Non-Member Draft/Share Draft Cashing Identification Sample Clauses

Non-Member Draft/Share Draft Cashing Identification. If a person who is not a member of our credit union presents a draft drawn against one of your accounts for payment over the counter, we may require identification that meets our standards including a thumbprint or fingerprint from the person. You agree that if the person refuses to comply with our identification standards, we may not cash the draft and we have no liability to you for refusing to cash the draft. STALE DRAFTS. We reserve the right to pay or dishonor a draft more than six (6) months old without prior notice to you. SHARE DRAFT ACCOUNTS. If your account is a share draft account, the following terms may apply. No interest will be paid on any demand deposit share draft account with us. If we offer NOW (dividend bearing share draft) accounts, the account must consist solely of funds in which the entire beneficial interest is held by one or more individuals in an individual capacity, a sole proprietor, or a governmental unit, but not professional corporations or business partnerships. A NOW account may also be held by a for profit organization serving in a fiduciary or trustee capacity for an entity that is itself permitted to hold a NOW account. Otherwise, an organization may hold a NOW account only if it is operated primarily for religious, philanthropic, charitable, educational, or other similar purpose.
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