Common use of Deposits Generally Clause in Contracts

Deposits Generally. Once you have established your Share Draft Account (at some Credit Unions, these are called checking accounts), you may make additional deposits into that Share Draft Account at any time and in any amount subject to the terms of this Agreement. There is no minimum deposit for your Share Draft Account, however, you must maintain a minimum balance of $5.00 in your primary share account at all times. The above terms regarding "deposits generally" also apply to Share Draft Accounts, except as they may be modified by this section. All drafts drawn on your Share Draft Account may be returned by us unpaid for any reason that drafts are normally returned, such as, for example, insufficient funds, uncollected funds, or litigation. Minimum Balance. The minimum amount required to open a Share Draft Account is $0.00. Thereafter, there are no requirements to maintain a minimum balance in a Share Draft Account, but you must maintain a minimum balance of $5.00 on deposit in your Regular Share Account to retain a Share Draft Account. Withdrawing Money from Your Share Draft Account. As long as you have money in your Share Draft Account, and subject to any applicable state or federal laws and regulations, money can be withdrawn from your account by written draft or any other method approved by the Credit Union.