Business Services Disclosure
TERMS AND CONDITIONS OF YOUR ACCOUNT
IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT - 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 an account, we will ask for your name, address, date of birth (for individuals), and other information that will allow us to identify you. We may also ask to see and photocopy your valid, unexpired, government-issued driver's license (for individuals) or other identifying documents.
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 California (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:
1. summarize some laws that apply to common transactions;
2. establish rules to cover transactions or events which the law does not regulate;
3. establish rules for certain transactions or events which the law regulates but permits variation by agreement; and
4. 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 Xceed Financial Federal Credit Union (Credit Union) 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.
You agree to be responsible to us for the actions of Authorized Signers on your Account. This means that you are responsible for familiarizing Authorized Signers with all of the terms of this Agreement. Each Authorized Signer must be at least 18 years of age.
Each of you also agrees to be jointly and severally (individually) liable for any account shortage resulting from charges or overdrafts, whether caused by you or another with access to this account. This liability is due immediately, and can be deducted directly from the account balance whenever sufficient funds are available. You have no right to defer payment of this liability, and you are liable regardless of whether you signed the item or benefited from the charge or overdraft. This includes liability for our costs to collect the deficit including, to the extent permitted by law, our reasonable attorneys' fees.
DEPOSITS - You understand that all deposits are subject to verification and agree that if our count differs from yours, our figure will be considered the correct one. We will give only provisional credit until collection is final for any items, other than cash, we accept for deposit (including items drawn "on us"). Before settlement of any item becomes final, we act only as your agent, regardless of the form of indorsement or lack of indorsement on the item and even though we may provide you provisional credit for the item. We may reverse any provisional credit for items that are lost, stolen, or returned. Actual credit for deposits of, or payable in, foreign currency will be at the exchange rate in effect on final collection in U.S. dollars. We are not responsible for transactions by mail or outside depository until we actually record them. We will treat and record all transactions received after our "daily cutoff time" on a business day we are open, or received on a day we are not open for business, as if initiated on the next following business day that we are open. At our option, we may take an item for collection rather than for deposit. If we accept a third-party check for deposit, we may require any third-party endorsers to verify or guarantee their endorsements, or endorse in our presence. Additionally, we may endorse and/or collect items deposited to your Account without your endorsement, but may require your personal endorsement prior to accepting an item for deposit. If you deposit items, which bear the endorsement of more than one payee, we may refuse the item or require all endorsers to be present or to have their endorsements guaranteed before we accept the item. We may refuse to accept any item for deposit, in our reasonable discretion.
WITHDRAWALS -
Generally - 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 have the right to require at least seven (7) days prior notice before you are allowed to withdraw funds from your Account. Each of you (until we receive written notice to the contrary) authorizes each other person signing the signature card to indorse any item payable to you or your order for deposit to this account or any other transaction with us.
Postdated checks - A postdated check is one which bears a date later than the date on which the check is written. We may properly pay and charge your account for a postdated check even though payment was made before the date of the check, unless we have received written notice of the postdating in time to have a reasonable opportunity to act.
Checks and withdrawal rules - If you do not purchase your check blanks from us, you must be certain that we approve the check blanks you purchase. We may refuse any withdrawal or transfer request which you attempt on forms not approved by us or by any method we do not specifically permit. We may refuse any withdrawal or transfer request which is greater in number than the frequency permitted, or which is for an amount greater or less than any withdrawal limitations. We will use the date the transaction is completed by us (as opposed to the date you initiate it) to apply the frequency limitations. See the funds availability policy disclosure for information about when you can withdraw funds you deposit. For those accounts to which our funds availability policy disclosure does not apply, you can ask us when you make a deposit when those funds will be available for withdrawal. In addition, we may place limitations on the account until your identity is verified.
Waivers - Even if we honor a nonconforming request, we are not required to do so later. We may treat continued abuse of the stated limitations (if any) as your act of closing the account, or we may at our option reclassify your account as a transaction account. If we reclassify your account, your account will be subject to the fees and earnings rules of the new account classification. The fact that we may honor withdrawal requests that overdraw the account balance does not obligate us to do so later.
BUSINESS ACCOUNTS - Earnings in the form of 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 - At your request and risk, and provided such request is timely so that we shall have reasonable opportunity to act upon it under our rules, you may order a stop payment of any check payable against your checking account, and a stop payment fee will be assessed as set forth in the Business Account Schedule of Fees and Service Charges. All the information given by you to us regarding such check must be accurate. We may, but shall not be obligated to, receive such order orally or electronically. If we do act upon your oral or electronic request to stop payment on a check, you agree to indemnify, defend, and hold us harmless from any and all liability, cost (including attorney's fees), judgments, and damages of every kind, regardless of the source. In such event, your oral order may be valid for only fourteen (14) days thereafter unless confirmed in writing. Written or electronic orders may be valid no longer than six (6) months. You have the burden of establishing the fact and amount of loss resulting from payment contrary to a binding stop payment. When you place your stop-payment order we will tell you what information we need to stop payment. This information must be exact since stop-payment orders are handled by computers. If your information is not exact your order will not be effective and we will not be responsible for failure to stop payment.
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.
Share Drafts - Our stop payment cutoff time for share draft checks is one hour after the opening of our 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).
Cashier's Checks/Teller Checks - In the event that a Cashier's or teller check is lost or stolen, you must execute and deliver to us a completed, signed and notarized Teller Check Order to Resist Stop Payment. You further understand and agree that the Teller Check Order to Resist Stop Payment is not enforceable until the later of (i) the time the Teller Check Order to Resist Stop Payment is properly delivered to us, or (ii) the 90th day following the date of the Cashier's or teller check. You agree to indemnify us for any loss or claim occasioned by our attempting to, or stopping payment on such check.
Preauthorized Payments - If you want to stop any of the preauthorized payments or revoke a preauthorized payment authorization, you must call us at (800) XFCU-222, or write to us at 888 North Nash Street, El Segundo, CA 90245, in time for us to receive your stop request or revocation three (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 or revocation in writing and get it to us within fourteen (14) days after you call. We will charge you for each stop payment order you give. Such stop payment notice will apply only to that particular payment. If you have given us a request to revoke this entire preauthorized payment authorization, you understand and agree that you must also promptly contact the third party to cancel (revoke) the entire preauthorized payment authorization.
Point-of-Sale (POS) Transactions - You may not stop payment on completed electronic POS transactions debiting your account.
TRANSFER LIMITATIONS - For savings and money market accounts you may make up to six transfers or withdrawals by means of a preauthorized, automatic, or telephonic transfer to another account of yours or to a third party during any calendar month (or statement cycle of at least four weeks). Of these six, you may make no more than three transfers to a third party by check, debit card, or similar order. A preauthorized transfer includes any arrangement with us to pay a third party from your account at (i) a predetermined time; (ii) on a fixed schedule or (iii) upon oral or written orders including orders received through the automated clearing house (ACH). If the transfer or withdrawal is initiated in person, by mail, or at an ATM then there is no limit on the number of payments that may be made directly to you, directly to us for amounts you owe us, or transfers to other accounts you have with us. Withdrawals by phone are also unlimited if you are requesting that a check be mailed to you.
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 any one of you is notice to all of you.
You understand that if you are not a member in good standing, we may limit your access to member services and products. Additionally, we reserve the right to close any Account based on suspected fraudulent transactions, losses sustained on your Account(s), or transactions discovered to be deliberately manipulated to the detriment of the Credit Union and its membership. "Manipulation" includes, but is not limited to, making unauthorized withdrawals or other transactions, kiting, and repeated patterns of transactions which have no apparent business reason other than to take advantage of Regulation CC hold periods and/or "interest float" to our detriment.
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 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 60-day limitation is without regard to whether we used ordinary care. The limitation in this paragraph is in addition to that contained in the first paragraph of this section.
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.
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 note.
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.
RESTRICTIVE LEGENDS - The automated processing of the large volume of checks we receive prevents us from inspecting or looking for special instructions or "restrictive legends" on every check. Examples of restrictive legends placed on checks are "must be presented within 90 days" or "not valid for more than $1,000.00." For this reason, we are not required to honor any restrictive legend placed on checks you write unless we have agreed in writing to the restriction. We are not responsible for any losses, claims, damages, or expenses that result from your placement of these or other special instructions on your checks.
If you cash or deposit an item or write a check with such notation, you agree that it applies only between you and the payee or maker. The notation will have no effect on us, and you agree to accept responsibility for payment of the item. You agree to indemnify and hold us harmless from any claim or alleged loss of any maker or payee involving such notations, whether you are the maker or payee or the funds are otherwise deposited into an account in which you have an interest.
PAYMENT ORDER OF ITEMS - The law permits us to pay items drawn on your account in any order (for purposes of this section "items" means checks, orders and electronic transactions). To assist you in handling your account with us, we are providing you with the following information regarding how we process those items.
When processing items drawn on your account, our policy is to pay them in the order that they are received. The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented. There is no policy that is favorable in every instance. If the smallest items are paid first, you may have fewer NSF or overdraft fees, but the largest, and perhaps more important items (such as rent or mortgage payments) might not be paid. However, if the largest items are paid first, your most important items might be paid but it may increase the overdraft or NSF fees if funds are not available to pay all of the items. By paying items in the order that we receive them, we think our policy attains a reasonable balance between minimizing additional cost to you and paying your more important items.
If an item is presented without sufficient funds in your account to pay it, we may, at our discretion, pay the item (creating an overdraft) or return the item (NSF). The amounts of the overdraft and NSF fees are disclosed elsewhere. We encourage you to make careful records and practice good account management. This will help you to avoid creating items without sufficient funds and incurring the resulting fees.
FICTITIOUS BUSINESS NAME ACCOUNTS - If the name in which the account is held is fictitious, each account holder represents that one or more of the account holders have the right to use that name and have fulfilled all legal requirements for using and or doing business under that name.
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.
You understand that you may be required to request changes to your Accounts in writing, that we are not required to act upon instructions received by facsimile, and that we have the right to require additional information from you before we act on any request. We shall have no liability or responsibility to you when acting upon the reasonable interpretation of your requests.
You understand that if you use a facsimile signature you are agreeing that we are not responsible for any misuse of the facsimile signature, and you agree to indemnify and hold us harmless for all losses, claims, damages, or expenses (including attorney's fees) that are incurred as a result of our payment of a withdrawal bearing a facsimile of your signature or a facsimile that we believe you authorized.
NCUA INSURANCE - Funds in your account(s) with us are insured by the National Credit Union Administration (NCUA) and backed by the full faith and credit of the United States. The amount of insurance coverage you have depends on the number of accounts you have with us that are of different "ownership." An individual account is one unique form of "ownership"; a joint account, a pay-on-death account, and a self directed qualified retirement account (e.g., an IRA) are examples of some of the others. Share insurance for a person's self directed qualified retirement account is up to $250,000. (An IRA is a self directed qualified retirement account as is any account where the owner decides where and how to invest the balance.) Share insurance for the other ownerships is at least $100,000 per interest of the owner. If you want a more detailed explanation or additional information, you may ask us or contact the NCUA. You can also visit the NCUA website at www.ncua.gov and click on the Share Insurance link. The link includes detailed contact information as well as a share insurance estimator.
UNCLAIMED PROPERTY - The law establishes procedures under which unclaimed property must be surrendered to the state. (We may have our own rules regarding dormant accounts, and if we charge a fee for dormant accounts it will be disclosed to you elsewhere.) Generally, the funds in your account are considered unclaimed if you have not had any activity or communication with us regarding your account over a period of years. Ask us if you want further information about the period of time or type of activity that will prevent your account from being unclaimed. If your funds are surrendered to the state, you may be able to reclaim them, but your claim must be presented to the state. Once your funds are surrendered, we no longer have any liability or responsibility with respect to the funds.
CASH TRANSACTION REPORTING - To help law enforcement agencies detect illegal activities, the law requires all financial institutions to gather and report information on some types of cash transactions. If the information we need to complete the report is not provided, we are required to refuse to handle the transaction. If you have any questions regarding these rules, please contact your local Internal Revenue Service office.
INSTRUCTIONS TO PAYEE'S REQUEST FOR TAXPAYER IDENTIFICATION NUMBER AND CERTIFICATION - (IRS FORM W-9) Section References are to the Internal Revenue Code
Purpose of Certification
A person or entity (such as the Credit Union) which is required to file an information return with the IRS must get your correct taxpayer identification number (TIN) to report, for example, income paid to you, real estate transactions, mortgage interest you paid, the acquisition or abandonment of secured property, cancellation of debt, or contributions you made to an IRA.
U.S. Person
You must use Form W-9 if you are a U.S. person (including a resident alien) to give your correct TIN to us and, when applicable, to:
1. Certify that the TIN you are giving is correct (or you are waiting for a number to be issued);
2. Certify you are not subject to backup withholding; or
3. Claim exemption from withholding if you are a U.S. exempt payee.
Note: If we give you a form other than Form W-9 to request your TIN, you must use our form if it is substantially similar to Form W-9.
For federal tax purposes you are considered a U.S. person if you are:
* An individual who is a citizen or resident of the United States,
* A partnership, corporation, company, or association created or organized in the United States or under the laws of the United States, or
* Any estate (other than a foreign estate) or trust. See Regulations sections 301.7701-6(a) and 7(a) for additional information.
Foreign Person
If you are a foreign person, you must not use Form W-9. Instead, you must use the appropriate Form W-8 (see Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities).
Nonresident Alien Who Becomes a Resident Alien
Generally, only a nonresident alien individual may use the terms of a tax treaty to reduce or eliminate U.S. tax on certain types of income. However, most tax treaties contain a provision know as a "saving clause". Exceptions specified in the saving clause may permit an exemption from tax to continue for certain types of income even after the recipient has otherwise become a U.S. resident alien for tax purposes. If you are a U.S. resident alien who is relying on an exception contained in the saving clause of a tax treaty to claim an exemption from U.S. tax on certain types of income, you must attach a statement to Form W-9 that specifies the following five items:
1. The treaty country. Generally, this must be the same treaty under which you claimed exemption from tax as a nonresident alien.
2. The treaty article addressing the income.
3. The article number (or location) in the tax treaty that contains the saving clause and its exceptions.
4. The type and amount of income that qualifies for the exemption from tax.
5. Sufficient facts to justify the exemption from tax under the terms of the treaty article.
Example. Article 20 of the U.S.-China income tax treaty allows an exemption from tax for scholarship income received by a Chinese student temporarily present in the United States. Under U.S. law, this student will become a resident alien for tax purposes if his or her stay in the United States exceeds 5 calendar years. However, paragraph 2 of the First Protocol to the U.S.-China treaty (dated April 30, 1984) allows the provisions of Article 20 to continue to apply even after the Chinese student becomes a resident alien of the United States. A Chinese student who qualifies for this exception (under paragraph 2 of the First Protocol) and is relying on this exception to claim an exception from tax on his or her scholarship or fellowship income would attach to form W-9 a statement that includes the information described above to support that exemption.
If you are a nonresident alien or a foreign entity not subject to backup withholding, you must give us the appropriate completed Form W-8.
What Is Backup Withholding
Persons making certain payments to you must, under certain conditions withhold and pay to the IRS a percentage of such payments, as stipulated by the IRS (currently 28%). This is called "backup withholding". Payments that could be subject to backup withholding include interest, dividends, broker and barter exchange transactions, rents, royalties, non-employee pay, and certain payments from fishing boat operators. Real estate transactions are not subject to backup withholding. If you give us your correct TIN, make the proper certifications, and report all your taxable interest and dividends on your tax return, your payments will not be subject to backup withholding.
You will not be subject to backup withholding on payments you receive if you give us your correct TIN, make the proper certifications, and report all your taxable interest and dividends on your tax return.
Payments you receive will be subject to backup withholding if:
1. You do not furnish us with your TIN; or
2. You do not certify your TIN when required. See the "Specific Instructions" section below for exceptions; or
3. The IRS tells us that you furnished an incorrect TIN; or
4. You are told by the IRS that you are subject to backup withholding because you did not report all your interest and dividends on your tax return (for reportable interest and dividends only); or
5. You do not certify to us that you are not subject to backup withholding under (3) above (for reportable interest and dividend accounts opened after 1993 only).
Certain payees and payments are exempt from backup withholding and information reporting. See the instructions below and the separate Instructions for the Requester of Form W-9.
Penalties
Failure to Furnish TIN
If you fail to furnish your correct TIN to us, you are subject to a penalty of $50 for each such failure, unless your failure is due to reasonable cause and not to willful neglect.
Civil Penalty for False Information with Respect to Withholding
If you make a false statement with no reasonable basis that results in no backup withholding, you are subject to a $500 penalty.
Criminal Penalty for Falsifying Information
Willfully falsifying certifications or affirmations may subject you to criminal penalties, including fines and/or imprisonment.
Misuse of TINs
If we disclose or use TINs in violation of federal law, we may be subject to civil and criminal penalties.
Specific Instructions
Name - If you are an individual, you must generally enter the name shown on your social security card. However, if you changed your last name, for instance due to marriage, without informing the Social Security Administration of the name change, you enter your first name, the last name shown on your social security card, and your new last name.
If the account is in joint names, you must first list and then circle the name of the person or entity whose number you enter in Part I of the form.
Sole proprietor - You must enter your individual name as shown on your social security card. You may enter your business, trade, or "doing business as" name on the business name line.
Limited liability company (LLC) - If you are a single-member LLC (including a foreign LLC with a domestic owner) that is disregarded as an entity separate from its owner under Treasury regulations section 301.7701-3, you must enter the owner's name on the "Name" line. You must enter the LLC's name on the "Business Names" line. Check the appropriate box for your filing status (sole proprietor, corporation, etc.), then check the box for "other" and enter "LLC" in the space provided.
Other Entities - You enter the business name as shown on required federal tax documents. This name should match the name shown on the charter or other legal document creating the entity. You may enter any business, trade, or "doing business as" name on the business name line.
Exempt from Backup Withholding - If you are exempt, you must enter your name as described above and check the appropriate box for your status, then check the "Exempt from backup withholding" in the line following the business name, sign and date the form.
Generally, individuals (including sole proprietors) are not exempt from backup withholding. Corporations are exempt from backup withholding for certain payments, such as interest and dividends. For more complete information on exempt payees, you must see the separate "Instructions for the Requester of Form W-9."
If you are exempt from backup withholding, you should still complete Form W-9 to avoid possible erroneous backup withholding. You must enter your correct TIN in Part I, write "Exempt" in Part II, and sign and date the form.
If you are a nonresident alien or a foreign entity not subject to backup withholding, you must give us a completed Form W-8 (Certification of Foreign Status).
PART I. Taxpayer Identification Number (TIN)
You must enter your TIN in the appropriate box. If you are a resident alien and you do not have and are not eligible to get an SSN, your TIN is your individual taxpayer identification number. You must enter it in the social security number box. If you do not have a TIN, you must see "How to get a TIN" below.
If you are a sole proprietor and you have an EIN, you may enter either your SSN or EIN. However, the IRS prefers that you use your SSN.
If you are a single-owner LLC that is regarded as an entity separate from its owner (see Limited liability company (LLC) above), you must enter your SSN (or EIN, if you have one). If the LLC is a corporation, partnership, etc., you must enter the entity's EIN.
Note: See the chart entitled "What Name and Number to Give the Requester" for further clarification of name and TIN combinations.
How to Get a TIN - If you do not have a TIN, you should apply for one immediately. To apply for an SSN, you must get Form SS-5, Application for Social Security Card, from the Social Security Administration office or get this form online at www.socialsecurity.gov/online/ss-5.pdf. You may also get this form by calling 1-800-772-1213. You must use Form W-7, Application for IRS Individual Taxpayer Identification Number, to apply for an ITIN or Form SS-4, Application for Employer Identification Number, to apply for an EIN. You can apply for an EIN by accessing the IRS website at www.irs.gov/business and clicking on Employer ID Numbers under Related Topics. You can get Forms W-7 and SS-4 from the IRS by visiting www.irs.gov or calling 1-800-TAX-FORM (1-800-829-3676).
If you are asked to complete Form W-9 but do not have a TIN, you must write "Applied For" in the space for the TIN, sign and date the form, and give it to us. For interest and dividend payments, and certain payments made with respect to readily tradable instruments, generally you will have 60 days to get a TIN and give it to us before you are subject to backup withholding on payments. The 60-day rule does not apply to other types of payments. You will be subject to backup withholding on all such payments until you provide your TIN to us.
Note. Writing "Applied For" means that you have already applied for a TIN or that you intend to apply for one soon.
Caution. A disregarded domestic entity that has a foreign owner must use the appropriate Form W-8.
Part II. Certification
To establish to the withholding agent that you are a U.S. person, or resident alien, you must sign Form W-9. The withholding agent may request you to sign even if items 1, 4, and 5 below indicate otherwise.
For a joint account, only the person whose TIN is shown in Part I should sign (when required). Exempt recipients; see Exempt from Backup Withholding above.
Signature requirements. Complete the certification as indicated in 1 through 5 below.
1. Interest, Dividend, and Barter Exchange Accounts Opened before 1984 and Broker Accounts That were Considered Active During 1983. You must give your correct TIN, but you do not have to sign the Certification.
2. Interest, Dividend, Broker, and Barter Exchange Accounts Opened after 1983 and Broker Accounts That Were Considered Inactive During 1983. You must sign the Certification, or backup withholding will apply. If you are subject to backup withholding and are merely providing us with your correct TIN, you must cross out item #2 in the Certification before signing the form.
3. Real Estate Transactions. You must sign the certification. You may cross out item #2 in the Certification.
4. Other Payments. You must give your correct TIN, but do not have to sign the Certification unless you have been notified that you have previously given an incorrect TIN. "Other payments" include payments made in the course of your trade or business for rents, royalties, goods (other than bills for merchandise) medical and health care services (including payments to corporations), payments to a non-employee for services, payments to certain fishing boat crewmembers and fishermen, and gross proceeds paid to attorneys (including payments to corporations).
5. Mortgage Interest Paid by You, Acquisition or Abandonment of Secured Property, Cancellation of Debt, Qualified State Tuition Program Payments, (under section 529), IRA, Coverdell ESA, Archer MSA or HAS Contributions or Distributions, and Pension Distributions. You must give your correct TIN, but do not have to sign the Certification.
Privacy Act Notice
Section 6109 of the Internal Revenue Code requires you to give your correct TIN to us, and we must file information returns with the IRS to report interest, dividends, and certain other income paid to you, mortgage interest you paid, the acquisition of secured property, cancellation of debt, or contributions you made to an IRA, or Archer MSA or HSA. The IRS uses the number for identification purposes and to help verify the accuracy of your tax return. The IRS may also provide this information to the Department of Justice for civil and criminal litigation and to cities, states, and the District of Columbia to carry out their tax laws. We may also disclose information to other countries under a tax treaty, to federal and state agencies to enforce federal non-tax criminal laws, or to federal law enforcement and intelligence agencies to combat terrorism.
You must provide your TIN whether or not you are required to file a tax return. We must generally withhold the percentage stipulated by the IRS (currently 28%) of taxable interest, dividend, and certain other payments to you if you do not furnish your TIN to us. Certain penalties may also apply.
| WHAT NAME AND NUMBER TO GIVE THE CREDIT UNION |
| For this type of account: |
Give the name and SSN of: |
1. Individual
2. Two or more individuals (joint account)
3. Custodian Account of a minor
(Uniform Transfers to Minors Act)
4. a) The usual revocable savings trust
(grantor is also trustee)
b) So-called trust account that is not
legal or a valid trust under state law
5. Sole proprietorship or single owner LLC |
The Individual
The actual owner of the account, or
if combined funds, the first individual
on the account1
The minor2
The grantor-trustee1
The actual owner1
The owner3 |
| For this type of account: |
Give the name and EIN of: |
6. Sole proprietorship or single owner LLC
7. A valid trust, estate, or pension trust
8. Corporate or LLC electing corporate
status on Form 8832
9. Association, club, religious, charitable,
educational, or other tax-exempt
organization
10. Partnership or multi-member LLC
11. A broker or registered nominee
12. Account with the Department of
Agriculture in the name of a public entity
school district, or prison) that receives
agricultural program payments) |
The owner3
Legal entity4
The corporation
The organization
The partnership
The broker or nominee |
1 You must list first and circle the name of the person whose number you furnish. If only one person on a joint account has an SSN, that person's number must be furnished.
2 You must circle the minor's name and furnish the minor's SSN.
3 You must show your individual name and you may also enter your business or "doing business as" name on the second line. You may use either your SSN or EIN (if you have one). If you are a sole proprietor, IRS encourages you to use your SSN.
4 You must first list and circle the name of the legal trust, estate, or pension trust. (You must not furnish the TIN or the personal representative or trustee unless the legal entity itself is not designated in the account title.)
NOTE: If no name is circled when there is more than one name listed, the number will be considered to be that of the first name listed.
CREDIT VERIFICATION - You agree that we may verify credit and employment history, by any necessary means, including preparation of a credit report by a credit reporting agency, and your previous banking relationships. We may also report the status and/or closure of your Account to such third party services.
CHANGING ACCOUNT PRODUCTS - We may change your account to another product offered by us at any time by giving you notice that your account will be changed to another product on a specified date. If your account is a time account, the change will not occur before the next maturity date of your account. If you do not close your account before the date specified in the notice, we may change your account to that other product on the date specified in the notice.
We may also suspend offering account products from time to time at our discretion without notice to you.
CHECK PROCESSING - We may process items mechanically by relying on the information encoded along the bottom of the items. This means that we do not individually examine all of your items to determine if the item is properly completed, signed and indorsed. We may accept, pay, certify or charge items in any order. We may determine the amount of available funds in your account for the purpose of deciding whether to return an item for insufficient funds at any time between the time we receive the item and when we return the item or send a notice in lieu of return. We need only make one determination, but if we choose to make a subsequent determination, the account balance at the subsequent time will determine whether there are insufficient available funds.
CHECK STORAGE AND COPIES - You agree that you will not receive your canceled checks. We will store your canceled checks or copies of them for a reasonable retention period. You may request copies from us in the manner we require.
CHECK CASHING - We may charge a fee for anyone that does not have an account with us who is cashing a check, draft or other instrument written on your account. We may also require reasonable identification to cash such a check, draft or other instrument. We can decide what identification is reasonable under the circumstances and such identification may be documentary or physical and may include collecting a thumbprint.
TRUNCATION, SUBSTITUTE CHECKS, AND OTHER CHECK IMAGES - If you truncate an original check and create a substitute check, or other paper or electronic image of the original check, you warrant that no one will be asked to make payment on the original check, a substitute check or any other electronic or paper image, if the payment obligation relating to the original check has already been paid. You also warrant that any substitute check you create conforms to the legal requirements and generally accepted specifications for substitute checks. You agree to retain the original check in conformance with our internal policy for retaining original checks. You agree to indemnify us for any loss we may incur as a result of any truncated check transaction you initiate. We can refuse to accept substitute checks that have not previously been warranted by a bank or other financial institution in conformance with the Check 21 Act. Unless specifically stated in a separate agreement between you and us, we do not have to accept any other electronic or paper image of an original check.
SECURITY - It is your responsibility to protect the account number(s) and access device(s) (e.g., an ATM card, point-of-sale card and/or PIN) for your account(s). Do not discuss, compare, or share information about your account number(s) or access device(s) with anyone unless you are willing to give them full use of your money. Checks and electronic withdrawals are processed by automated methods, and anyone who obtains your account number or access device could use it to withdraw money from your account, with or without your permission.
Account numbers - Thieves can encode your account number on a check which looks and functions like an authorized check and can be used to withdraw money from your account. Your account number can also be used to issue a "remotely created check." Like a typical check, a remotely created check (sometimes called a telecheck, preauthorized draft or demand draft) is a draft or check that can be used to withdraw money from your account. Unlike a typical check or draft, however, a remotely created check is not issued by the paying bank and does not contain the signature of the account owner (or a signature purported to be the signature of the account owner). For example, if you provide your account number in response to a telephone solicitation, the telephone solicitor can use the account number to issue a remotely created check to withdraw money from your account. If you have truly authorized the remotely created check (to purchase a service or merchandise, for example), it is properly payable. But it can be risky to authorize a remotely created check. A swindler could issue a remotely created check in an amount greater than you authorized, or issue additional remotely created checks that you have not authorized. We will not know if the withdrawal is unauthorized or in an amount greater than the amount you have authorized. Payment can be made from your account even though you did not contact us directly and order the payment.
Blank checks - You must also take precaution in safeguarding your blank checks. Notify us at once if you think your blank 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 if we failed to use ordinary care which substantially contributes to the loss.
REMOTELY CREATED CHECKS - Like any standard check or draft, a remotely created check (sometimes called a telecheck, preauthorized draft or demand draft) is a check or draft that can be used to withdraw money from an account. Unlike a typical check or draft, however, a remotely created check is not issued by the paying bank and does not contain the signature of the account owner (or a signature purported to be the signature of the account owner). In place of a signature, the check usually has a statement that the owner authorized the check or has the owner's name typed or printed on the signature line. For example, if a person provides an account number in response to a telephone solicitation, the telephone solicitor can use the account number to issue a remotely created check to withdraw money from that account.
You warrant and agree to the following for every remotely created check we receive from you for deposit or collection: (1) you have received express and verifiable authorization to create the check in the amount and to the payee that appears on the check; (2) you will maintain proof of the authorization for at least 2 years from the date of the authorization, and supply us the proof if we ask; and (3) if a check is returned you owe us the amount of the check, regardless of when the check is returned. We may take funds from your account to pay the amount you owe us, and if there are insufficient funds in your account, you still owe us the remaining balance.
OVERDRAFT- You understand that if we offer and you sign up for an overdraft line of credit account in conjunction with your checking account, then you may use that line of credit to fund any overdraft on your checking account, including overdrafts caused by any check transaction, including electronic checks. You understand that you may not otherwise initiate a check transaction to overdraw your checking account or your line of credit, if applicable. However, if you do overdraw, you authorize us to cover the overdraft on your checking account by making a cash advance from your line of credit account, if any, or withdraw funds from your share account(s). Overdrafts that cannot be honored are payable on demand and may result in termination of your Account(s).
Courtesy Pay - We are not obligated to pay any item presented for payment if your account does not contain sufficient funds. However, if you maintain your account in good standing, we may approve overdrafts within your current Courtesy Pay limit as a non-contractual courtesy. In addition, based upon our review of your account management, if we determine you may be using Courtesy Pay as a regular line of credit by creating excessive overdrafts, we may suspend the privilege without any prior notice. We may refuse to pay an overdraft for you at any time even though we may have previously paid overdrafts for you.
Normally we will not approve an overdraft for you in excess of the predetermined amount assigned to your account type. Please note that the amount of the overdraft plus the Credit Union's standard NSF fee will be deducted from the overdraft limit. If there is more than one owner on the signature card, each owner and agent, if applicable drawing/presenting the item creating the overdraft, shall be jointly and severally liable for such overdraft plus our standard NSF fee.
You may opt out of the privilege at any time, but you are responsible for any overdrawn balances at the time of opting out.
CLAIM OF LOSS - If you claim a credit or refund because of a forgery, alteration, or any other unauthorized withdrawal, you agree to cooperate with us in the investigation of the loss, including giving us an affidavit containing whatever reasonable information we require concerning your account, the transaction, and the circumstances surrounding the loss. You will notify law enforcement authorities of any criminal act related to the claim of lost, missing, or stolen checks or unauthorized withdrawals. We will have a reasonable period of time to investigate the facts and circumstances surrounding any claim of loss. Unless we have acted in bad faith, we will not be liable for special or consequential damages, including loss of profits or opportunity, or for attorneys' fees incurred by you.
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.
EARLY WITHDRAWAL PENALTIES (and involuntary withdrawals) - We may impose early withdrawal penalties on a withdrawal from a share certificate account even if you don't initiate the withdrawal. For instance, the early withdrawal penalty may be imposed if the withdrawal is caused by our setoff against funds in the account or as a result of an attachment or other legal process. We may close your account and impose the early withdrawal penalty on the entire account balance in the event of a partial early withdrawal. See your notice of penalty for early withdrawals for additional information.
ADDRESS OR NAME CHANGES - You are responsible for notifying us of any change in your address or your name. Unless we agree otherwise, change of address or name must be made in writing by at least one of the account holders. Informing us of your address or name change on a check reorder form is not sufficient. We will attempt to communicate with you only by use of the most recent address you have provided to us. If provided elsewhere, we may impose a service fee if we attempt to locate you.
RESOLVING ACCOUNT DISPUTES - We may place an administrative hold on the funds in your account (refuse payment or withdrawal of the funds) if it becomes subject to a claim adverse to (1) your own interest; (2) others claiming an interest as survivors or beneficiaries of your account; or (3) a claim arising by operation of law. The hold may be placed for such period of time as we believe reasonably necessary to allow a legal proceeding to determine the merits of the claim or until we receive evidence satisfactory to us that the dispute has been resolved. We will not be liable for any items that are dishonored as a consequence of placing a hold on funds in your account for these reasons.
FUNDS TRANSFERS - The terms used in this section have the meaning given to them in Article 4A of the Uniform Commercial Code - Funds Transfers (UCC 4A). This section will generally not apply to you if you are a consumer. However, even if you are a consumer, this section will apply to that part of any funds transfer that is conducted by Fedwire. This section is subject to UCC 4A as adopted in the state in which you have your deposit with us. This agreement is also subject to all clearing house association rules, rules of the Board of Governors of the Federal Reserve System and their operating circulars. If any part of this agreement is determined to be unenforceable, the rest of the agreement remains effective. This agreement controls funds transfers unless supplemented or amended in a separate written agreement signed by us.
Funds transfer - A funds transfer is the transaction or series of transactions that begin with the originator's payment order, made for the purpose of making payment to the beneficiary of the order. A funds transfer is completed by the acceptance by the beneficiary's bank of a payment order for the benefit of the beneficiary of the originator's order. Generally, a funds transfer does not include any transaction if any part of the transfer is covered by the Electronic Fund Transfer Act of 1978, as amended from time to time. You may give us a payment order orally, electronically, or in writing, but your order cannot state any condition to payment to the beneficiary other than the time of payment.
Authorized account - An authorized account is a share account you have with us that you have designated as a source of payment of payment orders you issue to us. If you have not designated an authorized account, any account you have with us is an authorized account to the extent that payment of the payment order is not inconsistent with the use of the account.
Acceptance of your payment order - We are not obligated to accept any payment order that you give us, although we normally will accept your payment order if you have a withdrawable credit in an authorized account sufficient to cover the order. If we do not execute your payment order, but give you notice of our rejection of your payment order after the execution date or give you no notice, we are not liable to pay you as restitution any interest on a withdrawable credit in a non-interest-bearing account.
Cutoff time - If we do not receive your payment order or communication canceling or amending a payment order before our cutoff time on a funds transfer day for that type of order or communication, the order or communication will be deemed to be received at the opening of our next funds transfer business day.
Payment of your order - If we accept a payment order you give us, we may receive payment by automatically deducting from any authorized account the amount of the payment order plus the amount of any expenses and charges for our services in execution of your payment order. We are entitled to payment on the payment or execution date. Unless your payment order specifies otherwise, the payment or execution date is the funds transfer date we receive the payment order. The funds transfer is completed upon acceptance by the beneficiary's bank. Your obligation to pay your payment order is excused if the funds transfer is not completed, but you are still responsible to pay us any expenses and charges for our services. However, if you told us to route the funds transfer through an intermediate bank, and we are unable to obtain a refund because the intermediate bank that you designated has suspended payments, then you are still obligated to pay us for the payment order. You will not be entitled to dividends on any refund you receive because the beneficiary's bank does not accept the payment order.
Security procedure - As described more fully in a separate writing, the authenticity of a payment order or communication canceling or amending a payment order issued in your name as sender may be verified by a security procedure. You affirm that you have no circumstances which are relevant to the determination of a commercially reasonable security procedure unless those circumstances are expressly contained in a separate writing signed by us. You may choose from one or more security procedures that we have developed, or you may develop your own security procedure if it is acceptable to us. If you refuse a commercially reasonable security procedure that we have offered you, you agree that you will be bound by any payment order issued in your name, whether or not authorized, that we accept in good faith and in compliance with the security procedure you have chosen.
Duty to report unauthorized or erroneous payment - You must exercise ordinary care to determine that all payment orders or amendments to payment orders that we accept that are issued in your name are authorized, enforceable, in the correct amount, to the correct beneficiary, and not otherwise erroneous. If you discover (or with reasonable care should have discovered) an unauthorized, unenforceable, or erroneously executed payment order or amendment, you must exercise ordinary care to notify us of the relevant facts. The time you have to notify us will depend on the circumstances, but that time will not in any circumstance exceed 14 days from when you are notified of our acceptance or execution of the payment order or amendment or that your account was debited with respect to the order or amendment. If you do not provide us with timely notice you will not be entitled to dividends on any refundable amount. If we can prove that you failed to perform either of these duties with respect to an erroneous payment and that we incurred a loss as a result of the failure, you are liable to us for the amount of the loss not exceeding the amount of your order.
Identifying number - If your payment order identifies an intermediate bank, beneficiary bank, or beneficiary by name and number, we and every receiving or beneficiary bank may rely upon the identifying number rather than the name to make payment, even if the number identifies an intermediate bank or person different than the bank or beneficiary identified by name. Neither we nor any receiving or beneficiary bank have any responsibility to determine whether the name and identifying number refer to the same financial institution or person.
Record of oral or telephone orders - You agree that we may, if we choose, record any oral or telephone payment order or communication of amendment or cancelation.
Notice of credit - If we receive a payment order to credit an account you have with us, we are not required to provide you with any notice of the payment order or the credit.
Provisional credit - You agree to be bound by the automated clearing house association operating rules that provide that payments made to you or originated by you by funds transfer through the automated clearing house system are provisional until final settlement is made through a Federal Reserve Bank or otherwise payment is made as provided in Article 4A-403(a) of the Uniform Commercial Code.
Refund of credit - You agree that if we do not receive payment of an amount credited to your account, we are entitled to a refund from you in the amount credited and the party originating such payment will not be considered to have paid the amount so credited.
Amendment of funds transfer agreement - From time to time we may amend any term of this agreement by giving you reasonable notice in writing. We may give notice to anyone who is authorized to send payment orders to us in your name, or to anyone who is authorized to accept service.
Cancelation or amendment of payment order - You may cancel or amend a payment order you give us only if we receive the communication of cancelation or amendment before our cutoff time and in time to have a reasonable opportunity to act on it before we accept the payment order. The communication of cancelation or amendment must be presented in conformity with the same security procedure that has been agreed to for payment orders.
Intermediaries - We are not liable for the actions of any intermediary, regardless of whether or not we selected the intermediary. We are not responsible for acts of God, outside agencies, or nonsalaried agents.
Limit on liability - You waive any claim you may have against us for consequential or special damages, including loss of profit arising out of a payment order or funds transfer, unless this waiver is prohibited by law. We are not responsible for attorney fees you might incur due to erroneous execution of payment order.
Erroneous execution - If we receive an order to pay you, and we erroneously pay you more than the amount of the payment order, we are entitled to recover from you the amount in excess of the amount of the payment order, regardless of whether you may have some claim to the excess amount against the originator of the order.
Objection to payment - If we give you a notice that reasonably identifies a payment order issued in your name as sender that we have accepted and received payment for, you cannot claim that we are not entitled to retain the payment unless you notify us of your objection to the payment within one year of our notice to you.
YOUR ABILITY TO WITHDRAW FUNDS
This policy statement applies to all accounts.
Our policy is to make funds from your cash and check deposits available to you on the same day we receive your deposit. At that time, you can withdraw the funds 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.
If you make a deposit at an ATM before 12:00 P.M. PST (cut-off times may vary depending on ATM location) 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 at an ATM after 12:00 P.M. PST or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
If we cash a check for you that is drawn on another bank, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it.
If we accept for deposit a check that is drawn on another bank, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited.
LONGER DELAYS MAY APPLY
Case-by-case delays. In some cases, we will not make all of the funds that you deposit by check available to you on the same day we receive your deposit. Depending on the type of check that you deposit, funds may not be available until the fifth business day after the day of your deposit. The first $100 of your deposits, however, may be available on the same day.
If we are not going to make all of the funds from your deposit available on the same day we receive your deposit, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the day after we receive your deposit.
If you will need the funds from a deposit right away, you should ask us when the funds will be available.
Safeguard exceptions. In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
We believe a check you deposit will not be paid.
You deposit checks totaling more than $5,000 on any one day.
You redeposit a check that has been returned unpaid.
You have overdrawn your account repeatedly in the last six months.
There is an emergency, such as failure of computer or communications equipment.
We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the eleventh 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 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 same day as the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you (and you may have to use a special deposit slip). The excess over $5,000 will be available on the 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 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 thirtieth business day after the day of your deposit.
DEPOSITS AT AUTOMATED TELLER MACHINES
Funds from any deposits (cash or checks) made at automated teller machines (ATMs) we own or operate may not be available until the second (2nd) business day after the day of your deposit. All ATMs that we own or operate are identified as our machines. Funds from any deposits (cash or checks) made at automated teller machines (ATMs) we do not own or operate may not be available until the fifth (5th) business day after the day of your deposit.
GENERAL TERMS AND CONDITIONS APPLICABLE TO ALL BUSINESS ELECTRONIC SERVICES - You understand and agree that the Services will not be used for personal, family or household purposes and that all transactions conducted by means of a card, Personal Identification Number ("PIN") or electronic service shall be the responsibility of the business. Further, you understand and you shall advise each person to whom a card and/or PIN is issued that each transaction originated by means of a card or PIN is NOT a "consumer" transaction, as defined in the Electronic Funds Transfer Act and in Regulation E and is not governed by or entitled to the protection of federal law and regulation.
Restricted Transactions - The Services may not be used for any illegal activity or transaction. Further, you may not utilize the Services for purchase of any goods or services on the Internet that involve gambling of any sort. Such transactions include, but may not be limited to, any quasicash or online gambling transaction, any electronic commerce transaction conducted over an open network, and any betting transaction including the purchase of lottery tickets or casino gaming chips or off-track betting or wagering. However, in the event that a transaction described in this paragraph is approved and processed, you will still be responsible for such charges. You are responsible for all transactions and charges incurred by the use of any Services. You will take reasonable precautions to prevent unauthorized use of any card and/or PIN or Access Code and you will not disclose the PIN to anyone. If the card is given and/or the PIN is disclosed to anyone and that person then conducts business account electronic banking transactions on your Account(s), the transaction will be deemed authorized and the person will continue to be authorized to conduct transactions until you notify us otherwise by telephone at (800) XFCU-222. You will notify us at once if you discover or suspect unauthorized use of any card and/or PIN issued to you. IN NO EVENT SHALL WE BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, OR EXEMPLARY DAMAGES, INCLUDING LOSS OF PROFITS (EVEN IF ADVISED OF THE POSSIBILITY HEREOF).
ADDITIONAL TERMS AND CONDITIONS APPLICABLE TO ATM/CHECKCARD TRANSACTIONS
Foreign Currency - If you use the Card to withdraw foreign currency from an ATM or at a financial institution that accepts cards with the VISA® logo and uses a currency other than U.S. dollars, Visa International Incorporated will convert the charge into a U.S. dollar amount. Visa will use the government-mandated conversion rate in U.S. dollars or a wholesale currency market rate based on the transaction processing date.
You understand that we have no control over the conversion rate and that the currency conversion rate used by Visa on the processing date may differ from the rate that would have been used on the purchase date or the cardholder statement posting date.
A separate Visa International Service Assessment (ISA) Fee of 1% will apply for each foreign currency transaction. The ISA fee will be charged directly to us, passed on to you, and will appear on your statement as an additional charge.
Limitations on Frequency and Dollar Amounts of Transactions - If permitted by us and provided you have enough money in your share/checking account(s), you may withdraw during any day, including Saturday and Sunday as follows: (1) Up to a maximum of $750 for PIN-based transactions, and up to a maximum of $2500 for signature-based transactions. However, if allowed by us the amount that you may withdraw daily or in a single use of the ATM may be different at Network ATMs, where limits are determined by each participating financial institution. For security reasons, in the event your Card or PIN is lost or stolen, there are limits on the dollar amount of transactions you can make on the ATM System. We count a transaction as having occurred when it is received by us in the Pacific Time zone at local time.
Telephone Number and Address to Be Notified in Event of Unauthorized Transactions - If you believe your ATM card(s), PIN, or Access Code has been lost or stolen, or that someone will or may use it to transfer money from your Account without your permission, you will telephone us at (800) XFCU-222, or write to us at 888 North Nash Street, El Segundo, CA 90245.
ADDITIONAL TERMS AND CONDITIONS APPLICABLE TO ELECTRONIC ACCESS SYSTEMS (which may consist of Online Banking and Bill Payment)
Access Code Safety Precautions - You must not disclose your access Code to any unauthorized person, carry it in your wallet or purse, or otherwise make it available to anyone else.
You will report to us immediately if you forget your Access Code or have reason to believe it has been compromised in any way.
You understand that if you give your Access Code to anyone, this person will have access to all of your accounts and will also have the ability to modify your Access Code at any time. By giving your Access Code to anyone, you have authorized that person to withdraw funds from your accounts.
Disclaimer: YOU UNDERSTAND THAT THE ELECTRONIC ACCESS SYSTEMS ARE AUTHORIZED ONLY FOR DOMESTIC USE WITHIN THE UNITED STATES AND TERRITORIES THAT FALL UNDER THE JURISDICTION OF U.S. LAWS AND TREATIES. THE CREDIT UNION ACCEPTS NO RESPONSIBILITY FOR ANY USAGE GOING OUTSIDE OR THROUGH THE TERRITORIAL JURISDICTION OF THE UNITED STATES OR ANY VIOLATIONS OF FOREIGN ENCRYPTION OR TELECOMMUNICATION PROHIBITIONS OR LAWS.
SPECIFIC ACCOUNT DETAILS
BUSINESS 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:
The minimum balance required to open this account is $100.00.
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:
During any 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 or automatic transfer, computer transfer, or telephonic order or instruction or similar order to a third party. If you exceed the transfer limitations set forth above, your account will be subject to closure by the Credit Union.
Par value of a share:
The par value of a share in this account is $5.00. You understand and agree that if your primary Business Savings Account balance is reduced to less than the par value of a share, we may transfer enough funds from any other share account you may have with us in order to bring your Account balance to the par value of a share.
Fees and charges:
Please refer to our separate fee schedule for additional information about charges.
BUSINESS CHECKING ACCOUNT
Transaction limitations:
No transaction limitations apply to this account unless otherwise stated in the Common Features section.
Fees and charges:
Please refer to our separate fee schedule for additional information about charges.
BUSINESS 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 every month. Dividends will be credited to your account every month.
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 $1,000.00.
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:
During any 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 or automatic transfer, computer transfer, or telephonic order or instruction. No more than three of the six transfers may be made by check, draft or similar order to a third party. If you exceed the transfer limitations set forth above, your account will be subject to closure by the Credit Union.
Fees and charges:
Please refer to our separate fee schedule for additional information about charges.
BUSINESS SHARE CERTIFICATES
We offer Business Share Certificates with various terms to maturity. Please contact us for more information.
Additional Terms and Conditions Applicable to SHARE CERTIFICATE ACCOUNTS - Share Certificate rates start the day of deposit and hold for the term you select for the certificate. Dividends are paid and compounded quarterly and may be withdrawn without penalty; however, if dividends are withdrawn no compounding will occur.
A substantial penalty is taken upon early withdrawal from Share Certificate Accounts. Any withdrawal of the principal amount held in the Account will be subject to the following penalties:
1. For certificates with a term of 1 to 5 months, the penalty is the lesser of earned dividends or an amount equal to 90 days' dividends.
2. For certificates with a term of 6 months to less than 1 year, the penalty is equal to 90 days' dividends.
3. For certificates with a term of 1 year or more, the penalty is equal to 180 days' dividends.
You understand that if the principal withdrawal will reduce the balance of your Share Certificate Account below the minimum amount required for that account type, it will be closed and the proceeds placed in your primary business savings account.
Certificates will automatically be renewed at maturity at rates and terms current on that date, unless you notify us otherwise in writing.
COMMON FEATURES
Bylaw requirements:
You must complete payment of one share in your Business Savings account as a condition of admission to and maintenance of membership.
Transaction limitation - We reserve the right to at any time require not less than seven days notice in writing before each withdrawal from a dividend-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.
National Credit Union Share Insurance Fund - Member accounts in this credit union are federally insured by the National Credit Union Share Insurance Fund.
Change in terms - We reserve the right upon fifteen (15) days written notice to change any provision of or establish new provisions to this Agreement, our schedule of fees and rate sheet.
Please refer to our separate fee schedule for additional charges that may be assessed against your account.
Please refer to our separate rate sheet for current dividend rate and annual percentage yield information.
Xceed Financial Federal Credit Union
888 North Nash Street
El Segundo, CA 90245
987062-030
© 2001 Wolters Kluwer Financial Services - Bankers Systems™
Form AIB-B-CU 12/13/2001 Custom TCM-5CUBf,3l,4p
