Share Account Disclosure

Effective October 15, 2015

Definitions, rules, rates and terms for all Regular Share Accounts, HSA & IRA

Non-Term account and Christmas Club Accounts

Notice to Members: The laws and regulations governing the financial services we provide are complex. To insure your understanding of our relationship with you, we provide this detailed agreement which explains both your responsibilities and ours. Please read this document carefully, and feel free to ask any questions regarding these terms and conditions. Be sure to read paragraph 20 and related provisions to ensure you understand the pledge of shares to the Credit Union.

  1. Membership Eligibility: Membership in the Credit Union is a requirement to open any accounts and utilize any of the services of the Credit Union. To join the Credit Union you must meet the membership requirements as set forth in the Credit Union Bylaw All members MUST have at least a Regular Share Account with a minimum balance of $25.00 to use any of the services of the Credit Union. The membership minimum balance is NOT a fee and earns dividends.
  2. Accounts Defined: (a) Regular Share Account: the basic passbook type savings account. Dividends are compounded and paid quarterly. A minimum balance of at least $25.00 is required to avoid a “Low Balance “fee. All other savings accounts of a non-term type will have the same definition, rules, rates, and fees unless specifically defined in this document. (b) Christmas Club Account: a special club account that is used as a depository account to save for a defined purpose and period. Special rates and terms may apply. Annual withdrawals are made on or about Oct. 25 of each year. (See Christmas Club Disclosure.) (c) IRA/HSA Non-Term Share Account: a passbook type of savings account for IRA deposits that does not have a stated maturity date. Individual IRA/HSA accounts are subject to an annual fee and a closing fee. (See IRA/HSA Disclosure.)
  3. Joints, Custodians, Beneficiaries and Trusts: All of the named accounts in this disclosure may have authorized users other than the primary member. The primary member must authorize and obtain specimen signatures for the Credit Union’s required signature authorization card (a) Authorized User(s).All withdrawals, transfers and transactions made by any person to whom you have at any time provided authority or the means to access your accounts or other services shall be deemed authorized by you and the Credit Union will not have any responsibility or liability whatsoever for such withdrawals, transfers or other transactions. (b) Access to Account Information. You agree that all owners, borrowers and authorized users, may have access to all of the information you provide to us, or which we gather to maintain regarding our relationships with you; and that they may provide authority to others. This includes, but is not limited to information regarding transactions, account history, your loan relationships with us, and other information. (c) Access to Third Parties. To expedite the matters herein for your benefit, you agree that we can rely on the representations made to us by a third party, and our duties to you hereunder do not require us to investigate or document a request for such information.
  4. Compliance with Laws and Inappropriate Transactions: You agree to comply with all laws, rules and regulations. You also warrant and agree that you will not use any Credit Union Accounts or Services, including but not limited to loans, to make or facilitate any illegal transaction(s) as determined by applicable law or otherwise prohibited by applicable laws; and that any such use, including any such authorized use, will constitute a breach of the Agreement. Certain federal and/or state laws or Third Party Service Providers’ Rules may limit or prohibit certain transactions such as (but not limited to) those coded as possible gambling transactions. The Credit Union may decline to accept, process or pay any transaction that we believe to be illegal or unenforceable (regarding your obligation to pay us or otherwise) under applicable law; or which is otherwise limited or prohibited, including but not limited to any transaction involving or relating to any gambling activity. Such prohibition or limitations may affect some otherwise proper or allowable transactions such as debits, charges or other transactions at or relating to a hotel-casino. You understand and agree such limitations/prohibition are not within the Credit Union’s control and that the Credit Union will not have any liability or culpability whatsoever for such use by you or any authorized user(s); or for declining to accept, process, or pay any such transaction.
  5. Taxpayer Identification Numbers (TIN) and Certification and Identification: Pursuant to the Account Card used to open your account(s) with us, you provided a certification regarding the accuracy of our taxpayer identification number (usually your Social Security Number) and whether your account is subject to backup withholding under the Internal Revenue code. This certification applies to any and all accounts you have with us now and in the future, unless you provide written notification to us that specifically provides otherwise.
  6. Access to Accounts: Access (deposits, withdrawals, transfers or inquiries) can be obtained by personal appearance, calling, written instruction, touchtone access, on-line access, by Debit Card or direct payment or deposit through the Automated Clearing House (ACH) of the Federal Reserve. Withdrawals to third parties (bill paying) are allowed, but carry a fee of $2 per check written. Electronic bill paying by ACH does not have a fee. Home Banking Billpayer service has a monthly fee of $3.80.
  7. Dividends: Earnings in Credit Unions are referred to as Dividends, but are the same as savings interest for IRS purpose Dividends are paid from current income and available earnings after required transfers to reserves at the end of each dividend period. The Dividend Period is the period of time at the end of which an account earns dividend credit. The Dividend Rates and Annual Percentage Yield (APY) are the rates and yields as of the last dividend declaration date which are set forth in the Rate Schedule. For all accounts, dividends will begin to accrue on all deposits on the business day you make the deposit to your account. For all accounts, other than time certificates, if you close your account before accrued dividends are credited, accrued dividends will NOT be paid.
  8. Annual Percentage Yield (APY): The APY is a percentage rate that reflects the total amount of dividends to be paid based on the dividend rate and frequency of compounding for an annual period.
  9. Method of Dividend Calculation: Dividends are computed by multiplying the stated rate by the balance in the account at the close of business each day and dividing by 365 days, or 366 days in Leap Year These Daily Balance calculations are accumulated at the end of the calendar quarter and then paid/posted to the account.
  10. Minimum Balance to Earn Dividends: All share accounts earn dividends for every cent on deposit at the End of Day.
  11. Restrictions on withdrawals from All Accounts/Transaction: In accordance with applicable law, we reserve the right to require you to provide written notice of any intended withdrawal from any account(s) of not less than seven (7) but not more than sixty (60) days before the intended date of withdrawal. If there are sufficient funds to cover some but not all of your withdrawal orders, we may permit those for which there are sufficient funds in any order we choose. We may refuse to allow any transaction, and will advise when required by applicable law if: for example: (1) there is a dispute between account owners; (2) a legal garnishment, attachment or levy is served on us; (3) the accounts(s) secures any obligation owed to us; (4) any required documentation has not been provided to us; or (5) you are delinquent or fail to pay a loan or any other obligation owed to us when due. If we freeze any account – we will only be obligated to remove the freeze upon receipt of either an agreement signed by all interested person or a legal document which meets our requirements. In addition to the foregoing if any person should instruct the Credit Union to make a large cash withdrawal (the definition of which shall be within the Credit Union’s sole discretion) in lieu of other methods of transferring funds offered by the Credit Union,, the Member hereby releases the Credit Union from any and all liability, claims and demands whatsoever which arise from or in any way relate to the Member’s possession of any large sums of cash from the moment possession of same is made available to the Member; and Member will execute and deliver any further releases the Credit Union may require in connection with any such withdrawal.
  12. Transaction Limitations for All Share Savings and Money Market Share Accounts: Pursuant to Federal Regulation D, during a calendar month, you may not make more than six (6) withdrawals or transfers to another Credit Union account of yours or to a third party by means of a preauthorized, automatic, telephone, home banking, or audio response transfer or instruction, and no more than three (3) of these six transfers may be made by check or draft to a third party. If you exceed the transfer limitations set forth above in any statement period, we may reverse or refuse to make the transfer, and your account will be subject to closure by the Credit Union and a fee as stated in the fee schedule. You may make any unlimited number of withdrawals from these accounts in person, by mail, at an ATM, or by telephone if the withdrawal is mailed to you in a check. There is also no limit on the number of transfers you may make to any loan account(s) with us For a Christmas Club account, the entire balance will be paid to you by check or transferred to another account on or after Oct. 25th, and the account will remain open. If you withdraw any of the balance at any time during the year, we may impose a fee of $5.00 or loss of one quarter dividends on the amount withdrawn, whichever is greater. You may make transfers or withdrawals in the first seven (7) days after the account is opened without restriction for Christmas Club and IRA Non-Term accounts.
  13. Minimum Balance Requirements: The following minimum balances are required in each account to avoid any “Low Balance” or monthly Service fees: (a) Regular Share Account - $25.00, (b) IRA/HSA Non-Term Account - $25.00, (c) Christmas Club Account - $5.00
  14. Inactive or Dormant Accounts: If your account falls below any applicable minimum balance or you have not made any transactions within the period of time specified in the Schedule, we may classify your account(s) as inactive. An account is generally only considered dormant when an applicable State law requires such classification (i.e. dormant or abandoned) Although having no obligation to do so, we reserve the right to not classify a particular account as inactive or dormant if any owner thereof has other active accounts or services with us. You may be charged fees as set forth in the Schedule for inactivity; which is generally the failure to transact any business on an account for the period set for in the Schedule.
  15. Converting Accounts: If there is a need to convert a share account to a new account number due to possible fraud, identity theft, changing the name to a trust, or any other reason, a $25.00 fee will be charged. Additional fees for loan conversion
  16. Powers of Attorney. The Credit Union may allow a third person acting as your attorney-in-fact to make transactions regarding your account(s), pursuant to a Power of Attorney, but has no obligation to do so. You agree that we have no obligation to verify the scope, authenticity, and validity of any Power of Attorney presented to us. If we accept the Power of Attorney, the Credit Union has no duty to inquire as to the use or purposes of any transaction(s) by your attorney-in-fact, and may restrict or refuse account access, withdrawals and transfers.
  17. Funds Availability: Funds deposited/transferred into all of the above accounts by any EFT methods are available at the opening of business on the effective day of transfer. Deposits by cash in person are available immediately. Funds deposited by check or draft are considered as posted on the day of receipt for dividend purposes and funds availability. The Credit Union reserves the right to exercise holding periods of 1, 2, 5 or 10 days on certain checks, per federal regulation (See funds availability).
  18. Closing Sub-Accounts: Accounts may be closed by the member, the Joint, Custodian or Trustee by informing the Credit Union in writing. However, the Membership can be closed only in writing. There are no fees to close Sub-Accounts, however, there is a $3 fee to close a Membership; $10 fee if closed within one year of opening, (which is refundable if the membership is re-opened within 30 days). There is a $5.00 fee to close a Share Draft Account. There is a $25.00 fee to close an IRA or HSA account.
  19. Overdraw Accounts for Share Drafts: Each Share Draft Account owner may designate, in writing, up to two (2) other accounts to draw upon to cover checks that are NSF at presentation. (See #9 Account Limitations).
  20. Holds/Pledges on Accounts: The Credit Union reserves the right to place “holds” on funds in accounts for legitimate reasons, such as delinquent loans, delinquent VISA balances, overdrawn negative balances, pre-authorized Debit Card purchases, out of state personal checks, et The Credit Union must notify the member of these holds, but is not obligated to inform the member before the hold takes place. Pledges may be made to hold funds in accounts to comply with lending covenants.
  21. Deposit of Funds Requirements: Funds may be deposited to any account, in any manner approved by the Credit Union. (a) Endorsements: We may accept transfers, checks, drafts, and other items for deposit into any of your accounts if they are made payable to, or to the order of, one or more account owners even if they are not endorsed by all payee You authorize us to supply missing endorsements of any owners if we choose. If a check, draft or item that is payable to two or more persons is ambiguous as to whether it is payable to either or both, we may process the check, draft or item as though it is payable to either person. If an insurance, government, other check or draft requires an endorsement as set forth on the back of the check or draft, we may require endorsement as set forth on the item. Endorsements must be made on the back of the item within 1 ½ inches from the top edge, although we may accept endorsements outside this space. However, any loss we incur from a delay or processing error resulting from an irregular endorsement or other markings by you or any prior endorser will be your responsibility. (b) Collection of Items: We act only as your agent and we are not responsible for handling items for deposit or collection beyond the exercise of ordinary care. Deposits made by mail or at unstaffed facilities are not our responsibility until we receive them. We are not liable for the negligence of any correspondent or for loss in transit. We may send any item for collection. Items drawn on an institution outside the US and/or in non US Dollar funds are handled on a collection basis only. You waive any notice of nonpayment, dishonor, or protest regarding items we purchase, or receive for credit or collection to your account. (c) Final Payment: All items, EFT or ACH transfers credited to your account are provisional until we receive final payment. If final payment is not received, we may charge your account for the amount of such items or ACH transfers and impose a return item fee on your account. Any collection fees we incur may be charged to your account. We reserve the right to refuse or return any item or funds transfer. (d) Direct Deposits: We may offer pre-authorized deposits (e.g. payroll checks, Social Security or retirement checks, etc.) or transfers from other accounts. You must pre-authorize distribution of direct deposits or transfers in writing. You must notify us at least thirty (30) days in advance to cancel or change a direct deposit or transfer option. Upon a bankruptcy filing, unless you cancel an authorization we will continue making direct deposits or transfers in accordance with your authorization on file with us. If we are required to reimburse the U.S. Government for any benefit payment directly deposited into your account, we may deduct the amount returned from any of your accounts, unless prohibited by law. (e) Government payments or benefits: By accepting this share account, if your account is overdrawn, you authorize us to deduct the amount your account is overdrawn from any deposit including deposits of government payments or benefits. (f) Crediting of ATM Deposits: Deposits made prior to the deposit cutoff time, if any, will be credited to your account on the next business day. Deposits made after the deposit cutoff time, week-ends or holidays will be credited on the second business day.
  22. Other / Miscellaneous Terms: The above rates and fees are not intended to be all encompassing. Each type of account may have additional terms and rules that are explained under separate disclosure Contact the Credit Union for any additional information. Notice to one account holder shall be considered notice to all holders of the account.
  23. Rate Schedules for all share accounts: Maximum rate for highest tier. Rates may be lower depending on balance in account. Rates are subject to change on a quarterly basis. Visit our website,, for tier information and latest rate
  24. Credit Reports, Membership-Account Eligibility and Other Credit Union Services and Social Media: To verify your eligibility or continued eligibility for membership, any account(s), service(s), or loan products; increases or decreases in services and/or credit limits, now and in the future; or as needed to comply with any applicable law, regulation or governmental agency requirements, you authorize us to make inquiry to determine your employment history and to obtain information concerning any accounts with other institutions and your credit history, including consumer credit reports. You agree that this authority applies to any account, account-related service, loans or other financial products you request or which we may offer or make available to you. We may also report information concerning your account(s) and credit to others. You also understand that you may elect from time to time to use Credit Union or other parties’ social media tools and sources; that there is no claim of privacy or privilege regarding information shared or discernible from such use or sharing; and the use of such information by us does not violate your privacy or other rights. If you have consented to communicating with us via social media we may use any social media addresses you may establish from time to time
  25. Account fees: Fees applicable to all accounts and account services are set forth in the Schedule. We may transfer from any of your account(s) any charges or costs in connection with the operation and maintenance of account(s) as stated in this Agreement or the Schedule. You agree that we may change the Schedule at any time upon proper notice as required by law.
  26. Statutory and Consensual Liens on shares: By signing an Account Card or other agreement conveying a pledge or security interest in shares, or your use of any accounts or services, you have given the Credit Union a lien on any and all funds (“shares”) in all joint and individual share accounts, together with all dividends, regardless of the source of the shares or any individual owner’s contributions. This lien secures any account owner’s joint and individual obligations to us now or in the future, whether direct, indirect, contingent, or secondary; and has priority over all other claims. You agree that this lien is created and/or impressed, as applicable, as of the first date that any applicable account is opened with us. This lien secures all debts you owe us, including but not limited to those arising pursuant to any loan agreements, or under this Agreement, or arising from any insufficient funds item; or fees; or costs; or expenses; or any combination of all of the above. You authorize us to apply shares to any obligations owed to us if you default or fail to pay or satisfy any obligation to us, without any notice to any account owner or other party. The Credit Union’s rights are immediate and apply to all accounts.
  27. Right of Set Off: You agree that the Credit Union at all times retains the common law equitable right of set off against shares with regard to any debt or obligation owed to us individually or otherwise, which right may be exercised by us without legal process or notice to any account owner.
  28. Change of Name or Address: You will promptly notify us of any change of address or your name, including your e-mail or other electronic address by (1) writing us at one of the addresses listed on the last page of this agreement; or (2) sending a us a message on the home banking site using the message tab. In the absence of such notice, any mail, disclosure or notice to you at the address on file will be properly addressed; and unless otherwise provided by applicable law, constitute effective delivery of any item we may be required to provide regardless of actual receipt by you. If we receive notice that address you provide to us is not or is no longer correct, or as changed without notice to us, and we attempt to determine your new name or address; then the Credit Union may, in its discretion charge a fee as set forth in the Fee Schedule to determine your current address.
  29. Third Party Documents: From time to time you may present us with certain documents that the Credit Union is not a party to (examples include but are not limited to: trust agreements, business operating agreements, contracts, court orders such as divorce settlement agreement, etc). The Credit Union may require such documents for a purpose proving the existence of any entity or trust as required by applicable laws. However, the Credit Union is not a party to such agreements and mere possession of these documents does not in any way imply or impute knowledge of the contents of such documents to the Credit Union or its employees.
  30. Information Disclosure: We will disclose information to third parties about your account or the transactions you make: (1) when it is necessary for completing transactions, or (2) in order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant, or (3) in order to comply with government agency or court orders, or (4) if you give us your written permission.
  31. Termination of Account(s) and Service(s): You may terminate your membership by giving us notice and complying with the policies and procedures of the Credit Union. Termination will not release you from any fees or obligations you owe us, those incurred in the process of closing your accounts or services or your liability on outstanding items or transactions. You further agree that we can terminate your membership, any account or service for cause based on any of the circumstances defined in this Agreement; without notice or further action. We, in our sole discretion, may terminate, limit or restrict, or change the terms, as we in our sole discretion deem appropriate, any of your account(s) or service(s), including but not limited to loan services, or place a freeze on any sums on deposit with us at any time without notice or require you to close your account(s)/service(s) and apply for a new account(s)/service(s) if: (1) there is a request to change the owners or authorized users; (2) there is a fraud/forgery or unauthorized use committed or reported; (3) there is a dispute as to ownership of any account or sum on deposit; (4) there are any share drafts that are lost or stolen; (5) there are returned unpaid items-transactions not covered by an overdraft plan agreement with us or any abuse of any such plan per our assessment thereof; (6) there is any misrepresentation regarding any account(s) or service(s); (7) the Credit Union incurs any loss or believes it may incur any loss relating to any loan(s), account(s) or service()s) you have with us; (8) if we believe you have been negligent in protecting any access devices or codes; (9) we deem it necessary to protect the Credit Union from any risks or losses, or otherwise deem it to be in the best interests of the Credit Union, our members or our employees; (10) you breach any promise under this Agreement or any other agreements with us including but not limited to any default or other delinquency with regard to any loan or other agreements; (11) if bankruptcy or any other insolvency proceeding is filed by or against you, or if we otherwise deem you to be insolvent or incapable of meeting your obligations to us; (12) you refuse or fail to cooperate as provided in this Agreement; (13) you have an account that does not maintain the required par value for a membership account or any balance as to all other accounts; (14) you violate Credit Union policy, procedure or standard or any law, regulation or rule; (15) if you participate or facilitate any transactions for another person who is prohibited from making transactions with us pursuant to applicable laws or Credit Union policy/procedure. Club accounts may be terminated if deposits are not made within certain time periods in successive periods. We are not responsible for any draft, withdrawal, item or transaction after your account is terminated. However, if we pay any time after termination, you agree to reimburse us upon demand.