AGREEMENT - This document, along with any other documents we give you pertaining to your account(s), is a contract that establishes rules which control your account(s) with
us. Please read this carefully. If you sign the signature card or open or continue to have your account with us, you agree to these rules. You will receive a separate schedule of rates, qualifying balances, and fees if they are not included in this document. If you have any questions, please call us.
This agreement is subject to applicable federal laws and the laws of the state of Illinois
(except to the extent that this agreement can and does vary such rules or laws). The
body of state and federal law that governs our relationship with you, however, is too large
and complex to be reproduced here. The purpose of this document is to:
- summarize some laws that apply to common transactions;
- establish rules to cover transactions or events which the law does not regulate;
- establish rules for certain transactions or events which the law regulates but permits variation by agreement; and
- give you disclosures of some of our policies to which you may be entitled or in which you may be interested.
If any provision of this document is found to be unenforceable according to its terms, all
remaining provisions will continue in full force and effect. We may permit some variations
from our standard agreement, but we must agree to any variation in writing either on the
signature card for your account or in some other document.
As used in this document the words "we," "our ," and "us" mean the financial institution and the words "you" and "your" mean the account holder(s) and anyone else with the authority to deposit, withdraw, or exercise control over the funds in the account. The headings in this document are for convenience or reference only and will not govern the interpretation of the provisions. Unless it would be inconsistent to do so, words and phrases used in this document should be construed so the singular includes the plural and the plural includes the Singular.
BYLAWS - Our bylaws, which we may amend from time to time, establish basic rules
about our credit union policies and operations which affect your account and
membership. You may obtain a copy of the bylaws on request. Our right to require you to
give us notice of your intention to withdraw funds from your account is described in the
bylaws. Unless we have agreed otherwise, you are not entitled to receive any original
item after it is paid, although you may request that we send you an item(s) or a copy of
an item(s). Dividends are based on current earnings and available earnings of the credit
union, after providing for required reserves.
LIABILITY - You agree, for yourself (and the person or entity you represent if you sign as
a representative of another) to the terms of this account and the schedule of charges.
You authorize us to deduct these charges directly from the account balance as accrued.
You will pay any additional reasonable charges for services you request which are not
covered by this agreement.
Each of you also agrees to be jointly and severally (individually) liable for any account
shortage resulting from charges or overdrafts, whether caused by you or another with
access to this account. This liability is due immediately, and can be deducted directly
from the account balance whenever sufficient funds are available. You have no right Ic
defer payment of this liability, and you are liable regardless of whether you signed the
item or benefited from the charge or overdraft. This includes liability for our costs to
collect the deficit including, to the extent permitted by law, our reasonable attorneys'
DEPOSITS - We will give only provisional credit until collection is final for any items
other than cash, we accept for deposit (including items drawn "on us"). Actual credit for
deposits of, or payable in, foreign currency will be at the exchange rate in effect on final
collection in U.S. dollars. We are not responsible for transactions by mail or outside
depository until we actually record them. We will treat and record all transaction~
received after our "daily cutoff time" on a business day we are open, or received on a day
we are not open for business, as if initiated on the next following business day that we
WITHDRAWALS - Unless clearly indicated otherwise on the account records, any of
you, acting alone, who signs in the space designated for signatures on the Signature card
may withdraw or transfer all or any part of the account balance at any time. We may
charge your account for a check even though payment was made before the date of the
check, unless we have received written notice of the postdating in time to have a
reasonable opportunity to act. We may refuse any withdrawal or transfer request which
you attempt on forms not approved by us, by any method we do not specifically permit.
which is greater in number than the frequency permitted, or which is for an amount
greater or less than any withdrawal limitations. Even if we honor a nonconforming
request, we may treat continued abuse of the stated limitations (if any) as your act of
closing the account. We will use the date the transaction is completed by us (as opposed
to the date you initiate it) to apply the frequency limitations. The fact that we may honor
withdrawal requests that overdraw the available account balance does not obligate us to
do so later. See the funds availability policy disclosure for information about when you
can withdraw funds you deposit. For those accounts for which our funds availability
policy disclosure does not apply, you can ask us when you make a deposit when those
funds will be available for withdrawal.
OWNERSHIP OF ACCOUNT AND BENEFICIARY DESIGNATION - These rules apply
to this account depending on the form of ownership and beneficiary designation, if any.
specified on the account records. This Credit Union is hereby authorized to recognize
any of the signatures subscribed on the signature instrument for the purposes of
payment of funds or the transaction of any business for this account. We reserve the
right to refuse some forms of ownership on any or all of our accounts. We make no
representations as to the appropriateness or effect of the ownership and beneficiary
designations, except as they determine to whom we pay the account funds.
Individual Account - is an account in the name of one person.
Joint Account - With Survivorship (And Not As Tenants In Common) - is an account in the name of two or more persons. Each of you intend that when you die the balance in the account (subject to any previous pledge to which we have agreed) will belong to the survivor(s). If two or more of you survive, you will own the balance in the account as joint tenants with survivorship and not as tenants in common.
Joint Account - No Survivorship (As Tenants In Common) - is owned by two or more persons, but none of you intend (merely by opening this account) to create any right of survivorship in any other person. We encourage you to agree and tell us in writing of the percentage of the deposit contributed by each of you. This information will not, however.
affect the "number of signatures" necessary for withdrawal.
Revocable Trust or Pay-On-Death Account - If two or more of you create this type of account, you own the account jointly with survivorship. Beneficiaries of either of these account types cannot withdraw unless: (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 the owner(s) of the account, such beneficiaries will own this account in equal shares, without right of survivorship. The person(s) creating either a Pay-On-Death or Revocable Trust account reserves the right to: (1) change beneficiaries, (2) change account types, and (3) withdraw all or part of the account funds at any time.
BUSINESS ACCOUNTS - Earnings in the form of interest, dividends, or credits will be
paid only on collected funds, unless otherwise provided by law or our policy. We may
require the governing body of the legal entity opening the account to give us a separate
authorization telling us who is authorized to act on its behalf. We will honor the
authorization until we actually receive written notice of a change from the governing body
of the legal entity.
STOP PAYMENTS - You must make any stop-payment order in the manner required by
law and we must receive it in time to give us a reasonable opportunity to act on it before
our stop-payment cutoff time. To be effective, your stop-payment order must precisely
identify the number, date and amount of the item, and the payee.
You may stop payment on any item drawn on your account whether you sign the item or
not, if you have an equal or greater right to withdraw from this account than the person
who signed the item. A release of the stop-payment request may be made only by the
person who initiated the stop-payment order.
Our stop-payment cutoff time is one hour after the opening of the next banking day after
the banking day on which we receive the item. Additional limitations on our obligation to
stop payment are provided by law (e.g., we paid the item in cash or we certified the
TELEPHONE TRANSFERS - A telephone transfer of funds from this account to another
account with us, if otherwise arranged for or permitted, may be made by the same
persons and under the same conditions generally applicable to withdrawals made in
writing. Unless a different limitation is disclosed in writing, we restrict the number of transfers from a savings account to another account or to third parties, to a maximum of
six per month (less the number of "pre authorized transfers" during the month). Other
account transfer restrictions may be described elsewhere.
AMENDMENTS AND TERMINATION - We may change our bylaws and any term of
this agreement. Rules governing changes in rates are provided separately. For other
changes we will give you reasonable notice in writing or by any other method permitted
by law. We may close this account if your membership In the credit union terminates, or
by giving reasonable notice to you and tender of the account balance personally or by
mail. At our option. we may suspend your rights to member services if you violate the
terms of this agreement. You must keep us informed of your current address at all
times. Notice from us to anyone of you is notice to all of you.
STATEMENTS - You must examine your statement of account with "reasonable
promptness." If you discover (or reasonably should have discovered) any unauthorized
signatures or alterations, you must promptly notify us of the relevant facts. As between
you and us, if you fail to do either of these duties, you will have to either share the loss
with us, or bear the loss entirely yourself (depending on whether we used ordinary care
and, if not, whether we substantially contributed to the loss). The loss could be not only
with respect to items on the statement but other items with unauthorized signatures or
alterations by the same wrongdoer.
You agree that the time you have to examine your statement and report to us will depend on the Circumstances, but will not, in any circumstance, exceed a total of 30 days from when the statement is first sent or made available to you.
You further agree that if you fail to report any unauthorized signatures, alterations,
forgeries, or any other errors in your account within 60 days of when we first send or
make the statement available, you cannot assert a claim against us on any items in that
statement, and as between you and us the loss will be entirely yours. This 50-day
limitation is without regard to whether we used ordinary care. The limitation in this
paragraph is in addition to that contained in the first paragraph of this section.
ACCOUNT TRANSFER - This account may not be transferred or assigned without our prior written consent.
DIRECT DEPOSITS - If, in connection with a direct deposit plan, we deposit any
amount in an account which should have been returned to the Federal Government for
any reason, you authorize us to deduct the amount of our liability to the Federal
Government from the account or from any other account you have with us, without prior
notice and at any time, except as prohibited by law. We may also use any other legal
remedy to recover the amount of our liability.
TEMPORARY ACCOUNT AGREEMENT - If this option is selected, this is a temporary
account agreement. Each person who signs in the space designated for signatures on
the Signature card (except as indicated to the contrary) may transact business on this
account. However, we may at some time in the future restrict or prohibit further use of
this account if you fail to comply with the requirements we have imposed within a
RIGHT TO REPAYMENT OF INDEBTEDNESS - You each agree that we may (without
prior notice and when permitted by law) charge against and deduct from this account any
due and payable debt owed to us now or in the future, by any of you having the right of
withdrawal, to the extent of such persons' or legal entity's right to withdraw. If the debt
arises from a note, "any due and payable debt" includes the total amount of which we are
entitled to demand payment under the terms of the note at the time we charge the
account, including any balance the due date for which we properly accelerate under the
In addition to these contract rights, we may also have rights under a "statutory lien." A
"lien" on property is a creditor's right to obtain ownership of the property in the event a
debtor defaults on a debt. A "statutory lien" is one created by federal or state statute. If
federal or state law provides us with a statutory lien, then we are authorized to apply,
without prior notice, your shares and dividends to any debt you owe us, in accord with
the statutory lien.
Neither our contract rights nor rights under a statutory lien apply to this account if: (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 (but this does
not affect our rights under any consensual security interest), or (c) the debtor's right of
withdrawal arises only in a representative capacity. 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.
AUTHORIZED SIGNER (Individual Accounts only) - A single individual is the owner.
The authorized signer is merely designated to conduct transactions on the owner's
behalf. We undertake no obligation to monitor transactions to determine that they are on
the owner's behalf.
RESTRICTIVE LEGENDS - We are not required to honor any restrictive legend on
checks you write unless we have agreed in writing to the restriction. Examples of
restrictive legends are "must be presented within 90 days" or "not valid for more than
PLEDGES - Unless we agree otherwise 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 surviving account owner or
account beneficiary become effective.
ACH AND WIRE TRANSFERS - This agreement is subject to Article 4A of the Uniform
Commercial Code - Fund Transfers as adopted in the state in which you have your
account with us. If you originate a fund transfer for which Fedwire is used, and you
identify by name and number a beneficiary financial institution, an intermediary financial
institution or a beneficiary, we and every receiving or beneficiary financial institution may
rely on the identifying number to make payment. We may rely on the number even if it
identifies a financial institution, person or account other than the one named, You agree
to be bound by automated clearing house association rules. These rules provide,
among other things, that payments made to you, or originated by you, are provisional
until final settlement is made through a Federal Reserve Bank or payment is otherwise
made as provided in Article 4A-403(a) of the Uniform Commercial Code. If we do not
receive such payment, we are entitled to a refund from you in the amount credited to
your account and the party originating such payment will not be considered to have paid
the amount so credited. If we receive a credit to an account you have with us by wire or
ACH, we are not required to give you any notice of the payment order or credit.
FACSIMILE SIGNATURES - You authorize us, at any time, to charge you for all checks, drafts, or other orders, for the payment of money, that are drawn on us regardless of by whom or by what means the facsimile signature(s) may have been affixed so long as they resemble the facsimile signature specimen filed with us, and contain the required number of signatures for this purpose.