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Important Account Information

 

Important Account Information for Our Members

Terms & Conditions | Membership & Account Agreement | USA Patriot Act NoticeElectronic TransfersFunds Availability | Truth in Savings

  

ADVANTAGE ONE CREDIT UNION MEMBERSHIP AND ACCOUNT AGREEMENT

This is the Agreement (“Agreement”) between you (the Member) and ADVANTAGE ONE CREDIT UNION (“Credit Union”), a Credit Union whose principal place of business is located at 23670 Telegraph Road, Brownstown, Michigan 48134, regarding your accounts with the Credit Union. By establishing an account with the Credit Union, you agree that this Agreement is a binding contract between you and the Credit Union.
 
This Agreement is designed to both serve consumers and to allow certain businesses and other entities, as more fully described below, to join the Credit Union and to obtain various financial products and services offered by the Credit Union. For purposes of this Agreement, a sole proprietorship is regarded as a “business” even though it is one and the same as its owner as opposed to being a distinct entity.
 
You should retain a copy of the Agreement and feel free to call the Credit Union if you have any questions. By signing the appropriate Account Card, you agree to be bound by, and acknowledge receipt of, this Agreement, along with certain disclosures required under the Truth-In-Savings Act and various other laws, as well as disclosures required under the regulations related to those laws. The words “you” and “your” mean you as a Member and any joint members or joint owners on the accounts covered by this Agreement. The words “we,” “our,” “us,” and “Credit Union” mean Advantage One Credit Union.
 
NOTICE OF ARBITRATION PROVISION
This Agreement contains an Arbitration Provision which provides that you or the Credit Union may elect
to have all disputes resolved by BINDING ARBITRATION INSTEAD OF IN COURT.
You should read the Arbitration Provision below carefully. It provides, among other terms:
You GIVE UP YOUR RIGHT TO GO TO COURT to assert or defend your rights under this Agreement
(EXCEPT for matters that may be taken to SMALL CLAIMS COURT).
Your rights will be determined by a NEUTRAL ARBITRATOR and NOT a judge or jury.
You are entitled to a FAIR HEARING, BUT the arbitration procedures are
SIMPLER AND MORE LIMITED THAN RULES APPLICABLE IN COURT.
Arbitrator decisions are as enforceable as any court order and are subject to
VERY LIMITED REVIEW BY A COURT.
YOU MAY NOT PARTICIPATE AS A CLASS REPRESENTATIVE
OR MEMBER IN ARBITRATION OR IN ANY OTHER CONSOLIDATED PROCEEDING.
 

U.S.A. PATRIOT ACT NOTICE

Important Information about Procedures for Opening a New Account
Consumer Accounts: To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
 
What this means for you: When you open a new account, we will ask for your name, address, date of birth, social security number, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.
 
Business and Other Entity Accounts: To help the government fight the financing of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
 
What this means for you: When you open an account for a business, we will ask for the name of the business and other information that will allow us to identify its existence. We may also ask for personal information about you, the owners of the business, or any person designated as a signatory upon the account by resolution. The information we request for individuals may include name, address, date of birth, social security number, and other information that will allow us to identify those persons. We may also ask to see a driver’s license or other identifying documents.
 

MEMBERSHIP

Membership in Advantage One Credit Union is open to any person qualifying under the credit union’s bylaws.
 
Becoming a Member If you are a natural person, to become a member of the Credit Union, you must complete the appropriate Account Card and open a Primary Savings Account. The basic share deposit that you must always keep in your Primary Savings Account to retain membership is $5.00, the par value of one share.
 
If you are a business or other entity, the following additional requirements apply:
 
General If your business is a sole proprietorship, you may open an account for it and maintain the account as long as you are a member of the Credit Union. A business or other entity that is not a natural person is eligible for membership in the Credit Union if on its own it qualifies for membership or if its shareholders, partners, owners, or members are composed primarily of persons who are within the field of membership of this Credit Union.
 
Documentation No organization, incorporated or otherwise, shall be eligible for membership in the Credit Union without substantiating its legal existence, to the reasonable satisfaction of the Credit Union. We reserve the right to require that you provide, and you agree to provide, any such documentation or Resolutions at any time. The Credit Union reserves the right to refuse membership to an organization when such organization is not properly registered with the State of Michigan. All accounts will be governed by Michigan law.
 
While the individuals who comprise an organization, incorporated or otherwise, shall not be joint owners on an account created for the organization, each of the individuals signing the Business Account Card as a Guarantor personally guarantees any obligation created by the organization owing to the Credit Union.
 
In addition to a Business Savings Account, the Credit Union will make various types of financial products and services available to businesses and other organizations. These products and services are subject to change at any time, and you may not be eligible for all products and services offered by the Credit Union.
 
You understand and agree that the Credit Union may distribute funds pursuant to the terms of the most recently dated Resolutions or other authorizing document on file at the Credit Union, and the organization and all persons who make any representation to the Credit Union concerning the Resolutions or other such document forever indemnify and hold the credit union harmless for distributions made in good faith pursuant to those Resolutions or other document. You further agree that it is your responsibility to notify the Credit Union when the terms of those Resolutions or other document have been revoked, rescinded, revised, or in any way modified.
 
Becoming a Member For an organization to become a member of the Credit Union, you (the organization) must complete a Business Account Card which is incorporated into this Agreement by reference and open a Business Savings Account. The basic share deposit that you must always keep in your Business Share Account is $5.00.
 
Use of Account You agree that if the Account Card used to enter into this Agreement was any form other than our “Business Account Card,” any accounts opened under this Agreement shall be for consumer, family, and household use only. If the Account Card used to enter into this Agreement was our “Business Account Card” you agree that any account established pursuant to this Agreement must be used solely for business purposes, and you agree that this account will not be used for personal, family, or household purposes. If we determine that any account established under this Agreement has been used in a manner inconsistent with this provision of the Agreement, we may restrict activities on any such accounts or close them. You agree to hold the Credit Union harmless from all damages, including incidental and consequential damages suffered by you as a result of your breach of this provision of the Agreement.

SHARE ACCOUNTS

Deposits After you have established your Primary Savings Account, you may make additional deposits into that account, or establish additional share accounts and other types of accounts as described below, at any time and in any amount. We may establish minimum amounts for deposits in your share accounts or other accounts. Your Primary Savings Account and your other share accounts will be referred to singularly in this Agreement as “Share Account” and collectively as “Share Accounts,” as applicable. Additional Share Accounts can be established and may require completion of an Account Card.
 
Deposits can be made in person, by mail, or electronically. At the present time, you can arrange to have one or more of the following deposits made directly by the payer to your Share Accounts: (1) payroll deduction deposits, (2) Social Security deposits, (3) pension plan deposits, (4) stock dividends or (5) other miscellaneous deposits. If you have an automatic teller machine (ATM) card or Debit card, you can also make a deposit through automated teller machines equipped to accept deposits. If you have applied for and been given access to our Telephone Banking service or our Online Banking service, you can also transfer funds from one account to another.
 
Withdrawing Money from Your Share Accounts As long as you have money available in your account, subject to any applicable state or federal laws and regulations and the Credit Union’s Bylaws, money can be withdrawn from your account by any method approved by the Credit Union.
 
Additional Provisions Affecting Share Accounts Additional provisions of this Agreement applicable to Share Accounts are set forth in the Credit Union’s Truth-in-Savings Disclosure and in the Credit Union’s Rate Schedule and Fee Schedule.
 

CHECKING ACCOUNTS

Deposits
A checking account is established by you designating the appropriate option on the appropriate Account Card or, if it is established after your Primary Savings Account is opened, by completing an Account Card. After you have established your checking account, you may make additional deposits into that account at any time and in any amount subject to the terms of this Agreement and any other additional disclosures we provide you. You must maintain $5.00 on deposit in your Primary Savings Account to retain a checking account. For purposes of this Agreement, these accounts will be referred to herein as “Checking Accounts” and checks drawn on the account will be referred to simply as “checks.” The Credit Union may establish various categories of Checking Accounts; details of each type are shown in the Credit Union’s Truth-in-Savings Disclosure.
 
Deposits can be made in person, by mail, or electronically. At the present time, you can arrange to have one or more of the following deposits made directly by the payer to your Share Accounts: (1) payroll deduction deposits, (2) Social Security deposits, (3) pension plan deposits, (4) stock dividends or (5) other miscellaneous deposits. If you have an automatic teller machine (ATM) card or Debit card, you can also make a deposit through automated teller machines equipped to accept deposits. If you have applied for and been given access to our Telephone Banking service or our Online Banking service, you can also transfer funds from one account to another.
 
Withdrawing Money from Your Checking Account
As long as you have money available in your Checking Account, and subject to any applicable state or federal laws and regulations, the transaction limitations in this Agreement, including the Truth in Savings Disclosure, and the Credit Union’s Bylaws, money can be withdrawn from this account by any method approved by the Credit Union. If checks are not ordered through the Credit Union, the Credit Union may assess a fee whenever problems in clearing such checks in an automated fashion arise. When you order checks through the Credit Union, the Credit Union will charge your account for the cost of those checks, which will vary depending on the style ordered. You may select checks from the current styles available. 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.
 
General Checking Terms
In addition to the other terms set forth in this Agreement it is agreed that:
  • All non-cash payments received in this account will be credited subject to final payment.
  • For a business checking account, the front side of all checks drawn on the account shall, at a minimum, contain the legal or “doing business as” name of the business or other entity.
  • The Credit Union is under no obligation to pay a check that exceeds the available balance in the account; however, Credit Union may pay such a check in accordance with the overdraft provisions below.
  • The Credit Union is under no obligation to pay a check that is over six (6) months old, but may, at its option, pay such a check without notice to you.
  • Except for negligence, the Credit Union is not liable for any action it takes regarding the payment or non-payment of a check.
  • Any electronic debit initiated by a third party against this account is deemed authorized for business or other entity accounts by any signatory if the signatory voluntarily gives the third party information about the account and the Credit Union’s routing number other than through physical delivery of a fully completed check.
  • Any electronic debit initiated by a third party against this account is deemed authorized for consumer accounts by an owner if the owner voluntarily gives the third party information about the account and the Credit Union’s routing number other than through physical delivery of a fully completed check.
  • You may use information from your check to initiate a one-time electronic fund transfer from your account. If you pay for something with a check you may authorize your check to be converted to an electronic fund transfer. You may also authorize merchants to electronically debit your account for returned check fees. You are considered to have authorized these electronic debits if you complete the transaction after being told (orally or by a notice posted or sent to you) that the transfer may be processed electronically or if you sign a written authorization.
  • The Credit Union pays items in the order they are presented. The Credit Union does not reorder items.
  • All checks drawn on your Checking Account may be returned by us unpaid for any reason that checks are normally returned, such as, for example, insufficient funds, uncollected funds, or litigation.
  • The use of the Checking Account is subject to other terms, conditions and requirements as the Credit Union may establish from time to time.
Direct Presentment of Check by Non-Member
If anyone presents a check drawn on your account for payment, we have the right to require such a presenter to identify him/herself to the credit union’s reasonable satisfaction. If the person presenting the check is an agent for the payee rather than the actual payee, we also may require proof of the agency authority. We also reserve the right to take the time allowed by law before we inform the presenter of whether the item will be paid. If the payee of the check is someone other than (i) an account holder with the credit union, (ii) a financial institution or financial institution clearing house, or (iii) a governmental unit or entity, we also reserve the right to charge the presenter a direct presentment fee. The presenter will be informed of the fee prior to the credit union accepting the item. If the presenter refuses to pay the fee, you agree that you will not bring a wrongful dishonor claim against the credit union based on the presenter’s choice to pursue dishonor remedies rather than paying the fee.
 
Funds Availability
Funds from deposits you make into your Checking Account may not always be immediately available for withdrawal. Information about our funds availability policy is provided to you in the “Funds Availability” disclosure included further below in this Agreement.
 
Your Liability For Overdrafts
PLEASE REVIEW THIS INFORMATION CAREFULLY. IF YOU DO NOT UNDERSTAND ANY PROVISION IN THIS “YOUR LIABILITY FOR OVERDRAFTS” SECTION, OR IF YOU HAVE ANY QUESTIONS, PLEASE CONTACT US AT 734-676-7000, OR VISIT YOUR LOCAL BRANCH.
 
  1. General
    1. What Does it Mean to Overdraw Your Account? “Overdrawing” your account means that there are not sufficient available funds (as described in Section B below) in your account to pay for a transaction, resulting in a negative or “overdrawn” balance. Some transactions that can result in an overdraft in your account include, but are not limited to:
      • the payment of checks, electronic fund transfers, telephone-initiated transactions, preauthorized payments under our Bill Payment Service, debit card transactions, or other withdrawal requests authorized by you;
      • the return (unpaid) of items deposited by you;
      • the assessment of service charges by us; or
      • the deposit of items that are treated as not yet “available” according to our Funds Availability Policy.

    2. What Happens if the Credit Union Refuses to Pay the Item? If you overdraw your account, we may return the item unpaid, commonly known as a return for “non-sufficient funds” or “NSF”. It is important to understand that the Credit Union has no control over how many times an intended payee will resubmit an item to us for payment. When we return an item unpaid, we will assess you an NSF Fee each time the item is presented to us for payment. There is no limit on the number of NSF Fees we may assess against your account. NSF items are described in more detail in Section D.

    3. What Happens if the Credit Union Pays the Item? If you overdraw your account and we pay the item, we may do so in one of two ways: 
      • through standard overdraft practices that come with your account, which we call “No Bounce”; or
      • through an overdraft protection plan, which we call “Overdraft Transfer Service” 
      • The Credit Union also offers an overdraft line of credit loan for qualifying members. This Section describes only our No Bounce and Overdraft Transfer Services. If you have questions regarding applying for an overdraft line of credit loan, please contact the Credit Union for additional information.

    4. Your Obligation to Keep Records of Your Transactions While we provide No Bounce and the Overdraft Transfer Service for your convenience and as a way to help you avoid overdrafts, NSF transactions, and associated fees, you are responsible for keeping track of the funds in your account that are available for you to use before you write a check, preauthorize a payment under our Bill Payment service, authorize an ACH transaction, make a cash withdrawal at an ATM, or use your debit card for a transaction. Among other things, you should keep a running balance that reflects all of your transactions. It is imperative that you keep track of the transactions you may have authorized (such as outstanding checks or automatic bill payments), as your available balance (discussed in more detail below) may not reflect these transactions until they are paid from your account.

  2. Your Available Balance
    1. Ledger Balance Versus Available Balance Your checking account has two kinds of balances: the “Ledger Balance” and the “Available Balance”. Both can be checked when you review your account online, at a Credit Union-owned ATM, by phone, or at a branch. It is important to understand how these two balances work so that you know how much money is available to you in your account at any given time. This section explains Ledger and Available Balances and how they work.

    2. Your “Ledger Balance” Your “Ledger” balance is the amount of money that is actually in your account at any given time, but not all funds included in the Ledger Balance are considered “available” for transactions on your account. The Ledger Balance is also sometimes referred to as your “actual balance”. Your Ledger Balance reflects transactions that have posted to your account, but it does not reflect transactions that have been authorized and are pending or deposits that may be on hold. While the term “actual” may sound as though the number you see is an up-to-date indication of what is in your account that you can spend, that is not always the case because any purchases, holds, fees, other charges, or deposits made on your account that have not yet posted will not appear in your Ledger Balance. For example:
      • assume you have a $50 Ledger Balance, but you just wrote a check for $40, then your Ledger Balance is $50 but it does not reflect the pending check transaction. Though your Ledger Balance of $50, you have already spent $40.

    3. Your “Available Balance” Your Available Balance is the amount of money in your account that is available to you to use without incurring a fee. The Available Balance takes into account factors such as holds placed on deposits and pending transactions, like pending debit card purchases, that the Credit Union has authorized, but that have not yet posted or settled to your account. For example:
      • assume you have a Ledger Balance of $50. If you were to use your debit card at a restaurant to buy lunch for $20, then that merchant could ask us to pre-authorize the payment in that amount (or even a different amount). If the merchant requests preauthorization in the amount of $20, we will place a “hold” on your account for $20 (referred to as an “authorization hold”). Your Ledger Balance will still be $50 because this transaction has not yet posted, but your Available Balance will be $30 because of the restaurant’s $20 preauthorization request. When the merchant submits its bill for payment (which could be days later and for a different amount than the amount of the authorization hold), we will release the authorization hold, post the transaction to your account, and your Ledger Balance will be reduced by the amount of the posted transaction.

    4. Your Available Balance and Non-Debit Card Transactions For electronic funds transfers (ACH), checks, bill payments, and any other non-debit card transactions, we use your Available Balance at the time a transaction posts to determine whether your account is overdrawn and whether a fee will be assessed. For information on how your Available Balance works with respect to debit card transactions, please see Section C.

  3. Authorization Holds For Debit Card Transactions
    1. What is an Authorization Hold? When you use your debit card to pay for goods or services, the merchant may seek preauthorization from us for the transaction. When we preauthorize the transaction, we commit to make the requested funds available when the transaction finally posts and as such, we generally place a temporary hold against some or all of the funds in the account linked to your debit card, based on the amount of the preauthorization request from the merchant. We refer to this temporary hold as an “authorization hold,” and the amount of the authorization hold will be subtracted from your Available Balance as authorization requests are received by us throughout each day.

    2. How Does an Authorization Hold Affect Your Available Balance? Until the transaction finally settles or we otherwise remove the hold (for example, we may remove the hold because it exceeds the time permitted or we determine that it is unlikely to be processed), the funds subject to the hold will not be available to you for other purposes. At some point after you sign for the transaction, it is processed by the merchant and submitted to us for payment. This can happen hours or sometimes days after you signed for it, depending on the merchant and its processing company. We have no control over when a merchant may present an item for payment. Merchant payment requests are received in real time throughout the day and are posted to your account as they are received.

    3. The Amount of an Authorization Hold May Differ From the Amount of the Actual Transaction. The amount of an authorization hold may differ from the actual transaction amount because the actual transaction amount may not yet be known to the merchant when the authorization request is submitted. For example, this can happen in connection with transactions where your debit card is authorized before your actual transaction amount is known, such as at a restaurant (where you may choose to add a tip to the transaction amount) or a gas station. For these types of transactions, there may be no authorization hold, or the amount of the authorization hold may be different from the transaction amount. In some other cases we may not receive an authorization request from the merchant, and there will be no authorization hold reflected in your Available Balance. We cannot control how much a merchant asks us to authorize, or when a merchant submits a transaction for payment.

    4. Length of an Authorization Hold We are permitted to place an authorization hold on your account for up to three (3) business days (or for up to thirty (30) business days for certain types of debit card transactions) from the time of the authorization or until the transaction is paid from your account. However, if the transaction is not submitted for payment, we will release the authorization hold, which will increase your Available Balance until the transaction is submitted for payment by the merchant and finally posted to your account. If this happens, we must honor the prior authorization and will pay the transaction from your account.

      In certain instances, when the amount of the authorization hold is either more or less than the amount of the actual transaction, we may maintain the authorization hold even after the purchase amount is actually paid from your account, which will decrease your Available Balance. However, in these instances, we will not maintain an authorization hold for longer than three (3) business days (or for up thirty (30) business days for certain transactions).

    5. Your Available Balance and Debit Card Transactions Everyday debit card transactions are processed against your account at two different times: first, when the transaction is authorized, and again when the transaction actually settles to your account, usually days later. This delay between the time a particular transaction is authorized and when it actually settles to your account is solely within the control of the merchant and its processor. The Credit Union has no control with respect to the time period that elapses between the time a merchant seeks authorization and finally submits the transaction for settlement.

      For debit card transactions, we use your Available Balance at the time a transaction is authorized and again when the transaction settles to your account to determine if each specific transaction will overdraw your account and whether a fee will be assessed. It is important to remember that your Available Balance may not reflect all of your transactions.

      When the Credit Union authorizes an everyday debit transaction, the amount of the transaction is subject to a preauthorization hold. This means that the amount of the transaction is subtracted from your Ledger Balance. It is important to understand that even if you have sufficient available funds in your account at the time the transaction is authorized, it is possible that the settlement of the transaction may result in an overdraft to your account, and the incurring of a fee. The two most common scenarios are as follows:

      • Example 1: Purchase transactions where the final amount is initially unknown. The most common examples of a purchase transaction where the final amount is initially unknown are gas station purchases, restaurant charges, hotel and car reservations. In such cases the transaction will be communicated to the Credit Union for authorization in one amount, but when the transaction actually settles your Account it does so for a greater amount. For example, if you use your debit card to pay at the pump for a gasoline purchase, you typically must utilize your debit card before operating the pump. The Credit Union may receive an authorization request in the amount of $15.00. At the time of the authorization request, the Available Balance in your account is $30.00, so the Credit Union approves the authorization request, and the Available Balance in your account is reduced to $15.00. You proceed with the transaction, and purchase gasoline totaling $40.00. When that transaction actually settles to your Account in the amount of $40.00 as opposed to the $15.00 that was authorized, the Available Balance in your Account is not sufficient to cover the settlement of the preauthorized transaction. Accordingly, the Credit Union’s payment of the preauthorized transaction results in an overdraft, and you will incur a No Bounce Fee (assuming you have opted into the Credit Union’s payment of overdrafts for everyday debit transactions).

      • Example 2: Purchase transactions where intervening items paid between authorization and settlement result in the overdrafting of your Account. Assume the same gas station scenario as described in Example 1, except that you purchase gasoline totaling just $15.00, so the authorized amount of the transaction is the same as the settlement amount of the transaction. However, between the day the transaction was authorized and the day the transaction settles to your account, a check you wrote in the amount of $35.00 is presented for payment. The Available Balance in your account at the time of presentment is $15.00, but the Credit Union pays the item in accordance our No Bounce service, resulting in an overdraft. When the $15.00 gas station transaction actually settles to your account, the Available Balance in your account is not sufficient to cover the settlement of the preauthorized transaction, even though the settlement amount of the transaction is the same as the preauthorized amount of the transaction. Accordingly, the Credit Union’s payment of the preauthorized transaction results in an additional overdraft, and you will incur a No Bounce Fee (assuming you have opted into the Credit Union’s payment of overdrafts for everyday debit transactions).

      • For debit card transactions involving merchant authorization holds, we look at the Available Balance at the time a transaction is authorized and again at settlement to determine whether the transaction will result in an overdraft and a fee.
        • If your Available Balance is sufficient to cover a merchant’s authorization request, the authorization request will be approved, and an authorization hold will be placed on your account in the amount of the merchant’s authorization request. However, if your Available Balance is insufficient to pay the preauthorization amount requested by a merchant, the outcome of the transaction depends on whether you have opted in to No Bounce for the payment of ATM and everyday debit transactions.

        • If your Available Balance is insufficient to pay the preauthorization amount requested by a merchant, and you have not opted-in to No Bounce for the payment of everyday debit transactions, your transaction will be declined.

        • If your Available Balance is insufficient to pay the preauthorization amount requested by a merchant, and you have opted-in to No Bounce for the payment of everyday debit transactions, we may choose to approve the authorization request. We will impose a No Bounce Fee on that transaction when it settles to your account only if your Available Balance at settlement is insufficient to cover the settlement of the transaction. If your Available Balance at settlement is sufficient to cover the settlement of the transaction, we will not impose a No Bounce Fee, even though your Available Balance was insufficient at the time the transaction was authorized.

      • It is important to remember that No Bounce is purely discretionary The Credit Union is under no obligation to pay an overdraft even if you have opted-in to the payment of overdrafts on your ATM and everyday debit transactions. If your Available Balance is insufficient to pay the preauthorization amount requested by a merchant, even if you have opted in to No Bounce for the payment of everyday debit transactions, we may still deny the authorization, in which case your transaction will be declined.

      • Note that transactions authorized with a merchant as recurring debit card transactions may be covered by No Bounce regardless of whether you have opted into No Bounce for the payment of everyday debit card transactions.

  4. Payment of Overdrafts 
    1. The Credit Union Has No Obligation to Pay Your Overdrafts We are not obligated to pay any item presented for payment if your account does not contain sufficient available funds. If we pay a transaction that overdraws your account, we are not obligated to continue paying such transactions in the future. We may pay all, some, or none of your overdrafts, without notice to you. You are liable to us to repay any overdrafts on your account whether you created them or not. If you do not pay us, and we take collection action against you, you agree to pay for any costs of collection. We may close, without notice, any account with excessive overdraft activity, and report the account to a consumer reporting agency.

    2. Fees Associated with Overdrawing Your Account – No Bounce Fees We assess a fee each time an item is presented for payment that we either pay, resulting in an overdraft, or which we decline pay because payment of the item would result in an overdraft had we paid it. If we pay an item in accordance with No Bounce, we will charge you a No Bounce Fee. There is no limit on the total fees we can charge you for overdrafting your account.

    3. Fees Associated with Overdrawing Your Account – Overdraft Transfer Service There are fees associated with using our Overdraft Transfer Service. These fees may be less expensive than No Bounce Fees or NSF Fees. If we pay an item in accordance with our Overdraft Transfer Service, we will charge you an Overdraft Transfer Fee. There is no limit to the total fees we can charge you for overdrafting your account.

    4. Fees Associated with Overdrawing Your Account – NSF Fees If we do not pay an item, we will return the item and charge you an NSF Fee each time an item is presented for payment and we return it unpaid due to an insufficient Available Balance. We have no control over the number of times an intended payee may resubmit the same item to us for payment. There is no limit on the total fees we can charge you for overdrafting your account.

    5. Fee Schedule. Please refer to the Fee Schedule for a current listing of all fees associated with overdrawing your account.

    6. YOU ACKNOWLEDGE THAT YOU MAY STILL OVERDRAW YOUR ACCOUNT EVEN THOUGH THE AVAILABLE BALANCE APPEARS TO SHOW THERE ARE SUFFICIENT AVAILABLE FUNDS TO COVER A TRANSACTION THAT YOU WANT TO MAKE. This is because your Available Balance may not reflect all of the outstanding checks, automatic bill payments that you have authorized, or other outstanding transactions that have not yet been paid from your account. For example, you may have written a check that is still outstanding because it has not been submitted for payment by the payee. That check will not be reflected in your Available Balance until it is presented to us and paid from your account.

      In addition, your Available Balance may not reflect all of your debit card transactions. We have no control over when a merchant submits an item for payment. For example, if a merchant obtains our prior authorization but does not submit an everyday debit card transaction for payment within three (3) business days of authorization (or for up to thirty (30) business days for certain types of debit card transactions including, but not limited to, car rental transactions and international transactions), we are required to release the authorization hold on the transaction. Your Available Balance will not reflect this transaction once the hold has been released. Please refer to the section entitled “Authorization Holds for Debit Card Transactions” below for information about how authorization holds affect your Available Balance.

      Finally, your Available Balance may not reflect the most recent deposits to your account. Please refer to the Funds Availability Disclosure for information regarding the availability of your deposits for withdrawal.

  5. How Transactions are Posted to Your Account
    There are basically two types of transactions in your account: credits or deposits of money into your account, and debits or payments out of your account. It is important to understand how each is applied to your account so that you know how much money is available to you at any given time. This section explains generally how and when we post transactions to your account.

    When processing items drawn on your account, our policy is to pay them as we receive them. We commonly receive items to be processed against your account(s) multiple times per day in what are referred to as presentment files. Each presentment file received commonly contains a large amount of a specific type of item (checks, ACH transactions, or ATM/POS transactions). It is common for each of these presentment files to contain multiple items to be processed against your particular account. When multiple items are received at the same time, the items will be paid as follows:

    • Checks are paid in the order received; if we receive multiple checks at the same time, they are paid based upon the dollar amount in ascending order (lowest to highest);

    • ACH items in each presentment file post credits first in the order presented, then debits in the order presented (we typically receive up to four ACH presentment files per day)

    • ATM/POS items are paid in the order they are presented.

    • Transactions performed in person, such as withdrawals or checks cashed at one of our locations or a shared branch, are generally paid at the time they are performed.

    • The order in which items are paid is important if your account does not contain sufficient available funds to pay all of the items that are presented. If an item is presented for payment and your Available Balance is insufficient to pay it, we may, at our discretion, automatically transfer available funds from your designated account pursuant to the Overdraft Transfer Service, pay the item pursuant to No Bounce, or return the item (NSF).

    • Please understand that the above information is only a general description of how certain types of transactions are posted. These practices may change, and the Credit Union specifically reserves the right to pay items in any order, as permitted by law.

  6. Optional Overdraft Protection Plan – Overdraft Transfer Service
    1. Overdraft Transfer Service We offer an optional overdraft protection plan that we refer to as our “Overdraft Transfer Service” where funds from a linked savings account are used for overdraft protection. We will look first to this service for overdraft protection before applying our discretionary No Bounce Overdraft Service when your account is overdrawn. The Overdraft Transfer Service may save you money on the total fees you pay us for overdraft protection.

      With this service, you authorize us to make transfers of available funds automatically from your regular savings account, plus the overdraft transfer fees, to cover overdrafts in your checking account. Each transfer counts as one of the six (6) limited transactions you are allowed each month from your regular savings. The Overdraft Transfer Service is an optional feature that can be added to your eligible checking accounts upon your request. To request or terminate the Overdraft Transfer Service: (1) call us at 734-676-7000; (2) visit any branch and speak with a representative; or (3) mail a request to Advantage One Credit Union, 23670 Telegraph Road, Brownstown, MI 48134.

      Overdrafts paid pursuant to the Overdraft Transfer Service are subject to a per-item Overdraft Transfer Fee as set forth in the Fee Schedule.

      If you decline or terminate the Overdraft Transfer Service and are not eligible for No Bounce, and there are insufficient available funds in your checking account to pay an item, your item will not be paid unless it was a previously authorized everyday debit card transaction. The items will be returned, and an NSF fee will be charged, each time an item is presented for payment and returned unpaid due to an insufficient Available Balance. It is important to remember that we have no control over how many times an intended payee may present the same item for payment. Multiple presentments of the same item will result in multiple fees. Transfers will appear on your periodic statements for each applicable account.

    2. Limits on Overdraft Transfer Service We will not transfer more than the available account balance in designated linked account if the amount of the overdraft and related fee(s) exceed the available amount in the linked account. In the event the Available Balance in a designated linked account is insufficient to pay the full amount of the transaction you have initiated plus the Overdraft Transfer Fee, then no funds will be transferred. Any transactions that are not paid will either be paid through our No Bounce Service or returned, and No Bounce Fees, and/or NSF Fees, as applicable, will be assessed.

      The following example illustrates how this works if you have elected both Overdraft Transfer Service and No Bounce Overdraft Service:

      • Assume your Ledger and Available Balance in your checking account are both $50, and your Available Balance in your savings account is $10. You write a check for $80. When the check is presented for payment, because you don’t have $80 available in your checking account or regular savings account, the item cannot be fully paid using the Overdraft Transfer Service from the regular savings account, so no funds will be transferred from your linked savings account. However, if you have also elected No Bounce, we may elect to pay the item using No Bounce. In such case, you will be assessed a No Bounce Fee.

      • However, because No Bounce is a discretionary service, we may instead elect to decline to pay the transaction. If we decline to pay the transaction, we will not transfer any funds from your linked savings account, we will decline the transaction, and we will assess you an NSF Fee each time the item is presented for payment. It is important to remember that we have no control over how many times an intended payee may present the same item for payment. Multiple presentments of the same item will result in multiple fees.

    3. We May Return Items Unpaid. We are not obligated to pay any item presented for payment if your account does not contain sufficient available funds. If we do not authorize and pay an overdraft, then we decline or return the transaction or item unpaid and charge a related NSF Fee as stated in our Fee Schedule. You are responsible for ensuring that your account includes sufficient available funds to pay the transactions you initiate or authorize when they are processed for payment from your account, and you also acknowledge that the timing of when merchants or payees submit transactions to us for payment may vary.

      If your account does not have sufficient available funds when a transaction or item is presented to us for payment and, as a result, returned unpaid, the merchant or payee of your transaction or item may choose to resubmit the same transaction, and may do so multiple times. In the event a transaction or item is resubmitted for payment at a time when your account lacks sufficient available funds to pay it and we decline it, we will charge a related NSF Fee each time that same transaction is returned unpaid.

    4. Termination of Overdraft Transfer Service We may terminate the Overdraft Transfer Service at any time with or without notice to you. Any owner of the checking account or any owner of a linked regular savings account used for overdraft protection may decline the Overdraft Transfer Service. To terminate the Overdraft Transfer Service: (1) call us at 734-676-7000; (2) visit any branch and speak with a representative; or (3) mail notice of your decision to decline the Overdraft Transfer Service to Advantage One Credit Union, 23670 Telegraph Road, Brownstown, MI 48134. Your election to decline will be effective after we have received notice and have had a reasonable time to act on it.

  7. No Bounce Overdraft Service
    1. No Bounce In accordance with our commitment to provide valued service and benefits, we may, if you qualify, at our discretion, pay overdrafts that would cause your eligible checking account to have a negative balance up to the amount of your limit, which is determined by us in our sole and absolute discretion. No Bounce is different than the Overdraft Transfer Service. No Bounce is a backup to the Overdraft Transfer Service and will only be activated if funds are not available from the Overdraft Transfer Service.

    2. What Overdraft Transactions are Covered? No Bounce is available for the payment of checks, preauthorized payments under our Bill Payment Service, ACH drafts, and recurring debit transactions. No Bounce is also available for ATM and everyday debit card transactions, if you opt-in, as described in the next section below.

    3. Optional Overdraft Transactions The following types of transactions require you to “opt in” (in other words, you must provide us with your affirmative consent) if you would like to include them in No Bounce. Choosing not to opt in may result in these transactions being declined:
      • ATM transactions

      • Everyday Debit Card transactions

      • We do not require you to authorize No Bounce for your ATM and everyday debit card transactions as a condition of us providing No Bounce to you for your checks, ACH transactions or other transactions. If you want the Credit Union to authorize and pay overdrafts for ATM and everyday debit card transactions through No Bounce, you must provide us with your consent by: (1) calling us at 734-676-7000; (2) visiting any branch and speaking with a representative; or (3) mailing notice of your decision to opt in to No Bounce for everyday debit card transactions to Advantage One Credit Union, 23670 Telegraph Road, Brownstown, MI 48134.

    4. Eligibility for No Bounce No Bounce is not a credit product. It is a feature that is automatically included with eligible checking accounts (unless you decline No Bounce entirely as described below or information we get from a consumer reporting agency does not meet Credit Union standards). Eligibility is at the sole discretion of the Credit Union and is based on you managing your checking account in a responsible manner. No Bounce may be available for checking accounts for which the primary checking account owner is 18 years of age or older. We reserve the right to limit No Bounce to one (1) account per household or member. We may suspend or permanently revoke No Bounce from your checking account, in our sole and absolute discretion, based on criteria, including, but not limited to:
      • Your checking account has been opened less than ninety (90) days;
      • You do not bring your checking account to a positive balance for at least one full business day within a ten (10) day period;
      • Your membership is not in good standing;
      • You are more than forty-five (45) days past due or are in default in any other respect on any loan or other obligation to us;
      • You have an outstanding balance due on an overdraft repayment plan;
      • Your primary savings account does not have a positive balance;
      • Your checking account is subject to any legal or administrative orders or levies;
      • You have insufficient credit or negative credit history;
      • You are a party to a bankruptcy proceeding;
      • Any or all of your account(s) with us are being reviewed for improper activity or transactions;
      • Your checking account is classified as inactive;
      • You use the Service to pay items written to check cashing agencies;
      • You have an unresolved prior loss with us; or
      • We believe you are not managing your checking account in a responsible manner which may harm you or us.

    5. No Bounce is a Discretionary Privilege Any payment made by us under No Bounce will be made on a case-by-case basis, in our sole and absolute discretion. No Bounce does not constitute an actual or implied agreement between you and the Credit Union, nor does it constitute an actual or implied obligation of the Credit Union. No Bounce is a privilege that the Credit Union provides from time to time and which may be withdrawn or withheld by the Credit Union at any time, without prior notice, reason or cause.

    6. How No Bounce is Administered If you are eligible for the Service, we will generally pay your overdraft items up to a maximum limit determined by the Credit Union in its sole discretion, including fees. We are not required to notify you of any nonsufficient funds checks, ACH items, or other transactions that may have been paid or returned. We may refuse to pay any overdrafts without first notifying you even though your account is in good standing and even if we have paid previous overdrafts.

    7. When is the overdraft payment due? The total of the overdraft (negative) balance in your checking account, including any and all fees and charges, is due and payable upon demand, and you are required to immediately deposit sufficient funds to cover the overdraft paid by us and pay the related fees.

    8. No Bounce Fees A No Bounce Fee will be charged to your checking account, in accordance with our Fee Schedule, for each overdraft that is authorized and paid through the Service. This means that more than one No Bounce Fee may be assessed against your checking account per day depending upon the number of overdrafts authorized and paid through No Bounce. You understand that your No Bounce Limit will be reduced by the amount of each overdraft paid by us through No Bounce and the amount of the related No Bounce Fee imposed until such amounts are repaid by you as set forth herein at which time we may replenish your No Bounce Limit by the amount of the repayment. If we choose not to pay the item/transaction under No Bounce, you are subject to a Non-Sufficient Funds (NSF) Fee in accordance with our Fee Schedule for each such item each time it is presented for payment and returned unpaid due to an insufficient Available Balance. Your periodic statement will itemize No Bounce Fees and NSF Fees for each cycle, as well as the year-to-date total of fees.

    9. Transfers to Cover Overdrafts You understand and agree that we have the right to transfer available funds to your checking account from any of your other account(s) with us (excluding IRAs and certificate accounts), including account(s) upon which you are a joint owner, in an amount equal to the overdraft and related fees.

    10. Right of Setoff In addition to any other rights that we may have, you agree that any deposits, future deposits, or other credits to any account in which you may now or in the future may have an interest are subject to our right of setoff for any liabilities, obligations or other amounts owed to us by you (e.g. overdrafts and any related fees and charges) and such is applicable irrespective of any contribution to the account or source of funds in the account. Moreover, unless you decline No Bounce (see below), you consent and expressly agree that the application of setoff of funds in any account includes the setoff of government benefits (such as Social Security and other public benefit funds) deposited to the account from which the overdraft or related fees are paid to the maximum extent permitted by applicable state and federal law. Each person who causes an overdraft, which is paid by us, agrees to be individually and jointly obligated to repay the unpaid negative balance in accordance with the terms and conditions of No Bounce.

    11. Default You will be in default under the terms of No Bounce if you fail to live up to any of the terms and conditions set forth herein or you are in default on any loan obligation with us and/or a negative balance exists in any other deposit account with us on which you are an owner. If you are in default, in addition to any other rights we may have, we may temporarily suspend overdraft privileges, terminate No Bounce, or close your checking account and demand immediate payment of the entire unpaid negative balance. You also agree to pay any collection costs, attorneys’ fees and court costs that we may incur as a result of your default.

    12. Termination; Suspension We may terminate or suspend No Bounce at any time without prior notice. In no event will any termination relieve you of your obligation to repay any negative account balance, overdraft fees, collection costs and attorneys’ fees, if any. We can delay enforcing any of our rights without losing them.

    13. Your Right to Decline No Bounce Any owner of the checking account may decline the service. If you prefer not to have the Service, visit us in a branch, contact us at 734-676-7000, or write to us at Advantage One Credit Union, 23670 Telegraph Road, Brownstown, MI 48134, and include your name, member number and a statement that you are declining the Credit Union’s No Bounce Service and we will remove the Service from your checking account. If you decline the Service, you will still be charged an NSF Fee for each item returned each time an item is presented for payment and returned unpaid due to an insufficient Available Balance.

    14. Optional Overdraft Protection Plans As discussed in more detail above, we also offer the optional Overdraft Transfer Service which links your checking account to a savings account, as well as other overdraft sources and may be less expensive than No Bounce. To learn more, please ask us about these plans.

  8. THE BEST WAY TO KNOW HOW MUCH MONEY YOU HAVE AND AVOID PAYING OVERDRAFT FEES IS TO RECORD AND TRACK ALL OF YOUR TRANSACTIONS CLOSELY. PLEASE REVIEW THIS INFORMATION CAREFULLY. IF YOU HAVE ANY QUESTIONS, PLEASE CONTACT US AT 734-676-7000 OR VISIT YOUR LOCAL BRANCH.
    1. Truncated Checks; Statements Your canceled checks (the checks drawn against your account that we honor) will not be returned to you, they will become Credit Union property and be held by us (“truncated”) for you. They also may be truncated earlier in the check clearing process, such as by the bank into which the payee deposits them. This may be done either pursuant to a contractual electronic presentment process or under a federal law commonly referred to as “Check 21.” Your monthly statement will itemize your canceled checks by number, date of clearing and the amount of the check. Any objection respecting any transaction shown on a periodic statement is waived unless made in writing to the Credit Union within sixty (60) days after the statement is mailed. A copy of any check will be available to you as required by law. There may be a small fee to obtain a copy of a check (see the Fee Schedule for a list of fees). When a copy of a check is requested, the Credit Union may provide it to you in the form of a “substitute check” as prescribed in the “Check 21” law. Upon issuance, the Credit Union will provide you with a disclosure regarding your rights regarding substitute checks and how you may make a claim for a refund for losses related to a substitute check.

    2. Stop Payments
      • Stop Payment Order Request You may request a stop payment order on any check drawn on your account. To be binding, an order must be dated, signed within 14 days, and describe the account and check number and the exact amount. The stop payment order will be effective if the Credit Union receives the order in time for the Credit Union to act upon the order and the order states the number of the account, number of the check, and its exact amount. You understand that the exact information is necessary for the Credit Union’s computer to identify the check. If you give us incorrect or incomplete information, we will not be responsible for failing to stop payment on the check. If the stop payment order is not received in time for us to act upon the order, we will not be liable to you or to any other party for payment of the check. If we re-credit your account after paying a check over a valid and timely stop payment order, you agree to sign a statement describing the dispute with the payee, to transfer to us all of your rights against the payee or other holders of the check, and to assist us in any legal action.
      • Duration of Order A stop payment order is effective for six (6) months and may be renewed in writing from time to time. We have no obligation to notify you when a stop payment order expires.
      • Liability Fees for stop payment orders are set forth on the Fee Schedule. You generally may NOT stop payment on any certified check, teller’s check, or any other check or payment guaranteed by us. Even if payment of such an item is stopped, you may remain liable to any item holder, including us. You agree to indemnify and hold the Credit Union harmless from all costs, including attorney’s fees, damages or claims related to (1) our refusing payment of an item, including claims of any multiple party, account owner, payee, or endorser or (2) our failing to stop payment of an item as a result of incorrect information provided by you.
      • Check Legends We will not be responsible for, and you hereby waive any losses or costs you incur as a result of, the payment by us of any check that contains any extraneous legends, for example, “void after 60 days,” unless we agree otherwise.
      • Automated Processing You recognize that the Credit Union has adopted automated collection and payment procedures that rely primarily upon information encoded on to each item in magnetic ink. In recognition of this fact, you agree that in paying or processing an item, the Credit Union may disregard all information on the item other than the identity of the drawee bank, the amount of the item, and any information encoded onto the item in magnetic ink according to general banking standards, whether or not that information is consistent with any other information on the item. You acknowledge that the Credit Union does not fail to exercise ordinary care in paying an item solely because its procedures do not provide for sight review of items.
      • Payment of Checks after Death The Credit Union may, after the date of your death, pay checks drawn before death unless ordered to stop payment by the Personal Representative or other appropriate person claiming an interest in the account.
      • Additional Provisions Affecting Checking Accounts Additional provisions of this Agreement applicable to Checking Accounts are set forth in the Credit Union’s Truth-in-Savings Disclosure and in the Credit Union’s Rate Schedule and Fee Schedule.
 

MONEY MARKET ACCOUNTS

Establishing Account and Rate 
A Money Market Account may be established by you designating the appropriate option on the Account Card and making a deposit or, if it is established after your Primary Savings Account is opened, by completing a deposit. Refer to the Rate Schedule for current dividend rates and APY. You may also call 734-676-7000 for rate information. Withdrawals from this account will reduce earnings. A minimum deposit of $1,500.00 is required to open a Money Market Account. The Credit Union may establish various categories of Money Market Accounts; details of each type are shown in the Credit Union’s Truth-in-Savings Disclosure.
Deposits
After you have established your Money Market Account, you may make additional deposits into that account at any time, in any amount, by any method approved by the credit union. We may establish minimum amounts for deposits in this Account from time to time.
Withdrawing Money from Your Money Market Account
As long as you have money in your account, and subject to any applicable state or federal laws and regulations, the transaction limitations in this Agreement, and the Credit Union’s Bylaws, money can be withdrawn from your account by any method approved by the Credit Union. Currently the approved methods are an in-office transaction, a written request (such as by mail), a phone request to the Contact Center or Audio Response service, or thru the credit union’s online banking portals. Withdrawals may be subject to fees.
Additional Provisions Affecting Money Market Accounts
Additional provisions of this Agreement applicable to Money Market Accounts are set forth in the Credit Union’s Truth-in-Savings Disclosure.
 

SHARE CERTIFICATE ACCOUNTS

Establishing Account and Rate  
A member may establish a Share Certificate Account (“Certificates”) by signing appropriate documentation and making the required minimum deposit. Certificates are savings accounts (also known as “Term Accounts”) that generally earn a higher rate of interest than other savings accounts. The interest rate and APY for Certificates are fixed. Once you purchase a Certificate, your interest rate will not be changed or recalculated during the term of that Certificate. The APY assumes that interest earned will remain on deposit until maturity. A premature withdrawal from this account will reduce earnings and you may incur penalties (see the Rate Schedule for information concerning such penalties). The Credit Union may establish various categories of Certificate Accounts; details of each standard type are shown in the Credit Union’s Truth-in-Savings Disclosure.
Additional Provisions Affecting Certificate Accounts 
Additional provisions of this Agreement applicable to Certificate Accounts are set forth in the Credit Union’s Truth-in-Savings Disclosure and in the Credit Union’s Rate Schedule and Fee Schedule.
 

INDIVIDUAL RETIREMENT ACCOUNTS

Establishing Account and Rate   
An Individual Retirement Account (IRA) may be established by a Member completing a separate IRA application form, and making a contribution of $25.00 or more. These accounts are a special type of share accounts, and may provide tax benefits to the account owner. An IRA may be established as a Certificate Account in which event the provisions of this Agreement dealing with Certificate Accounts will apply unless superseded by the provisions of any Agreements specifically applicable to IRAs. Only the individual designated as the Member on the Account Card used for consumer accounts may be an owner of an IRA. This Account cannot have joint owners. The dividend rate and Annual Percentage Yield for your IRA are variable and are subject to change quarterly. Refer to the Rate Schedule for current dividend rates and APY. You may also call 734-676-7000 for rate information. The Credit Union may establish various categories of Individual Retirement Accounts; details of each type are set forth in the Credit Union’s Truth-in-Savings Disclosure.
Minimum Balance Requirements; Deposits
An initial deposit of at least $25.00 is required to open an Individual Retirement Account. After you have established your IRA, you may make additional deposits into that account at any time and by any method approved by the credit union. We may establish minimum amounts for deposits in these accounts from time to time. Deposits are also subject to federal law limitations.
Withdrawing Money from Your IRA
As long as you have money in your account, and subject to any applicable state or federal laws and regulations, the transaction limitations in this Agreement, including the Truth in Savings Disclosure, and the Credit Union’s Bylaws, money can be withdrawn from your account by any method approved by the Credit Union. Currently the only approved methods are an in-office transaction, a written request (such as by mail) meeting the Credit Union’s requirements, or by a phone request to our Contact Center. Withdrawals from this account will reduce earnings. If you seek to make a withdrawal that will reduce your account balance below the required minimum balance, we require you to withdraw the full amount in the IRA account and close the IRA account.
Additional Provisions Affecting Certificate Accounts
Additional provisions of this Agreement applicable to IRAs are set forth in the Credit Union’s Truth-in-Savings Disclosure and in the Credit Union’s Rate Schedule and Fee Schedule.
 

FIDUCIARY ACCOUNTS

  1. Accounts for Trusts
    1. Generally Individuals must open a separate membership account for a Revocable Living Trust.
    2. Products and Services The following types of financial products and services may be available to trusts:
      1. Share Accounts
      2. Checking Accounts (except where co-fiduciaries exist)
      3. Certificate Accounts
      4. To the extent applicable and not superseded by this section, the terms and conditions governing those types of accounts for individuals, as described elsewhere in this Agreement, govern accounts established for trusts.

    3. Documentation In order to open an account for a trust, a trustee must provide such documentation as is required by the Credit Union with regard to the trust, including, but not necessarily limited to, the trust document itself and/or a Certificate of Trust prepared by the attorney who drafted the trust and/or a Certificate of Trust Existence and Authority. The Credit Union reserves the right to refuse membership to a trust when it is not drafted in accordance with and governed by the laws of the State of Michigan or for any other reason in its sole discretion.

    4. Distribution of Accounts If an account is opened for a trust, the trust is the party with which the Credit Union is contracting, and the trust agrees that the Credit Union may distribute funds pursuant to the terms of the most recently dated trust agreement or Certificate of Trust on file at the Credit Union, and the trust, forever indemnifies and holds the Credit Union harmless for distributions made pursuant to that trust made in good faith reliance on that trust agreement or Certificate of Trust. The trust further agrees that it is the responsibility of the trust (through its trustee) and the settlor of the trust to notify the Credit Union when a trust for which an account has been opened has been revoked, rescinded, revised, or in any way modified.

    5. Withdrawals All sums paid to the Credit Union on deposits (less set-offs allowed by law and/or provided by contract) shall be paid on proper withdrawal demand. Such demand must be made by the trustee(s) as indicated on the Living Trusts Account Card. The Credit Union has no obligation to monitor the further distribution of any funds withdrawn from the account, but we reserve the right to deny any withdrawal request. Only methods approved by the Credit Union may be used to make account withdrawals.

    6. Representations of Trustee(s) Any trustee for a trust who signs a Living Trust Account Card represents the following: (i) the trust is in full force and effect and it has not been revoked or amended in any manner which would cause the representations made herein to be inaccurate or incorrect; (ii) the named trustee(s) has qualified, is acting as trustee(s), and is authorized to open this account; (iii) the trustee(s) is authorized to hold, manage, deposit, withdraw, invest and reinvest funds deposited, purchase and sell certificates of deposit, and accomplish any or all other banking transactions; (iv) the trust agreement contains a hold harmless provision for any third party dealing with the trust or any trustee and that such provision applies to the Credit Union; (v) trustee(s) will send written notice of any change in trustee(s), of any amendment or modification of the trust which would cause the representations made herein to be or become inaccurate or incorrect, or of the occurrence of any event which would affect the trust’s revocability, the powers of the trustee(s), or any other representations made to the Credit Union; and (vi) any one trustee has the power to authorize withdrawals or transfers from authorized accounts, or authorize new accounts or services. The Credit Union may rely on these representations and any instructions by the trustee(s) and act in accordance therewith in any respect affecting the account before or after termination of the trust, unless and until it receives a written notice of changes to the trust, with notice of changes in trustee(s), or written notice of any events affecting the trustee(s) powers described above or in any documents required by the Credit Union.

    7. Acknowledgement of Fiduciary Responsibility Any trustee for a trust who signs an Account Card for Revocable Trust Accounts acknowledges and understands the trustee’s legal obligations as a fiduciary and as more fully set forth in the Michigan Estates and Protected Individuals Code. Such trustee further agrees to conduct all business with the Credit Union on behalf of the trust in accordance with state and federal laws as well as orders from any court of competent jurisdiction.

    8. Indemnification Any trustee for a trust who signs an Account Card for Revocable Trust Accounts hereby jointly and severally (if more than one) agrees to hold the Credit Union and each of its officers, directors, employees, agents, and affiliates harmless and indemnify them against any claims, judgments, settlement amounts, or other liabilities or costs of defense or settlement, including attorney’s fees arising out of or related to any alleged or actual improper or unsuitable actions taken at the instruction of trustee(s) in connection with account for the trust or for any distribution of trust assets to any person or entity. This indemnification is made by the trustee(s) both in the capacity as trustee and individually, and shall not be limited by any other independent documentation. If a trustee provides instructions or an order to the Credit Union that the Credit Union reasonably believes might expose it to claims, suits, losses, expenses, liability, or damages, it may refuse to follow the instruction or order.

  2. Account for Other Fiduciary Relationships
    1. Generally Members who maintain a minimum $5.00 deposit in their Primary Savings Account in the Credit Union can open a separate membership account as a fiduciary for another named person if the person involved qualifies for membership or, in the case of an estate for a deceased individual, the deceased individual was a member of the Credit Union at the time of death. For example, an account can be opened by a conservator, guardian, personal representative, representative payee, etc. These accounts are referred to collectively as “Fiduciary Accounts” and the individuals or estates for whose benefit they are opened are referred to collectively as “Protected Persons.” The member opening the account will be referred to as the “Fiduciary.” As Fiduciary, you understand and agree that you owe the Protected Person a legal fiduciary responsibility to care for his or its property, including funds held on deposit in this Account, and you understand and agree that funds in this type of account may not be pledged as security for any purpose.

    2. Products and Services. The following types of financial products and services may be available to Fiduciary Accounts:
      1. Share Accounts
      2. Checking Accounts (except where co-fiduciaries exist)
      3. Certificates of Deposit
      4. We reserve the right not to allow certain accounts to be opened as Fiduciary Accounts. To the extent applicable and not superseded by this section, the terms and conditions governing those types of accounts for individuals, as described elsewhere in this Agreement, govern Fiduciary Accounts.

    3. Documentation In order to open a Fiduciary Account, you agree to provide such documentation as is required by the Credit Union with regard to the fiduciary relationship, including, but not necessarily limited to, Letters of Authority naming you as Conservator, Guardian, Personal Representative, etc. The Credit Union reserves the right to refuse to open a Fiduciary Account when documentation does not derive from the authority of the laws of the State of Michigan or Social Security Rules and Regulations.

    4. Distribution of Accounts If you have opened an account for a Protected Person, an Estate, or a Social Security Beneficiary, you, as Fiduciary, understand and agree that the Credit Union may distribute funds pursuant to the terms of the most recently dated Letters of Authority or other documentation on file at the Credit Union, and you, on behalf of the Protected Person, forever indemnify and hold the Credit Union harmless for distributions made in good faith reliance on those Letters of Authority or other documentation. You further agree that it is your responsibility to notify the Credit Union when your authority as a Fiduciary has been revoked, rescinded, revised, or in any way modified.

    5. Withdrawals All sums paid to the Credit Union on deposits (less set-offs allowed by law and/or provided by contract) shall be paid on proper withdrawal demand made by the named Fiduciary. The Credit Union has no obligation to monitor the further distribution of any funds withdrawn from the account, unless required to do so by court order. We reserve the right to deny any withdrawal request. The Credit Union shall not be liable for the misappropriation of funds resulting from a withdrawal from a Fiduciary Account.

OTHER TERMS AND CONDITIONS

The following paragraphs apply to all Accounts opened with the Credit Union, except as specifically modified above.
 
Share Insurance
Your savings in the Credit Union are insured up to at least $250,000.00 by the National Credit Union Administration (NCUA), an agency of the Federal Government, in accordance with regulations promulgated by the NCUA. For more information regarding share insurance, please refer to the NCUA brochure entitled “Your Insured Funds,” which can be found at the Credit Union office or at www.ncua.gov. Because we are not authorized to provide legal advice, we cannot counsel you as to how to structure your accounts in order to maximize your account insurance protection.
Transaction Limitations. During any calendar month, you may not make more than six transfers or withdrawals, or a combination of such transfers and withdrawals, from any account other than a Checking Account to another account or to a third party by means of a preauthorized or automatic transfer or telephonic agreement, order or instruction. If you exceed the transfer limitations set forth above in any month, (i) a fee may be charged as set forth in our Fee Schedule, (ii) we generally will reject the transaction in question, and (iii) the account in question may be subject to closure or restriction by the Credit Union.
 
Cash Withdrawal Limitations
For security reasons, we may limit the amount of withdrawals that may be taken in cash from an account or by any given individual; we will establish such limits in our discretion from time to time. Please contact us if you have any questions about such limits.
Funds Availability. If you make a deposit into any account you have with us, that money may not be available to you right away. Refer to the Funds Availability Disclosure for information regarding the availability of funds deposited into a Checking Account. For other accounts, the funds may not be available for a longer period of time. Ask us at the time of deposit (or any time afterward) if you need to know when funds from any given deposit will be available.
 
Notice of Withdrawals
All of your accounts are subject to the Credit Union’s right to require advance notice of withdrawal, as provided by law or in the Credit Union’s Bylaws.

Fees
Any account may be subject to service charges in accordance with the Fee Schedule adopted by the Credit Union from time to time. You agree to pay us fees in connection with your accounts in accordance with the Fee Schedule then in effect (refer to the Fee Schedule for a current list of fees). We will provide advance notice of any increase in current charges, or any new charges, as required by law. We may deduct any fees owed from any of your accounts, except that no fee may be deducted from an IRA unless the fee relates to the IRA. We reserve the right to waive any fees in our sole discretion. Fees may reduce earnings on any of your accounts.
 
Return of Deposits/Closed Accounts
The amount needed to purchase a share in the credit union is $5.00. If your primary share account remains below $5.00 for more than thirty (30) days, we may consider that a voluntary withdrawal of your membership. We may, at any time, in our sole discretion, refuse to accept any deposit, or close any or all of your accounts with us without prior notice to you and we may also restrict the services available if we choose to leave an account open. However, we may not terminate your membership in the Credit Union without satisfying the requirements of applicable law. If we close an account, we will notify you and send you a check for any balance in that account after deducting all applicable charges and fees. We may, in our discretion, exercise our right of setoff with regard to such amounts if we have such a right with regard to the account. Any withdrawal that reduces the amount in an account to zero (other than a Checking Account) may automatically close that account. We are not liable for any check, withdrawal or other payment order after an account is closed. Any checks or other payment orders presented after your account has been closed will be returned unpaid. We reserve the right to advise consumer reporting agencies and other third parties of accounts closed for misuse.
 
Final Credit for Deposits
All deposits are subject to proof and verification. If you deposit a check, draft or other non-cash item, we have the right to clear it before we make the money available to you subject to applicable federal law and regulations. If there are special fees for collecting your deposit, you promise to pay them (see the Fee Schedule for a list of fees). We may deduct them directly from the account into which the deposit was made. If we feel there is a reason, we may refuse, limit or return any deposit. We have the right to refuse any deposit. We specifically reserve the right to refuse checks for deposit that have more than one endorsement; however, we generally will not refuse such a deposit if all of the endorsers are original payees on the check and all are owners of the account into which the deposit is being made. We reserve the right not to pay interest or dividends on amounts subject to garnishment, levy or other legal process; and we reserve the right not to pay interest or dividends on the amount of any deposited item that is returned to us unpaid by the financial institution on which it is drawn (even if that means a reversal of credited interest or dividends). Any item presented to the Credit Union that is payable to a business or other entity or to a trust must be deposited into one of your accounts in full and we may, at our discretion, impose this requirement on other account holders. If you wish to obtain cash, you may always do so as a separate transaction under our usual terms and conditions for cash withdrawals.
 
Form of Negotiable Instruments
All negotiable instruments presented for deposit must be in a format that can be processed and/or photographed. The Credit Union may refuse any check or draft that does not meet this requirement.
 
Endorsement
All endorsements placed on the reverse side of any check or draft which you deposit to your account must be placed so that they are on the left side of the item when looking at it from the front and must be placed so they do not go beyond an area located 1 and ½ inches from the left edge of the item when looking at it from the front. The Credit Union may refuse any item that does not meet this requirement, and, if the Credit Union does accept it, you agree that you are completely responsible for any loss we incur which is premised on an endorsement not meeting this requirement, including any court costs and reasonable attorney fees. You cannot alter or limit your responsibility or liability to us under this Agreement by use of a restrictive endorsement or otherwise without our written consent.

Check diagram shows front and back of a check.
 
Inactive Accounts
The Credit Union will consider your account inactive after 6 months of no deposits or withdrawals on your account. This excludes interest or dividends credited to your account by the Credit Union. Michigan Law permits the Credit Union to turn these funds over to the State after two years of no activity, and requires the Credit Union to turn these funds over to the State after three years of no activity. Before turning funds from inactive accounts over to the State of Michigan, the Credit Union will send notices, as required by Michigan law, advising you of your rights.
 
Statement
You will receive a periodic statement (normally monthly) for your Checking Account. You will receive a periodic statement (normally quarterly) for your Primary Savings Account or other accounts that are not Checking Accounts unless you have an electronic funds transfer transaction during a monthly period (in which case you will receive a monthly statement), or you will receive a combined statement on a monthly basis if you have a Checking Account and other savings accounts. Each such statement shall show the transactions on your accounts and any fees and other charges. We reserve the right not to send statements for accounts we consider inactive, or for those accounts for which we do not have a valid address on file.
 
You must examine each periodic statement carefully and reconcile the accounts reflected on that statement. If there are any discrepancies, you must notify us immediately. You have the responsibility for any fraud loss if you fail to exercise reasonable care in examining the statement or fail to report forgeries or alterations to the Credit Union within 60 days of the mailing date of the earliest statement containing those items, unless another time period is required by state or federal law. You agree to cooperate with us in any investigation we reasonably believe is necessary in connection with an assertion by you of fraud concerning your accounts, including in the case of an account for a business or other entity making a principal of the organization available for in person interviews and providing relevant information under oath. For accounts for businesses and other entities and, to the extent allowed by law, for consumer accounts, the Credit Union will not be liable if items were forged or altered such that the fraud could not be detected by a reasonable financial institution.
 
Termination of Account(s) and Service(s)
We, in our sole discretion, may terminate, limit or restrict, as we in our sole discretion deem appropriate, any of your account(s) or service(s), including but not limited to loan services and electronic services, or place a freeze on any sums on deposit with us at any time without notice or require you to close your account(s)/service(s). We may also require you to apply for a new account(s)/service(s) if: (1) there is a request to change the owners or authorized users; (2) there is a fraud/forgery or unauthorized use committed or reported; (3) there is a dispute as to ownership of any account or sum on deposit; (4) there are any share drafts that are lost or stolen; (5) there are returned unpaid items-transactions not covered by an overdraft protection plan with us or any abuse of any such plan per our assessment thereof; (6) there is any misrepresentation regarding any account(s) or service(s) or any other abuse of any of your accounts(s) or service(s); (7) the Credit Union incurs any loss or believes it may incur any loss relating to any loan(s), account(s) or service(s) you have with us; (8) if we believe you have been negligent in protecting any access devices or codes; (9) we deem it necessary to protect the Credit Union from any risks or losses, or otherwise deem it to be in the best interests of the Credit Union, our members or our employees; (10) you breach any promise under this Agreement or any other agreements with us including but not limited to any default or other delinquency with regard to any loan or other agreements; (11) if bankruptcy or any other insolvency proceeding is filed by or against you, or if we otherwise deem you to be insolvent or incapable of meeting your obligations to us; (12) you refuse or fail to cooperate as provided in this Agreement; or (13) you violate any Credit Union policy, procedure or standard or any law, regulation or rule. We, on our own accord, may place a stop payment on any share draft, item or transaction if we are notified or otherwise reasonably believe that any of the foregoing circumstances have occurred. If you do not accept any deposit or part of a deposit that we attempt to return after termination, then such deposit will no longer earn dividends. You may terminate an individual account by notifying us in writing. We have the right to require the written consent of all owners to terminate a joint account. We are not responsible for any draft, withdrawal, item or transaction after your account is terminated. However, if we pay any item after termination, you agree to reimburse us.
 
Use of Recording Devices
The Credit Union does not permit its Members (you) or members of the general public to use electronic, digital or other recording devices to record in-person, telephonic or other communications or interactions of or with Credit Union personnel without the express prior consent of the Credit Union management. The Credit Union expressly revokes, rescinds and withdraws any consent or permission to such recording that might otherwise be implied by law.
 
Agreement
This Agreement shall be effective and shall govern all accounts with us that are described in this Agreement. By signing the appropriate Account Card, signing an Account Change Card after your Primary Savings Account has been established, making deposits or withdrawals, or leaving amounts on deposit, you agree to the terms of this Agreement and to all amendments to this Agreement. This Agreement shall supersede all previous agreements for
such accounts.
 
Amendment
We may change any of the items of this Agreement at any time without prior notice to you if the change is favorable to you. We may make changes that are adverse to you only if we provide you with any notice required by law or required in this Agreement. When we change this Agreement, you may close the account if you do not agree to the changes; if you continue to use the account or keep the account open after the effective date of such change, you will be deemed to have agreed to the changes.
 
Notice of Name or Address Changes
You are responsible for notifying us of any change to your address or your name. Whenever we are required to send you notice, the Credit Union is only required to attempt to communicate with you at the most recent address you have provided to us in writing. The Credit Union prefers notices of change in address or name be completed in person. Written requests, with credit union approved documentation, may also be accepted. Any written notices should be sent to:
Advantage One Credit Union
23670 Telegraph Road
Brownstown, MI 48134
Or via E-mail at:
help@myaocu.com
 
Other Notices
All notices regarding the account will be posted in our office lobbies or will be sent to you at the address shown on your statement. In the event of joint ownership, notice by or to any one joint owner shall be deemed notice by or to all. We reserve the right not to send notice for accounts we consider inactive.
Effect of Notice
Any written notice you give us is effective when we receive it. Any written notice we give to you is effective when it is deposited in the U.S. Mail, postage prepaid and addressed to you at your statement mailing address.
Indemnity
If by following your instructions we are exposed to a claim or suit by an adverse claimant, you shall hold us harmless and indemnify us from any losses, expenses, liabilities or damages including actual attorneys’ fees resulting from such a claim or suit. If you ask us to follow instructions that we believe might expose us to claims, suits, losses, expenses, liabilities or damages, whether directly or indirectly, we may refuse to follow your instructions, or we may require a bond or other protections.
Severability
If any provision of this Agreement is found by any other court or regulatory body of competent jurisdiction to be invalid or unenforceable in whole or in part for any reason whatsoever, the enforceability of the remaining provisions or portions hereof shall not be affected thereby.
Accounts not Transferable. None of your accounts are transferable, except on the Credit Union’s books and records, and your accounts may not be pledged to anyone other than us without our prior written consent.
Waiver
We may waive any of these provisions at our sole discretion, but any such waiver will apply only on that occasion. If we chose to waive any provision, we will not be bound to waive the same provision or any other provision on another occasion.
Credit Union Lien and Security Interest. Except for debts that are secured by your principal residence, if you owe us money as a borrower, guarantor, endorser or otherwise, we have a lien on the funds in any account in which you have an ownership interest, regardless of their source, unless the account is an IRA or tax deferred retirement account or the lien is prohibited by law. We may apply these funds in any order to pay off your indebtedness (including but not limited to indebtedness you have guaranteed). By not enforcing a lien, we do not waive our right to enforce it later. In addition, you grant the Credit Union a consensual security interest in your accounts (except IRAs or tax deferred accounts or where the granting of such a lien is prohibited by law) and we may use the funds from your accounts to pay any debt or amount now or hereafter owed the Credit Union, except for obligations secured by your residence, unless prohibited by applicable law. We will notify you if we have exercised our right of offset.
Responsibility for your transactions not involving an account
If (i) you present a check or other item to us drawn on another financial institution for cash over the counter or for payment of any obligation owing to us or (ii) we initiate an automated clearinghouse (ACH) transfer to another financial institution for any obligation owing to us and the check, other item, or ACH transfer is returned to us unpaid for any reason not attributable to us, we may charge a returned transaction fee to any of your accounts (except accounts described in the Credit Union Lien and Security Interest section as not being subject to lien or setoff rights) or, to the extent allowed by law, charge a returned transaction fee to the obligation for which payment was intended. Please refer to the Credit Union’s Fee Schedule for the amount of these fees.
Telephone Requests
You agree (for joint accounts, all joint owners agree jointly and severally) that funds in any of your accounts with us can be transferred upon the telephone request of any signer on the account. We may refuse to execute any telephone request or order.
Information About Your Accounts and About You. Generally, we will not disclose information to third parties about your accounts or about you without your permission. However, we may disclose information: (1) when it is necessary to complete transfers or transactions, or to send notice of dishonor or nonpayment; (2) to our accountants, attorneys or other professional advisors; (3) to credit union or financial institution regulators; (4) to exchange, in the regular course of business, credit information with other financial institutions or commercial enterprises, directly or through credit reporting agencies; (5) to advise third parties of accounts closed for misuse; (6) to furnish information to the appropriate law enforcement authorities when we believe we have been a victim of a crime; (7) to comply with government agency or court orders, or to furnish any information required by statute; (8) to furnish information about the existence of an account to a judgment creditor of yours who has made a written request for such information if the court rendering the judgment has jurisdiction over the Credit Union and could issue a garnishment that would be binding on the Credit Union; (9) when we are attempting to collect an obligation owed to us; or (10) as required by law. In addition, you understand and agree that we may, from time to time, request and review consumer reports and other information about you prepared by consumer reporting agencies or others.
Section Headings
Section headings in this Agreement are for convenience of reference only and shall not govern the interpretation of any of the provisions of this Agreement.
Joint Accounts
If two or more parties have signed an Account Card with respect to your Primary Savings Account, you are creating, and intend to create, a “joint tenancy with rights of survivorship.” That is, you as the owners of the account agree with yourselves and the Credit Union that all sums paid in shares or other deposits (as applicable), together with all accumulations, prior to now or hereafter, less setoffs as allowed by law for any sums due the Credit Union by any party, shall be owned by all of you jointly with full right of survivorship, and shall be subject to withdrawal or receipt by any of you in whole or in part. If you create this ownership arrangement for your Primary Savings Account, it shall apply to all accounts (except IRAs) maintained under the same overall member account number. Payment to any of you or the survivor(s) of you, or the personal representative, administrator or assign of the last survivor of you, shall be valid and discharge the Credit Union from any liability for such payment and amount. Each signer appoints each other signer to be his or her irrevocable attorney-in-fact: to make deposits to the account; to endorse, for cash or deposit, any checks or other items whether payable to one of the signers alone or with others; and to receive and receipt for all funds all without obligation to us to inquire into the source or application of funds. To induce us to act hereunder, each person signing the Account Card applicable to the account jointly and singly agrees to hold the Credit Union harmless and indemnify us from loss, cost, and damage in all respects in connection with any of the foregoing, including court costs and attorneys’ fees, except as may be limited by applicable law. Unless specifically prohibited in writing from doing so, any or all of the joint owners may pledge all or part of the shares or deposits in the account as collateral for security on a loan(s) with the Credit Union. No authority or obligation of the Credit Union may be changed or terminated by one or more of the joint owners without prior written notice to the Credit Union, and no such change or termination shall affect transactions already made. Further, each joint owner is subject to the terms and disclosures of this Agreement, and hereby acknowledges receipt of the Agreement. We may refuse to authorize a withdrawal from a joint account when we have knowledge of a dispute between the joint account holders until the matter is resolved.
 
If a deposited item in a joint account is returned unpaid, the account is overdrawn, or if the Credit Union does not receive final payment on a transaction, the owners, jointly and severally, are liable to the Credit Union for the amount of the returned item, overdraft, or unpaid amount and any charges, regardless of who initiated or benefited from the transaction. If any account owner is indebted to the Credit Union, the Credit Union may enforce its rights against any account of an owner or all funds in the joint account regardless of who contributed them.
Any owner who is a surviving owner agrees that the Credit Union, to the extent allowed by law, may set off any money in the account against any obligation of a deceased owner within 30 days after the Credit Union becomes aware of the deceased owner’s death unless such a setoff would not have been allowed during the deceased individual’s lifetime (such as would be the case with certain tax favored accounts). All owners who are surviving owners also agree that their interests in the account are subject to any security interest or pledge granted by a deceased owner, even if they individually did not consent to it.
 
Except as modified in this Agreement, joint accounts shall be subject to and governed by PA 41 of the Public Acts of 1968 (Michigan), as amended, being M.C.L. 490.51 et seq., and commonly known as the Credit Union Multiple-Party Accounts Act. An account owned by a person that is not a natural person (that is, an account owned by a corporation or other legal entity or by a trust) may not have joint owners.
Beneficiary Designation. When opening an account or, if all owners agree, at any time thereafter, you may designate one or more persons as beneficiaries of the account under the Michigan Credit Union Beneficiary Accounts Act (Public Act 31 of 1992), being M.C.L. 490.81 et seq. Upon the death of the last surviving owner of the account, the surviving beneficiaries shall become the owners of the account. A beneficiary owner may not transact on the account. If there is more than one surviving beneficiary, the account shall be divided equally between them, and each beneficiary shall be the sole owner of that beneficiary’s share. In accordance with the Credit Union Beneficiary Accounts Act, there shall be no joint ownership among beneficiaries. The Credit Union is not obligated to notify any beneficiary/payee of the existence of any account or the vesting of the beneficiary/payee’s interest in any account, except as otherwise provided by law. The Credit Union reserves the right to require documentation in order to confirm that an account has become properly payable to a beneficiary or beneficiaries. An account owned by a person that is not a natural person (that is, an account owned by a corporation or other legal entity or by a trust) may not have beneficiaries. The interests of the beneficiary(ies) is subject to the right of the Credit Union, to the extent allowed by law, to set off any money in the account against any obligation of the deceased owner (or the last owner to die, if there was more than one) within 30 days after the Credit Union becomes aware of the deceased owner’s death unless such a setoff would not have been allowed during the deceased individual’s lifetime (such as would be the case with certain tax favored accounts).
Accounts for Minors
We require any account established by a minor to be a joint account with an owner who has reached the age of majority under Michigan law and who shall be jointly and severally liable to us for any returned item, overdraft, or unpaid charges or amounts on such account. Except where expressly provided otherwise, we may pay funds directly to a minor without regard to his or her minority. Unless a guardian or parent is an account owner, the guardian or parent shall not have any account access rights. We have no duty to inquire about the use or purpose of any transaction. We will change the account status when the minor reaches the age of majority.
Agency Designation on an Account. An agency designation on an account is an instruction to us that the owner authorizes another person to make transactions as agent for the account owner regarding the accounts designated. An agent has no ownership interest in the account(s) or Credit Union voting rights. We have no duty to inquire about the use or purpose of any transaction made by the agent. The Credit Union shall not be liable for loss resulting from the misappropriation of funds withdrawn from an account by an authorized agent. The Credit Union reserves the right to refuse any agency designation.
Legal Process
If any legal action is brought involving your account, we may pay out funds according to the terms of the action or refuse any pay out until the dispute is resolved. Any expenses or attorney fees we incur responding to legal process may be charged against your account without notice, unless prohibited by law. In lieu of expenses other than attorneys’ fees, we may charge a Legal Process Fee as set forth on the Fee Schedule. Any legal process against your account is subject to our lien and security interest.
Taxpayer Identification Numbers and Backup Withholding. Your failure to furnish a correct Taxpayer Identification Number (TIN) or meet other Internal Revenue Code requirements may result in backup withholding. If your account is subject to backup withholding, we must withhold and pay to the Internal Revenue Service (IRS) a percentage of dividends, interest and certain other payments. If you have designated on a W-9 or W-8BEN that you have applied for a TIN, you must provide the TIN within 60 days. Upon the expiration of the 60-day period, the Credit Union may begin withholding from your account.
Special Account Instructions
You may request that we facilitate certain financial or court-ordered account arrangements. However, because we do not give legal advice, we cannot counsel you as to which account arrangement most appropriately meets the specific requirements of your financial needs or court order. If you ask us to follow any instructions that we believe might expose us to claims, lawsuits, expenses, liabilities, or damages, whether directly or indirectly, we may refuse to follow your instructions or may require you to indemnify us or post a bond or other protection.
Changes Requested by You
Account changes requested by you, such as adding or closing an account or service, must be submitted in writing, signed, and accepted by us.
Cooperation in Loss Recovery Efforts
You agree to fully cooperate in any effort we undertake to recover funds that were taken from your account without authorization. For example, you will sign affidavits of loss or forgery that may be required by our insurance company. You also agree to cooperate fully in any prosecution that may be initiated by the proper authorities pursuant to us filing a complaint about unauthorized activities involving your account. If a loss is the result of our actions (we lose a check you deposited, for example), you agree to help us to recover the loss but we will be responsible for all expenses involved. You agree that you will not waive any rights you have to recover your loss against anyone who is obligated to repay, insure, or otherwise reimburse you for your loss. You will pursue your rights or, at our option, assign them to us so that we may pursue them. Our liability will be reduced by the amount you recover or are entitled to recover from these other sources.
Standard of Care. Except where applicable law or this Agreement provides otherwise, we will not be liable for any events not involving our intentional misconduct or gross negligence.
Verification of Ownership and Beneficiary Arrangements
You agree to check all records related to your account periodically (within 30 days after the account is opened or any changes are made and not less than once per year thereafter) to ensure that all ownership and beneficiary arrangements are set up in the way that you desire. You agree to contact the Credit Union immediately if any ownership or beneficiary arrangement is not how you wish it to be. You further agree to hold the Credit Union harmless from any claims that any ownership or beneficiary arrangement related to your account is not set up as
you desire.
Our Right to Place a Hold on Your Account(s)
If at any time we believe that your account may be subject to irregular, unauthorized, fraudulent or illegal activity, we may, in our discretion, freeze the funds in the account and in other accounts you maintain with us, without any liability to you, until such time as we are able to complete our investigation of the account and transactions. If we do freeze your account funds, we will provide notice to you as soon as reasonably possible. Notice may be made by mail or verbally or provided by other means, such as online banking or text alerts as permitted by law. We may not provide this notice to you prior to freezing the account if we believe that such notice could result in a security risk to us or to the owner of the funds in the account.
Termination of Account
Notwithstanding any other provisions in this Agreement, we may terminate your account at any time without notice to you, or we may require you to close your account and apply for a new account if: (1) there is a change in owners or authorized signers; (2) there has been a forgery or fraud reported or committed involving your account; (3) there is a dispute as to the ownership of the account or of the funds in the account; (4) any checks related to the account, whether blank or completed, are lost or stolen; (5) there are excessive overdrafts drawn on the account that are not covered by an overdraft protection plan; (6) there has been any misrepresentation or any other abuse of any of your accounts; or (7) we reasonably deem it necessary to prevent a loss to us. You may terminate a single party account by giving written notice. We reserve the right to require the consent of all owners to terminate a multiple party account. An owner may give up his/her ownership rights in a multiple party account at any time by completing a document acceptable to the Credit Union in that regard; however, such an action will not relieve such an owner from any liability for which such owner had with respect to the account immediately prior to the removal. We are not responsible for payment of any check withdrawal, or other item after your account is terminated, however, if we pay an item after termination, you agree to reimburse us.
Termination of Membership. You may terminate your membership by giving us notice. You may be denied services or expelled for any reason allowed by applicable law including, but not limited to, causing a loss to the Credit Union.
Security
It is your responsibility to secure and protect the account numbers and electronic access devices (e.g., an ATM card), including Personal Identification Numbers (PINs) and access credentials, we provide you for your account(s). Do not discuss, compare, or share information about your account number(s) or access credentials with anyone unless you are willing to give them full use of your money. An account number can be used by thieves to encode your number on a false demand draft which looks like and functions like an authorized check. If you furnish your access device and grant actual authority to make transfers to another person (a family member or coworker, for example) who then exceeds that authority, you are liable for the transfers unless we have been notified that transfers by that person are no longer authorized.
Your account number can also be used to electronically remove money from your account. If you provide your account number in response to a telephone solicitation for the purpose of making a transfer (to purchase a service or merchandise, for example), payment can be made from your account even though you did not contact us directly and order the payment.
You must also take precaution in safeguarding your blank checks. Notify us at once if you believe your checks have been lost or stolen. As between you and us, if you are negligent in safeguarding your checks, you must bear the loss entirely yourself or share the loss with us (we may have to share some of the loss if we failed to use ordinary care and if we substantially contributed to the loss).
You agree that if we offer you services appropriate for your account to help identify and limit fraud or other unauthorized transactions against your account, such as positive pay or commercially reasonable security procedures, and you reject those services, you will be responsible for any fraudulent or unauthorized transactions which could have been prevented by the services we offered, unless we acted in bad faith or to the extent our negligence contributed to the loss.
Rewards and Incentives Programs
From time to time, we may make rewards and incentives programs available to you in connection with one or more of your accounts. These programs will be governed by separate documents related to such programs and the credit union reserves the right to change or terminate such programs at any time.
Telephone Monitoring and Calling
From time to time you agree we may monitor and record telephone calls made or received by us or our agents regarding your account to assure the quality of our service. In order for us to service the account or to collect any amounts you may owe, and subject to applicable law, you agree that we may from time to time make calls and send text messages to you using prerecorded/artificial voice messages or through the use of an automatic dialing device at any telephone number you provide to us in connection with your account, including a mobile telephone number that could result in charges to you.
Permitted Time for Filing a Lawsuit
You must file any lawsuit or arbitration against us within one year after the cause of action arises, unless federal or state law or an applicable agreement provides for a shorter time. This limit is in addition to limits on notice as a condition of making a claim.
 
BINDING ARBITRATION AND CLASS ACTION WAIVER - RESOLUTION OF DISPUTES BY ARBITRATION: THIS SECTION CONTAINS IMPORTANT INFORMATION REGARDING YOUR ACCOUNTS AND ALL RELATED SERVICES. IT PROVIDES THAT EITHER YOU OR WE CAN REQUIRE THAT ANY DISPUTES BE RESOLVED BY BINDING ARBITRATION. ARBITRATION REPLACES THE RIGHT TO GO TO COURT, INCLUDING THE RIGHT TO A JURY TRIAL AND THE RIGHT TO PARTICIPATE IN A CLASS ACTION OR SIMILAR PROCEEDING. IN ARBITRATION, THE DISPUTE IS SUBMITTED TO A NEUTRAL PARTY, AN ARBITRATOR, INSTEAD OF A JUDGE OR JURY. ARBITRATION PROCEDURES MAY BE MORE LIMITED THAN RULES APPLICABLE IN COURT.

  1. Agreement to Arbitrate Disputes Either you or we may elect, without the other’s consent, to require that any dispute between us concerning your membership, your deposit accounts (“Accounts”) and the services related to your membership and Accounts, including but not limited to all disputes that you may raise against us, must be resolved by binding arbitration, except for those disputes specifically excluded below.

  2. No Class Action or Joinder of Parties YOU ACKNOWLEDGE THAT YOU AND WE AGREE THAT NO CLASS ACTION, CLASS-WIDE ARBITRATION, PRIVATE ATTORNEY GENERAL ACTION, OR OTHER PROCEEDING WHERE SOMEONE ACTS IN A REPRESENTATIVE CAPACITY, MAY BE PURSUED IN ANY ARBITRATION OR IN ANY COURT PROCEEDING, REGARDLESS OF WHEN THE CLAIM OR CAUSE OF ACTION AROSE OR ACCRUED, OR WHEN THE ALLEGATIONS OR FACTS UNDERLYING THE CLAIM OR CAUSE OF ACTION OCCURRED. Unless mutually agreed to by you and us, claims of two or more persons may not be joined, consolidated, or otherwise brought together in the same arbitration (unless those persons are joint account holders or beneficiaries on your account and/or related accounts, or parties to a single transaction or related transaction), whether or not the claim may have been assigned.

  3. Disputes Covered by Arbitration. YOU ACKNOWLEDGE THAT IN ARBITRATION THERE WILL BE NO RIGHT TO A JURY TRIAL. Any claim or dispute relating to or arising out of your Accounts or our relationship will be subject to arbitration, regardless of whether that dispute arose before or after your receipt of this notice. Disputes include claims made as part of a class action, private attorney general or other representative action, it being expressly understood and agreed to that the arbitration of such claims must proceed on an individual (non-class, non-representative) basis and the arbitrator may award relief only on an individual (non-class, non-representative) basis. Disputes also include claims relating to the enforceability or interpretation of any of these arbitration provisions. Any questions about whether disputes are subject to arbitration shall be resolved by interpreting this arbitration provision in the broadest way the law will allow it to be enforced.

    All disputes are subject to arbitration, no matter what legal theory they are based on, or what remedy (damages, or injunctive or declaratory relief) they seek. Disputes include any unresolved claims concerning any services relating to your Accounts. Disputes include not only claims made directly by you, but also made by anyone connected with you or claiming through you, such as a joint account holder, account beneficiary, employee, representative, agent, predecessor or successor, heir, assignee, or trustee in bankruptcy. Disputes include not only claims that relate directly to the Credit Union, but also its affiliates, successors, assignees, officers, directors, employees, and agents, and claims for which we may be directly or indirectly liable, even if we are not properly named at the time the claim is made. Disputes include claims based on any theory of law, contract, statute, regulation, tort (including fraud or any intentional tort), or any other legal or equitable ground, and include claims asserted as counterclaims, cross-claims, third-party claims, interpleaders or otherwise; and claims made independently or with other claims. If party initiates a proceeding in court regarding a claim or dispute which is included under this Resolution of Disputes by Arbitration provision, the other party may elect to proceed in arbitration pursuant to this Resolution of Disputes by Arbitration provision.

  4. Disputes Excluded from Arbitration Disputes filed by you or by us individually in a small claims court are not subject to arbitration, so long as the disputes remain in such court and advance only an individual (non-class, non-representative) claim for relief. However, if a matter in small claims court is removed, transferred, or appealed to a non-small claims court, that claim shall be subject to this Resolution of Disputes by Arbitration provision. Our Claims or disputes against you arising from your status as a borrower under any loan agreement with the Credit Union or to collect any funds you may owe us are also excluded from this Resolution of Disputes by Arbitration provision.

  5. Commencing an Arbitration The arbitration must be filed with one of the following neutral arbitration forums and follow its rules and procedures for initiating and pursuing an arbitration: American Arbitration Association or JAMS. If you initiate the arbitration, you must notify us in writing at:
    Advantage One Credit Union
    Attn: Legal Department
    23670 Telegraph Road
    Brownstown, MI 48134

    If we initiate the arbitration, we will notify you in writing at your last known address on file. You may obtain a copy of the arbitration rules for these forums, as well as additional information about initiating an arbitration by contacting these arbitration forums:
    American Arbitration Association
    1-800-778-7879 (toll-free)
    www.adr.org

    JAMS
    1-800-352-5267 (toll-free)
    www.jamsadr.com

    The arbitration shall be conducted in Wayne County, Michigan, unless the parties agree to a different location in writing.

  6. Administration of Arbitration The arbitration shall be decided by a single, neutral arbitrator. The arbitrator will be either a lawyer with at least ten years of experience or a retired or former judge selected in accordance with the rules of the arbitration forum. The arbitrator shall follow procedures and rules of the arbitration forum in effect on the date the arbitration is filed unless those rules and procedures are inconsistent with this arbitration provision, in which case this arbitration provision will prevail. Those provisions and rules may limit the discovery available to you or us. The arbitrator will take reasonable steps to protect customer account information and other confidential information if requested to do so by you or by us. The arbitrator shall decide the dispute in accordance with applicable substantive law consistent with the Federal Arbitration Act and applicable statutes of limitations, will honor claims of privilege recognized at law, and will be empowered to award any damages or other relief provided for under applicable law. The arbitrator will not have the power to award relief to, or against, any person who is not a party to the arbitration. An award in arbitration shall determine the rights and obligations between the named parties only, and only in respect of the claims in arbitration, and shall not have any bearing on the rights and obligations of any other person, or on the resolution of any other dispute. You or we may choose to have a hearing and be represented by counsel. The decision rendered by the arbitrator shall be in writing. At your or our request, the Arbitrator shall issue a written, reasoned decision following applicable law and relief granted must be relief that could be granted by the court under applicable law. Judgment on the arbitration award may be entered by any court of competent jurisdiction.

  7. Costs The party initiating the arbitration shall pay the initial filing fee. If you file the arbitration and an award is rendered in your favor, we will reimburse you for your filing fee. If there is a hearing, We will pay the fees and costs of the arbitration for the first day of that hearing. All other fees and costs will be allocated in accordance with the rules of the arbitration forum. However, we will advance or reimburse filing and other fees if the arbitrator rules that you cannot afford to pay them or finds other good cause for requiring Us to do so, or if you ask us in writing and we determine there is good reason for doing so. Each party shall bear the expense of their respective attorneys, experts, and witnesses and other expenses, regardless of who prevails, but a party may recover any or all costs and expenses from another party if the arbitrator, applying applicable law, so determines.

  8. Right to Resort to Provisional Remedies Preserved Nothing herein shall be deemed to limit or constrain our right to resort to self-help remedies, such as the right of set-off or the right to restrain funds in an account, to interplead funds in the event of a dispute, to exercise any security interest or lien we may hold in property, or to comply with legal process, or to obtain provisional remedies such as injunctive relief, attachment, or garnishment by a court having appropriate jurisdiction; provided, however, that you or we may elect to arbitrate any dispute related to such provisional remedies, except in an action by us against you that has been initiated by Us to collect funds that you may owe to us.

  9. Arbitration Award The arbitrator’s award shall be final and binding unless a party appeals it in writing to the arbitration forum within fifteen days of notice of the award or pursuant to the rules of the arbitration forum, whichever is later. The appeal must request a new arbitration before a panel of three neutral arbitrators selected in accordance with the rules of the same arbitration forum. The panel will consider all factual and legal issues anew, follow the same rules that apply to a proceeding using a single arbitrator, and make decisions based on the vote of the majority. Costs will be allocated in the same manner as allocated before a single arbitrator. An award by a panel is final and binding on the parties after fifteen days of notice of the award or pursuant to the rules of the arbitration forum, whichever is later. A final and binding award is subject to judicial intervention or review only to the extent allowed under the Federal Arbitration Act or other applicable law. A party may seek to have a final and binding award entered as a judgment in any court having jurisdiction.

  10. Governing Law You and we agree that our relationship includes transactions involving interstate commerce and that these arbitration provisions are governed by, and enforceable under, the Federal Arbitration Act. To the extent state law is applicable, the laws of the State of Michigan shall apply.

  11. Severability, Survival These arbitration provisions shall survive (a) termination or changes to your accounts or any related services; (b) the bankruptcy of any party; and (c) the transfer or assignment of your Accounts or any related services. If any portion of this Resolution of Disputes by Arbitration provision is deemed invalid or unenforceable, the remainder of this Resolution of Disputes by Arbitration provision shall remain in force. No portion of this Resolution of Disputes by Arbitration provision may be amended, severed, or waived absent a written agreement between you and us.

  12. Applicability Arbitration will not apply to your Account as long as you are an active duty Service Member.
 

TRUTH-IN-SAVINGS DISCLOSURE

PRIMARY SAVINGS ACCOUNT
Rate information: The dividend rate and annual percentage yield may change at any time, as determined by the Credit Union board of directors.
Compounding and crediting: Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.
Dividend period: For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period, and for the example above is March 31. If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements: The minimum required to open this account is the purchase of a share in the Credit Union. Please see the bylaw requirements in the Common Features section for additional information. You must maintain a minimum aggregate average daily balance of $200.00 total between all share and certificate products under the same member number to avoid an average daily balance fee. If, during any month, your aggregate average daily balance is below the required minimum, your Primary Share Account will be subject to an average daily balance fee. The fee will be waived if you have a loan with a minimum loan balance of $200.00, a credit card that either (a) has a balance, (b) had a balance on the last statement, or (c) made a purchase within the past 60 days. New members shall be exempt from being assessed the fee during the first 90 days of membership. You must maintain a minimum average daily balance of $50.00 in your account to obtain the disclosed annual percentage yield.
Average daily balance computation method: Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the quarter.
Accrual of dividends on noncash deposits: Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations: During any calendar month, you may not make more than six withdrawals or transfers to another Credit Union account of yours or to a third party by means of a preauthorized, automatic, or computer transfer, telephonic order or instruction, or by check, draft, debit card or similar order to a third party. If you exceed the transfer limitations set forth above, your account will be subject to a fee as set forth in our Fee Schedule or closure by the Credit Union.
 
SECONDARY SAVINGS ACCOUNT
Rate information: The dividend rate and annual percentage yield may change at any time, as determined by the Credit Union board of directors.
Compounding and crediting: Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.
Dividend period: For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example above is March 31. If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements: To open and maintain this account there is no minimum balance requirement. You must maintain a minimum average daily balance of $50.00 in your account to obtain the disclosed annual percentage yield.
Average daily balance computation method: Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the quarter.
Accrual of dividends on noncash deposits: Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations: During any calendar month, you may not make more than six withdrawals or transfers to another Credit Union account of yours or to a third party by means of a preauthorized, automatic, or computer transfer, telephonic order or instruction, or by check, draft, debit card or similar order to a third party. If you exceed the transfer limitations set forth above, your account will be subject to a fee as set forth in our Fee Schedule or closure by the Credit Union.

BASIC CHECKING ACCOUNT
Minimum balance requirements: No minimum balance requirements apply to this account.
Transaction limitations: No transaction limitations apply to this account.
 
HEROES  CHECKING ACCOUNT
(for active and retired military personnel, firefighters and police officers)
Account Qualifications: To qualify for the Heroes Checking Account you must be a retired or active military member, police officer or firefighter. You must be able to provide a one-time identification such as a DD214, VA Card, Military ID, Police or Fire association card, paycheck, etc.
Rate information: The dividend rate and annual percentage yield may change at any time, as determined by the Credit Union board of directors.
Compounding and crediting: Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.
Dividend period: For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of a dividend period, and for the example above is March 31. If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements: To open and maintain this account there is no minimum balance requirement. To obtain the disclosed annual percentage yield you must maintain a minimum average daily balance of $1,000.00.
Average daily balance computation method: Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the quarter.
Accrual of dividends on noncash deposits: Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Benefits Plus Membership: The membership fee for Benefits Plus is waived for this account type. For Benefits Plus offering please refer to the Benefits Plus Terms and Conditions disclosure.

RELATIONSHIP BUILDER CHECKING ACCOUNT
Minimum balance requirements: You must maintain $5.00 secured in your Primary Share Account to open this account.
Transaction limitations: You may access this account with a Mastercard® Debit Card. Should the Network be offline access to funds may not be available for withdraw.
Fees and charges: A monthly maintenance fee of $5.00 will be charged.

DIVIDEND CHECKING ACCOUNT
Account qualifications: The Credit Union is no longer offering the Dividend Checking Account. The disclosures in this section apply to existing Dividend Checking Accounts.
Rate Information: The dividend rate and annual percentage yield may change at any time, as determined by the Credit Union board of directors.
Compounding and crediting: Dividends will be compounded quarterly. Dividends will be credited to your account quarterly.
Dividend period: For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period and for the example above is March 31. If you close your share account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements: You must maintain a minimum average daily balance of $1,000.00 in your account to obtain the disclosed annual percentage yield.
Average daily balance computation method: Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the quarter.
Accrual of dividends on noncash deposits: Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations: No transaction limitations apply to this account unless otherwise stated in the Common Features section.
Fees and charges: A monthly maintenance fee of $1.00 will be charged.

ADVANTAGE INTEREST CHECKING ACCOUNT
Rate Information: The dividend rate and annual percentage yield may change every month. We may change the dividend rate for your account as determined by the Credit Union board of directors.
Compounding and crediting: Dividends will be compounded monthly. Dividends will be credited to your account monthly.
Dividend period: For this account type, the dividend period is monthly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is January 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period and for the example above is January 31. If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements: You must maintain a minimum average daily balance of $2,500.00 in your account to obtain the disclosed annual percentage yield.
Average daily balance computation method: Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the monthly statement cycle.
Accrual of dividends on noncash deposits: Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations: No transaction limitations apply to this account unless otherwise stated in the Common Features section.
Fees and charges: You must maintain an Average Daily Balance of $2,500.00 or a $7.00 monthly account fee will be charged. If Benefits Plus is added to the account, you must maintain an Average Daily Balance of $10,000.00 or a monthly Benefits Plus membership fee of $5.00 will be charged.
 
In addition to the minimum balance of $2,500.00, you also must meet one of the following requirements in order to avoid the $7.00 monthly account fee:
  • A combination of 5 or more cleared share drafts, signature-based debit card transactions, or ePay transactions within a calendar month.
  • Direct deposit into your account (can be any account under your member number) in the amount of $300.00 or more per calendar month.
Relation to Other Agreements: The terms of this disclosure are intended to work in conjunction with the Benefits Plus Terms and Conditions disclosure provided to you. For Benefits Plus offering disclosures, please refer to the Benefits Plus Terms and Conditions disclosure.

BENEFITS PLUS CHECKING ACCOUNT
Rate Information: The dividend rate and annual percentage yield may change at any time, as determined by the Credit Union board of directors.
Compounding and crediting: Dividends will be compounded quarterly. Dividends will be credited to your account quarterly.
Dividend period: For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period and for the example above is March 31. If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements: There is no minimum balance requirement to open or maintain this account. You must maintain a minimum average daily balance of $1,000.00 in your account to obtain the disclosed annual percentage yield.
Average daily balance computation method: Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the quarter.
Accrual of dividends on noncash deposits: Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations: No transaction limitations apply to this account unless otherwise stated in the Common Features section.
Fees and charges: This account is subject to a monthly Benefits Plus membership fee of $5.00. Additional insurance products can be added for a Benefits Plus membership fee of $6.00 per month.
Relation to Other Agreements: The terms of this disclosure are intended to work in conjunction with the Benefits Plus Terms and Conditions disclosure provided to you. For Benefits Plus offering disclosures please refer to the Benefits Plus Terms and Conditions disclosure.

BUSINESS CHECKING ACCOUNT
This account is not a consumer account to which Truth in Savings applies.
Account qualifications: The Credit Union is no longer offering the Business Checking Account. The disclosures in this section apply to existing Dividend Checking Accounts.
Rate Information: The dividend rate and annual percentage yield may change at any time, as determined by the Credit Union board of directors.
Compounding and crediting: Dividends will be compounded quarterly. Dividends will be credited to your account quarterly.
Dividend period: For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period and for the example above is March 31. If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements: The minimum balance required to open this account is the purchase of a share in the credit union. Please see the bylaw requirements in the Common Features section for additional information. You must maintain a combined Aggregate Average Daily Balance of $25,000.00 total between all share and certificate products under the same account number or a $10.00 monthly fee will be charged to your Primary Share Account. New members shall be exempt from the fee during the first 90 days of membership. You must maintain a minimum average daily balance of $1,000.00 in your account to obtain the disclosed annual percentage yield.
Average daily balance computation method: Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the quarter.
Accrual of dividends on noncash deposits: Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations: No transaction limitations apply to this account unless otherwise stated in the Common Features section.
Fees and charges: This account is subject to a monthly maintenance fee of $5.00.

BUSINESS SMART 50 CHECKING ACCOUNT
(For small businesses and small corporations) This account is not a consumer account to which Truth in Savings applies.
Rate Information: The dividend rate and annual percentage yield may change at any time, as determined by the Credit Union board of directors.
Compounding and crediting: Dividends will be compounded quarterly. Dividends will be credited to your account quarterly.
Dividend period: For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period and for the example above is March 31. If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements: The minimum balance required to open this account is the purchase of a share in the Credit Union. Please see the bylaw requirements in the Common Features section for additional information. You must maintain a minimum daily balance of $500.00 in your account to avoid a fee. If, during any calendar month, your daily balance is below the required minimum, your account will be subject to a fee of $25.00 for the month. You must maintain a minimum average daily balance of $1,000.00 in your account to obtain the disclosed annual percentage yield.
Average daily balance computation method: Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the quarter.
Accrual of dividends on noncash deposits: Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations: No transaction limitations apply to this account unless otherwise stated in the Common Features section.
Fees and charges: A monthly maintenance fee of $10.00 will be charged each month. Per transaction fee (credit and debit) $0.50 per item. Cash ordering fee $0.30 per $100.00.

BUSINESS SMART 100 CHECKING ACCOUNT
(For medium-sized companies) - This account is not a consumer account to which Truth in Savings applies.
Rate Information: The dividend rate and annual percentage yield may change at any time, as determined by the Credit Union board of directors.
Compounding and crediting: Dividends will be compounded quarterly. Dividends will be credited to your account quarterly.
Dividend period: For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period and for the example above is March 31. If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements: The minimum required to open this account is the purchase of a share in the credit union. Please see the bylaw requirements in the Common Features section for additional information. You must maintain a minimum daily balance of $2,500.00 in your account to avoid a fee. If, during any calendar month, your daily balance is below the required minimum, your account will be subject to a fee of $25.00 for the month. You must maintain a minimum average daily balance of $1,000.00 in your account to obtain the disclosed annual percentage yield.
Average daily balance computation method: Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the quarter.
Accrual of dividends on noncash deposits: Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations: No transaction limitations apply to this account unless otherwise stated in the Common Features section.
Fees and charges: A monthly maintenance fee of $15.00 will be charged each month. Per transaction fee (credit and debit) $0.50 per item. Cash ordering fee $0.30 per $100.00.

BUSINESS SMART 200 CHECKING ACCOUNT
(For large companies with high monthly activity) - This account is not a consumer account to which Truth in Savings applies.
Rate Information: The dividend rate and annual percentage yield may change at any time, as determined by the Credit Union board of directors.
Compounding and crediting: Dividends will be compounded quarterly. Dividends will be credited to your account quarterly.
Dividend period: For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period and for the example above is March 31. If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements: The minimum required to open this account is the purchase of a share in the credit union. Please see the bylaw requirements in the Common Features section for additional information. You must maintain a minimum daily balance of $10,000.00 in your account to avoid a fall below fee. If, during any calendar month, your daily balance is below the required minimum, your account will be subject to a fall below fee of $25.00 for the month. You must maintain a minimum average daily balance of $1,000.00 in your account to obtain the disclosed annual percentage yield.
Average daily balance computation method: Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the quarter.
Accrual of dividends on noncash deposits: Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations: No transaction limitations apply to this account unless otherwise stated in the Common Features section.
Fees and charges: A monthly maintenance fee of $20.00 will be charged each month. Per transaction fee (credit and debit) $0.50 per item. Cash ordering fee $0.30 per $100.00.

CONSUMER BUSINESS SMART SAVINGS ACCOUNT
This account is not a consumer account to which Truth in Savings applies.  - This account must be tied to Business Smart Checking Account types.
Rate Information: The dividend rate and annual percentage yield may change at any time, as determined by the Credit Union board of directors.
Compounding and crediting: Dividends will be compounded quarterly. Dividends will be credited to your account quarterly.
Dividend period: For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period and for the example above is March 31. If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements: The minimum balance required to open this account is $5.00. You must maintain a minimum average daily balance of $50.00 in your account to obtain the disclosed annual percentage yield.
Average daily balance computation method: Dividends are calculated by the average daily balance method which applies a
periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the quarter.
Accrual of dividends on noncash deposits: Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations: During any calendar month, you may not make more than six withdrawals or transfers to another Credit Union account of yours or to a third party by means of a preauthorized, automatic, or computer transfer, telephonic order or instruction, or by check, draft, debit card, or similar order to a third party. If you exceed the transfer limitation set forth above, your account will be subject to closure by the Credit Union.

CHRISTMAS CLUB ACCOUNT
Rate Information: The dividend rate and annual percentage yield may change at any time, as determined by the Credit Union board of directors.
Compounding and crediting: Dividends will be compounded quarterly. Dividends will be credited to your account quarterly.
Dividend period: For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period and for the example above is March 31. If you close your share account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements: You must maintain a minimum average daily balance of $50.00 in your account to obtain the disclosed annual percentage yield.
Average daily balance computation method: Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the quarter.
Accrual of dividends on noncash deposits: Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations: You may not make withdrawals or transfers to another Credit Union account of yours or to a third party by means of a preauthorized, automatic, or computer transfer, telephonic order or instruction, or by check, draft, debit card, or similar order to a third party. If any withdrawal is made from this account before November, then this account may be closed.

M3 MONEY CLUB
(This account is for Members age 12 and under)
Rate Information: The dividend rate and annual percentage yield may change at any time, as determined by the credit union board of directors.
Compounding and crediting: Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.
Dividend period: For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period and for the example above is March 31. If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements: The minimum balance required to open this account is $5.00. You must maintain a minimum average daily balance of $50.00 in your account to obtain the disclosed annual percentage yield.
Average daily balance computation method: Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the quarter.
Accrual of dividends on noncash deposits: Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations: No transaction limitations apply to this account unless otherwise stated in the Common Features section.
 
ELEMENTS OF MONEY
(This account is for Members age 13-17)
Rate Information: The dividend rate and annual percentage yield may change at any time, as determined by the credit union board of directors.
Compounding and crediting: Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.
Dividend period: For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period and for the example above is March 31. If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements: The minimum balance required to open this account is $5.00. You must maintain a minimum average daily balance of $50.00 in your account to obtain the disclosed annual percentage yield.
Average daily balance computation method: Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is quarterly.
Accrual of dividends on noncash deposits: Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations: No transaction limitations apply to this account unless otherwise stated in the Common Features section.
Par value of a share: The par value of a share in this account is $5.00.
 
eCOUNT SAVINGS ACCOUNT
(This account is for Members age 18-24)
Rate Information: The dividend rate and annual percentage yield may change at any time, as determined by the Credit Union board of directors.
Compounding and crediting: Dividends will be compounded quarterly. Dividends will be credited to your account quarterly.
Dividend period: For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period and for the example above is March 31. If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements: The minimum balance required to open this account is $5.00. You must maintain a minimum average daily balance of $50.00 in your account to obtain the disclosed annual percentage yield.
Average daily balance computation method: Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is quarterly.
Accrual of dividends on noncash deposits: Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations: During any calendar month, you may not make more than four withdrawals or transfers to another Credit Union account of yours or to a third party by means of a preauthorized, automatic, or computer transfer, telephonic order or instruction, or by check, draft, debit card, or similar order to a third party. If you exceed the transfer limitation set forth above, your account will be subject to a $25.00 fee for each exceeded transaction.
 
MONEY MARKET ACCOUNT
Rate Information: The dividend rate and annual percentage yield may change at any time, as determined by the Credit Union board of directors.
Compounding and crediting: Dividends will be compounded monthly. Dividends will be credited to your account monthly.
Dividend period: For this account type, the dividend period is monthly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is January 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period and for the example above is January 31. If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements: The minimum balance required to open this account is $1,500.00. You must maintain a minimum average daily balance of $1,500.00 in your account to obtain the disclosed annual percentage yield.
Average daily balance computation method: Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the month.
Accrual of dividends on noncash deposits: Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations: During any calendar month, you may not make more than four withdrawals or transfers to another Credit Union account of yours or to a third party by means of a preauthorized, automatic, or computer transfer, telephonic order or instruction, or by check, draft, debit card, or similar order to a third party. If you exceed the transfer limitation set forth above, your account will be subject to a fee of $25.00 for each transaction.
 
HEALTH SAVINGS ACCOUNT
Rate Information: The dividend rate and annual percentage yield may change at any time, as determined by the Credit Union board of directors.
Compounding and crediting: Dividends will be compounded quarterly. Dividends will be credited to your account quarterly.
Dividend period: For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period and for the example above is March 31. If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements: The minimum balance required to open and maintain this account is $50.00. You must maintain a minimum average daily balance of $100.00 in your account to obtain the disclosed annual percentage yield. Fees may reduce earnings. The Credit Union is not responsible for fees, fines or taxes assessed by any government agency.
Average daily balance computation method: Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the quarter.
Accrual of dividends on noncash deposits: Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations: IRS contribution limitations apply. You may make a withdrawal subject to possible penalties imposed by the Internal Revenue Service. We advise you to consult with your tax advisor prior to making a withdrawal. We reserve the right to require written notice before we allow you to withdraw from your account. You may not make any withdrawals or transfers to another Credit Union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party.
Relation to Other Agreements: The terms of this disclosure are intended to work in conjunction with the Health Savings Account Application, the Health Savings Trust Account Agreement, and Disclosure Statement provided to you (the “Health Savings Account Agreement)”. In the event of a conflict, the terms of the Health Savings Account Agreement will control.
 
INDIVIDUAL RETIREMENT ACCOUNT
(Roth and Traditional Plans offered)
Rate Information: The dividend rate and annual percentage yield may change at any time, as determined by the Credit Union board of directors.
Compounding and crediting: Dividends will be compounded quarterly. Dividends will be credited to your account quarterly. Fees may reduce earnings. The Credit Union is not responsible for fees, fines or taxes assessed by any government agency.
Dividend period: For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period and for the example above is March 31. If you close your share account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements: The minimum balance required to open this account is $25.00. You must maintain a minimum average daily balance of $50.00 in your account to obtain the disclosed annual percentage yield.
Average daily balance computation method: Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the quarter.
Accrual of dividends on noncash deposits: Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations: IRS contribution limitations apply. You may make a withdrawal subject to possible penalties imposed by the Internal Revenue Service. We advise you to consult with your tax advisor prior to making a withdrawal. We reserve the right to require written notice before we allow you to withdraw from your account. You may not make any withdrawals or transfers to another Credit Union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party.
Relation to Other Agreements: The terms of this disclosure are intended to work in conjunction with the Individual/Roth Retirement Account Application, Individual/Roth Trust Account Agreement, and Disclosure Statement provided to you (the “IRA Account Agreement)”. In the event of a conflict, the terms of the IRA Account Agreement will control.
 
YOUTH SHARE CERTIFICATE
(This account is for Members under the age of 18)
Rate Information: The certificate dividend rate and annual percentage yield are fixed and will be in effect during the full term of the certificate. The dividend rate and annual percentage yield will be disclosed in the document given to you when you open the certificate and on notices sent to you when the certificate renews.
Compounding frequency: Dividends will be compounded quarterly on anniversary date.
Crediting frequency: Dividends will be credited to your account quarterly.
Dividend period: For this account type, the dividend period is quarterly.
Effect of closing an account: If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements: The minimum balance required to open this account is $50.00. You must maintain a minimum daily balance of $50.00 in your account each day to obtain the disclosed annual percentage yield.
Daily balance computation method: Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of dividends on noncash deposits: Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations: The minimum amount for additional deposits is $25.00. If more than two withdrawals are made from this account before maturity, then this account may be closed. You may make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty. You cannot withdraw dividends from your account before maturity.
Time requirements: Your account will mature on the date indicated on your certificate.
Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity): The penalty we may impose will equal any and all accrued unpaid dividends. In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. Other exceptions may also apply, for example, if this is part of an IRA or other tax-deferred savings plan.
Automatically renewable account: This account will automatically renew at maturity. You may prevent renewal if we receive written notice from you before maturity of your intention not to renew or you withdraw the funds in the account at maturity (or within the grace period mentioned below, if any). We can prevent renewal if we mail notice to you at least 30 calendar days before maturity. If either you or we prevent renewal, dividends will not accrue after final maturity.
Each renewal term will be the same as the original term, beginning on the maturity date. The dividend rate will be the same we offer on new term share accounts on the maturity date which have the same term, minimum balance (if any) and other features as the original term share account.
You will have a grace period of ten calendar days after maturity to withdraw the funds without being charged an early
withdrawal penalty.
 
eCOUNT SHARE CERTIFICATE
Rate Information: The certificate dividend rate and annual percentage yield are variable during the full term of the certificate. The dividend rate and annual percentage yield will be disclosed in the document given to you when you open the certificate and on notices sent to you when the certificate renews.
Compounding frequency: Dividends will be compounded quarterly on the anniversary date.
Crediting frequency: Dividends will be credited to your account quarterly on the anniversary date.
Dividend period: For this account type, the dividend period is quarterly.
Effect of closing an account: If you close your account before dividends are paid, you will not receive the accrued unpaid dividends.
Minimum balance requirements: The minimum balance required to open an eCount share certificate is $500.00 or $1,000.00 for share certificates. For eCount share certificates, you must maintain a minimum daily balance of $500.00 in your account each day to obtain the disclosed annual percentage yield. For share certificates, you must maintain a minimum daily balance of $1,000.00 in your account each day to obtain the disclosed annual percentage yield.
Daily balance computation method: Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of dividends on noncash deposits: Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations: After the account is opened, you may not make additional deposits into the account. You can only withdraw dividends credited in the term before maturity of that term without penalty. You can withdraw dividends anytime during the term of crediting after it is credited to your account.
Time requirements: Your account will mature on the date indicated on your certificate.
Withdrawal of dividends prior to maturity: The annual percentage yield is based on an assumption that interest will remain in the account until maturity. A withdrawal will reduce earnings.
Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity): The penalty we may impose will equal any and all accrued unpaid dividends. In certain circumstances, such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. Other exceptions may also apply, for example, if this is part of an IRA or other tax-deferred savings plan. For any account which earns a dividend rate that may vary from time to time during the term, the dividend rate we will use to calculate this early withdrawal penalty will be the dividend rate in effect at the time of the withdrawal.
Automatically renewable account: This account will automatically renew at maturity. You may prevent renewal if you withdraw the funds in the account at maturity (or within the grace period mentioned below, if any) or we receive written notice from you within the grace period mentioned below, if any. We can prevent renewal if we mail notice to you at least 30 calendar days before maturity. If either you or we prevent renewal, dividends will not accrue after final maturity.
Each renewal term will be the same as the original term, beginning on the maturity date. The dividend rate will be the same we offer on new term share accounts on the maturity date which have the same term, minimum balance (if any) and other features as the original term share account.
You will have a grace period of ten calendar days after maturity to withdraw the funds without being charged an early withdrawal penalty.
 
COVERDELL EDUCATIONAL SAVINGS ACCOUNT
Rate Information: The dividend rate and annual percentage yield may change at any time, as determined by the Credit Union board of directors.
Compounding and crediting: Dividends will be compounded quarterly. Dividends will be credited to your account quarterly. Fees may reduce earnings. The Credit Union is not responsible for fees, fines or taxes assessed by any government agency.
Dividend period: For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period and for the example above is March 31. If you close your share account before dividends are paid, you will not receive the accrued dividends.
Minimum balance requirements: The minimum balance required to open this account is $25.00. You must maintain a minimum average daily balance of $50.00 in your account to obtain the disclosed annual percentage yield.
Average daily balance computation method: Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the quarter.
Accrual of dividends on noncash deposits: Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations: IRS contribution limitations apply. You may make a withdrawal subject to possible penalties imposed by the Internal Revenue Service. We advise you to consult with your tax advisor prior to making a withdrawal. We reserve the right to require written notice before we allow you to withdraw from your account. You may not make any withdrawals or transfers to another Credit Union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party.
Relation to Other Agreements: The terms of this disclosure are intended to work in conjunction with the Coverdell Education Savings Account Application, Coverdell ESA Trust Account Agreement, and Disclosure Statement provided to you (the “Coverdell Account Agreement)”. In the event of a conflict, the terms of the Coverdell Account Agreement will control.
 

COMMON FEATURES

Bylaw requirements: You must complete payment of one share in your Primary Savings Account as a condition of admission to membership.
Transaction limitation: We reserve the right to at any time require not less than seven days’ notice in writing before each withdrawal from an interest-bearing account other than a time deposit, or from any other savings account as defined by Regulation D.
Nature of dividends: Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period. (This disclosure further explains the dividend feature of your non-term share account(s).)
National Credit Union Share Insurance Fund: Member accounts in this Credit Union are federally insured by the National Credit Union Share Insurance Fund.
Overdraft Fee Transaction Categories: The categories of transactions for which an overdraft fee may be imposed are those by any of the following means: share draft, in-person withdrawal, ATM withdrawal, or other electronic means.
Rate Schedule: Please refer to our separate Rate Schedule for current information about your dividend rate and annual percentage yield.
Fee Schedule: Please refer to our separate Fee Schedule for additional information about our current fees and charges.
 

ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURES

ELECTRONIC FUNDS TRANSFER (EFT) SERVICES AVAILABLE

Indicated below are types of Electronic Fund Transfers we are capable of handling, some of which may not apply to your account. Please read this disclosure carefully because it sets forth your rights and obligations for the transactions listed. You should keep this notice for future reference.
Electronic Funds Transfers Initiated By Third Parties
You may authorize a third party to initiate electronic fund transfers between your account and the third party’s account. These transfers to make or receive payment may be one-time occurrences or may recur as directed by you. These transfers may use the Automated Clearing House (ACH) or other payments network. Your authorization to the third party to make these transfers can occur in a number of ways. For example, your authorization to convert a check to an electronic fund transfer or to electronically pay a returned check or draft charge can occur when a merchant provides you with notice and you go forward with the transaction (typically, at the point of purchase, a merchant will post a sign and print the notice on a receipt). In all cases, these third-party transfers will require you to provide the third party with your account number and credit union information. This information can be found on your check as well as on a deposit or withdrawal slip. Thus, you should only provide your credit union and account information (whether over the phone, the Internet, or via some other method) to trusted third parties whom you have authorized to initiate these electronic fund transfers. Examples of these transfers include, but are not limited to:
  1. Preauthorized credits You may make arrangements for certain direct deposits to be accepted into your Checking Account(s) or Primary Savings Account(s).
  2. Preauthorized payments You may make arrangements to pay certain recurring bills from your Checking Account(s).
  3. Electronic check or draft conversion You may authorize a merchant or other payee to make a one-time electronic payment from your Checking Account using information from your check to pay for purchases or pay bills.
  4. Electronic returned check or draft charge You may authorize a merchant or other payee to initiate an electronic funds transfer to collect a charge in the event a check is returned for insufficient funds.
SMART Telephone Transfers - types of transfers
You may access your account by telephone 24 hours a day at 734-675-8200 using your personal identification number, a touch tone phone and your account numbers, to:
  1. Transfer funds
  2. Make loan payments
  3. Obtain balance and transaction information
  4. Check on cleared items
ATM Transaction - types of transactions and dollar limitations
You may access your account(s) by ATM using your ATM Card(s) or Debit Card(s) and personal identification number (PIN), to:
  1. Make deposits
  2. Withdraw cash (Up to $520.00 in any 24-hour period)
  3. Transfer funds
  4. Obtain balance information
Some of these services may not be available at all terminals. Daily withdrawal limitations will apply.
There may be a charge for out of CO-OP ATM Network withdrawals in excess of four during a month.
 
Types of Debit Card Point-of-Sale Transactions. You may access your Checking Account to purchase goods (in person, online, or by phone), pay for services (in person, online, or by phone), or do anything that a participating merchant will accept. You may get cash back from a merchant, if the merchant permits. Doing so will count towards your PIN transaction limitations and any applicable fees. The charge to use your Debit Card may be $1.00 per transaction in excess of four during a month.
 
Point-of-Sale Transactions - Dollar Limitations. Using your Debit Card, you may not exceed $2,720.00 in transactions in any 24-hour period.
Reversing Electronic Fund Transfers
If an “electronic fund transfer” described in this section was a payment of $50.00 or more for goods or services, you have the right to require us to reverse such transfer and to re-credit your account with the full amount of the transfer if (1) you tell us, within four calendar days after the date of the transfer, to make such a reversal, (2) you notify us that you have made a good faith attempt to resolve your dispute with the third party involved, and (3) you assure us that any returnable goods involved in the dispute will be returned.
 
If you do these things in writing, you MUST send the letter to our address as set forth at the end of this EFT Disclosure.
If you phone us, you MUST call at the phone number as set forth at the end of this EFT Disclosure.
 
If you tell us orally that you want such a transfer reversed, you MUST send us a letter to confirm your reversal request, your notice of attempted resolution of the dispute, and your assurance to return any returnable goods involved. You are required to get this letter back to us within 14 calendar days after the date of your oral request for reversal. We reserve the right to impose a reasonable charge for handling such reversal requests, and to increase such charges thereafter.
 
Currency Conversion and International Transactions
When you use your Debit Card at a merchant that settles in currency other than US dollars, the charge will be converted into the US dollar amount. The currency conversion rate used to determine the transaction amount in US dollars is either a rate selected by Mastercard® from the range of rates available in wholesale currency markets for the applicable central processing date, which rate may vary from the rate Mastercard® itself receives, or the government-mandated rate in effect for the applicable central processing date. The conversion rate in effect on the processing date may differ from the rate in effect on the transaction date or posting date.
We may charge up to a 1.1% fee for any international transaction(s) regardless of whether there is a currency conversion. An international transaction is a transaction where the country of the merchant is outside the USA.
Advisory Against Illegal Use. You agree not to use your card(s) for illegal gambling or other illegal purpose. Display of a payment card logo by, for example, an online merchant does not necessarily mean that transactions are lawful in all jurisdictions in which the cardholder may be located.
Non-Mastercard® Debit Transaction Processing. The Credit Union does not offer non-Mastercard® debit transaction processing.
MyBranch Online Computer Transfers - types of transfers. You may access your account by computer at www.myaocu.com and using your log in ID and password to:
  1. Transfer funds
  2. Make loan payments
  3. Make payments to third parties using the Bill Pay service
Mobile Banking Transfers - types of transfers
You may access your account(s) through the AOCU Mobile App on your Smartphone, using your personal identification number and your account numbers, to:
  1. Transfer funds
  2. Pay bills
  3. Make loan payments
  4. Deposit funds via Remote Deposit Capture
FEES
We may charge you fees for electronic fund transfers as set forth in this EFT Disclosure or as set forth in our Fee Schedule. We reserve the right to amend the fees from time to time upon thirty (30) days prior written notice. In addition, if you use an ATM or other terminal not owned by us to complete a transaction or make a balance inquiry, the owner of that ATM or network may charge you a fee.
 
DOCUMENTATION
Terminal Transfers You can get a receipt at the time you make any transfer to or from your account using automated teller machines (ATMs) or point-of-sale (POS) terminals. Note that receipts may not be available for some small POS transactions.
Preauthorized Credits If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you can call us at 734-676-7000 (during business hours) to find out whether or not the deposit has been made.
Periodic Statements You will get a monthly account statement from us for your Checking Accounts. You will get a monthly account statement from us for your accounts that are not Checking Accounts, unless there are no electronic fund transfers in a particular month. In any case, you will get a statement at least quarterly.
 
PREAUTHORIZED PAYMENTS - RIGHT TO STOP PAYMENT
Procedure If you have told us in advance to make regular payments out of your account, you can stop any of these payments by:
Call or write us at the telephone number or address listed in this EFT Disclosure in time for us to receive your request 3 business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within 14 days after you call.
We will charge you a fee as set forth in our Fee Schedule for each stop-payment order you give.
Liability for failure to stop payment of preauthorized transfer. If you order us to stop one of these payments 3 business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.
 
CREDIT UNION’S LIABILITY
Liability for failure to make transfers. If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages.
However, there are some exceptions. We will not be liable, for instance:
  • If, through no fault of ours, you do not have enough money in your account or back up accounts to make the transfer, if any funds in your accounts necessary to complete the transfer are held as uncollected funds or pursuant to our Funds Availability Policy, or if any funds in your accounts necessary to complete the transaction are held subject to legal process or other claim.
  • If you used your card or access code in an incorrect manner, or after your right to use your card or access code has been cancelled.
  • If the automated teller machine (ATM) where you are making the transfer does not have enough cash.
  • If the ATM or other terminal or system was not working properly and you knew about the breakdown when you started the transfer.
  • If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken
  • If funds in your account necessary to complete the transaction are pledged as collateral, are frozen, or offset because of a delinquent loan.
  • If the error was caused by a system of any participating ATM network.
  • If the transfer is not completed as a result of your negligent use of your card, access code, or any EFT facility for making such transfers.
  • If the telephone or computer equipment you use to conduct audio response or electronic/PC transactions is not working properly and you knew or should have known about the breakdown when you started the transaction.
  • If a law or regulation prevents us from completing the transaction.
  • If any other exception as established by us and communicated to you applies.
CONFIDENTIALITY
We will disclose information to third parties about your account or the transfers you make:
  • Where it is necessary for completing transfers; or
  • In order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant; or
  • In order to comply with government agency or court orders; or
  • If you give us written permission.

NOTICES
All notices from us will be effective when we have mailed them or delivered them to your last known address in our records. Notices from you will be effective when received by us at the address specified in this EFT Disclosure.
 
AMENDMENTS
We reserve the right to amend this EFT Disclosure in any manner and at any time. If we do so, we will give you such advance notice thereof as we deem to be reasonable under the circumstances. Where required by law, we will give you at least twenty-one (21) days advance written notice. You agree that we may amend or modify this EFT disclosure without notice if an immediate change is necessary to maintain or restore the security of our account arrangements or of any account.
 
TERMINATION OF ELECTRONIC FUND TRANSFER SERVICES
You may terminate any EFT service involving one or more cards under this EFT Disclosure at any time by notifying us in writing and stopping your use of your card(s) and any access code. You may terminate this EFT Disclosure in its entirety only by terminating all electronic funds services, meaning we will no longer accept any electronic transaction including but not limited to automatic deposits. Upon termination (by either you or us), you agree to return all cards to the credit union or destroy the cards upon request of the credit union. You also agree to notify any participating merchants that the authority to make bill payment transfers has been revoked. We may also terminate this EFT Disclosure at any time by notifying you orally or in writing at your last known address on file with us. If we terminate this EFT Disclosure, we may notify any participating merchants making preauthorized debits or credits to any of your accounts that this EFT Disclosure has been terminated and that we will not accept any further preauthorized transaction instructions. We may also program our computer not to accept your card(s) or access code for any EFT service. Whether you or the credit union terminate this EFT Disclosure, the termination will not affect your obligations under this EFT Disclosure or any electronic fund transfers made prior to termination. If this EFT disclosure is terminated the Credit Union may, to prevent any electronic transactions from occurring, close your Checking Account(s) and restrict all other accounts to in office transactions only.
 
ACCESS DEVICE REVOCATION
Any card or other device which we supply you (“Access Device”) may be revoked without notice to you in the event that any of the following conditions occur:
  • Overdrafts occur as result of insufficient available funds on an account.
  • Any transaction that occurs on your account(s) which results in a monetary loss to the Credit Union.
  • Account delinquency with the Credit Union, including but not limited to, loans or credit cards.
  • Forced closure of a Share or Checking Account at the Credit Union.
  • Any other situation in which the Credit Union deems revocation to be in its best interest.

REGULATORY AUTHORITY
If you believe that any provision of the Michigan Electronic Funds Transfer Act has been violated you should notify the Department of Insurance and Financial Services (DIFS), P.O. Box 30220, Lansing, Michigan.
 
YOUR LIABILITY FOR UNAUTHORIZED TRANSFERS
Notify us immediately if you believe your card and/or code has been lost or stolen. Telephoning is the best way of minimizing your losses. All funds in your account(s) are at risk. If you notify us within two business days after you learn of the loss or theft of your card, you are liable for no more than $50 if someone used your card without your permission.
 
If you fail to notify us within two business days after you learn of the loss or theft of your card and/or code, and we can prove we could have stopped someone from using your card and/or code without your permission if you had told us, you could be liable for as much as $500.
If your statement shows transfers that you did not make, notify us immediately. If you do not notify us within 60 days after the end of the statement period, you may not be entitled to return of funds. If a good reason (such as a long trip or hospital stay) kept you from telling us, we may extend the time periods.
 
Additional Limit on Liability for Debit Card Unless you have been grossly negligent or have engaged in fraud, you will not be liable for any unauthorized transactions using your lost or stolen Debit Card. This additional limit on liability does not apply to ATM transactions or to transactions using your Personal Identification Number which are not processed by Mastercard®.
 
Contact in event of unauthorized transfer: If you believe your card and/or code has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, call or write us at the following telephone number or address:

ADVANTAGE ONE CREDIT UNION
23670 Telegraph Road
Brownstown, MI 48134
Business Days: Monday through Friday, excluding Federal Holidays
Phone: 734-676-7000
 

ERROR RESOLUTION NOTICE

 
In case of errors or questions about your electronic transfers, call or write us at the telephone number or address listed in this booklet, immediately. Also contact us immediately if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. You must notify within 60 days after the end of the statement period on which the problem or error first appeared.
  • Provide us your name and account number
  • Describe the error or the transfer in question and explain as clearly as you can why you believe it is an error or why you need more information.
  • If you notify us orally, we may require that you send us notification in writing within 10 business days.
 
We will determine whether an error occurred within 10 business days (20 business days if the transfer involved a new account) after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days (90 days if the transfer involved a new account, a point-of-sale transaction, or a foreign-initiated transfer) to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days (20 business days if the transfer involved a new account) for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your notification in writing and we do not receive it within 10 business days, we may not credit your account. Your account is considered a new account for the first 30 days after the first deposit is made, unless any owner already has an established account opened at least 30 days.
 
We will notify you by phone of the results within three business days after completing our investigation. We may also send you a written explanation.
 
You may ask for copies of the documents that we used in our investigation by contacting us at the phone number or address shown above.
 
We reserve the right to change our contact information without notice.
 
WIRE TRANSFER AGREEMENT AND NOTIFICATION
(Uniform Commercial Code Article 4A)
The following rules shall apply to all wire transfer services provided by the Credit Union.
 
Credit Union may accept, on your behalf, payments to your account that have been submitted by Fedwire. Your rights and obligations with respect to such transfers shall be governed and construed in accordance with Federal Reserve Board Regulation J, Subpart B—Funds Transfers Through Fedwire. These regulations and state law are applicable to wire transfers involving your account.
 
If you give us a payment order that identifies a beneficiary (the person to whom you are wiring funds) by name and account or some other identifying number (such as a Social Security, Taxpayer I.D. or driver’s license number), we may pay the beneficiary on the basis of the number provided to us by you and consider that number to be proper identification. This will be true even if the number you provided to us identifies a person different from the named beneficiary, unless otherwise provided by law or regulation.
 
If you give us a payment order that identifies the beneficiary’s financial institution in the funds transfer by name and Routing Number, Routing and Transit Number (“R/T”) or other identifying number, we, as well as the receiving financial 
institution, may rely on the number provided to us by you as the proper identification. This will be true even if the number provided identifies a financial institution that is different from the named financial institution, unless otherwise provided by law or regulation. Therefore, it is in your best interest to contact the receiving institution to acquire the appropriate wire transfer instructions so that you may feel confident that your money will arrive safely. You, the member, are ultimately responsible for providing accurate information regarding funds transfers and are consequently liable for any losses or expenses should an error occur.
 
You will be provided with notification each time we receive a wire transfer into your account. We will provide you with notification of an incoming wire transfer as part of your periodic statement. In the event we accept payments to your account through one or more Automated Clearing Houses (“ACH”), the operating rules of the National Automated Clearing House Association (“NACHA”) will be applicable to ACH transactions involving your account. These rules do not require that we provide you with next day notice of receipt of an ACH item. Therefore, we will provide you with notification of the receipt of these items as part of your periodic statement.
 
In addition, if we are ever obligated to pay interest on the amount of the transfer, you will be paid interest on a daily basis equal to the current dividend rate that is otherwise applicable to the account from which the funds transfer should have occurred. In the event we are ever liable to you for damages due to a transfer, your damages will be limited to actual damages only. We will not be responsible for incidental or consequential damages, court costs or attorney’s fees, unless otherwise provided by law or regulation.
 
We may accept, on your behalf, payments to your account which have been transmitted through one or more Automated Clearing Houses and that are not subject to the Electronic Funds Transfer Act (“Regulation E”). Your rights and obligations with respect to such payments shall be governed and construed in accordance with the applicable Federal Reserve Bank Operating Circular. Whenever an ACH is used as part of a transaction, its rules will govern that part of the transaction. Where none of the above stated rules apply, the transactions contemplated by this agreement shall be governed by the laws of the State of Michigan, including Article 4A of the Michigan Uniform Commercial Code.
 
Credit given by us to you with respect to an ACH entry is provisional until we receive final settlement for the credit entry through a Federal Reserve Bank or other clearing entity. If we do not receive final settlement, you are hereby notified that we are entitled to a refund of the amount credited to you in connection with the credit entry. Moreover, you are hereby notified that the party making payment to you (originator) shall not be deemed to have paid you the amount of the credit entry.
 

FUNDS AVAILABILITY DISCLOSURE

This policy statement applies to “transaction” 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. Checking Accounts are the most common transaction accounts.
 
Our policy is to make funds from your check deposits available to you on the second business day after the day we receive your deposit, with the first $200 available on the first business day after 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 second 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.
 
SAME DAY AVAILABILITY
Funds from electronic direct deposits to your account will be available on the day we receive the deposit. In addition, funds from the following deposits will be available on the day we receive the deposit:
  • Checks drawn on the Credit Union
  • U.S. Treasury checks that are payable to you
  • Wire transfers.
If you make the deposit in person to one of our employees, funds from the following deposits are also available on the same day we receive the deposit:
  • Cash
  • 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 will be available on the first business day after the funds are received.
 
OTHER CHECK DEPOSITS SUBJECT TO SECOND DAY AVAILABILITY
The first $200 from a deposit of other checks will be available on the first business day after the day of your deposit. The remaining funds will be available on the second 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 on Tuesday. The remaining $500 is available on Wednesday.
 
HOLDS ON OTHER FUNDS
If we cash a check for you that is drawn on another financial institution, 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 financial institution, 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
We may delay your ability to withdraw funds deposited by check into your account an additional number of days for these reasons:
  • We believe a check you deposit will not be paid.
  • You deposit checks totaling more than $5,000.00 on any one (1) day.
  • You deposit a check that has been returned unpaid.
  • You have overdrawn your account repeatedly in the last six (6) months.
  • There is an emergency, such as failure of communications or computer equipment.
  • We will notify you if we delay your ability to withdraw funds for any of these reasons and we will tell you when the funds will be available. They will generally be available no later than the ninth business day after the day of your deposit.
SPECIAL RULES FOR NEW ACCOUNTS
If you are a new member, the following special rules will apply during the first 30 days your account is open.
 
Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,000.00 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 next business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,000.00 will be available on the ninth 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 $5,000.00 will not be available until the second business day after the day of your deposit. Funds from all other check deposits will be available on the tenth business day after the day of your deposit.
 
DEPOSITS AT NONPROPRIETARY ATMs
Funds from any deposits (cash or checks) made at automated teller machines (ATMs) will not be available until the third business day after the date of your deposit.
 
FOREIGN CHECKS
Checks drawn on financial institutions located outside the U.S. (foreign checks) cannot be processed the same as checks drawn on U.S. financial institutions. Foreign checks are exempt from the policies outlined in this Disclosure. Generally, the availability of funds for deposits of foreign checks will be delayed for the time it takes us to collect the funds from the financial institutions upon which it is drawn.
 
Questions In case you have any questions regarding our Funds Availability Policy, please contact us at 734-676-7000.
 
ADVANTAGE ONE CREDIT UNION
23670 TELEGRAPH RD. BROWNSTOWN, MI 48134
14750 KING RD. RIVERVIEW, MI 48193
13050 FORT ST. SOUTHGATE, MI 49195
 
www.myaocu.com | 734-676-7000
Federally Insured by NCUA

Effective 12/2019