TABLE OF CONTENTS
TERMS AND CONDITIONS OF YOUR ACCOUNT
Amendments and Termination
Documentation, Identification and Information
Information Accuracy and Credit Verification
Change of Address
Power of Attorney
Lost, Stolen or Destroyed Passbooks
Closing Your Account
Indemnification of Navigant Credit Union
Ownership of Account and Beneficiary Designation
Multi-Signature, Electronic Check Conversion and Similar Transactions
Temporary Account Agreement
Restrictive Legends or Indorsements
Payment Order of Items
Death or Incompetence
Legal Actions Affecting Your Account
Right to Repayment of Indebtedness
No Exemption from Set Off
Reimbursement for Losses
Waiver of Notices
ACH and Wire Transfers
Unlawful Internet Gambling Notice
International ACH Transactions
FUNDS AVAILABILITY DISCLOSURE
TERMS AND CONDITIONS
OF YOUR ACCOUNT
AGREEMENT - This document, along with any other documents we give you pertaining to your accounts, is a contract that establishes rules which control your accounts with us. Please read this Agreement and the other documents carefully. If you sign the signature card or open or continue to have an account with us, you agree to these rules. You will receive a separate Consumer and/or Business Fees brochure simultaneously herewith at account opening. This brochure is commonly referred to herein as our fee schedule for services provided to you. This disclosure also contains information about rates and fees which may not be included in the Consumer and/or Business Fees brochure. If you have any questions, please call us.
This Agreement is subject to applicable federal laws and the laws of the State of Rhode Island (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 document is to:
- summarize some laws that apply to common transactions;
- establish rules to cover transactions or events which the law does not regulate;
- establish rules for certain transactions or events which the law regulates but permits variation by agreement; and
- give you disclosures of some of our policies to which you may be entitled or in which you may be interested.
If there is a conflict between this Agreement and applicable law, despite anything in this Agreement that may state otherwise, this Agreement will be considered changed to the extent necessary to comply with the law. If any provision of this Agreement is deemed to be invalid, illegal or otherwise unenforceable in any respect by a court or other governmental agency having competent jurisdiction over us, that provision will continue to be enforceable to the extent permitted by that court or agency, and the remainder of that provision will no longer be considered part of this Agreement. All other provisions of this Agreement will, however, remain in full force and effect.
No delay or waiver by us of any power, right, remedy or obligation under or in connection with this Agreement on any one occasion will constitute a waiver of that power, right, remedy or obligation on any subsequent occasion. In any event, no such waiver or delay by us will be effective unless it is in writing and signed and approved by us.
As used in this document the words "we," "our," and "us" mean Navigant Credit Union, and the words "you" and "your" mean each account owner and anyone else with the authority to deposit, withdraw, or exercise control over the funds in the account. The headings in this document are for convenience or reference only and will not govern the interpretation of the provisions. Unless it would be inconsistent to do so, words and phrases used in this document should be construed so the singular includes the plural and the plural includes the singular.
BYLAWS - Our bylaws establish basic rules about our credit union policies and operations which affect your account and membership. You may obtain a copy of the bylaws on request. Our right to require you to give us notice of your intention to withdraw funds from your account is described in the bylaws.
AMENDMENTS AND TERMINATION - We may change our bylaws and any term of this agreement. Rules governing changes in rates are provided separately in the Truth-in-Savings disclosure or in another document. For other changes we will give you reasonable notice in writing or by any other method permitted by law. We may close this account if your membership in the credit union terminates, or by giving reasonable notice to you and tender of the account balance personally or by mail. Items presented for payment after the account is closed may be dishonored. When you close your account, you are responsible for leaving enough money in the account to cover any outstanding items and charges to be paid from the account. Reasonable notice depends on the circumstances, and in some cases such as when we cannot verify your identity or we suspect fraud, it might be reasonable for us to give you notice after the change or account closure becomes effective. For instance, if we suspect fraudulent activity with respect to your account, we might immediately freeze or close your account and then give you notice. At our option, we may suspend your rights to member services if you violate the terms of this agreement. If we have notified you of a change in any term of your account and you continue to have your account after the effective date of the change, you have agreed to the new term(s).
NOTICES - Any written notice you give us is effective when we actually receive it, and it must be given to us according to the specific delivery instructions provided elsewhere, if any. We must receive it in time to have a reasonable opportunity to act on it. If the notice is regarding a check or other item, you must give us sufficient information to be able to identify the check or item, including the precise check or item number, amount, date and payee. Written notice we give you is effective when it is deposited in the United States Mail with proper postage and addressed to your mailing address we have on file. Notice to any of you is notice to all of you.
SIGNATURE CARD - The form of ownership of your account is designated on the signature card you completed when opening your account. We may rely on this designation for all purposes concerning your account. If for some reason you have not signed a signature card or we do not have your signature card, we will not be liable to you for honoring checks or other signed instructions if we believe in good faith that the signature appearing on such checks or instructions is authorized.
If two or more persons desire to establish a joint account with us, each person must sign the signature card. For your convenience, we may allow you to establish a joint account, even if only one joint account owner signs the signature card. If we allow you to do this, you agree to indemnify and hold us harmless from and against any Losses (as defined below) we may incur, or other harm arising from, or in any way relating to, establishing your joint account without having a signature card signed by another joint account owner. When we use the word "Losses" in this Agreement, we mean all losses, liabilities, claims, fines, penalties, fees, costs and expenses (including, without limitation, attorneys' fees and litigation costs) of any kind. Each account owner who has not signed the account's signature card shall be bound by this Agreement and any other applicable agreement. If any joint account owner has not provided us with a signed signature card, your joint account may not qualify as a joint account for purposes of federal deposit insurance coverage or under applicable law concerning inheritance or the transfer of property upon death. We reserve the right to refuse to pay or honor checks and other orders of withdrawal signed by a joint account owner who has not signed the account's signature card. We may, in our sole discretion, convert your joint account into an individual account.
DOCUMENTATION, IDENTIFICATION AND INFORMATION - To help the government fight the funding of terrorism and money laundering activities, applicable law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. Accordingly, you may establish an account with us by signing our signature card and providing us with any other documentation (for example, your name, address, date of birth, license information, etc.) that we may require from time to time. If you desire to establish a joint account with us, each joint account owner must sign our signature card and provide us with any other documentation or information that we may require from time to time. To avoid possible fraud or other problems with your account, all documentation you provide to us in connection with establishing your account must be in form and substance satisfactory to us.
We reserve the right to approve any and all documentation, such as checks or other items you use with your account.
You agree that (a) we are not liable to you and (b) you will indemnify and hold us harmless from and against any and all Losses of any kind that we may incur resulting from your use of checks obtained from a third-party vendor and not through us or if you print your own checks. When we use the word "check" in this Agreement, we mean checks or other items, such as drafts or electronic images presented to us for payment by another financial institution.
We may from time to time request additional information from you to protect your account and our systems from fraud or other problems. This information may include new specimen signatures and other information that we must obtain under applicable law. You agree to assist us by promptly complying with any such request. You also agree to hold us harmless for refusing to pay or release funds or to take any other action relating to your account where the refusal is based on your failure to provide the signatures or documentation requested by us from time to time.
INFORMATION ACCURACY AND CREDIT VERIFICATION - You acknowledge and agree that any information you have or will provide to us is complete, true and accurate. You authorize us to request and obtain, from time to time, consumer reports from consumer reporting agencies or other information about you from third parties (including, without limitation, information concerning your employment, salary, assets, debts and references) that we believe is helpful to determine your eligibility to open or maintain any accounts or services or for any other legitimate business purpose.
CHANGE OF ADDRESS - You agree to notify us in writing if you change your address. We will rely on your address as it appears on our records for any and all communications we send to you unless you notify us in writing of a change of address to our corporate headquarters, Navigant Credit Union, 1005 Douglas Pike, Smithfield, Rhode Island 02917, and we have had a reasonable opportunity to act on such notice. Change of address can also be performed online.
CORRESPONDENCE - To the extent permitted under applicable law, any written correspondence you send to us will not be effective until we have received it and have had a reasonable opportunity to act on such correspondence. Any written correspondence we send to you will, however, be effective and deemed delivered when mailed to you at your address as it appears on our records. If your account is a joint account, any correspondence that we send to any one joint account owner at the address on our records for the joint account is considered notice to all joint account owners.
If you have agreed to receive information or documents from us electronically (Electronic Records), the Electronic Records are sent by us, and received by you, when either (a) the Electronic Records are transmitted by us to an email address you have given us for that purpose, or (b) the Electronic Records are posted to a website and an email is transmitted by us to an email address you have given us for that purpose notifying you that the Electronic Records are available for access. If you have agreed to receive information or documents from us electronically, you will notify us immediately if your email address changes or you cancel your email service. Until you give us notice, we may continue to send Electronic Records to your email address we have on file.
YOUR INSTRUCTIONS - In our sole discretion, we may follow your instructions concerning your account, whether such instructions are provided by you in writing, electronically, orally (including our recording of your oral instructions) or by other means, and we may do so without any liability to you.
POWER OF ATTORNEY - We may, in our sole discretion, permit any person to whom you have granted a power of attorney to access and otherwise transact business on your account until such time as we receive and have had a reasonable opportunity to act on written notice that the power of attorney has been revoked. You agree to provide us with documentation that is in a form satisfactory to us unless applicable law provides otherwise, and to hold us harmless from and against any actions we have taken or your attorney-in-fact has taken regarding your account prior to the revocation of such power. Subject to applicable law, we may, in our sole discretion, refuse to honor any power of attorney. We have no duty to monitor or ensure that the acts of any attorney-in-fact exceeds his or her powers or does not comply with applicable law.
LOST, STOLEN OR DESTROYED PASSBOOKS - You agree to notify us as soon as possible if any passbook issued in connection with your account is lost, stolen or destroyed. We will close your account and issue you a replacement passbook only if you (or, if your account is a joint account, all joint account owners) make a written application to us, present us with appropriate identification and other documentation that we deem appropriate under the circumstances, and pay us a loss passbook fee as set forth in our fee schedule (as the same may be amended from time to time). We will have no further liability for the original passbook upon the issuance of a replacement passbook, and you agree to indemnify us for all Losses arising from the issuance of a new passbook to you.
ACCOUNT TRANSFER - Your account may not be transferred or assigned without our prior written consent.
CLOSING YOUR ACCOUNT - We may close your account at any time and for any reason in our sole discretion, and we will provide notice to you of such closing. You may also close your account at any time by calling us or by visiting any of our branch offices. Any request to close your account will be effective only after we have received your request and we have had a reasonable opportunity to act on such request and the validity of the same. If your account is closed, we may, in our sole discretion, mail to you at your address as it appears on our records our check representing the remaining balance in your account, if any, or transfer such balance to another account you maintain with us. In any event, we will not be liable to you for dishonoring any item drawn on or debited from your account and presented to us for payment after your account has been closed. The closing of your account, whether by us or you, will not affect any of your or our rights and obligations which have arisen before the effective date of the closing of your account, and this Agreement will survive the closing of your account. In this regard, after your account is closed, you are still responsible for the payment of any fees or charges incurred prior to or in connection with the closing of your account.
INDEMNIFICATION OF NAVIGANT CREDIT UNION - You agree to indemnify and hold us, our directors, officers, employees, and agents harmless from and against Losses arising in connection with the services provided under this Agreement, except for Losses arising out of our own gross negligence or willful misconduct. You further agree to indemnify and hold us, our directors, officers, employees and agents harmless from Losses arising out of actions taken or omitted in good faith by us in reliance upon instructions from you. We are not responsible for any actions or omissions by any third party. If you give us instructions that we believe may expose us to potential liability, we may refuse to follow your instructions. We are under no obligation to follow, and we will not be liable to you if we choose not to follow, such instructions. If we do, we may ask you for certain protections such as a surety bond or an indemnity agreement in a form that is satisfactory to us.
LIABILITY - You agree, 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. You authorize us to deduct these charges, without notice to you, directly from the account balance as accrued. You will pay any additional reasonable charges for services you request which are not covered by this agreement.
Each of you also agrees to be jointly and severally (individually) liable for any account shortage resulting from charges or overdrafts, whether caused by you or another with access to this account. This liability is due immediately, and can be deducted directly from the account balance whenever sufficient funds are available. You have no right to defer payment of this liability, and you are liable regardless of whether you signed the item or benefited from the charge or overdraft.
You will be liable for our costs as well as for our reasonable attorneys' fees, to the extent permitted by law, whether incurred as a result of collection or in any other dispute involving your account. This includes, but is not limited to, disputes between you and another joint owner; you and an authorized signer or similar party; or a third party claiming an interest in your account. This also includes any action that you or a third party takes regarding the account that causes us, in good faith, to seek the advice of an attorney, whether or not we become involved in the dispute. All costs and attorneys' fees can be deducted from your account when they are incurred, without notice to you.
DEPOSITS - We will give only provisional credit until collection is final for any items, other than cash, we accept for deposit (including items drawn "on us"). Before settlement of any item becomes final, we act only as your agent, regardless of the form of indorsement or lack of indorsement on the item and even though we provide you provisional credit for the item. We may reverse any provisional credit for items that are lost, stolen, or returned. Unless prohibited by law, we also reserve the right to charge back to your account the amount of any item deposited to your account or cashed for you which was initially paid by the payor bank and which is later returned to us due to an allegedly forged, unauthorized or missing indorsement, claim of alteration, encoding error or other problem which in our judgment justifies reversal of credit. You authorize us to attempt to collect previously returned items without giving you notice, and in attempting to collect we may permit the payor bank to hold an item beyond the midnight deadline. Actual credit for deposits of, or payable in, foreign currency will be at the exchange rate in effect on final collection in U.S. dollars. We are not responsible for transactions by mail or outside depository until we actually record them. If you deliver a deposit to us and you will not be present when the deposit is counted, you must provide us an itemized list of the deposit (deposit slip). To process the deposit, we will verify and record the deposit, and credit the deposit to the account. If there are any discrepancies between the amounts shown on the itemized list of the deposit and the amount we determine to be the actual deposit, we will notify you of the discrepancy. You will be entitled to credit only for the actual deposit as determined by us, regardless of what is stated on the itemized deposit slip. We will treat and record all transactions received after our "daily cutoff time" on a business day we are open, or received on a day we are not open for business, as if initiated on the next business day that we are open. At our option, we may take an item for collection rather than for deposit. If we accept a third-party check for deposit, we may require any third-party indorsers to verify or guarantee their indorsements, or indorse in our presence.
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. We make no representations as to the appropriateness of or the effect of the ownership and beneficiary designations, except as they determine to whom we pay the account funds. You agree that your accounts will only be used for personal financial transactions, and that the accounts will not be used for transactions related to a business, sole proprietorship, corporation or any other business entity unless you provide us with appropriate evidence of the existence, and your authority to act on behalf, of such business entity. We reserve the right to have legal counsel, at any time, review all aspects of any account agreement.
Individual Account: An individual account is an account in the name of one person. If you establish an individual account, you are the sole owner of the account.
Joint Account: If you have a joint account, each person will be a co-owner and authorized signer and will have equal authority and rights regarding the account.
Deposits, Withdrawals and Other Account Transactions: Any money deposited into your joint account is the property of each joint account owner. At our discretion, we may (i) permit any joint account owner to withdraw all or any part of the deposits to, and interest earned on, your joint account, (ii) pay checks drawn on your joint account by any joint account owner, or (iii) honor any other request of any joint account owner relating to your joint account, even if we do not have on record a signature card signed by the joint account owner who signed the check or is seeking to withdraw or to take any other action on your joint account. We may, however, also refuse to do so.
We may follow instructions about your joint account from any owner of the joint account, and may do so without any notice or liability to the other joint account owners. In the event that there is a dispute or a joint account owner provides us with conflicting instructions, we may place a hold on, and refuse to pay checks, permit withdrawals from, or permit other transactions on your joint account until we receive a final court order or written instructions signed by all joint account owners. Once your joint account is opened, a joint account owner cannot add or remove another joint account owner from that joint account without the prior written consent of all other joint owners. Any joint account owner can close the joint account by withdrawing all of the funds from the joint account.
Right of Survivorship (and Not as Tenants in Common): We presume that any joint account established with us is a joint tenancy with right of survivorship, subject to applicable law, and not a tenancy in common. Generally speaking, this means that, upon the death of any joint account owner, the account balance is owned by the surviving joint account owners, subject to our right of set off and any applicable security interest, and the heirs of the deceased joint account owner have no interest in the account. We may, however, require the surviving joint account owners to provide us with certain documentation satisfactory to us before we will release the remaining funds in the account. If more than one joint account owner survives, they will own the account as joint tenants with right of survivorship, not as tenants in common.
Payable On Death Accounts: Without having to establish a trust, you may, subject to applicable law, designate your account to be payable on your death to one or more designated beneficiaries - known as a Payable on Death Account. This is similar to a Totten Trust Account described below. If you establish a Payable on Death Account, the account belongs to you during your lifetime and your beneficiaries have no interest in or any access to the account until your death. Upon your death (or in the case of a joint account, upon the death of the last-surviving joint account owner), all of the funds in the Payable on Death Account will be owned by the beneficiary (or if there is more than one designated beneficiary, in equal shares by the beneficiaries then living). The funds in your Payable on Death Account are not governed by your will or inherited by your heirs. If there is more than one beneficiary, in our sole discretion and subject to our right of set off and any applicable security interest, we may pay the funds in a Payable on Death Account in equal shares to the account's living beneficiaries or pay the funds by issuing a check in the name of all living beneficiaries and giving the check to any one beneficiary. We have no obligation to notify any beneficiary of the existence of a Payable on Death Account or the vesting of an interest in such an account. Certain state law restrictions may apply to Payable on Death Accounts. You are solely responsible for complying with applicable law in establishing a Payable on Death Account. We make no representation that designating your account as a Payable on Death Account is advisable. You should consult an attorney or other qualified estate planning professional before designating your account as a Payable on Death Account.
Totten Trust Account: In limited circumstances, we may, in our sole discretion, allow you to establish a Totten Trust account without a formal trust document, provided you give us the name and residential address of the account beneficiaries and any other documentation we may require in a form satisfactory to us. Generally speaking, a Totten Trust is an account established by you in your own name as the trustee for the benefit of another, and is a tentative trust revocable at will. This means you may withdraw all of the funds in the account for your own use at any time. If there is more than one trustee named on the account, the account will be treated as a joint account and all of the rules regarding joint accounts will apply, except as set forth herein. Deposits made to your Totten Trust account will be credited to you as trustee for the benefit of the designated account beneficiary or beneficiaries. We may make payments to you during your lifetime. Upon your death, or if there is more than one trustee, upon the death of the last surviving trustee, all of the funds will be owned by the beneficiary (or if there is more than one designated beneficiary, in equal shares by the beneficiaries then living). Subject to our right of set off and any applicable security interest, if there is more than one living beneficiary, we may, at our option, pay the funds in the account in equal shares to each beneficiary or pay the funds by issuing a check in the name of both beneficiaries and giving the check to any one beneficiary. The money in the account will not be inherited by your heirs or controlled by your will. Certain state law restrictions may apply. You are solely responsible for complying with applicable law in establishing a Totten Trust account. We have no obligation to notify any beneficiary of the existence of any account or the vesting of any interest in any account.
Formal Trust Accounts: We may, in our sole discretion, allow a trustee or the trustees of a formal written trust (other than a Totten Trust) to establish an account with us in the name of the trust. In the case of any such trust account, you agree to provide us with a copy of the trust instrument, the name and residential address of any successor trustee designated in the trust instrument, and any other documentation in a form satisfactory to us, including a certificate of trust, and to hold us harmless from and against any actions that we take or any trustee takes regarding the account in reliance on such documentation or certification. We have no duty to monitor or ensure that the acts of any trustee are for the use or benefit of the beneficiaries or are otherwise permissible under any trust instrument or applicable law. We will not be liable if any trustee exceeds his or her powers or does not comply with applicable law.
BUSINESS ACCOUNTS - Earnings in the form of interest, dividends, or credits will be paid only on collected funds, unless otherwise provided by law or our policy. We may require the governing body of the legal entity opening the account to give us a separate authorization telling us who is authorized to act on its behalf. We will honor the authorization until we actually receive written notice of a change from the governing body of the legal entity.
DEPOSITS - We will give only provisional credit until collection is final for any items, other than cash, that we accept for deposit (including items drawn "on us"). Actual credit for deposits of, or payable in, foreign currency will be at the exchange rate in effect on final collection in U.S. dollars. We are not responsible for transactions by mail or outside depository until we actually record them. We will treat and record all transactions received after our "daily cutoff time" on a business day we are open, or received on a day we are not open for business, as if initiated on the next following business day that we are open.
INDORSING CHECKS - If you cash or deposit a check, we are legally entitled to a valid and unqualified indorsement from you, and you give us the irrevocable right to place such an indorsement on the check. You agree to reimburse us for our Losses because you fail to indorse a check as exactly drawn or you deposit a check that contains multiple indorsements or a missing or improper indorsement. You also agree not to give us any check which you have indorsed "without recourse" or with another similar condition. If you do, we can still place your unqualified indorsement on the check. We can enforce against you any rights that an unqualified indorsement gives us. Unless otherwise required by applicable law, we will not be bound by or obligated to comply with any notation or memoranda on a check unless we have agreed to do so in advance and in writing.
Generally - Unless clearly indicated otherwise on the account records, any of you, acting alone, who signs to open the account or has authority to make withdrawals may withdraw or transfer all or any part of the account balance at any time. Each of you (until we receive written notice to the contrary) authorizes each other person who signs or has authority to make withdrawals to indorse any item payable to you or your order for deposit to this account or any other transaction with us.
Postdated checks - A postdated check is one which bears a date later than the date on which the check is written. We may properly pay and charge your account for a postdated check even though payment was made before the date of the check, unless we have received written notice of the postdating in time to have a reasonable opportunity to act. Because we process checks mechanically, your notice will not be effective and we will not be liable for failing to honor your notice unless it precisely identifies the number, date, amount and payee of the item.
Checks and withdrawal rules - If you do not purchase your check blanks from us, you must be certain that we approve the check blanks you purchase. We may refuse any withdrawal or transfer request which you attempt on forms not approved by us or by any method we do not specifically permit. We may refuse any withdrawal or transfer request which is greater in number than the frequency permitted, or which is for an amount greater or less than any withdrawal limitations. We will use the date the transaction is completed by us (as opposed to the date you initiate it) to apply the frequency limitations. In addition, we may place limitations on the account until your identity is verified.
Even if we honor a nonconforming request, we are not required to do so later. If you violate the stated transaction limitations (if any), in our discretion we may close your account or reclassify it as a transaction account. If we reclassify your account, your account will be subject to the fees and earnings rules of the new account classification.
If we are presented with an item drawn against your account that would be a "substitute check," as defined by law, but for an error or defect in the item introduced in the substitute check creation process, you agree that we may pay such item.
See the funds availability policy disclosure for information about when you can withdraw funds you deposit. For those accounts to which our funds availability policy disclosure does not apply, you can ask us when you make a deposit when those funds will be available for withdrawal. An item may be returned after the funds from the deposit of that item are made available for withdrawal. In that case, we will reverse the credit of the item. We may determine the amount of available funds in your account for the purpose of deciding whether to return an item for insufficient funds at any time between the time we receive the item and when we return the item or send a notice in lieu of return. We need only make one determination, but if we choose to make a subsequent determination, the account balance at the subsequent time will determine whether there are insufficient available funds.
A temporary debit authorization hold affects your account balance - On debit card purchases, merchants may request a temporary hold on your account for a specified sum of money, which may be more than the actual amount of your purchase. When this happens, our processing system cannot determine that the amount of the hold exceeds the actual amount of your purchase. This temporary hold, and the amount charged to your account, will eventually be adjusted to the actual amount of your purchase, but it may be up to three days before the adjustment is made. Until the adjustment is made, the amount of funds in your account available for other transactions will be reduced by the amount of the temporary hold. If another transaction is presented for payment in an amount greater than the funds left after the deduction of the temporary hold amount, that transaction will be an insufficient funds (NSF) transaction if we do not pay it or an overdraft transaction if we do pay it. You will be charged an NSF or overdraft fee according to our NSF or overdraft fee policy. You will be charged the fee even if you would have had sufficient funds in your account if the amount of the hold had been equal to the amount of your purchase.
Here is an example of how this can occur – assume for this example the following: (1) you have opted-in to our overdraft privilege services for the payment of overdrafts on ATM and everyday debit card transactions, (2) we pay the overdraft. A separate disclosure containing specific terms and conditions about our overdraft protection plans and overdraft fees is available upon request.
You have $120 in your account. You swipe your card at the card reader on a gasoline pump. Since it is unclear what the final bill will be, the gas station's processing system immediately requests a hold on your account in a specified amount, for example, $80. Our processing system authorizes a temporary hold on your account in the amount of $80, and the gas station's processing system authorizes you to begin pumping gas. You fill your tank and the amount of gasoline you purchased is only $50. Our processing system shows that you have $40 in your account available for other transactions ($120 - $80 = $40) even though you would have $70 in your account available for other transactions if the amount of the temporary hold was equal to the amount of your purchase ($120 - $50 = $70). Later, another transaction you have authorized is presented for payment from your account in the amount of $60 (this could be a check you have written, another debit card transaction, an ACH debit or any other kind of payment request). This other transaction is presented before the amount of the temporary hold is adjusted to the amount of your purchase (remember, it may take up to three days for the adjustment to be made). Because the amount of this other transaction is greater than the amount our processing system shows is available in your account, our payment of this transaction will result in an overdraft transaction. Because the transaction overdraws your account by $20, your account will be assessed an overdraft fee according to our overdraft fee policy. You will be charged this fee according to our policy even though you would have had enough money in your account to cover the $60 transaction if your account had only been debited the amount of your purchase rather than the amount of the temporary hold or if the temporary hold had already been adjusted to the actual amount of your purchase.
Overdrafts - You can ask us if we have other account services that might be available to you where we commit to paying overdrafts under certain circumstances, such as an overdraft protection loan (i.e. Overdraft Line of Credit, Cash Reserve Line of Credit or Personal Line of Credit) to transfer funds from another account you have with us. You agree that we may charge fees for overdrafts. For consumer accounts, we will not charge fees for overdrafts caused by ATM withdrawals or one-time debit card transactions if you have not opted-in to that service. For passbook accounts, we may refuse any withdrawal should you not possess the account passbook at the time of request for withdrawal. Please also refer to the FUNDS AVAILABILITY DISCLOSURE section in this document. For those accounts for which our funds availability policy disclosure does not apply, you can ask us when you make a deposit when those funds will be available for withdrawal.
We may also refuse your request to make a withdrawal from your account under certain circumstances, including, without limitation, where:
- we have received a court order or other legal document prohibiting withdrawal or if applicable law prohibits withdrawal;
- there is a dispute concerning your account;
- you owe us money that is due and payable;
- your account is security for a debt;
- you or a person we believe to be an agent of an owner of your account requests that we do not permit withdrawals;
- a problem occurs with our equipment;
- limited currency is available at a particular branch office; or
- such action is otherwise required by applicable law.
We are required by applicable law to reserve the right to require at least seven (7) calendar days' written notice before you withdraw money from your interest-bearing checking, savings, money market, Variable Rate Savings IRA or SEP accounts. If, on our request, you do not provide us with such written notice, we may refuse to allow you to withdraw funds from your account, whether by check or other means, during this period, and we will not be liable to you for this refusal. Variable Rate Savings IRA and SEP account withdrawals are subject to current regulations of the Internal Revenue Service (IRS) governing such accounts and may trigger tax penalties and be subject to taxation.
Passbook Savings Accounts: You must make all withdrawals and transfers from your passbook savings account in person at one of our branches that accepts passbook accounts. You must have your passbook with you and it must be presented at the time of the withdrawal transaction. Electronic Fund Transfers are not permitted on Passbook Share accounts. This includes but is not limited to any direct deposits, pre-authorized transfers or arrangements to pay recurring bills.
Club Statement Accounts: You are not able to make withdrawals or transfers from your club statement account until the end of its term. You may close your club statement account at any time; however, you may be charged a fee as set forth in our fee schedule (as the same may be amended from time to time) if any withdrawal is made from your club statement account before the end of its term.
IRAs and SEP Accounts: All withdrawals from your IRA and SEP accounts are subject to current regulations of the IRS governing such accounts and may trigger tax penalties and be subject to taxation. You can withdraw interest credited to your CD account before the maturity of the term of your CD without penalty. There may be a fee for outgoing transfers from an IRA or SEP account as set forth in our fee schedule (as the same may be amended from time to time). You should refer to all of your retirement and account disclosure statements for other retirement account limitations.
MULTI-SIGNATURE, ELECTRONIC CHECK CONVERSION AND SIMILAR TRANSACTIONS - An electronic check conversion transaction is a transaction where a check or similar item is converted into an electronic fund transfer as defined in the Electronic Fund Transfers regulation. In these types of transactions the check or similar item is either removed from circulation (truncated) or given back to you. As a result, we have no opportunity to review the check to examine the signatures on the item. You agree that, as to these or any items as to which we have no opportunity to examine the signatures, you waive any requirement of multiple signatures.
Online banking and telephone banking transactions, including but not limited to transfers and bill payments, will not be permitted and processed on any consumer or business deposit account that has a multi-signature requirement. The multi-signature requirement will also not apply to debit card transactions, however debit card transactions will be permitted and processed but with a single authorization. The multi-signature requirement is for the sole benefit, use and privilege of the consumer or business deposit account owners and shall not be binding on us. All account owners and/or authorized signers indemnify and hold harmless Navigant Credit Union from and against any and all claims and/or demands with regard to the terms and conditions contained herein in this paragraph.
STOP PAYMENTS - You must make any stop-payment order in the manner required by law and we must receive it in time to give us a reasonable opportunity to act on it before our stop-payment deadline time. To be effective, your stop-payment order must precisely identify the number, date and amount of the item, and the payee.
You may stop payment on any item drawn on your account, including preauthorized recurring payments, whether you sign the item or not, if you have an equal or greater right to withdraw from this account than the person who signed the item. A release of the stop-payment request may be made only by the person who initiated the stop-payment order. Stop-payments must be received one hour after the opening of the next banking day after the banking day on which we receive the item. Stop-payments received after such time are not effective and will not be honored. Additional limitations on our obligation to stop payment are provided by law (e.g., if we paid the item in cash or we certified the item).
TELEPHONE TRANSFERS - A telephone transfer of funds from your account to another account with us, if otherwise arranged for or permitted, may be made by the same persons and under the same conditions generally applicable to withdrawals made in writing. Unless a different limitation is disclosed in writing, we restrict the number of transfers from a savings account to another account or to third parties, to a maximum of six per month (less the number of "preauthorized transfers" during the month). Other account transfer restrictions may be described elsewhere.
TRANSFER LIMITATIONS - For savings and money market accounts you may make up to six (6) transfers or withdrawals by means of a preauthorized, automatic, or telephonic transfer to another account of yours or to a third party during any calendar month (or statement cycle of at least four weeks). A preauthorized transfer includes any arrangement with us to pay a third party from your account at (i) a predetermined time; (ii) on a fixed schedule or (iii) upon oral or written orders including orders received through the automated clearing house (ACH). If the transfer or withdrawal is initiated in person, by mail, or at an ATM then there is no limit on the number of payments that may be made directly to you, directly to us for amounts you owe us, or transfers to other accounts you have with us. Withdrawals by phone are also unlimited if you are requesting that a check be mailed to you.
STATEMENTS - Your duty to report unauthorized signatures, alterations and forgeries - You must examine your statement of account with "reasonable promptness." If you discover (or reasonably should have discovered) any unauthorized signatures or alterations, you must promptly notify us of the relevant facts. As between you and us, 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 used ordinary care and, if not, whether we substantially contributed to the loss). The loss could be not only with respect to items on the statement but other items with unauthorized signatures or alterations 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 will not, in any circumstance, exceed a total of thirty (30) days from when the statement is first sent or made available to you.
You further agree that if you fail to report any unauthorized signatures, alterations or forgeries in your account within sixty (60) days of when we first send or make the statement available, you cannot assert a claim against us on any items in that statement, and as between you and us the loss will be entirely yours. This sixty (60)-day limitation is without regard to whether we used ordinary care. The limitation in this paragraph is in addition to that contained in the first paragraph of this section.
Your duty to report other errors - In addition to your duty to review your statements for unauthorized signatures, alterations and forgeries, you agree to examine your statement with reasonable promptness for any other error - such as an encoding error. In addition, if you receive or we make available either your items or images of your items, you must examine them for any unauthorized or missing indorsements or any other problems. You agree that the time you have to examine your statement and items and report to us will depend on the circumstances. However, this time period shall not exceed sixty (60) days. Failure to examine your statement and items and report any errors to us within sixty (60) days of when we first send or make the statement available precludes you from asserting a claim against us for any errors on items identified in that statement and as between you and us the loss will be entirely yours.
TEMPORARY ACCOUNT AGREEMENT - If the account documentation indicates that this is a temporary account agreement, it means that all account owners have not yet signed the signature card, or that some other account opening requirement has not been completed. We may give you a duplicate signature card so that you can obtain all of the necessary signatures and return it to us. Each person who signs to open the account or has authority to make withdrawals (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 fail to comply with the requirements we have imposed within a reasonable time.
RESTRICTIVE LEGENDS OR INDORSEMENTS - We are not required to honor any restrictive legend or restrictive indorsement on checks you write unless we have agreed in writing to the restriction. Examples of restrictive legends are "must be presented within ninety (90) days" or "not valid for more than $1,000.00." The payee's signature accompanied by the words "for deposit only" is an example of a restrictive indorsement.
PAYMENT ORDER OF ITEMS - The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented. The payment order can affect the number of items overdrawn or returned unpaid and the amount of the fees you may have to pay. To assist you in managing your account, we are providing you with the following information regarding how we process those items.
Our policy is to process credits (or deposits into your account) in the order they are received on the day they are processed. We process debits (or withdrawals out of your account) lowest to highest dollar amount on the day they are processed. We process ATM and debit card transactions in the order they are received on the day they are processed. We process checks lowest to highest dollar amount on the day they are processed. We process checks cashed at branch, levies, garnishments, items not initially paid due to NSF in the order they are received on the day they are processed. We process any fees on your account for services posted in an order generated by our system.
*NOTE - There are exceptions to the above items based on manual processing.
If a check, item or transaction is presented without sufficient funds in your account to pay it, we may, at our discretion, pay the item (creating an overdraft) or return the item for insufficient funds (NSF). We will not charge you a fee for paying an overdraft of an ATM or everyday debit card transaction if this is a consumer account and you have not opted-in to that service. The amounts of the overdraft and NSF fees are disclosed elsewhere, as are your rights to opt in to overdraft services for ATM and everyday debit card transactions, if applicable. We encourage you to make careful records and practice good account management. This will help you to avoid creating items without sufficient funds and potentially incurring the resulting fees.
DEATH OR INCOMPETENCE - You agree to notify us promptly if any person with a right to withdraw funds from your account(s) dies or is adjudicated (determined by the appropriate official) incompetent. We may continue to honor your checks, items, and instructions until: (a) we know of your death or adjudication of incompetence, and (b) we have had a reasonable opportunity to act on that knowledge. You agree that we may pay or certify checks drawn on or before the date of death or adjudication of incompetence for up to ten (10) days after your death or adjudication of incompetence unless ordered to stop payment by someone claiming an interest in the account.
FIDUCIARY ACCOUNTS - Accounts may be opened by a person acting in a fiduciary capacity. A fiduciary is someone who is appointed to act on behalf of and for the benefit of another. We are not responsible for the actions of a fiduciary, including the misuse of funds. This account may be opened and maintained by a person or persons named as a trustee under a written trust agreement, or as executors, administrators, or conservators under court orders. You understand that by merely opening such an account, we are not acting in the capacity of a trustee in connection with the trust nor do we undertake any obligation to monitor or enforce the terms of the trust or letters.
LEGAL ACTIONS AFFECTING YOUR ACCOUNT - If we are served with a subpoena, restraining order, writ of attachment or execution, levy, garnishment, search warrant, or similar order relating to your account (termed "legal action" in this section), we will comply with that legal action. Or, in our discretion, we may freeze the assets in the account and not allow any payments out of the account until a final court determination regarding the legal action. We may do these things even if the legal action involves less than all of you. In these cases, we will not have any liability to you if there are insufficient funds to pay your items because we have withdrawn funds from your account or in any way restricted access to your funds in accordance with the legal action. Any fees or expenses we incur in responding to any legal action (including, without limitation, attorneys' fees and our internal expenses) may be charged against your account. The list of fees applicable to your account(s) provided elsewhere may specify additional fees that we may charge for certain legal actions.
DIRECT DEPOSITS - If, in connection with a direct deposit plan, we deposit any amount in an 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 the 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.
OVERDRAFTS/INSUFFICIENT FUNDS - We determine from time to time during each business day whether or not your account contains sufficient available funds to pay a transaction (i.e., a check, in-person withdrawal, ATM withdrawal, point-of-sale transaction, or any other paper or electronic transaction). You agree to deposit sufficient funds to cover any overdrafts and related overdraft/insufficient available funds fees immediately, and you agree that any overdrafts and related overdraft/insufficient available funds fees may be repaid out of any subsequent deposit to your account or set off against such deposit, including, without limitation, deposits of Social Security, Supplemental Security Income or other government benefits. You also agree to reimburse us for any Losses we incur in collecting any overdrafts from you. We are under no obligation to permit overdrafts. Our honoring of one or more overdrafts does not obligate us to honor any future overdrafts, and you should not rely on us to honor an overdraft even if we have done so in the past. If, however, your account has an overdraft line of credit, transactions that would create an overdraft on your account may be honored in accordance with our overdraft line of credit agreement with you.
A separate disclosure containing specific terms and conditions about our overdraft protection plans and overdraft fees is available upon request.
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 any of you owe us now or in the future. If this account is owned by one or more of you as individuals, we may set off any funds in the account against a due and payable debt a partnership owes us now or in the future, to the extent of your liability as a partner for the partnership debt. If your debt arises from a promissory note, then the amount of the due and payable debt will be the full amount we have demanded, as entitled under the terms of the note, and this amount may include any portion of the balance for which we have properly accelerated the due date.
In addition to these contract rights, we may also have rights under a "statutory lien." A "lien" on property is a creditor's right to obtain ownership of the property in the event a debtor defaults on a debt. A "statutory lien" is one created by federal or state statute. If federal or state law provides us with a statutory lien, then we are authorized to apply, without prior notice, your shares and dividends to any debt you owe us, in accord with the statutory lien.
Neither our contract rights nor rights under a statutory lien apply to this account if prohibited by law. For example, neither our contract rights nor rights under a statutory lien apply to this account if: (a) it is an Individual Retirement Account or similar tax-deferred account, or (b) the debt is created by a consumer credit transaction under a credit card plan (but this does not affect our rights under any consensual security interest), or (c) the debtor's right of withdrawal arises only in a representative capacity, or (d) setoff is prohibited by the Military Lending Act or its implementing regulations. 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.
NO EXEMPTION FROM SET OFF - If any funds in your account are exempt from execution, levy, attachment, garnishment, seizure, set off or other equitable process (including but not limitation, any Social Security, Supplemental Security Income, veterans or other federal or state benefits), as between you and us, you agree to waive such exemption to the extent permitted by law.
REIMBURSEMENT FOR LOSSES - If we take any action to collect your debt or other amounts you owe us under this Agreement or defend ourselves in a lawsuit brought by you where we are the prevailing party, you agree to reimburse us for our Losses, to the extent permitted by applicable law. We may charge your account for our Losses without prior notice to you.
BACKUP WITHHOLDING - We may be required by applicable law to withhold a certain percentage of the interest credited to your account in the following circumstances:
- You do not furnish to us your correct taxpayer identification number (TIN), which may be your Social Security Number;
- The IRS informs us that you furnished us with an incorrect TIN;
- The IRS informs us that you are subject to backup withholding because you did not report all of your reportable interest and dividends on your tax return;
- You do not certify to us that you are not subject to backup withholding;
- You do not certify your TIN to us; or
- Any other circumstances prescribed by applicable law which would require us to withhold interest.
If you do not have a TIN, you may apply for one by contacting your local IRS office. You may also contact your local IRS office if you would like additional information about interest withholding or other tax-related information. Our general policy and practice is to not open an account without a TIN.
WAIVER OF NOTICES - To the extent permitted by law, you waive any notice of non-payment, dishonor or protest regarding any items credited to or charged against your account. For example, if you deposit a check and it is returned unpaid or we receive a notice of nonpayment, we do not have to notify you unless required by federal Regulation CC or other law.
ACH AND WIRE TRANSFERS - This agreement is subject to Article 4A of the Uniform Commercial Code - Fund Transfers as adopted in the state in which you have your account with us. If you originate a fund transfer and you identify by name and number a beneficiary financial institution, an intermediary financial institution or a beneficiary, we and every receiving or beneficiary financial institution may rely on the identifying number to make payment. We may rely on the number even if it identifies a financial institution, person or account other than the one named. You agree to be bound by automated clearing house association rules. These rules provide, among other things, that payments made to you, or originated by you, are provisional until final settlement is made through a Federal Reserve Bank or payment is otherwise made as provided in Article 4A-403(a) of the Uniform Commercial Code. If we do not receive such payment, we are entitled to a refund from you in the amount credited to your account and the party originating such payment will not be considered to have paid the amount so credited. Credit entries may be made by ACH. If we receive a payment order to credit an account you have with us by wire or ACH, we are not required to give you any notice of the payment order or credit.
UNCLAIMED PROPERTY - The law establishes procedures under which unclaimed property must be surrendered to the state. (We may have our own rules regarding dormant accounts, and if we charge a fee for dormant accounts it will be disclosed to you elsewhere.) Generally, the funds in your account are considered unclaimed if you have not had any activity or communication with us regarding your account over a period of years. Ask us if you want further information about the period of time or type of activity that will prevent your account from being unclaimed. If your funds are surrendered to the state, you may be able to reclaim them, but your claim must be presented to the state. Once your funds are surrendered, we no longer have any liability or responsibility with respect to the funds.
UTMA ACCOUNTS - Under the Uniform Transfers to Minors Act, the funds in the account are owned by the child who has unconditional use of the account when he or she reaches the age of majority. Before that time, the account may be accessed only by the custodian (or successor custodian), and the funds must be used for the benefit of the child. We, however, have no duty or agreement whatsoever to monitor or insure that the acts of the custodian (or successor custodian) are for the child's benefit. We are not responsible to monitor age or eligibility for an UTMA account, even though our records may include the minor's date of birth. It is the custodian's responsibility to properly distribute the funds in the account upon the minor's death or attainment of the age of majority. For this type of account, the child's SSN/TIN is used for the Backup Withholding Certification.
UNLAWFUL INTERNET GAMBLING NOTICE - Restricted transactions as defined in Federal Reserve Regulation GG are prohibited from being processed through this account or relationship. Restricted transactions generally include, but are not limited to, those in which credit, electronic fund transfers, checks, or drafts are knowingly accepted by gambling businesses in connection with the participation by others in unlawful Internet gambling.
INTERNATIONAL ACH TRANSACTIONS - Financial institutions are required by law to scrutinize or verify any international ACH transaction (IAT) that they receive against the Specially Designated Nationals (SDN) list of the Office of Foreign Assets Control (OFAC). This action may, from time to time, cause us to temporarily suspend processing of an IAT and potentially affect the settlement and/or availability of such payments.
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 any facsimile signature may have been affixed so long as they resemble the applicable facsimile signature specimen filed with us, and contain the required number of signatures for this purpose.
ADDITIONAL INFORMATION - Your account may consist of a transaction sub account and a savings sub account. Funds not routinely needed to pay debts may be transferred to a savings sub account. We may periodically transfer funds between these two sub accounts. If your account is a plan on which interest is paid, your interest calculation will remain the same. Otherwise, the savings sub account will be non-interest bearing. The savings sub account will be governed by the rules governing our other savings accounts indicated within the Withdrawals Section of the Terms and Conditions of your Account (this document). This process, which is seamless to our members, will not affect your available balance, the interest you may earn, NCUA insurance protection, your monthly statement, or any other features of your account. It will allow us to lower our reserve requirement balance at the Federal Reserve Bank and increase the amount of funds available for loans and investments, thereby increasing our ability to serve our members.
FUNDS AVAILABILITY DISCLOSURE
This policy statement applies to "transaction" accounts and share savings accounts. Transaction accounts, in general, are accounts which permit an unlimited number of payments to third persons and an unlimited number of telephone and preauthorized transfers to other accounts of yours with us. Share draft accounts are the most common transaction accounts. Feel free to ask us whether any of your other accounts might also be under this policy.
Our policy is to make funds from your check deposits available to you on the next business day after the day we receive your deposit, with the first $200 available on the same business day as the day of your deposit. Electronic direct deposits will be available on the day we receive the deposit. Cash, wire transfers, and some specified check deposits will also be available before the next business day, as detailed below. Once the funds are available, you can withdraw them 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, if 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.
Funds from the following deposits to your account will be available on the day we receive the deposit:
- Electronic direct deposits;
- U.S. Treasury checks that are payable to you;
- Wire transfers;
- Checks drawn on us that are payable to you;
If you make the deposit in person to one of our employees, funds from the following deposits are also available on the day of your deposit:
- State and local government checks that are payable to you;
- Cashier's, certified, and teller's checks that are payable to you;
- Federal Reserve Bank checks, Federal Home Loan Bank checks, and postal money orders, if these items are payable to you.
If you do not make your deposit in person to one of our employees (for example, if you mail the deposit), funds from these deposits may be available on the same business day we receive your deposit.
Other Check Deposits Subject to Next-Day Availability
The first $200 from a deposit of other checks will be available on the same business day as the day of your deposit. The remaining funds will be available on the next business day after the day of your deposit.
For example, if you deposit a check of $700 on a Monday, $200 of the deposit is available immediately. The remaining $500 is available on Tuesday.
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
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 computer or communications 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 seventh business day after the day of your deposit.
SPECIAL RULES FOR NEW ACCOUNTS
If you are a new member, the following special rules may apply during the first 30 days your account is open.
Funds from electronic direct deposits and cash to your account will be available on the day we receive the deposit. Funds from deposits of wire transfers, and the first $5,000 of a day's total deposits of cashier's, certified, teller's, traveler's, and federal, state and local government checks will be available on the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you (and you may have to use a special deposit slip). The excess over $5,000 will be available on the fifth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,000 will not be available until the second business day after the day of your deposit.
The first $200.00 from a deposit of other checks will be available on the next business day of your deposit. The remaining funds will be available on the fifth business day after the day of your deposit.
DEPOSITS AT AUTOMATED TELLER MACHINES
If you make a deposit at an ATM on a business day that we are open prior to 6:00 P.M., we will consider that day to be the date of your deposit. However, if you make a deposit on a day we are not open, we will consider that the deposit was made on the next business day we are open. Funds from any deposits (cash or checks) made at automated teller machines (ATMs) we own or operate will be available on the second business day after the day of deposit, except that U.S. Treasury checks that are payable to you will be available on the first business day after the day of deposit. Also, the first $200 of a deposit will be available on the first business day after the day of deposit. Checks drawn on Navigant Credit Union will be available on the first business day after the day of deposit if the deposit is made at an ATM located on our premises.
© 2016 Wolters Kluwer Financial Services – Bankers Systems™
Form AIB-N-CU6/1/2016Custom TCM-46CUs,3p200695200-010
What does account condition mean? ›
Account Conditions means the general conditions for the Account(s) or service(s) you are accessing through the Services.What are the conditions of current account? ›
A current account can be operated by individuals, proprietary concerns, public and private companies, associations, trusts, etc. No restriction on the number of transactions in a day. Non-maintenance of the minimum balance can attract penalty charges.What is the importance of terms and conditions? ›
Terms and conditions provide clarity about what should happen in any given situation. They set out the key commercial terms you are offering to your clients and helps the contractual parties to understand their duties, rights, roles and responsibilities.What does condition of payment mean? ›
The condition of payment to the subcontractor is payment by the owner to the contractor for the subcontractor's work. If the owner fails to pay the contractor, then under a PIP clause, the contractor has no obligation to pay its subcontractor.What are conditions in banking? ›
What is bank condition? A bank condition is a random variable that predicts the likelihood of failure of a bank. However, the actual probability of failure is not made known to depositors.What are 3 features of a current account? ›
- Introduced for business purposes.
- 2.No restrictions on number and amount of withdrawals.
- 3.No interest is given by bank.
- Money can also be deposited and withdrawn by cheque or card.
There are generally two types of bank accounts: current accounts and savings accounts.What is an example of a current account? ›
Current accounts are used for most everyday banking actions. This includes paying Direct Debits, mobile phone bills, utility bills, making rent payments, making cash deposits and using chip and PIN or contactless to pay for purchases. Most people will get their wages paid into their current account.What are the 5 basic accounts? ›
- Income (Revenue)
Take a look at the three main rules of accounting: Debit the receiver and credit the giver. Debit what comes in and credit what goes out. Debit expenses and losses, credit income and gains.
What are the 2 main types of accounts? ›
- Current account. A current account is a deposit account for traders, business owners, and entrepreneurs, who need to make and receive payments more often than others. ...
- Savings account. ...
- Salary account. ...
- Fixed deposit account. ...
- Recurring deposit account. ...
- NRI accounts.
Terms and conditions are aimed at protecting the business (you). They give business owners the opportunity to set their rules (within applicable law) of how their service or product may be used including, but not limited to, things like copyright conditions, age limits, and the governing law of the contract.What are standard terms and conditions? ›
Standard (written) terms and conditions (T&Cs) are the legal basis on which you will be engaging with customers - and are essential when starting a business. It is recommended that you don't copy T&Cs from another business; no two businesses are exactly the same, plus they may not have obtained legal advice.Should I accept terms and conditions? ›
It is important to remember that accepting Terms & Conditions constitutes a legally-binding contract, so it is in your interest to make sure that you have read them before accepting. In doing so you will also be satisfied that the agreement you are entering into suits you as well as the supplier or website owner.What is an example of a term and condition of payment? ›
1. All payments shall be made in the currency stated on the invoice, within the agreed time period, without any deduction or set-off for any reason whatsoever, unless specified otherwise in the invoice. Buyer shall not be entitled to suspend its payment obligations.What are the 3 kinds of condition? ›
- Conditions precedent.
- Conditions concurrent.
- Conditions subsequent.
What is a Payment Terms Agreement? A payment terms agreement is a legal contract between a buyer and seller that outlines how payments will be made. It can also outline what happens if the customer does not pay on time and what interest rates and late fees may apply.Can a bank change terms and conditions? ›
Banks can change the terms and conditions of the agreement governing your card, provided that you are notified of them at least two months before they come into effect.What are examples of credit conditions? ›
Interest rate, amount of principal and amortization, etc. represent the conditions under which an entity borrows funds. Conditions also include an intention to utilize the money, i.e., goals of the borrower, such as to purchase a house or invest in a new joint venture.What are five conditions required by banks when granting credit? ›
Lenders score your loan application by these 5 Cs—Capacity, Capital, Collateral, Conditions and Character. Learn what they are so you can improve your eligibility when you present yourself to lenders. Capacity.
What are the 3 main types of accounts? ›
3 Different types of accounts in accounting are Real, Personal and Nominal Account. Real account is then classified in two subcategories – Intangible real account, Tangible real account. Also, three different sub-types of Personal account are Natural, Representative and Artificial.What are the 3 principles of accounts? ›
- "Debit what comes in - credit what goes out."
- "Credit the giver and Debit the Receiver."
- "Credit all income and debit all expenses."
The balance sheet, income statement, and cash flow statement each offer unique details with information that is all interconnected. Together the three statements give a comprehensive portrayal of the company's operating activities.What is the rule of personal account? ›
The rule for personal account is debit the receiver, credit the giver, This means the person giving the goods or services is to be credited and receiving the same is to be debited in the books of the company.What are the six basic accounts? ›
- Asset accounts are used to recognize assets. ...
- Liability accounts are used to recognize liabilities. ...
- Equity accounts are used to recognize ownership equity. ...
- Revenue accounts are used to recognize revenue. ...
- Expense accounts are used to recognize expenses. ...
- Gain accounts are used to recognize gains.
- Personal Account.
- Natural Personal Account.
- Artificial Personal Account.
- Representative Personal Account.
- Real Account.
- Tangible Real Account.
- Intangible Real Account.
- Nominal Account.
In general, though, "a guideline that makes sense for your checking account is to keep the equivalent of one net paycheck," she says. "This ensures the amount is right for everyone regardless of income level."What is a basic account? ›
What is a basic bank account? A basic bank account is a banking option for those who are facing financial difficulty or have a poor credit history, which means they may not be eligible to open a standard current account.Is a debit card a current account? ›
Current accounts are bank accounts, but come with a debit card, which lets you withdraw money from a cash machine and make purchases: In person, such as in a shop or restaurant. Online. Over the phone.What are the types of accounts and rules? ›
|Type of account||Golden rules|
|Real account||Debit what comes in Credit what goes out|
|Personal account||Debit the receiver Credit the giver|
|Nominal account||Debit the expenses or losses Credit the income or gain|
What 4 accounts should we have all have? ›
Some experts suggest you should have four bank accounts -- two checking and two savings. You'll use one checking account to pay bills and the other for spending money. One savings account will be dedicated to your emergency fund and the other to miscellaneous goals.Which type of account is best? ›
High-Yield Savings Account
This is one of the best types of savings accounts to maximize your money's growth. Online banks often offer different types of high yield savings accounts to attract savers who want to earn a better interest rate than what is found at brick-and-mortar banks and credit unions.
- A brief introduction.
- The effective date.
- Jurisdiction/governing law.
- Contact information.
- Limitation of liability and disclaimer of warranties.
- Rules of conduct.
- User restrictions.
- Definition of basis or subject matter of the contract. ...
- The price. ...
- Payment terms - method and timing of payment acceptable to you. ...
- Definition of the services procedures. ...
- Provisions relating to carriage, delivery, risk and insurance.
A term is a word or expression used with a particular meaning. "Rap," "punk," "grunge," and "heavy metal" are terms that describe particular styles of music. "Sweetie" is a term of endearment, at least to most people.What should a Terms & Conditions document include? ›
A Terms and Conditions agreement is where you let the public know the terms, rules and guidelines for using your website or mobile app. They include topics such as acceptable use, restricted behavior and limitations of liability.What happens if you agree to terms and conditions? ›
When the user accepts the terms – i.e. checking a box or clicking a button to indicate acceptance – the Terms and Conditions become a legally binding contract. However, proper presentation and acceptance methods are key to enforceability.What happens if you don't agree to terms and conditions? ›
If you don't accept a website's, app's or software's terms and conditions, then you do not have the legal right to use that website, app or software.What does I agree to accept terms and conditions? ›
An “agree to terms and conditions” checkbox is a method of protecting your business by requiring that users acknowledge the rules they must abide by when using your services. It is often presented as a pop-up when a user first enters a website or begins using a service.What does conditions mean in credit? ›
Conditions. Conditions refer to the terms of the loan itself as well as any economic conditions that might affect the borrower. Business lenders review conditions such as the strength or weakness of the overall economy and the purpose of the loan.
What does account status mean on credit report? ›
Account Status: An indicator of whether a credit account is open or closed and your payment behavior at the time of the last update reported by the lender or creditor.Should I pay off closed accounts? ›
While closing an account may seem like a good idea, it could negatively affect your credit score. You can limit the damage of a closed account by paying off the balance. This can help even if you have to do so over time. Any account in good standing is better than one which isn't.What does condition a loan mean? ›
A conditional loan approval means that your mortgage underwriter is mostly satisfied with your mortgage application. And as long as you can meet their pending conditions (usually satisfiable by submitting extra documentation they've requested) they are going to be willing to approve your mortgage.What are the terms and conditions of a typical credit agreement? ›
Important lending terms included in the credit agreement include the annual interest rate, how the interest is applied to outstanding balances, any fees associated with the account, the duration of the loan, the payment terms, and any consequences for late payments.What are the terms and conditions of credit policy? ›
These terms set the time limit as per which payments are to be made. The terms also provide details about the consequences that would arise if the payment is not made within the said time, such as penalty. Further, in order to encourage early payments, conditions may also be prescribed for an early payment discount.Can I have closed accounts removed from my credit report? ›
Send a written request to remove the account from your credit report directly to the creditor that reported the information to the credit bureau, McClary says. Ask politely if the creditor will remove the account now that it is no longer active.How many years does an account stay on your credit report? ›
An account that was in good standing with a history of on-time payments when you closed it will stay on your credit report for up to 10 years. This generally helps your credit score. Accounts with adverse information may stay on your credit report for up to seven years.How Long Can accounts stay on your credit? ›
Generally speaking, negative information such as late or missed payments, accounts that have been sent to collection agencies, accounts not being paid as agreed, or bankruptcies stays on credit reports for approximately seven years.Do I owe money on a closed account? ›
Once your credit card is closed, you can no longer use that credit card, but you are still responsible for paying any balance you still owe to the creditor. In most situations, creditors will not reopen closed accounts.Will my credit score go up if I pay a closed account? ›
Paying a closed or charged off account will not typically result in immediate improvement to your credit scores, but can help improve your scores over time.
Can I reopen a closed account? ›
Can you reopen a closed account? Whether you can reopen a closed account depends on who closed the account (you or the bank), the reasons why the account was closed, and the bank's policies. Talk to your financial institution to find out what steps you would need to take in order to reopen your account.Should I be worried about conditional approval? ›
Being conditionally approved for a mortgage means the lender is interested in doing business with you. That's good news as all you'll typically need to do to get approved is to provide the lender with additional paperwork and answer any questions they have. So don't worry, being conditionally approved is a good sign.What's conditional approval mean? ›
So, what does conditional approval mean? It means the lender will issue you the loan if (and only if) if you meet the conditions they specify. Those might include: Getting a signed gift letter if someone is giving you money to help with the home purchase.What are conditions for loan approval? ›
As a borrower, here are some common approval conditions to watch for: Income and bank statements verifying your monthly income. Additional paperwork to meet specific loan requirements. Verification of homeowners insurance.