This page contains the rules which govern your
account(s) with the credit union. Please read this page carefully as it
corresponds to the Terms and Conditions brochure you received when you opened
your account with us. If you sign(ed) your signature card or continue to
have an account with us, you agree to these rules, our bylaws, and any
bylaw 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.
Your account agreement is subject to
applicable Federal laws and the laws of the state of Texas, except to
the extent that this agreement can and does vary from 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 your account brochure and this
page is to:
-
summarize the existing rules applicable to
the more common transactions;
-
establish rules to govern transactions or
events which the law does not regulate; and
-
establish rules for certain events or
transactions which the law already regulates but permits variation
by agreement.
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 on this page and in the Terms and
Conditions brochure, the words "we," "our," and
"us" mean the credit union and the words "you" and
"your" mean the owner(s) of the account and anyone signing in
a representative capacity, (e.g. an "authorized signer" or
grantee of a power of attorney) appointed by or on behalf of the
owner(s) to sign on the account. "Party" means a person who,
by the terms of the account, has a present right, subject to request, to
payment from the account other than as a beneficiary, authorized signer,
or other person signing only in a representative capacity.
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 cost to
collect the deficit including, to the extent permitted by law, our
reasonable attorney's 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 U.S. 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" (4:30 PM
CST as of this publication) 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 this 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 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. 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. If you make a
deposit in the same business day, after we have dishonored a check, the
dishonored check will remain dishonored and a NSF fee may be charged.
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 stated 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 bylaws. A fee may be charged for excessive
(more than 4 monthly) withdrawals from a shares account. 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 you
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.
Single-Party Account
- is owned by one person. At death of the party, ownership
passes as part of the party's estate.
Multiple-Party Account Without Right of Survivorship (as Tenants in Common)
- At death of the
party, the deceased party's ownership passes as part of deceased party's
estate. None of you intend, merely by opening this account, to create
any right of survivorship in any other party. We encourage you to agree
and tell us, in writing, the percentage of the deposit contributed by each
of you. This information will not, however, affect the number of
signatures necessary for withdrawal.
Multiple-Party Account With Right of Survivorship (Joint, and Not as Tenants in Common)
- At death of the party, ownership passes to the surviving parties. If two or
more of you survive the deceased party, you will own the balance in the
account as joint tenants with the right of survivorship and not as
tenants in common.
Multiple-Party Account Without Right of Survivorship (Community Property Funds)
- Such an account is issued
in the name of a husband and wife who intend and agree that any separate
property in the account be transmuted (changed) into community property
and that all the property in the account, including earnings, be held as
community property without right of survivorship.
Multiple-Party Account with Right of Survivorship (Community Property Funds)
- Such an account is issued in the name of a husband and wife who intend and
agree to fund the account with community property and hold the property
with the right of survivorship. At death of either spouse, ownership
will vest in and belong to the surviving spouse.
Pay-On-Death or Revocable Trust Designation
- If the account is owned by one person,
at death of the party, ownership passes to P.O.D., or trust
beneficiaries and is not part of the party's estate. 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 the
account in equal shares, without right of survivorship. The person(s)
creating either of these account types 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 such authorization according to its terms until it is
amended or terminated, in writing, by the governing body of the
organization.
Convenience Accounts
- This is a multiple-party
account established in the names of the party and an authorized signer.
The designation of an authorized signer is for your convenience. Merely
by designating an authorized signer you do not intend to give any ownership
rights in the account.
DELETE A JOINT-OWNER
- A member may, by written notice, to the credit
union change a designation (i.e. joint owner), change the form of the
account, or stop or vary payment under the terms of the account.
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, pay-on-death beneficiary, 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, must
be received in time to give us a reasonable opportunity to act on it,
and 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 item, if such other person has 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 to third
parties, to a maximum of six (6) per month, less the number of certain
pre-authorized transfers during the month. Other account transfer restrictions
are described elsewhere in the account brochure.
AMENDMENTS AND TERMINATION
- We may change our bylaws 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 the
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
- If you do not notify us of an unauthorized signature or alteration,
within a reasonable time (not to exceed 14 days) after we send or make available
to you your statement and items: (1) you cannot assert the unauthorized
signature or alteration against us, even if we are unable to show a loss
due to your failure, and (2) you cannot assert any unauthorized
signatures or alterations by the same wrongdoer on items paid by us
after the reasonable time mentioned above elapses, but before we receive
your notice. We lose these protections if we fail to exercise ordinary
care in paying an item with an unauthorized signature or alteration, unless
you do not notify us of the problem within 60 days of when we send or
make available to you the statement and items. You must report any other
problem (e.g., erroneous statement or passbook entry, missing signature,
unauthorized endorsement, etc.) within this 60-day period or lose your
right to assert the problem against us.
ACCOUNT TRANSFER
- This account may not be transferred or assigned
without our prior 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 fail 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 writing
signed by an officer of the credit union. Examples of restrictive
legends are: "must be presented within 90 days" and "not
valid for more than $1,000.00."
SIGNATURES & FACSIMILE SIGNATURES
- You authorize us to recognize
any of the signatures set forth on the application in the payment of
funds or the transaction of any business for your accounts. You
authorize us to pay a check presented for payment even though the
signature or signatures thereon do not correspond exactly with the
signatures on the application. We are not obligated to honor a check
unless the signature or signatures do correspond exactly with the
signatures on the applications. We may recognize facsimile
signatures, signatures imprinted by mechanical devices or any
authentication, including orders to pay that are received electronically
or telephonically. We may accept and pay drafts which are submitted
by third parties to whom you have given or otherwise disclosed your
account number. You agree that we may act upon and rely upon
documentation, correspondence, or other instructions, with respect to your
accounts, which we receive by way of electronic or facsimile transmission,
including account agreements, requests to modify accounts, loan
agreements, and any other order with respect to your accounts, and you
agree to such verification procedures as we may implement from time to
time. You agree that we may maintain copies of account records,
including copies maintained electronically, in lieu of any original and
that any such copy will be considered an original record for any purpose,
including admissibility in evidence as an original record before any
court or administrative agency.
CREDIT REPORTS
- You agree, and authorize us, to check your credit
and employment history and to request and use credit reports when
considering any application to open an account or any application for
related financial services and in connection with review or collection
of your account.
WIRE TRANSFERS
- You agree to provide original signatures as
opposed to facsimile signature or signature imprinted by mechanical
devices for any wire transfer of $2,501.00 or more.
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 at the due date,
for which we properly 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 debtor's right of withdrawal arises only in a representative
capacity, or (c) it is a loan obtained under the Texas Constitution
Equity Loan Article XVI, Section 50(a)(b), or subsequent applicable
laws. 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 your 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 ensure that the acts of the agent are for your benefit. This may be
done by allowing your agent to sign on the signature card as an
authorized signer of a convenience account or by separate form (such as
a power of attorney). An agent is not an owner of the account. We may
refuse to accept an agent, or an agency account. We may refuse to accept
any power of attorney with or without cause.
