This document contains the rules, which govern your account(s) with us. Please read this document carefully. When you sign your signature agreement card or continue your account with us, you agree to these rules, our by-laws, and any by-law amendments. You agree to pay the fees, as earned, directly from the account balance. You will receive a separate document of rates, qualifying balances, and fees if they are not included in this document. If you have any questions, please call us at (573) 874-1477, (573) 635-8007 or toll free at (800) 451-1477or email us at Questions for MCU
This agreement is subject to applicable federal laws and the laws of the state of Missouri (except to the extent that this agreement can and does vary such rules or laws). The body of state and federal law that governs our relationship with you, however, is too large and complex to be printed here.
The purpose of this document is to:
- Summarize the existing rules that apply to the common transactions;
- Establish rules to govern transactions or situations which the law does not regulate;
- Establish rules for certain situations or transactions which the law already regulates but permits variation by agreement; and
- Give you our funds availability, electronic fund transfer and/or truth-in-savings policy disclosures that apply to the service you request.
We may permit some variations from this standard agreement, but any variations must be agreed to in writing either on our signature card for the account or in some other written form, and approved by us.
As used in this brochure, the words “we”, “our”, and “us” mean the credit union and the words “you” and “your” mean the owner(s) of this account and any “agent” appointed by or on behalf of the owner(s) to sign on the account in a representative capacity, based upon written verification of agent, and approved by us.
Each of you agrees for yourself (and the person or entity you represent if you sign as a representative of another) to the terms of this account and the schedule of charges that we impose. You authorize us to deduct these charges that we impose. You authorize us to deduct these charges as accrued directly from the account balance. You also agree to pay additional reasonable charges we may impose for services requested by you, which are not covered in this agreement. Each of you also agrees to be jointly and individually liable and responsible for any account deficit resulting from charges for overdrafts, whether caused by you or another authorized to withdraw from this account, and our costs to collect the deficit including, to the extent permitted by law, our reasonable attorney’s fees. You agree that at our option we may suspend your membership rights if you violate the terms of this agreement and close all your accounts.
Unless otherwise clearly indicated to the contrary, any one of you who signs in the area designated for signatures on the signature agreement card, including any agents, may withdraw or transfer all or any part of the account balance at any time on forms approved by us. Each of you (until we receive written notice to the contrary) authorizes each other person signing on the signature agreement card to endorse any item payable to you or your order for deposit to this account or any other transaction with us. We may charge against your account a check, even though payment was made before the date of the check, unless you have given us written notice of the postdating and has been approved by us. The fact that we may honor withdrawal requests, which overdraw the finally collected account balance, does not obligate us to do so, unless required by law. Withdrawals will first be made from collected funds, and we may, unless prohibited by law or our written policy, refuse any withdrawal request against uncollected funds, even if our general practice is to the contrary. We reserve the right to refuse any withdrawal or transfer request, which is attempted by any method not specially permitted, which is for an amount less than any minimum withdrawal requirement, or which exceeds any frequency limitation. Even if we honor a nonconforming request, repeated abuse of the stated limitations (if any) may eventually force us to close this account. We will use the date a transaction is completed by us (as opposed to the day you initiate it) to apply the frequency limitations. We reserve the right to require you to notify us of your intention to withdraw shares or deposits from this account as explained in our by-laws. Withdrawals from a time deposit prior to maturity or prior to the expiration of any notice period may be restricted and may be subject to penalty. See your notice of penalties for early withdrawal.
Any items, other than cash, accepted for deposit (including items drawn “on us”) will be given provisional credit only until collection is final (and actual credit for deposits of, or payable in, foreign currency will be at the exchange rate in effect on final collection in U.S. dollars). We are not responsible for transactions initiated by mail or outside depository until we actually record them. All transactions received after our “daily cut-off time” on a business day we are open, or received on a day in which we are not open for business, will be treated and recorded as if initiated on the next (following) business day that we are open. We are prohibited by law from guaranteeing the payment of dividends or that dividends we do pay will be at the contracted rate. We must base our dividend payments to you upon the money we actually earn and that is available at the end of a dividend period. Unless otherwise agreed, you waive any right to receive any original item after it is paid.
These rules apply to this account depending on the form of ownership and beneficiary designation, if any, specified on the account records. We reserve the right to refuse some forms of ownership on any or all of our accounts. Individual Account – is owned by one person. Joint Account – With Survivorship (And Not As Tenants in Common) – is owned by two or more persons. Each of you intends that upon your death the balance in the account will belong to the survivor(s). If two or more of you survive, you will own the balance in the account as joint tenants with survivorship and not as tenants in common. Revocable Trust Account (Not Subject to the Nonprobate Transfers Law of Missouri) – If two or more of you create such an account; you own the account jointly with survivorship. Beneficiaries acquire the right to withdraw only if:
(1) All persons creating the account die, and (2) the beneficiary is then living, if two or more beneficiaries are named and survive the death of all persons creating the account; such beneficiaries will own this account in equal shares, without right of survivorship. The person(s) creating this type of account reserves the right to:
(1) Change beneficiaries, (2) change account types, and (3) withdraw all or part of the deposit at any time. Corporate, Partnership, and other Organizational Account – We will usually require a separate authorization form designating the person permitted to withdraw and the conditions required for withdrawal from any account in the name of a legal entity such as a partnership, corporation, or other organization. We will honor the authorization according to its terms until it is amended or terminated in writing by the governing body of the organization.
A stop payment order must be given to us before the check or debit is paid, and in the manner required by law, must be received in time to give us a reasonable opportunity to act on it, and must precisely identify the number, date and amount of the item, and the payee. Additional limitations on our obligation to stop payment are provided by law. We will honor a stop payment request by the person who signed the particular item, and by any other person, even though such other person did not sign the item, if such other person has an equal or greater right to withdraw from this account than the person who signed the item in question. A release of the stop payment request may be made only by the person who initiated the stop payment, and approved by us.
A telephone transfer of funds from this account to another account with us, if otherwise permitted or arranged for, may be made by the same persons and under the same conditions generally applicable to withdrawals made in writing. Federal Regulations restrict the number of transfers from a savings account to another account to a maximum of six per month. No more than three of the six withdrawals may be made by check or debit to third parties. Each over six may be charged. Other account transfer restrictions are described elsewhere in this document.
Unless you tell us differently in writing, each owner of this account may pledge all or any part of the funds in it for any purpose to which we agree. Any pledge of this account must first be satisfied before the rights of any joint account survivor, pay-on-death beneficiary, or trust account beneficiary becomes effective. For example, if one joint tenant pledges the deposit evidenced by this agreement for a debt (i.e. uses it to secure a debt) and then dies, (1) the surviving joint tenant’s rights in this account do not take effect until the debt has been satisfied and (2) the debt may be satisfied with the funds in this account.
You must examine your statement of account with “reasonable promptness.” If you discover (or reasonably should have discovered) any unauthorized payments or alterations, you must promptly notify us of the relevant facts. If you fail to do either of these actions, you will have to either share the loss with us, or bear the loss entirely yourself (depending on whether we exercised ordinary care and, if not, whether we substantially contributed to the loss). The loss could be not only with respect to items on the statement but other terms forged or altered by the same wrongdoer. You agree that the time you have to examine your statement and report to us will depend on the circumstances, but that such time will not, in any circumstance, exceed a total of 30 days from when the statement is first made available to you. You further agree that if you fail to report any unauthorized signatures, alterations, forgeries or any other errors in your account within 60 days of when we make the statement available, you cannot assert a claim against us on any transactions in that statement, and the loss will be entirely yours. This 60-day limitation is without regard to whether we exercised ordinary care. The limitation in this paragraph is in addition to that contained in the first paragraph of the section (see Member Liability).
We may change our by-laws and any term of this agreement. Rules governing changes in dividend rates have been provided separately. For other changes we will give you reasonable notice in writing or by any other method permitted by law. We reserve the right to close this account if your membership in this credit union terminates. You agree to keep us informed about your current address at all times. Notice from us to any one of you designated as signers on signature agreement card, is notice to all of you.
This account may not be transferred or assigned without our prior written consent, and approved by us.
If, in connection with a direct deposit plan, we deposit any amount in this account which should have been returned to the payroll source for any reason, you authorize us to deduct the amount of our liability to the payroll source from this account or from any other account you have with us, without prior notice and at any time, except as prohibited by law. We may also use any other legal remedy to recover the amount of our liability.
If this option is selected and approved by us, this is a temporary account agreement. Each person who signs in the space designated for signatures on the signature card (except as indicated to the contrary) may transact business on this account. However, we may at some time in the future restrict or prohibit further use of this account if you fail to comply with the requirements we have imposed within a reasonable time.
You authorize us, at any time, to charge you for all checks, drafts, or other orders, for the payment of money, that are drawn on us regardless of by whom or by what means the facsimile signature(s) may have been affixed so long as they resemble the facsimile signature specimen on the signature card or that are filed separately with us, and contain the required number of signatures for this purpose.
We are not required to honor any restrictive legend on items you write unless we have agreed to the restriction in writing signed by an officer of the credit union. Examples of restrictive legends are “must be presented within 90 days” or “two signatures required.”
You each agree that we may (without prior notice and when permitted by law) charge against and deduct from this account any due and payable debt owed to us now or in the future, by any of you having the right of withdrawal, to the extent of such persons’ or legal entity’s right to withdraw. If the debt is due to a note, “any due and payable debt” includes the total amount of which we are entitled to demand payment under the terms of the note at the time we charge the account, including any balance the due date for which we properly accelerate under the note.
Our right to repayment does not apply to this account if: (a) it is an Individual Retirement Account or other tax-deferred retirement account, or (b) the debt is created by a consumer credit transaction under a credit card plan, or (c) the debtor’s right of withdrawal arises only in a representative capacity. We will not be liable for the dishonor of any check or draft when the dishonor occurs because we charge and deduct an amount you owe us from your account. You agree to hold us harmless from any claim arising as a result of our exercise of our right to repayment of debt owed to us.
An agent is someone who you authorize to have access to this account on your behalf. (We, however, have no duty or agreement whatsoever to monitor or ensure that the acts of the agent are for your benefit.) This may be done by allowing your agent to sign on the space as an authorized signer on the signature card, or by separate form (such as a power of attorney). An agent is not an owner of the account. We will allow agents to be appointed only on individual accounts unless each owner of a joint account has executed a separate power of attorney naming an agent. We may refuse to accept an agent, or an agency account. Appointment of agents must be shown in writing and approved by us.
You must maintain at least one share (.01) in your Savings Account as a condition of membership.
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).
Transaction limitation – We reserve the right to at any time require not less than 60 days notice in writing before each withdrawal from any interest-bearing account other than a time deposit, or from any other savings account as defined by Regulation D.
National Credit Union Share Insurance Fund (NCUA) – Member accounts in this credit union are federally insured by the National Credit Union Share Insurance Fund up to $250,000.
Excess Share Insurance (ESI) – Member accounts in this credit union are privately insured by the Excess Share Insurance up to $250,000.
Please be advised that your Truth in Savings Fee Disclosure is amended to include the following provision:
Fees may be imposed on each check, draft item, recurring debit card transaction, preauthorized automatic debit, telephone initiated withdrawal or any other electronic withdrawal or transfer transaction that is drawn on an insufficient available account balance.
The entire balance in your account may not be available for withdrawal, transfer or payment of a check, draft or item. You may consult the Funds Availability Policy for information regarding the availability of funds in your account. Fees for overdrawing your account may be imposed for each overdraft, regardless of whether we pay or return the draft, item or transaction. If we have approved an overdraft protection limit for your account, such fees may reduce your approval limit. Please refer to the Truth in Savings Fee Disclosure for current fee information. Please contact Missouri Credit Union with any questions you may have by emailing us at Questions for MCU.