Survival and Severability of Dispute Resolution Provision. The dispute resolution provisions described in the sections above, will survive the closing of your Account and the termination of any relationship between us, termination of this Agreement, any legal proceeding relating to your Account, any bankruptcy (as applicable) or receivership and any sale or assumption of this Agreement, your Account or any and all rights thereunder. In the case of a sale or assumption of this Agreement, your Account or any and all rights thereunder, the buyer will be bound by and may enforce the dispute resolution provisions hereunder. If any portion of the dispute resolution provisions is deemed invalid or unenforceable, it will not invalidate the remaining provisions or any other terms of this Agreement. ADDITIONAL RULES FOR INDIVIDUAL RETIREMENT ACCOUNTS (IRAs) AND XXXXXXXXX EDUCATION SAVINGS ACCOUNTS (ESAs) DEPOSITS: The minimum balance required to open and maintain a Fixed-Rate IRA or Xxxxxxxxx ESA is $500.00. Thereafter you may make no additional deposits to this Account prior to the maturity of the certificate. Instead, new accounts may be opened to make additional deposits. The minimum balance required to open and maintain a Variable-Rate IRA or Xxxxxxxxx ESA is $100.00. Thereafter, you may make additional deposits to a Variable Rate Share Certificate Account during the term of the Account without effect on the date of maturity of the Account. If you wish, deposits can be made by automatic payroll deductions or electronic funds transfer. All contributions made by payroll deduction or electronic funds transfer will be reported to the Internal Revenue Service as having been contributed for the calendar year during which they were actually received by MCU. IRS WITHDRAWAL PENALTIES: Depending on the type of Individual Retirement Account you have established, the age at which you have made the withdrawal, and the reason for which you have made the withdrawal, a withdrawal from your IRA may be included in your gross income for tax purposes. In addition, a tax penalty of 10% of the amount withdrawn may be assessed you by the IRS. Please refer to our IRA plan disclosure for greater details. This section does not apply to Xxxxxxxxx ESAs.
Appears in 3 contracts
Samples: Account Agreement, Account Agreement and Rules And, Share Certificate Agreement
Survival and Severability of Dispute Resolution Provision. The dispute resolution provisions described in the sections above, will survive the closing of your Account and the termination of any relationship between us, termination of this Agreement, any legal proceeding relating to your Account, any bankruptcy (as applicable) or receivership and any sale or assumption of this Agreement, your Account or any and all rights thereunder. In the case of a sale or assumption of this Agreement, your Account or any and all rights thereunder, the buyer will be bound by and may enforce the dispute resolution provisions hereunder. If any portion of the dispute resolution provisions is deemed invalid or unenforceable, it will not invalidate the remaining provisions or any other terms of this Agreement. ADDITIONAL RULES FOR INDIVIDUAL RETIREMENT FASTRACK CHECKING AND MONEY MARKET ACCOUNTS The following rules apply to FasTrack Checking and Money Market Accounts maintained with MCU. Please see the Truth in Savings Disclosure below for information regarding the dividend rate, annual percentage yield (IRAs) AND XXXXXXXXX EDUCATION SAVINGS ACCOUNTS (ESAs) DEPOSITS: The APY), minimum balance required requirement and other terms and conditions for these Accounts. BLANK CHECKS: Only blank checks (share drafts) and other methods approved by MCU may be used to open withdraw funds from FasTrack Checking and maintain Money Market Accounts. TRUNCATION AND IMAGING: MCU uses a Fixed-Rate IRA truncated check (share draft) processing system which utilizes the efficiencies of the Federal Check 21 law. In this system, the checks you write will be converted into images during the check collections and return process and then forwarded electronically to MCU for payment. The bank or Xxxxxxxxx ESA other entity which converted the original paper check into an image will usually retain the paper check for a short period and then destroy it. MCU will retain a copy of the check image for a period of at least seven (7) years. You may opt to have copies of your checks sent along with your periodic statements for a fee (see the Schedule of Dividends, Service Charges and Fees for details). Photocopies of individual checks will be provided upon request and applicable fees for providing you with the same will be automatically debited against your Account. In processing your checks electronically, MCU will be relying on the information encoded at the bottom of the checks by the bank or other entity which converted the paper check into an image. That means we may not examine individual items to verify whether the item was encoded, signed or indorsed correctly. You agree that MCU does not fail to exercise reasonable care solely by utilizing this automated process and you agree not to hold MCU liable for errors that result from processing a check based on the information received from the converting institution. WITHDRAWALS: There is $500.00. Thereafter no limit on the number of checks (drafts) you may make no additional deposits to this Account prior to the maturity of the certificatedraw against your FasTrack Checking Account. Instead, new accounts may be opened to make additional deposits. The minimum balance required to open and maintain a Variable-Rate IRA or Xxxxxxxxx ESA is $100.00. ThereafterHowever, you may make additional deposits draw no more than six (6) checks during any monthly cycle against your Money Market Account (subject to a Variable Rate Share Certificate Account during the term overall limitations described in the Transaction Limitations section of the Truth in Savings Disclosure for Money Market Accounts set forth below). If you present a check (share draft) made payable to yourself or to “cash” at any of our branches, the check will be processed as an over-the-counter withdrawal and will be debited from your Account without effect on the date of maturity such payment. TERMINATION OF ACCOUNT: MCU reserves the right to close a FasTrack Checking Account or Money Market Account at any time by mailing you notice of the same. MCU is not liable for refusing to pay any share draft or check presented after an Account is closed. ADDITIONAL RULES FOR CLUB ACCOUNTS The following rules apply to Club Accounts maintained with MCU. Please see the Truth in Savings Disclosure below for information regarding the dividend rate, APY, minimum balance requirement and other terms and conditions for these Accounts. • HOLIDAY CLUB ACCOUNT: This Account runs on a one-year cycle from the first day of November of each year to the last day of October of the following year. On the first day of November of each following year, unless you have previously instructed us otherwise, we will transfer the entire balance on deposit in the Account as of the close of business of the last day of October, to your FasTrack Checking Account or Basic Share Draft Account, or if you have no FasTrack Checking Account or Basic Share Draft Account, to your Regular Share Account. If you wishdeposits continue to be received after the last day of October in any year, deposits can be made by automatic payroll deductions or electronic funds transfer. All contributions made by payroll deduction or electronic funds transfer will be reported to the Internal Revenue Service as having been contributed for the calendar year during which they were actually received by MCU. IRS WITHDRAWAL PENALTIES: Depending on the type of Individual Retirement Account if you have establishedelected to rollover your entire Account balance at cycle-end, the age at which you have made the withdrawal, and the reason this Account will automatically renew for which you have made the withdrawal, a withdrawal from your IRA may be included in your gross income for tax purposes. In addition, a tax penalty of 10% of the amount withdrawn may be assessed you by the IRS. Please refer to our IRA plan disclosure for greater details. This section does not apply to Xxxxxxxxx ESAsanother one-year cycle.
Appears in 2 contracts
Survival and Severability of Dispute Resolution Provision. The dispute resolution provisions described in the sections above, will survive the closing of your Account and the termination of any relationship between us, termination of this Agreement, any legal proceeding relating to your Account, any bankruptcy (as applicable) or receivership and any sale or assumption of this Agreement, your Account or any and all rights thereunder. In the case of a sale or assumption of this Agreement, your Account or any and all rights thereunder, the buyer will be bound by and may enforce the dispute resolution provisions hereunder. If any portion of the dispute resolution provisions is deemed invalid or unenforceable, it will not invalidate the remaining provisions or any other terms of this Agreement. ADDITIONAL RULES FOR INDIVIDUAL RETIREMENT ACCOUNTS (IRAs) AND XXXXXXXXX EDUCATION SAVINGS ACCOUNTS (ESAs) DEPOSITS: The minimum balance required to open and maintain a Fixed-Rate IRA XXX or Xxxxxxxxx ESA is $500.00. Thereafter you may make no additional deposits to this Account prior to the maturity of the certificate. Instead, new accounts may be opened to make additional deposits. The minimum balance required to open and maintain a Variable-Rate IRA XXX or Xxxxxxxxx ESA is $100.00. Thereafter, you may make additional deposits to a Variable Rate Share Certificate Account during the term of the Account without effect on the date of maturity of the Account. If you wish, deposits can be made by automatic payroll deductions or electronic funds transfer. All contributions made by payroll deduction or electronic funds transfer will be reported to the Internal Revenue Service as having been contributed for the calendar year during which they were actually received by MCU. IRS WITHDRAWAL PENALTIES: Depending on the type of Individual Retirement Account you have established, the age at which you have made the withdrawal, and the reason for which you have made the withdrawal, a withdrawal from your IRA XXX may be included in your gross income for tax purposes. In addition, a tax penalty of 10% of the amount withdrawn may be assessed you by the IRS. Please refer to our IRA XXX plan disclosure for greater details. This section does not apply to Xxxxxxxxx ESAs.
Appears in 1 contract
Samples: Share Certificate Agreement
