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Share Draft (Checking) Account Agreement

CU MEMBERSHIP REQUIRED: I/We must have an open share account with Rim Country Federal Credit Union (RCFCU) to qualify for a share draft checking account.

MINIMUM AMOUNT: There is a $100 minimum balance required to open a Share Draft (S/D) checking account.

DIVIDENDS: To earn and receive dividends, the account must have a balance of not less than $500.00 for the entire month. Dividends are computed on the average daily balance and paid as of the last day of each month. The Rate and Fee Schedule has more detailed information.

SERVICE CHARGES: The S/D checking account will be subject to service charges in accordance with the rate and fee schedule(s) adopted by the Board of the RCFCU. Refer to the current Rate and Fee Schedule.

INSURED DEPOSTIS: Your savings are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Administration is a U.S. Government agency.

WITHDRAWALS: Advance notice may be required for withdrawals depending on amount of withdrawal. The Credit Union may allow you access to your funds prior to the Credit Union receiving final credit. Holds may be placed on deposits subject to the funds availability schedule; please refer to the funds availability schedule for complete details.

FUNDS AVAILABILITY: All non-cash deposits to my/our account will be credited subject to final payment. For certain checks deposited to my/our account, the funds will not be available for my/our withdrawal until the checks have cleared the financial institution on which they are drawn. The Credit Union cannot pay my/our S/D checks from checks deposited for which I/we have not received credit. Drafts issued by insurance companies will be deposited on a collection basis only. Funds will not be deposited to my/account until I/we receive advice that the funds have been paid. The Funds Availability Policy has more info.

LOAN SECURITY: Any funds in my/our S/D checking account may not be used as security on a loan.

STATEMENTS: A S/D checking statement will be mailed for each account on a monthly basis.
Any objection concerning any item shown on a periodic statement of our S/D checking account shall be waived unless made in writing to the RCFCU on or before the tenth (10th) day following the day the statement is mailed. If your statement shows checks or transfers you feel you did not write/make, or unauthorized electronic debits, notify us at once. If you do not notify us within 60 days after the statement was mailed to you and we can prove that we could have stopped someone from taking your money, you may not be refunded the money taken.

LOST CHECKS: I/We are responsible for keeping my/our checks safe at all times. If I/we think any checks have been lost or stolen or that unauthorized transfers or debits have been made or may occur from my/our accounts, I/we will call the RCFCU immediately at 928-536-7484. RCFCU will immediately put a hold on my/our account.

CHECKS NOT RETURNED: All paid S/D checks will not be returned but will be stored. The original will be available for approximately 30 days and a copy of the check will be available for 7 years.

IMAGE QUALITY: Certain types of check stock and certain types of inks used in completing checks can have a significant effect on the quality of images available to the Credit Union. SMFCU shall be held harmless from any claims or damages relating to the quality of images made and retained under this Agreement. This clause shall survive the termination of this Agreement.

CREDIT HISTORY: My/Our credit and check history will be requested and reviewed to qualify me/us for this account. The credit union can deny a S/D checking account to any member because of unfavorable credit history, history of abuse of other checking accounts or insufficient income.

OWNERS’ ACCOUNT: All accounts owned by me/us (S/D checking account holders) are subject to credit union accessibility in the case of an overdrawn S/D checking account. Funds to pay an overdraft may also be withdrawn from any account on which I/we, as account signer(s), are entitled to withdraw shares.

JOINT OWNERS: If signed by more than on person, this agreement is subject to the additional terms and conditions of any joint share account agreement.

CHECK PAYMENT: RCFCU may charge withdrawals to the S/D checking account in any order it determines; and if funds are not sufficient to cover all withdrawals, electronic withdrawals will be paid first and regular checks will be dishonored.

CU OBLIGATION:  The RCFCU is under no obligation to pay a S/Dcheck which exceeds the balance in the S/D checking account. The SMFCU is under no obligation to pay a S/D check which the date is more than six (6) months old.

CU LIABILITY: Except for negligence, the RCFCU is not liable for any action it takes regarding the payment or nonpayment of a S/D check.
 
LINE OF CREDIT ADVANCE: In the event I/we write a check which would result in my/our account being overdrawn and if at that time I/we are eligible to receive advances from a Line of Credit loan, that S/D check shall be deemed to be a request to the Credit Union for an advance under my Line of Credit sufficient to permit the RCFCU to honor such S/D check and credit the advance to the SD checking account. Savings account can be used for overdraft protection.

PROMISE TO REIMBURSE: I/We promise to reimburse RCFCU immediately for the amount of any check or electronic withdrawal that RCFCU honors which cannot be paid out of my/our S/D checking account. Funds may be transferred to my/our S/D checking account from my/our line of credit (if applicable) or from any account on which I/we are entitled to withdraw funds.

ACCOUNT CLOSURE: A S/D checking account may be closed by the Credit Union because of excessive returned S/D checks due to insufficient funds, delinquent loans, or any other abuse of the S/D checking account privilege.

 

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