Common use of Lien on Shares Clause in Contracts

Lien on Shares. A lien will be impressed on all your Credit Union shares and share dividends in an amount equal to that which you may owe us because of a loan, fees, returned check, or any other charges payable by you to the Credit Union. The lien may be enforced and your funds withdrawn and applied to your debt without further notice to you except as required by law if you default in paying the amount you owe. In addition to any other rights we may have under other agreements with you, we may hold any funds on deposit with us by you after termination of this Agreement for up to 14 calendar days following the expiration of any return or chargeback rights regarding any Remote Item processed by the Credit Union using the Remote Deposit Capture Service or, if later, until any other claims to such funds have expired. Account Closing: Your share/membership account cannot be closed until all amounts you owe us are paid in full and all other accounts and subaccounts that you have with us are closed. Endorsements: All check/share draft endorsements must be made in the first one and one-half inches of the trailing edge of the back of the check/share draft. The trailing edge is opposite the left side of the face of the check. You will be responsible for any costs incurred because of delays in returning checks or share drafts deposited into your account that do not comply with these endorsement standards. Checks endorsed for Remote Deposit Capture must contain the added restricted endorsement of For Mobile Deposit Only. See Mobile Banking User Agreement and Disclosure for more information.

Lien on Shares. A lien will be impressed on all of your Credit Union shares and share dividends in an amount equal to that which you may owe us because of a loan, fees, returned check, check or any other charges payable by you to the Credit Union. The lien may be enforced and your funds withdrawn and applied to your debt without further notice to you except as required by law if you default in paying the amount you owe. In addition to any other rights we may have under other agreements with you, we may hold any funds on deposit with us by you after termination of this Agreement for up to 14 calendar days following the expiration of any return or chargeback rights regarding any Remote Item processed by the Credit Union using the Remote Deposit Capture Service or, if later, until any other claims to such funds have expired. Account Closing: Your share/membership account cannot be closed until all amounts you owe us are paid in full and all other accounts and subaccounts that you have with us are closed. Endorsements: All check/share draft endorsements must be made in the first one and one-half inches of the trailing edge of the back of the check/share draft. The trailing edge is opposite the left side of the face of the check. You will be responsible for any costs incurred because of delays in returning checks or share drafts deposited into your account that do not comply with these endorsement standards. Checks endorsed for Remote Deposit Capture must will contain the added restricted endorsement of For Mobile Deposit Only. See Mobile Banking User Agreement and Disclosure for more information.