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TERMS AND CONDITIONS OF YOUR DEPOSIT ACCOUNT
Dear Credit Union Member:
This page contains the rules which govern your account(s) with us.
Please read this page carefully. If you sign your signature card or continue to have an
account with us, you agree to these rules, our by-laws, and any by law amendments. You
agree to pay the fees we charge and you give us the right to collect any fees, as earned,
directly from the account balance. You will receive a separate schedule of rates,
qualifying balances, and fees if they are not included in this page. If you have any
questions, please call us.
This agreement is subject to applicable federal laws and the laws of
the state of Florida (except to the extent that this agreement can and does vary such
rules or laws). The body of state and federal law that governs our relationship with you,
however, is too large and complex to be reproduced here.
The purpose of this page is to:
(1)summarize the existing rules applicable to the more common
transactions;
(2)establish rules to govern transactions or events which the law does
not regulate;
(3)establish rules for certain events or transactions which the law
already regulates but permits variation by agreement; and
(4)give you our funds availability, electronic fund transfers and/or
truth-in-savings policy disclosures.
We may permit some variations from this standard agreement, but any
variations must be agreed to in writing either on our signature card for the account or in
some other written form.
As used in this page, the words we," "our," and
"us" mean the credit union and the words "you" and "your"
mean the owner(s) of this account and anyone signing in a representative capacity (e.g. a
"Convenience Account Agent" or grantee of a power of attorney) appointed by or
on behalf of the owner(s) to sign on the account.
LIABILITY - Each of you agrees for yourself (and the person or entity you represent
if you sign as a representative of another) to the terms of this account and the schedule
of charges that we impose. You authorize us to deduct these charges as accrued directly
from the account balance. You also agree to pay additional reasonable charges we may
impose for services you request which are not covered by this agreement. Each of you also
agrees to be jointly and individually liable for any account deficit resulting from
charges or overdrafts. whether caused by you or another authorized to withdraw from this
account, and our costs to collect the deficit including, to the extent permitted by law,
our reasonable attorneys ' fees. You agree that at our option we may suspend your membership rights if
you violate the terms of this agreement.
DEPOSITS - Any items, other than cash, accepted for deposit (including
items drawn on us") will be given provisional credit only until collection is
final (and actual credit for deposits of, or payable in, foreign currency will be at the
exchange rate in effect on final collection in US. dollars). We are not responsible for
transactions initiated by mail or outside depository until we actually record them. All
transactions received after our "daily cut-off time" on a business day we are
open, or received on a day in which we are not open for business, will be treated and
recorded as if initiated on the next following business day that we are open. If
the account earns dividends, we are prohibited by law from guaranteeing the payment of
dividends or that dividends we do pay will be at the contracted rate. We must base our
dividend payments to you upon the money we actually earn and that is available for
distribution at the end of a dividend period. Unless otherwise agreed, you waive any right
to receive any original item after it is paid.
WITHDRAWALS - Unless otherwise clearly indicated to the contrary, any one of you
who signs in the space designated for signatures on the signature card, including anyone
signing in a representative capacity, may withdraw or transfer all or any part of the
account balance at any time on forms approved by us. Each of you (until we receive written
notice to the contrary) authorizes each other person signing on the signature card to
endorse any item payable to you or your order for deposit to this account or any other
transaction with us. We may charge against your account a check, even though payment was
made before the date of the check, unless you have given us written notice of the
postdating. The fact that we may honor withdrawal requests which overdraw the finally
collected account balance does not obligate us to do so, unless required by law,
Withdrawals will first be made from collected funds, and we may, unless prohibited by law
or our written policy, refuse any withdrawal request against uncollected funds, even if
our general practice is to the contrary. We reserve the right to refuse any withdrawal or
transfer request which is attempted by any method not specifically permitted, which is for
an amount less than any minimum withdrawal requirement, or which exceeds any frequency
limitation. Even if we honor a nonconforming request, repeated abuse of the staled
limitations (if any) may eventually force us to close this account. We will use the date a
transaction is completed by us (as opposed to the day you initiate it) to apply the
frequency limitations. We reserve the right to require you to notify us of your intention
to withdraw shares or deposits from this account as explained in our by-laws. Withdrawals
from a time deposit prior to maturity or prior to the expiration of any notice period may
be restricted and may be subject to penalty. See your notice of penalties for early
withdrawal.
OWNERSHIP OF ACCOUNT AND BENEFICIARY DESIGNATION - These rules apply to this
account depending on the form of ownership and beneficiary designation. if any, specified
on the account records. We reserve the right to refuse some forms of ownership on any or
all of our accounts. Individual Account- is owned by one person. Joint Account -
With Survivorship (And Not As Tenants In Common) - is owned by two or more persons.
Each of you intend that upon your death the balance in the account will belong to the
survivor(s). If two or more of you survive, you will own the balance in the account as
joint tenants with survivorship and not as tenants in common. Joint Account - No
Survivorship (As Tenants In Common) - is owned by two or more persons, but none of you
intend (merely by opening this account) to create any right of survivorship in any other
person. We encourage you to agree and tell us in writing of the percentage of the deposit
contributed by each of you. This information will not, however, affect the "number of
signatures *
necessary for withdrawal. Revocable Trust Account - If two or more of you create
such an account, you own the account jointly with survivorship. Beneficiaries acquire the
right to withdraw only if: (1) all persons creating the account die, and (2) the
beneficiary is then living. If two or more beneficiaries are named and survive the death
of all persons creating the account, such beneficiaries will own this account in equal
shares, without right of survivorship. The person(s) creating this type of account
reserves the right to: (1) change beneficiaries, (2) change account types, and (3)
withdraw all or part of the deposit at any time. Corporate, Partnership, and other
Organizational Accounts - We will usually require a separate authorization form
designating the person permitted to withdraw and the conditions required for withdrawal
from any account in the name of a legal entity such as a partnership, corporation, or
other organization, We will honor the authorization according to its terms until it is
amended or terminated in writing by the governing body of the organization.
PLEDGES - Unless you tell us differently in writing, each owner of this account may
pledge all or any part of the funds in it for any purpose to which we agree. Any pledge of
this account must first be satisfied before the rights of any joint account survivor or
trust account beneficiary becomes effective. For example, if one joint tenant pledges the
deposit evidenced by this agreement for a debt (i.e. uses it to secure a debt) and then
dies. (1) the surviving joint tenant*s rights in this account do not take effect until the debt has been satisfied
and (2) the debt may be satisfied with the funds in this account.
STOP-PAYMENTS - A stop-payment order must be given in the manner required by law
and must be received in time to give us a reasonable opportunity to act on it before our
stop-payment cut-off time. Our stop-payment cut-off time is one hour after the opening of
the next banking day after the banking day on which we receive the item. Additional
limitations on our obligation to stop-payment are provided by law. A stop-payment order
must precisely identify the number, date and amount of the item, and the payee. We will
honor a stop-payment request by the person who signed the particular item, and, by any
other person, even though such other person did not sign the tern, if such other person
has an equal or greater right to withdraw from this account than the person who signed the
item an equal or greater right to withdraw from this account than the person who signed
the item in question. A release of the stop-payment request may be made only by the
person who initiated the stop-payment.
TELEPHONE TRANSFERS - A telephone transfer of funds from this account to another
account with us, if otherwise permitted or arranged for, may be made by the same persons
and under the same conditions generally applicable to withdrawals made in writing. We
restrict the number of transfers from a savings account to another account, or third
parties, to a maximum of six per month (less the number of certain "pre-authorized
transfers" during the month). Other account transfer restrictions are described
elsewhere in this page.
AMENDMENTS AND TERMINATION - We may change our by-laws and any term of this
agreement. Rules governing changes in interest or dividend rates have been provided
separately. For other changes we will give you reasonable notice in writing or by any
other method permitted by law. We reserve the right to close this account if your
membership in this credit union terminates. You agree to keep us informed about your
current address at all times. Notice from us to any one of you is notice to all of you.
STATEMENTS - You must examine your statement of account with reasonable promptness:
If you discover (or reasonably should have discovered) any unauthorized payments or
alterations, you must promptly notify us of the relevant facts. If you fail to do either
of these duties, you will have to either share the loss with us, or bear the loss entirely
yourself depending on whether we exercised ordinary care and, if not, whether we
substantially contributed to the loss.) The loss could be not only with respect to terms
on the statement but other items forged or altered by the same wrongdoer. You agree that
the time you have to examine your statement and report to us will depend on the
circumstances, but that such time will not, in any circumstance, exceed a total of 30 days
from when the statement is first made available to you.
You further agree that if you fail to report any unauthorized signatures, alterations,
forgeries or any other errors in your account within 60 days of when we make the statement
available, you cannot assert a claim against us on any items in that statement, and the
loss will be entirely yours. This 60 day limitation is without regard to whether we
exercised ordinary care. The limitation in this paragraph is in addition to that contained
in the first paragraph of this section.
ACCOUNT TRANSFER - This account may not be transferred or assigned
without our prior written consent.
DIRECT DEPOSITS - If, in connection with a direct deposit plan, we
deposit any amount in this account which should have been returned to the Federal
Government for any reason, you authorize us to deduct the amount of our liability to the
Federal Government from this account or from any other account you have with us, without
prior notice and at any time, except as prohibited by law. We may also use any other legal
remedy to recover the amount of our liability.
TEMPORARY ACCOUNT AGREEMENT - If this option is selected, this is a temporary
account agreement. Each person who signs in the space designated for signatures on the
signature card (except as indicated to the contrary) may transact business on this
account. However, we may at some time in the future restrict or prohibit further use of
this account if you tail to comply with the requirements we have imposed within a
reasonable time
RESTRICTIVE LEGENDS - We are not required to honor any restrictive legend on items
you write unless we have agreed to the restriction in a writing signed by an officer of
the credit union. Examples of restrictive legends are ‘must be presented within 90
days* or not valid
for more than $1000.00.
FACSIMILE SIGNATURES - You authorize us, at any time, to charge
you for all checks, drafts, or other orders, for the payment of money, that are drawn on
us regardless of by whom or by what means the facsimile signature(s) may have been affixed
so long as they resemble the facsimile signature specimen on the signature card or that
are filed separately with us, and contain the required number of signatures for this
purpose.
RIGHT TO REPAYMENT OF INDEBTEDNESS - You each agree that we may without prior
notice and when permitted by law) charge against and deduct from this account any due and
payable debt owed to us now or in the future, by any of you having the right of
withdrawal, to the extent of such persons* or legal entity*s right to withdraw. If the debt arises from a note, 'any due and payable
debt" includes the total amount of which we are entitled to demand payment under the
terms of the note at the time we charge the account, including any balance the due date
for which we property accelerate under the note.
Our right to repayment does not apply to this account if: (a) it is an Individual
Retirement Account or other tax-deferred retirement account, or (b) the debt is created by
a consumer credit transaction under a credit card plan, or © the debtor*s right of withdrawal arises
only in a representative capacity. We will not be liable for the dishonor of any check or
draft when the dishonor occurs because we charge and deduct an amount you owe us from your
account. You agree to hold us harmless from any claim arising as a result of our exercise
of our right to repayment.
AGENTS - An agent is someone who you authorize to have access to this account on
your behalf. (We, however, have no duty or agreement whatsoever to monitor or insure that
the acts of the agent are for your benefit.) This may be done by allowing your agent to
sign on the space as a ‘convenience account agent" (as defined by Florida law)
on the signature card, or by separate form (such as a power of attorney). An agent is not
an owner of the account, We will allow agents to be appointed only on individual accounts
unless each owner of a joint account has executed a separate power of attorney naming an
agent. We may refuse to accept an agent, or an agency account.
ELECTRONIC FUND TRANSFERS
YOUR RIGHTS AND RESPONSIBILITIES
The Electronic Fund Transfers we are capable of handling are indicated below, some of
which may not apply to your account. Please read this disclosure carefully because it
tells you your rights and obligations for these transactions. You should keep this notice
for future reference.
Direct Deposits - You may make arrangements for certain direct
deposits to be accepted into your Share Draft or Share Savings account(s).
Pre-authorized Withdrawals - You may make arrangements to pay certain recurring
bills from your Share Draft or Share Savings account(s).
CHARGES FOR ELECTRONIC FUND TRANSFERS
•We do not charge for direct deposits to any type of account.
•We do not charge for pre-authorized withdrawals from any type of account.
Except as indicated elsewhere, we do not charge for electronic fund transfers.
RIGHT TO DOCUMENTATION
•Direct Deposits. If you have arranged to have direct
deposits made to your account at least once every 60 days from the same person or company,
the person or company making the deposit will tell you every time they send us the money.
If the only possible transfers to or from your account are pre-authorized deposits, you
will get a quarterly statement from us.
•Direct Deposits. If you have arranged to have direct
deposits made to your account at least once every 60 days from the same person or company,
you can call us at 904-757-5562 to find out whether or not the deposit has been made If
the only possible transfers to or from your account are direct deposits, you will get a
quarterly statement from us.
•Periodic Statements.
You will get a monthly account statement from us for your Share Draft accounts.
You will get a quarterly account statement from us for your Share Savings accounts, if
the only possible electronic transfers to or from the account are pre-authorized deposits.
STOP PAYMENT PROCEDURES AND NOTICE
OF VARYING AMOUNTS
•Right to Stop Payment and Procedure for Doing So. If you have told us in
advance to make regular payments out of your account, you can stop any of these payments.
Here is how:
Call or write us at the telephone number or address listed in this page in time for us
to receive your request three business days or more before the payment is scheduled to be
made. If you call, we may also require you to put your request in writing and get it to us
within 14 days after you call.
We will charge you $10.00 for each stop payment order you give.
•Notice of Varying Amounts. If these regular payments may
vary in amount, the person you are going to pay will fell you, 10 days before each
payment. when it will be made and how much it will be. (You may choose instead to get this
notice only when the payment would differ by more than a certain amount from the previous
payment, or when the amount would fall outside certain limits that you set.)
•Liability for Failure to Stop Payment of Pre-authorized
Transfer. If you order us to stop one of these payments three business days or
more before the transfer is scheduled, and we do not do so, we will be liable for your
losses or damages.
OUR LIABILITY
Liability for Failure to Make Transfers.
If we do not complete a transfer to or from your account on time or in the correct
amount according to our agreement with you, we will be liable for your losses or damages.
However, there are some exceptions. We will NOT be liable, for instance:
(1)If, through no fault of ours, you do not have enough money in your account to make
the transfer.
2)If the transfer would go over the credit limit on your overdraft line.
3)If circumstances beyond our control (such as fire or flood) prevent the transfer,
despite reasonable precautions we have taken.
(4)There may be other exceptions stated in our agreement with you.
DISCLOSURE OF ACCOUNT INFORMATION
TO THIRD PARTIES
We will disclose information to third parties about your account or the transfers
you make:
(1)where it is necessary for completing transfers:
(2)in order to verify the existence and condition 01 your account for a third party,
such as a credit bureau or merchant:
(3)in order to comply with government agency or court orders; or
(4)if you give us written permission.
UNAUTHORIZED TRANSFERS
If your statement shows transfers that you did not make, tell us at once. If you do not
tell us within 60 days after the statement was mailed to you, you may not get back any
money you lost after the 60 days if we can prove that we could have stopped someone from
taking the money if you had told us in time.
If a good reason (such as a long trip or a hospital stay) kept you from telling us, we
will extend the time period.
If you believe that someone has transferred or may transfer money from your account
without your permission, call or write us at the telephone number or address listed in
this page.
ERROR RESOLUTION
In case of errors or questions about your electronic transfers, call or write us at the
telephone number or address listed in this page, as soon as you can, if you think your
statement or receipt is wrong or if you need more information about a transfer listed on
the statement or receipt. We must hear from you no later than 60 days after we sent the FIRST
statement on which the problem or error appeared.
(1)Tell us your name and account number (if any).
(2)Describe the error or the transfer you are unsure about, and explain as clearly as
you can why you believe it is an error or why you need more information.
(3)Tell us the dollar amount of the suspected error
If you tell us orally, we may require that you send us your complaint or question in
writing within 10 business days.
We will tell you the results of our investigation within 10 business days (20 business
days if the transfer involved a point-of-sale transaction or a foreign initiated transfer)
after we hear from you and will correct any error promptly. If we need more time, however,
we may take up to 45 days (90 days if the transfer involved a point-of-sale transaction or
a foreign initiated transfer) to investigate your complaint or question. If we decide to
do this we will re-credit your account within 10 business days (20 business days if the
transfer involved a point-of-sale transaction or a foreign initiated transfer) for the
amount you think is in error, so that you will have the use of the money during the time
it takes us to complete our investigation. If we ask you to put your complaint or
questions in writing and we do not receive it within 10 business days, we may not
re-credit your account.
If we decide that there was no error, we will send you a written explanation within
three business days after we finish our investigation. You may ask for copies of the
documents that we used in our investigation.
METRO NORTH FEDERAL CREDIT UNION
P.O. BOX 26364
JACKSONVILLE. FLORIDA 32226
Business Days: Monday through Friday
Excluding Federal Holidays and
the day after Thanksgiving and Christmas Eve
Phone: 904-757-5562
MORE DETAILED INFORMATION IS AVAILABLE
ON REQUEST
FUNDS AVAILABILITY DISCLOSURE
This policy statement applies to all deposit accounts.
Our policy is to make funds from your deposits available to you on the first business
day after the day we receive your deposit. Electronic direct deposits will be available on
the day we receive the deposit. Once they are available, you can withdraw the funds in
cash and we will use the funds to pay checks that you have written.
Please remember that even after we have made funds available to you, and you have
withdrawn the funds, you are still responsible for checks you deposit that are returned to
us unpaid and for any other problems involving your deposit.
For determining the availability of your deposits, every day is a business day, except
Saturdays, Sundays, and federal holidays. If you make a deposit before closing on a
business day that we are open. we will consider that day to be the day of your deposit.
However, it you make a deposit after closing or on a day we are not open, we will consider
that the deposit was made on the next business day we are open.
If we cash a check for you that is drawn on another bank. we may withhold the
availability of a corresponding amount of funds that are already in your account. Those
funds will be available at the time funds from the check we cashed would have been
available if you had deposited it.
If we accept for deposit a check that is drawn on another bank, we may make funds from
the deposit available for withdrawal immediately but delay your availability to withdraw a
corresponding amount of funds that you have on deposit in another account with us. The
funds in the other account would then not be available for withdrawal until the time
periods that are described elsewhere in this disclosure for the type of check that you
deposited.
LONGER DELAYS MAY APPLY
In some cases, we will not make all of the funds that you deposit by check available to
you on the first business day after the day of your deposit. Depending on the type of
check that you deposit. funds may not be available until the fifth business day after the
day of your deposit. However, the first $100 of your deposits will be available on the
first business day after we receive your deposit.
If we are not going to make all of the funds from your deposit available on the first
business day after we receive your deposit. we will notify you at the time you make your
deposit. We will also tell you when the funds will be available. If your deposit is not
made directly to one of our employees, or if we decide to take this action after you have
left the premises, we will mail you the notice by the day alter we receive your deposit.
If you will need the funds from a deposit right away, you should ask us when the funds
will be available.
In addition, funds you deposit by check may be delayed for a longer period under the
following circumstances:
We believe a check you deposit will not be paid.
You deposit checks totaling more than $5,000 on any one day.
You redeposit a check that has been returned unpaid.
You have overdrawn your account repeatedly in the last six months.
There is an emergency, such as failure of communications or computer equipment.
We will notify you if we delay your ability to withdraw funds for any of these reasons,
and we will tell you when the funds will be available. They will generally be available no
later than the eleventh business day after the day of your deposit.
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