General Terms and Conditions Applicable to All Accounts. Opening and Maintaining Accounts
1. You must be and remain a member in good standing to maintain any account.
2. To be eligible for membership in the Credit Union 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 as required by Credit Union Bylaws. The par value of a share in this Credit Union is $5. If you reduce your balance below the par value of one (1) share and do not increase the balance to at least the par value of one (1) share within six (6) months of the reduction, you may be terminated from membership at the end of a dividend period. The par value can be held in any savings, share draft, or certificate account.
3. As required by law, the identity of each person seeking to open an account (including joint owners and authorized signers) must be verified, and we must maintain records of the information used to verify each person’s identity. The law requires that we also verify the identities of certain beneficial owners or controlling parties for accounts; you agree to provide us with any information requested regarding beneficial owners of accounts and certify their accuracy upon request by us. We may deny membership, decline to open an account, or close an account if we are prohibited from doing so under applicable law or if we are unable to satisfactorily verify any account owner or beneficiary’s identity.
4. In addition to providing us with your name, residential address, phone number and date of birth, we will require you to provide us with current government issued picture identification and, for interest-bearing accounts, a Social Security Number (SSN), Individual Taxpayer Identification Number, or Employer Identification Number (EIN) (generically referred to as an Individual Taxpayer Identification Number or ITIN or TIN). We will further require you to certify (confirm) for IRS reporting purposes that the SSN, EIN or ITIN matches your name and address, and indicate whether you are currently subject to backup withholding and whether you are a U.S. citizen or U.S. person. If the IRS indicates that there is a problem with the name and number provided by you for the account or otherwise notifies us, your account may become subject to backup withholding, which will require us to withhold and pay a portion of the dividends, interest or other payment to the IRS. Upon the death of the primary owner, we must be provided with the estate’s or successor’s TIN...
General Terms and Conditions Applicable to All Accounts. Opening and Maintaining Accounts
1. You must be and remain a member in good standing to maintain any account. Business accounts are intended for business/commercial purposes and cannot be used for personal, family or household uses. If any of your accounts are being used for personal, family or household purposes, we reserve the right to closed the account and/or convert the account to a personal account.
2. To be eligible for membership in the Credit Union 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 as required by Credit Union Bylaws. The par value of a share in this Credit Union is $5. If you reduce your Regular Savings Account balance below the par value of one (1) share and do not increase the balance to at least the par value of one (1) share within six (6) months of the reduction, you may be terminated from membership at the end of a dividend period.
3. Federal law requires the Credit Union to establish and maintain written policies and procedures that are reasonably designed to: (a) identify and verify the identity of members; (b) identify and verify the identity of the beneficial owners of entities opening accounts; (c) understand the nature and purpose of your business; and (d) conduct ongoing monitoring to identify and report suspicious transactions and, on a risk basis, to maintain and update member information. Therefore, as required by law, the identity of each person seeking to open an account (including beneficial owners and authorized signers) must be verified, and we must maintain records of the information used to verify each person’s identity. To comply with such federal regulations, we require you to provide us with information for the following individuals: (a) each individual, if any, who owns, directly or indirectly, 25% or more of the equity interests of the legal entity business maintaining an account with us; (b) an individual with significant responsibility for managing the legal entity (e.g., a chief executive officer, chief financial officer, chief operating officer, managing member, general partner, president, vice president, or treasurer); and (C) you may be required to update customer due diligence questionnaires that include additional information about their transaction patterns. You agree to provide us with any information requested regarding beneficial owners of accounts and certify their accuracy upon request by us. In ad...
