Payment of Checks after Death. The Credit Union may, after the date of your death, pay checks drawn before death unless ordered to stop payment by the Personal Representative or other appropriate person claiming an interest in the account.
Payment of Checks after Death. The Credit Union may, after the date of your death, pay share drafts drawn before death unless ordered to stop payment by the Personal Representative or other appropriate person claiming an interest in the account. Section Headings: Section headings in this Agreement are for reference only and shall not govern the interpretation of any of the provisions of this Agreement. Individual Account(s) are owned by one person. Joint Accounts (Survivorship Accounts): If two or more parties have signed a signature card, you are creating, and intend to create, a “joint tenancy with rights of survivorship.” That is, you as the owners of the account agree with yourselves and the Credit Union that all sums paid in shares or other deposits (as applicable), together with all accumulations, prior to now or hereafter, less setoffs as allowed by law for any sums due the Credit Union by any party, shall be owned by all of you jointly with full right of survivorship, and shall be subject to withdrawal or receipt by any of you in whole or in part. Payment to any of you or the survivor(s) of you, or your personal representatives, administrators or assigns of the last survivor(s) of you, shall be valid and discharge the Credit Union from any liability for such payment and amount. Each signer appoints each other signer to be his or her irrevocable attorney: to make deposits to the account; to endorse, for cash or deposit, any checks or other items whether payable to one of the signers alone or with others; and to receive and provide receipt for all funds. The Credit Union has no obligation to inquire into the source or application of these funds. To induce us to act thereunder, each person signing the signature card jointly and singly agrees to hold the Credit Union harmless and indemnify us from loss, cost, and damage in all respects in connection with any of the foregoing, including court costs and attorney’s fees, except as may be limited by applicable law. Any or all of the joint owners may pledge all or part of the shares or deposits in the account as collateral for security on a loan(s) to this Credit Union. No authority or obligation of the Credit Union may be changed or terminated by one or more of the joint owners without prior written notice to the Credit Union, and no such change or termination shall affect transactions already made. Further, each joint owner is subject to the terms and disclosures of this agreement, and hereby acknowledges receipt thereof. With the exce...
Payment of Checks after Death. The Credit Union may, after the date of your death, pay checks drawn before death unless ordered to stop payment by the Personal Representative or other appropriate person claiming an interest in the account. Additional Savings Accounts (Maximum of 8) Establishing Account and Rate. Additional Savings Accounts may be established by a member designating the appropriate option on the Membership Card and making a deposit. Rates are variable. Refer to the Rate Sheet for current interest rates and APY. Withdrawals from these account will reduce earnings.
Payment of Checks after Death. The Credit Union may, after the date of your death, pay checks drawn before death unless ordered to stop payment by the Personal Representative or other appropriate person claiming an interest in the account.
A. General
1. What Does it Mean to Overdraw Your Account? “Overdrawing” your account means that there are not sufficient available funds (as described in Section B below) in your account to pay for a transaction, resulting in a negative or “overdrawn” balance. Some transactions that can result in an overdraft in your account include, but are not limited to: • the payment of checks, electronic fund transfers, telephone-initiated transactions, preauthorized payments under our Xxxx Payment Service, debit card transactions, or other withdrawal requests authorized by you; • the return (unpaid) of items deposited by you; • the assessment of service charges by us; or • the deposit of items that are treated as not yet “available” according to our Funds Availability Policy.
2. What Happens if the Credit Union Refuses to Pay the Item? If you overdraw your account, we may return the item unpaid, commonly known as a return for “non-sufficient funds” or “NSF.” It is important to understand that the Credit Union has no control over how many times an intended payee will resubmit an item to us for payment. When we return an item unpaid, we will assess you an NSF Fee each time the item is presented to us for payment. There is no limit on the number of NSF Fees we may assess against your account. NSF items are described in more detail in Section D.
3. What Happens if the Credit Union Pays the Item? If you overdraw your account and we pay the item, we may do so in one of two ways: • through standard overdraft practices that come with your account, which we call “Overdraft Privilege;” or • through an overdraft protection plan, which we call “Overdraft Transfer Service” You can elect to decline either of these services at any time, which may result in your transactions being declined for non-sufficient funds if the available balance in your account is insufficient to pay for your transaction. Note that Overdraft Privilege is not available for business/organizational accounts, minor accounts or for fiduciary accounts (e.g., trust, escrow, representative payee, guardianship, etc.). The Credit Union also offers an overdraft line of credit for qualifying members. This Section describes only our Overdraft Privilege and Overdraft Transfer Services. If you have questions regardi...
Payment of Checks after Death. The Credit Union may, after the
VI. CERTIFICATES OF DEPOSIT, INCLUDING INDIVIDUAL RETIREMENT ACCOUNT (XXX) AND XXXXXXXXX EDUCATION SAVINGS (ESA) CERTIFICATE ACCOUNTS A. Deposit. Certificates of Deposit (Certificates) are savings accounts that generally earn a higher rate of interest than other savings accounts. A member may establish Certificate account, with terms ranging from thirty (30) days to five (5) years, which include Certificates designated as
Payment of Checks after Death. The Credit Union may, after the date of your death, pay share drafts drawn before death unless ordered to stop payment by the Personal Representative or other appropriate person claiming an interest in the account. Section Headings: Section headings in this Agreement are for reference only and shall not govern the interpretation of any of the provisions of this Agreement. Individual Account(s) are owned by one person. Joint Accounts (Survivorship Accounts): If two or more parties have signed a signature card, you are Joint Accounts (Tenants in Common Accounts): A joint account held as “Tenants-in-Common” is an account owned by two or more parties. Upon the death of one party, the remaining party(ies) do not receive the benefit of or assets in the account. We encourage you to tell us in writing the percentage of the deposit contributed by each of you. This information will not, however, affect the required number of signatures required on the account(s) for withdrawal. Revocable Trust or Pay-on-Death Account: If two or more of you create this type of account, you own the account jointly with survivorship. Beneficiaries cannot withdraw unless: (1) all persons creating the
Payment of Checks after Death. The Credit Union may, after the date of your death, pay share drafts drawn before death unless ordered to stop payment by the Personal Representative or other appropriate person claiming an interest in the account. Other Terms and Conditions Missing Endorsements. The Credit Union is authorized to supply any of your endorsements on any check or other instrument tendered for any account, and the Credit Union shall have no liability in connection with the collection of such items that are handled by it without negligence, and the credit union shall not be held liable for the acts of any agents, subagents or others. We may accept transfers, checks, drafts and other items for deposit into your account(s) if they are made payable or to the order of one or more account owners, even if they are not endorsed by all payees. Withdrawals may not be made on account of such items until collected, or as otherwise provided by law. Any amount not collected, or later returned, may be charged back to the account, including expense incurred, and any other outside expenses incurred relative to the account may be charged to it. Convenience Signer/Agency Designation on an Account. A convenience signer or agency designation on an account is an instruction to us that the owner authorizes another person to make transactions as agent for the account owner regarding the accounts designated. An agent has no ownership interest in the account(s) or Credit Union voting rights. We have no duty to inquire about the use or purpose of any transaction made by the agent. Share Insurance. Your savings in the Credit Union are insured up to $250,000 by the National Credit Union Administration (NCUA), an agency of the Federal Government, in accordance with regulations promulgated by the NCUA. Retirement accounts, including IRA share accounts and traditional IRA certificates, are covered separately to $250,000 by NCUA. Generally, if a credit union member has more than one individual account in the same insured credit union, those accounts are added together and are insured up to $250,000. Shares maintained in different legal ownership capacities may each be separately insured. There are numerous combinations of accounts that can increase your total coverage. Contact a Member Service Representative to discuss ways to increase your total coverage. Charges. You agree to pay us charges in connection with your accounts in accordance with our Fee Schedule for accounts in effect from time to time. We will...
Payment of Checks after Death. The Credit Union may, after the date of your death, pay checks drawn before death unless ordered to stop payment by the Personal Representative or other appropriate person claiming an interest in the account. Deposits. A Money Market Account is established by you designating the appropriate option on the Membership Application and Agreement or, if it is established after your Savings Account is opened, by completing an Application to Add Account. After you have established your Money Market Account, you may make additional deposits into that account at any time and in any amount subject to the terms of this Agreement and any other additional disclosures we provide you. There is no minimum balance required to open a Money Market Account, however you must maintain a basic membership share of $5.00 on deposit in your Savings Account to retain a Money Market Account.
Payment of Checks after Death. The Credit Union may, after the date of your death, pay checks drawn before death unless ordered to stop payment by Personal Representative or other appropriate person claiming an interest in the account.
N. Direct Presentment by Non-Member; Refusal to Pay Item. You agree that we may refuse to pay a check you write if it is presented at our offices by a person (other than a bank, clearing house, or governmental unit) who is not a member unless the presenter pays us the Non-Member Check Cashing Fee set forth in our Fee Schedule. You also agree that we may refuse to pay an item drawn on your account if the payee presents the item in person and is a person to whom the Credit Union has previously chosen to deny services due to having previously caused a loss to the Credit Union or otherwise engaged in fraudulent activity in connection with the Credit Union.
O. Monthly Maintenance Fee, Classic Checking. If you have a Classic Checking Account, this account will be subject to a monthly maintenance fee. Please refer to our Fee Schedule for disclosure of this fee.
Payment of Checks after Death. The Credit Union may, after the date of your death, pay checks drawn before death unless ordered to stop payment by the Personal Representative or other appropriate person claiming an interest in the account. Establishing Account and Rate. A member may establish a Certificate Account and/or a Long Term Certificate Account (we will refer to these as “Certificates”) by signing appropriate documentation and making the required minimum deposit. Certificates are savings accounts (also known as “Term Accounts”) that generally earn a higher rate of interest than other savings accounts. The interest rate and APY for Certificates are fixed. Once you purchase a Certificate, your interest rate will not be changed or recalculated during the term of that Certificate. The APY assumes that interest earned will remain on deposit until maturity. A premature withdrawal from this account will reduce earning and may incur penalties (see the Rate Schedule for information concerning such penalties). The Credit Union may establish various categories of Certificate Accounts; details of each type are shown in the Credit Union’s Truth-in-Savings Disclosure.
