Common use of NOTICE OF RESTRICTION Clause in Contracts

NOTICE OF RESTRICTION. Unless required by law, we are not obligated to provide you advance notice of our restriction of your accounts or services. We may provide reasonable notice depending on the circumstances and we encourage you to closely review the communications we provide to you regarding your accounts or services. Reporting Information to Credit Reporting Agencies: 1CFCU may report information about your account(s) or loan(s) to credit reporting agencies. Late payments, missed payments, returned payments, overdrafts, defaults, or other negative information on your account(s) or loan(s) may be reported. You have the right to dispute the information that we have provided to credit reporting agencies if you believe it is inaccurate or incomplete. Statutory Lien: We have a statutory lien, granted by the Federal Credit Union Act, which is a right in or claim to your shares and dividends equal to the amount of your outstanding financial obligation to 1CFCU. When you established membership, you agreed to our statutory lien and we provided you notice of our rights in our Membership Agreement and our loan disclosures. We may enforce our statutory lien by debiting funds in any or all of your accounts and applying those funds to your financial obligations when you are in default. We may enforce our rights without further notice to you.

NOTICE OF RESTRICTION. Unless required by law, we are not obligated to provide you advance notice of our restriction of your accounts or services. We may provide reasonable notice depending on the circumstances and we encourage you to closely review the communications we provide to you regarding your accounts or services. Reporting Information to Credit Reporting Agencies: 1CFCU RBFCU may report information about your account(s) or loan(s) to credit reporting agencies. Late payments, missed payments, returned payments, overdrafts, defaults, or other negative information on your account(s) or loan(s) may be reported. You have the right to dispute the information that we have provided to credit reporting agencies if you believe it is inaccurate or incomplete. Statutory Lien: We have a statutory lien, granted by the Federal Credit Union Act, which is a right in or claim to your shares and dividends equal to the amount of your outstanding financial obligation to 1CFCURBFCU. When you established membership, you agreed to our statutory lien and we provided you notice of our rights in our Membership Agreement and our loan disclosures. We may enforce our statutory lien by debiting funds in any or all of your accounts and applying those funds to your financial obligations when you are in default. We may enforce our rights without further notice to you.