid and timely stop payment order, you agree to sign a statement
describing the dispute with the payee, to transfer all of your rights against the payee or other holders of the draft to the Credit Union, and to assist
the Credit Union in legal action taken against the person.
b. Duration of Order - In the event of lost or stolen checks, you may make an oral stop payment order which will lapse after fourteen (14) days
unless confirmed in writing within that time. A written stop payment order for checks will be effective for one (1) year. A written stop payment order
for checks may be renewed in writing from time to time. The Credit Union is not obligated to notify you when a stop payment order expires. If you confirm
in writing your oral stop payment order, the one-year period dates from the giving of the oral order. A written stop payment order for electronic payments
is effective indefinitely or as directed by you.
c. Liability - The Credit Union may apply a service charge for each draft or payment for which a stop payment order is requested, as set forth on the Business
Account Information brochure. You may not stop payment on any cashier's check, teller's check, or any other check, draft, or payment guaranteed by the
Credit Union. You should be aware that while payment of the item may be stopped, you may remain liable to any person, including the Credit Union, who is a
holder of the item despite the stop payment order. You agree to indemnify and hold the Credit Union harmless from all costs, including attorney's costs,
damages or claims related to the Credit Union's action in refusing payment of an item, including claims of any multiple party account owner, payee, or
endorsee in failing to stop payment of an item as a result of incorrect information provided by you.
- Credit Union Liability - If the Credit Union does not properly complete a transaction according to this Agreement, the Credit Union
will be liable for your losses or damages not to exceed the amount of the transaction, except as otherwise provided by law. The Credit Union will not be
liable if: (a) through no fault of the Credit Union, your account does not contain enough money to make the transaction; (b) circumstances beyond the
Credit Union's control prevents the transaction; (c) your loss is caused by your negligence or the negligence of another financial institution; or (d) the
money in your account is subject to legal process or other claim. The Credit Union will not be liable for consequential damages, except liability for
wrongful dishonor. The Credit Union's actions will constitute the exercise of ordinary care if such actions or nonactions are consistent with applicable
state law, federal reserve regulations and operating letters, clearinghouse rules, and general banking practices followed in the area served by the Credit
Union. You grant the Credit Union the right, in making payments of deposited funds, to rely exclusively on the form of the account and the terms of this
Agreement. Any conflict between oral representations by you or Credit Union employees and any written form will be resolved by reference to this Agreement
and applicable written form.
- Credit Union Lien and Security Interest - To the extent you owe the Credit Union money as a borrower, guarantor, endorser or
otherwise, the Credit Union has a lien on any or all of the funds in any account in which you have an ownership interest, regardless of the source of the
funds, unless prohibited by law. Without prior notice to you, the Credit Union may apply these funds in any order to pay off your indebtedness. In the
event that a business account has negative shares or causes any other indebtedness to the Credit Union, the Credit Union may, at its discretion, apply
funds in any business owner's personal account towards that debt. If the Credit Union chooses not to enforce its lien, the Credit Union does not waive its
right to enforce the lien at a later time. In addition, you grant the Credit Union a consensual security interest in your accounts and agree that the
Credit Union may use the funds from your accounts to pay any debt or amount now or hereafter owed the Credit Union, except for obligations secured by your
residence, unless prohibited by applicable law. You agree to hold the Credit Union harmless from any claim arising as a result of the Credit Union's
exercise of right to repayment. All accounts are nonassignable and nontransferable to third parties.
- Legal Process - If any legal action, such as a levy, garnishment, or attachment, is brought against your account, the Credit Union may
refuse to pay out any money from your account until the dispute is resolved or may pay out funds according to the terms of the levy. If the Credit Union
incurs any expenses or attorney costs in responding to a legal process, such expenses may be charged against your account without prior notice to you,
unless prohibited by law. Any legal process against your account is subject to the Credit Union's lien and security interest.
- Account Information - The Credit Union will not disclose any nonpublic personal information about you to anyone, except as permitted by law. The Credit Union will disclose information to third parties about your account or the transfers you make:
a. As necessary to complete the transaction.
Also upon your request, the Credit Union will inform you of the name and address of each credit-reporting agency from which the Credit Union obtains a
credit report in connection with your account.
b. To verify the existence or condition of your account to a third party in accordance with applicable law, such as a credit bureau or merchant.
c. To comply with a government agency or court orders.
d. If you give the Credit Union your written permission.
a. Name or Address Changes - It is your responsibility to notify the Credit Union upon a change of address or change of name. The Credit Union is
only required to attempt to communicate with you at the most recent address you have provided to the Credit Union. The Credit Union may require that a
notice of a change in address be provided in writing.
b. Notice of Amendments - Except as otherwise prohibited by applicable law, the terms of this Agreement are subject to change at any time. The
Credit Union will notify you of any changes in terms, rates, or service charges as required by law. The Credit Union reserves the right to waive any term in this
Agreement. Any such waiver shall not affect the Credit Union's right to enforce any right in the future.
c. Effect of Notice - Any written notice you give to the Credit Union is effective when it is actually received by the Credit Union. Any written
notice the Credit Union gives to you is effective when it is deposited in the U.S. Mail, postage prepaid and addressed to you at your statement mailing
address. Notice to any one business owner is considered notice to all owners of the account.
- Taxpayer Identification Numbers and Backup Withholding - If your account is or becomes subject to backup withholding, the Credit Union
is required by law to withhold and pay to the Internal Revenue Service (IRS) a required percentage of payments of dividends. Your failure to furnish a
correct taxpayer identification number (TIN) or meet other applicable requirements may result in backup withholding. If you fail to provide your TIN,
the Credit Union may suspend the opening of your account until a TIN is provided.
a. Contents - The Credit Union provides to you a periodic statement of transactions and activity on your account during the statement period. You
understand and agree that statements are made available to you on the date they are mailed to you and that only one statement is necessary for a Member
Business Account. For Share Draft checks, you understand and agree that, when paid, your original draft becomes property of the Credit Union and may not
be returned to you, but copies may be retained for up to seven (7) years by the Credit Union or a payable through financial institution and made available
upon your request in accordance with the Business Account Information brochure. If copies are not available, the Credit Union will provide you with a
letter identifying the item and the date that the item was paid.
b. Examination - The Credit Union will mail periodic statements to you to the address as shown on the Credit Union records. You are responsible
for examining each statement and reporting any irregularities to the Credit Union. The Credit Union will not be responsible for any forged, altered or
unauthorized items drawn on your account if: (1) you fail to notify the Credit Union within thirty (30) days of the mailing date of the earliest statement
regarding any forgery, alteration or unauthorized signature on any item described in the statement; or (2) any items are forged or altered in a manner not
detectable by a reasonable person, including the unauthorized use of a facsimile signature machine. You are in the best position to detect an unauthorized
c. Notice to Credit Union - You agree that the Credit Union's retention of drafts does not alter or waive your responsibility to examine your
statements or the time limit for notifying the Credit Union of any errors. The statement will be considered correct for all purposes and the Credit Union
will not be liable for any payment made or charged to your account unless you notify the Credit Union in writing within the above time limit for notifying
the Credit Union of any errors.
- Inactive Accounts - If you have not made a withdrawal from, deposit to, or transfer involving your account for more than one (1) year,
the Credit Union may classify your account as a dormant account. Unless prohibited by applicable law, the Credit Union may apply a service charge for
continuing to process your dormant account as set forth on the Business Account Information brochure. The Credit Union will notify you, as required by
law, at your last known address prior to imposing any service charges. You authorize the Credit Union to transfer funds from another account of any business owner to
cover any applicable service charges. To the extent allowed by law, the Credit Union reserves the right to transfer the account funds to an account
payable and to suspend any further account statements. If a deposit or withdrawal has not been made on the account and the Credit Union has had no other
sufficient contact with you within the period specified by state law, the account will be presumed to be abandoned. Funds in abandoned accounts will be
reported and remitted in accordance with state law. Once funds have been turned over to the state, the Credit Union has no further liability to you for
such funds and if you choose to reclaim such funds, you must apply to the appropriate state agency.
- Special Account Instructions - You may request the Credit Union to facilitate certain court-ordered account arrangements. However,
because the Credit Union does not give legal advice, it cannot counsel you as to which account arrangement most appropriately meets the specific
requirements of your court order. If you ask the Credit Union to follow any instructions that the Credit Union believes might expose it to claims,
lawsuits, expenses, liabilities, or damages, whether directly or indirectly, the Credit Union may refuse to follow your instruction or may require you to
indemnify the Credit Union or post a bond or other protection. Account changes requested by you, or any account owner, such as adding or closing an
account or service, must be evidenced by a new Signature Card and accepted by the Credit Union.
- Termination of Account - The Credit Union may terminate your account at any time without notice to you or may require you to close
your account and apply for a new account if: (1) there is a change in owners or authorized signers; (2) there has been a forgery or fraud reported or
committed involving your account; (3) there is a dispute as to the ownership of the funds in the account; (4) any share drafts are lost or stolen; (5) if
there are excessive returned unpaid items; (6) if there has been any misrepresentation or any other abuse of any of your accounts; or (7) if the Credit
Union reasonably deems it necessary to prevent a loss to the Credit Union. You may terminate any single party account at any time by notifying the Credit
Union in writing. The closing of your account requires that all outstanding indebtedness to the Credit Union be paid in full. The Credit Union reserves
the right to require the consent of all multiple party account owners for termination of a multiple party account. The Credit Union is not responsible for
payment of any share draft check, withdrawal, or other item after your account is terminated, however, if the Credit Union pays an item after termination,
you agree to reimburse the Credit Union for the payment.
- Termination of Membership - You may terminate your membership at the Credit Union after giving notice of your intent to withdraw from
membership. In order to terminate your membership, all outstanding indebtedness to the Credit Union must be paid in full. You may be denied services or
expelled from membership for any reason allowed by applicable law, including causing a loss to the Credit Union.
- Expulsion - A member may be expelled from the Credit Union for nonparticipation in the affairs of the Credit Union. Additionally, any member who fails to maintain the minimum membership share for a period of six months after notification that the requirement is not met is considered to have voluntarily withdrawn membership from the Credit Union.
- Death or Incompetence of Account Owner - You agree to notify the Credit Union if any person with a right to withdraw funds from your
account dies or becomes legally incompetent. The Credit Union may continue to honor all transfers, withdrawals, deposits and other transactions on the
account until the Credit Union is notified of the member's death or of a court adjudication of incompetency. Once the Credit Union is notified, the Credit
Union may pay drafts or honor other payments or transfer orders authorized by the deceased/incompetent member for a period of ten (10) days unless the
Credit Union receives instructions from any person claiming an interest in the account to stop payment on the share draft checks or other items. You agree
that the Credit Union can require that anyone who claims funds in your account after your death indemnify the Credit Union for any losses resulting from
honoring that claim. In the event you are adjudicated incompetent by a court order, all activity on your account will be by court order if the account is
a single party account. This Agreement will be binding upon any heirs or legal representatives of any account owner.
- Severability - In the event that any portion of this Agreement is held by a court to be invalid or unenforceable for any reason, the remainder of this Agreement shall not be invalid or unenforceable and will continue in full force and effect. All headings are intended for reference only and are not to be construed as part of the Agreement.
- Enforcement - You agree to be liable to the Credit Union for any loss, cost or expense that the Credit Union incurs as a result of your failure to follow this Agreement. You authorize the Credit Union to deduct any such loss, costs or expenses from your account without prior notice to you. In the event the Credit Union brings a legal action to enforce the Agreement or collect any amount due under this Agreement, the Credit Union shall be entitled, subject to applicable law, to payment of its reasonable attorney costs, including costs on any appeal, bankruptcy proceedings and any post-judgment collection actions. In the event a court action is initiated by you or the Credit Union, you agree to waive the right to jury trial in disputes concerning this account.
- Governing Law - This Agreement is governed by the Bylaws of the Credit Union, federal laws and regulations, the laws, including
applicable principles of contract law, and regulations of the state in which the Credit Union's main office is located, and local clearinghouse rules, as
amended from time to time. To the extent permitted by applicable law, you agree that any legal action regarding this Agreement shall be brought in the
county in which the Credit Union is located.
- Unlawful Use of Financial Services - Any financial service provided by the Credit Union may be used for any transaction permitted by
law. You agree that illegal use of any financial service will be deemed an action of default and/or breach of contract and such service and/or other
related services may be terminated at the Credit Union's discretion. You further agree, should illegal use occur, to waive the right to sue the Credit
Union for such illegal activity directly or indirectly related to it. You also agree to indemnify and hold the Credit Union harmless from any suits or
other legal action or liability, directly or indirectly, resulting from such illegal use.
- Claim of Loss - If you claim a credit or refund because of a forgery, alteration, or any other unauthorized withdrawal, you agree to
cooperate with the Credit Union in the investigation of the loss, including giving us an affidavit containing whatever reasonable information the Credit
Union requires concerning your account, the transaction, and the circumstances surrounding the loss. You will notify law enforcement authorities of any
criminal act related to the claim of lost, missing or stolen checks, or unauthorized withdrawals. The Credit Union will have a reasonable period of time to
investigate the facts and circumstances surrounding any claim of loss. Unless the Credit Union has acted in bad faith, the Credit Union will not be liable
for special or consequential damages, including loss of profits or opportunity, or for attorneys' costs incurred by you. You agree that you will not waive
any rights you have to recover your loss against anyone who is obligated to repay, insure, or otherwise reimburse you for your loss. You will pursue your
rights or, at our option, assign them to us so that we may pursue them. Our liability will be reduced by the amount you recover or are entitled to recover
from these other sources.
- Credit Reporting - The Credit Union may report information about your share and loan accounts to credit bureaus. Late payments,
missed payments, or other defaults on your accounts may be reflected in your credit report.
- Reopened Accounts - Should your account be closed at any time or times by withdrawal of the balance of the account, and later
re-opened by you, such re-opened account shall be subject to all of the terms and conditions of this Agreement, whether or not any new Signature Card or
other account agreement is signed.
- Transfer of Account - All accounts are nonassignable and nontransferable to third parties except by the Credit Union.
Last Updated: 12/13