Common use of DORMANT AND ABANDONED MEMBERSHIP Clause in Contracts

DORMANT AND ABANDONED MEMBERSHIP. If you have not made any transactions over a period of nine (9) months and we have been unable to contact you, your account may be classified by us as dormant. In accordance with each state law, unclaimed property and funds in abandoned accounts are remitted to the custody of the applicable state agency and we will have no further liability to you for such funds. Unclaimed property may also include negotiable instruments that remain outstanding. You must apply to the appropriate state agency to reclaim such funds. A dormant and/or escheatment fee may be assessed in accordance with the Fee Schedule. This policy statement applies to all Member One Federal Credit Union Accounts. Changes to this policy are in accordance with Regulation CC’s requirement to provide specific availability policy disclosures. We will give only provisional credit until collection is final for any items, other than cash, we accept for deposit (including items drawn “on-us”). Before settlement of any item becomes final, we act only as your agent, regardless of the form of endorsement or lack of endorsement on the item even though we may provide you provisional credit for the item. We may reverse any provisional credit for items that are lost, stolen or returned. Actual credit for deposits of, or payable in, foreign currency will be at the exchange rate in effect on final collection in U.S. dollars. We are not responsible for transactions by mail or outside depository until we actually record them. In some cases, we may place a hold on funds that are deposited by check. A hold results in a delay in the availability of these funds. When a hold is placed on a deposit you will receive notice of the hold and a date of funds availability. For ATM deposits, the hold notice may be found at the terminal. In some cases, you will get a hold notice by mail. You may avoid holds by using direct deposit or wire transfer. A check deposit may be returned unpaid after we have made the funds available to you. You, as account owner(s) are responsible for any items returned as unpaid for any reason. You are responsible for repayment of any returned item and any fees incurred. We may charge your account for the amount of the check and fees even if doing so overdraws the account. While we generally choose to apply our funds availability policy to deposits made to savings accounts (including money market savings accounts), and to deposits made using a mobile device, note that our funds availability policy does not apply to these deposits, and we may delay availability of funds. YOUR ABILITY TO WITHDRAW FUNDS Our general policy is to make funds from your cash and check deposits available to you no later than the first business day after the day of your deposit. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and Federal Holidays. If you make a deposit before our established cut off time on a business day that we are open, we will consider that day to be the day of your deposit. However, if a deposit is made after our cut off or on a day we are not open, we will consider the day of your deposit to be the next business day we are open. Our established cutoff time is when a branch and/or department closes for business and may vary by location. The cutoff time for checks deposited at a Member One Federal Credit Union ATM is 8pm local time. Once funds are available, you may withdraw the funds in cash and we will use the funds to pay checks that you have written. SAME DAY AVAILABILITY Funds from cash deposits will be made available to you same day. Funds from incoming wire transfers received prior to the end of business day will be made available to you same day. Funds from electronic direct deposits to your account will be available on the day we receive the deposit. NEXT BUSINESS DAY AVAILABILITY Funds from electronic direct deposits are available following the day we receive the deposit to the extent that we received payment in actually and finally collected funds. Also, funds from the following deposits are available on the next day following your deposit if the deposit is made in person: • Checks drawn on Member One Federal Credit Union; • U.S. Treasury checks that are payable to you; • State and local government checks that are payable to you; • Cashier’s, certified, teller’s, and Traveler’s Checks that are payable to you; • Federal Reserve Bank checks, Federal Home Loan Bank checks, and U.S. Postal Money Orders that are payable to you. SECOND BUSINESS DAY AVAILABILITY • If you submit the deposits of the above electronically, funds will be available on the second day we receive your deposit; • Automated Teller Machine (ATM) deposits made at credit union owned ATMs. When the checks above are presented for deposit, the first $225 is available immediately and the remainder will be available the next, or second business day after the deposit. For example, if you deposit a check of $700 on a Monday, $225 of the deposit is available on Monday. The remaining $475 is available on Wednesday or Thursday, depending on the type of deposit described above. LONGER DELAYS MAY APPLY In some cases, we will not make all of the funds deposited by check available to you by the first business day after the day of your deposit. Depending on the type of check that is deposited, funds may not be available for two to seven business days after the day of deposit. The first $225 of your deposit may be available no later than the first business day after the day of your deposit. We will generally notify you at the time of deposit if funds availability will be delayed. Notification will include when the funds will be made available. If your deposit is not made in a branch location, or if we decide to take this action after you have left the premises, we will mail you a notice by the next business day after we receive your deposit. In addition, funds you deposit by check may be delayed for a longer period under the following circumstances: • We believe a check you deposit will not be paid, • You deposit checks totaling more than $5,000 on any one day, • You redeposit a check that has been returned unpaid, • You have overdrawn your account repeatedly in the last 6 months, • There is an emergency, such as failure of computer or communica- tions equipment. We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the seventh business day after the day of your deposit. This policy statement applies to all accounts. During the delay, you may not withdraw the funds in cash and we will not use the funds to pay checks that you have written. Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.

DORMANT AND ABANDONED MEMBERSHIP. If you have not made any transactions over A dormant membership is a membership that has been inactive for a period of nine (9) months months. Generally and we have been unable subject to contact you, your account may be classified by us as dormant. In accordance with each state law, unclaimed property “inactive” means there have been no member initiated transactions or other communication from you about your membership during a period of time. Dividends and funds in abandoned any other fees or payments posted by the Credit Union do not constitute membership activity. Memberships that include loan accounts and investment accounts are remitted not subject to these provisions. Dormant memberships are subject to a monthly dormancy fee beginning three (3) months following notification from the Credit Union to the custody of the applicable state agency owner’s last known address, as set forth in our Fee Schedule. An abandoned membership is a membership that has been inactive monthly and we consecutively for more than 5 years. Funds from abandoned memberships will have no further liability to you for such funds. Unclaimed property may also include negotiable instruments that remain outstanding. You must apply be escheated to the appropriate state agency to reclaim such funds. A dormant and/or escheatment fee may be assessed Commonwealth of Virginia in accordance with state law. Abandoned memberships may be subject to an additional service fee. Refer to the Fee Schedule for associated service fees. The laws of the Commonwealth of Virginia establish procedures under which unclaimed property must be surrendered to the state. We have our own rules regarding inactive or dormant accounts as set forth herein, and the fee we charge for inactive or dormant accounts is disclosed in the Fee Schedule. This policy statement applies Copies of the current Fee Schedule are available at any branch location or by contacting a member service representative. Generally, the funds in your account are considered unclaimed or inactive if you have not had any activity or communication with us regarding your account over an extended period of time. You may request additional information about the period of time or type of activity that will prevent your account from being unclaimed or inactive. If the funds in your account are surrendered to all Member One Federal Credit Union Accountsthe state, you may be able to reclaim them; however, your claim must be presented to the state. Changes Once your funds have been surrendered to this policy are in accordance the state, we no longer have any liability or responsibility with Regulation CC’s requirement respect to provide specific availability policy disclosuressuch funds. We will give only provisional credit until collection is final for any items, other than cash, we accept for deposit (including items drawn “on-us”). Before settlement of any item becomes final, we act only as your agent, regardless of the form of endorsement or lack of endorsement on the item even though we may provide you provisional credit for the item. We may reverse any provisional credit for items that are lost, stolen or returned. .Actual credit for deposits of, or payable in, foreign currency will be at the exchange rate in effect on final collection in U.S. dollars. .We are not responsible for transactions by mail or outside depository until we actually record them. Our general policy is to make funds from your cash and check deposits available to you no later than the first business day after the day of your deposit. In some cases, cases we may place a hold on funds that are deposited by check. A hold results in a delay in the availability of these funds. .When a hold is placed on a deposit you will receive notice of the hold and a date of funds availability. For ATM deposits, the hold notice may be found at the terminal. In some cases, you will get a hold notice by mail. You xxxx.Xxx may avoid holds by using direct deposit or wire transfer. A check deposit may be returned unpaid after we have made the funds available to you. You, as account owner(s) are responsible for any items returned as unpaid for any reason. You xxxxxx.Xxx are responsible for repayment of any returned item and any fees incurred. .We may charge your account for the amount of the check and fees even if doing so overdraws the account. While we generally choose to apply our funds availability policy Funds Availability Policy to deposits made to savings accounts (including money market savings accounts), and to deposits made using a mobile device, note that our funds availability policy Funds Availability Policy does not apply to these deposits, deposits and we may delay availability of funds. YOUR ABILITY TO WITHDRAW FUNDS Cash deposits are available for withdrawal same business day. Deposits made by check are made available by the next business day, with exceptions per our hold policy. Our general policy is to make funds from your cash and check electronic direct deposits made through the automated clearing house (ACH) available to you no later than as instructed by the first originator of the transaction. Incoming wire transfers received prior to the end of business day after may be available to you on the day of your the deposit. Once funds are available, you may withdraw the funds in cash and we will use the funds to pay checks that you have written. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and Federal Holidays. If you make a deposit before our established cut off cutoff time on a business day that we are open, we will consider that day to be the day of your deposit. However, if a deposit is made after our cut off cutoff or on a day we are not open, we will consider the day of your deposit to be the next business day we are open. Our established cutoff time is when a branch and/or department closes for business and may vary by location. The cutoff time for checks deposited at a Member One Federal Credit Union ATM is 8pm local time. Once funds are available, you may withdraw the funds in cash and we will use the funds to pay checks that you have written. SAME DAY AVAILABILITY Funds from cash deposits will be made available to you same day. Funds from incoming wire transfers received prior to the end of business day will be made available to you same day. Funds from electronic direct deposits to your account will be available on the day we receive the deposit. NEXT BUSINESS DAY AVAILABILITY Funds from electronic direct deposits are available following the day we receive the deposit to the extent that we received payment in actually and finally collected funds. Also, funds from the following deposits are available on the next day following your deposit if the deposit is made in person: • Checks drawn on Member One Federal Credit Union; • U.S. Treasury checks that are payable to you; • State and local government checks that are payable to you; • Cashier’s, certified, teller’s, and Traveler’s Checks that are payable to you; • Federal Reserve Bank checks, Federal Home Loan Bank checks, and U.S. Postal Money Orders that are payable to you. SECOND BUSINESS DAY AVAILABILITY • If you submit the deposits of the above electronically, funds will be available on the second day we receive your deposit; • Automated Teller Machine (ATM) deposits made at credit union owned ATMs. When the checks above are presented for deposit, the first $225 is available immediately and the remainder will be available the next, or second business day after the deposit. For example, if you deposit a check of $700 on a Monday, $225 of the deposit is available on Monday. The remaining $475 is available on Wednesday or Thursday, depending on the type of deposit described above. LONGER DELAYS MAY APPLY In some cases, we will not make all of the funds deposited by check available to you by the first business day after the day of your deposit. Depending on the type of check that is deposited, funds may not be available for two to seven business days after the day of deposit. .The first $225 of your deposit may be available no later than the first business day after the day of your deposit. We will generally notify you at the time of deposit if funds availability will be delayed. Notification will include when the funds will be made available. If your deposit is not made in a branch location, or if we decide to take this action after you have left the premises, we will mail you a notice by the next business day after we receive your deposit. In addition, funds you deposit by check may be delayed for a longer period under the following circumstances: • We believe a check you deposit will not be paid, • You deposit checks totaling more than $5,000 on any one day, • You redeposit a check that has been returned unpaid, • You have overdrawn your account repeatedly in the last 6 months, • There is an emergency, ,such as failure of computer or communica- tions communications equipment. We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the seventh business day after the day of your deposit. This policy statement applies to all accounts. During the delay, you may not withdraw the funds in cash and we will not use the funds to pay checks that you have written. Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.

DORMANT AND ABANDONED MEMBERSHIP. If you have not made any transactions over a period of nine (9) months and we have been unable to contact you, your account may be classified by us as dormant. In accordance with each state law, unclaimed property and funds in abandoned accounts are remitted to the custody of the applicable state agency and we will have no further liability to you for such funds. Unclaimed property may also include negotiable instruments that remain outstanding. You must apply to the appropriate state agency to reclaim such funds. A dormant and/or escheatment fee may be assessed in accordance with the Fee Schedule. This policy statement applies to all Member One Federal Credit Union Accounts. Changes to this policy are in accordance with Regulation CC’s requirement to provide specific availability policy disclosures. We will give only provisional credit until collection is final for any items, other than cash, we accept for deposit (including items drawn “on-us”). Before settlement of any item becomes final, we act only as your agent, regardless of the form of endorsement or lack of endorsement on the item even though we may provide you provisional credit for the item. We may reverse any provisional credit for items that are lost, stolen or returned. Actual credit for deposits of, or payable in, foreign currency will be at the exchange rate in effect on final collection in U.S. dollars. We are not responsible for transactions by mail or outside depository until we actually record them. In some cases, we may place a hold on funds that are deposited by check. A hold results in a delay in the availability of these funds. When a hold is placed on a deposit you will receive notice of the hold and a date of funds availability. For ATM deposits, the hold notice may be found at the terminal. In some cases, you will get a hold notice by mail. You may avoid holds by using direct deposit or wire transfer. A check deposit may be returned unpaid after we have made the funds available to you. You, as account owner(s) are responsible for any items returned as unpaid for any reason. You are responsible for repayment of any returned item and any fees incurred. We may charge your account for the amount of the check and fees even if doing so overdraws the account. While we generally choose to apply our funds availability policy to deposits made to savings accounts (including money market savings accounts), and to deposits made using a mobile device, note that our funds availability policy does not apply to these deposits, and we may delay availability of funds. YOUR ABILITY TO WITHDRAW FUNDS Our general policy is to make funds from your cash and check deposits available to you no later than the first business day after the day of your deposit. Cash deposits are available for withdrawal same business day. Deposits made by check are made available by the next business day, with exceptions per our hold policy. Our policy is to make funds from electronic direct deposits made through the automated clearing house (ACH) available to you as instructed by the originator of the transaction. Incoming wire transfers received prior to the end of business day may be available to you on the day of the deposit. Once funds are available, you may withdraw the funds in cash and we will use the funds to pay checks that you have written. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and Federal Holidays. If you make a deposit before our established cut off time on a business day that we are open, we will consider that day to be the day of your deposit. However, if a deposit is made after our cut off or on a day we are not open, we will consider the day of your deposit to be the next business day we are open. Our established cutoff time is when a branch and/or department closes for business and may vary by location. The cutoff time for checks deposited at a Member One Federal Credit Union ATM is 8pm local time. Once funds are available, you may withdraw the funds in cash and we will use the funds to pay checks that you have written. SAME DAY AVAILABILITY Funds from cash deposits will be made available to you same day. Funds from incoming wire transfers received prior to the end of business day will be made available to you same day. Funds from electronic direct deposits to your account will be available on the day we receive the deposit. NEXT BUSINESS DAY AVAILABILITY Funds from electronic direct deposits are available following the day we receive the deposit to the extent that we received payment in actually and finally collected funds. Also, funds from the following deposits are available on the next day following your deposit if the deposit is made in person: • Checks drawn on Member One Federal Credit Union; • U.S. Treasury checks that are payable to you; • State and local government checks that are payable to you; • Cashier’s, certified, teller’s, and Traveler’s Checks that are payable to you; • Federal Reserve Bank checks, Federal Home Loan Bank checks, and U.S. Postal Money Orders that are payable to you. SECOND BUSINESS DAY AVAILABILITY • If you submit the deposits of the above electronically, funds will be available on the second day we receive your deposit; • Automated Teller Machine (ATM) deposits made at credit union owned ATMs. When the checks above are presented for deposit, the first $225 is available immediately and the remainder will be available the next, or second business day after the deposit. For example, if you deposit a check of $700 on a Monday, $225 of the deposit is available on Monday. The remaining $475 is available on Wednesday or Thursday, depending on the type of deposit described above. LONGER DELAYS MAY APPLY In some cases, we will not make all of the funds deposited by check available to you by the first business day after the day of your deposit. Depending on the type of check that is deposited, funds may not be available for two to seven business days after the day of deposit. The first $225 of your deposit may be available no later than the first business day after the day of your deposit. We will generally notify you at the time of deposit if funds availability will be delayed. Notification will include when the funds will be made available. If your deposit is not made in a branch location, or if we decide to take this action after you have left the premises, we will mail you a notice by the next business day after we receive your deposit. In addition, funds you deposit by check may be delayed for a longer period under the following circumstances: • We believe a check you deposit will not be paid, • You deposit checks totaling more than $5,000 on any one day, • You redeposit a check that has been returned unpaid, • You have overdrawn your account repeatedly in the last 6 months, • There is an emergency, such as failure of computer or communica- tions equipment. We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the seventh business day after the day of your deposit. This policy statement applies to all accounts. During the delay, you may not withdraw the funds in cash and we will not use the funds to pay checks that you have written. Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.