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Disclosure Statement
IMPORTANT ACCOUNT OPENING INFORMATION – Federal law requires us to obtain sufficient information to verify your identity.You may be asked several questions and to provide one or more forms of identification to fulfill this requirement.In some instances we may use outside sources to confirm the information.The information you provide is protected by our privacy policy and federal law. AGREEMENT - This document, along with any other documents we give you pertaining to your accounts, 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 Michigan (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:
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. 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. 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 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 it initiated on the next following business day that we are open. 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. 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. 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. 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.
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 letting us know 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 item). 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 "preauthorized 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 any one 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 either have to 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. 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 owed 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 - It 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 requirement we have imposed within a reasonable time. 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. 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 $1,000.00." 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 identities 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 slgnature(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.
This policy statement applies to all transaction accounts. Our policy is to make funds from your cash and check deposits available to you on the first business day after the day we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once the funds are available, you can withdraw them in cash and we will use the funds to pay checks 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 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 that 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. 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 first business day after the day of 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 first business day. If we are not going to make all of the funds from your deposit available on the first business day, 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 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. DEPOSITS AT AUTOMATED TELLER MACHINES Funds from any deposits (cash or checks) made at automated teller machines (ATMs) we do not own or operate will not be available until the next business day after the day of your deposit.
Indicated below are types of Electronic Fund Transfers we are capable of handling, some of which may not apply to your account. Please read this disclosure carefully because it tells you your rights and obligations for the transactions listed. You should keep this notice for future reference. Electronic Funds Transfers Initiated By Third Parties.You may authorize a third party to initiate electronic funds transfers between your account and the third party’s account.These transfers to make or receive payment may be one-time occurrences or may recur as directed by you.These transfers may use the Automated Clearinghouse (ACH) or other payments network.Your authorization to the third party to make these transfers can occur in a number of ways.In some cases, your authorization can occur when the merchant posts a sign informing you of their policy.In all cases, the transaction will require you to provide the third party with your account number and credit union information.This information can be found on your check or draft as well as on a deposit or withdrawal slip.Thus, you should only provide your credit union and account information (whether over the phone, the internet, or via some other method) to trusted third parties whom you have authorized to initiate these electronic funds transfers.Examples of these transfers include, but are not limited to: Preauthorized credits. You may make arrangements for certain direct deposits (such as Social Security) to be accepted Into your share draft or share savings account(s). Preauthorized payments. You may make arrangements to pay certain recurring bills from your share draft or share savings account(s). Electronic check or draft conversion – You may provide your check or draft to a merchant or service provider who will scan the check or draft for the encoded credit union and account information.The merchant or service provider will then use this information to convert the transaction into an electronic funds transfer.This may occur at the point of purchase, or when you provide your check or draft by other means such as by mail or drop box. CU*TALK Telephone Transfers - types of transfers - You may access your account by telephone 24 hours a day at 800-860-5704 using your personal identification number, a touch tone phone, and your account numbers, to:
Delta County Credit Union ATM Transfers - types of transfers and dollar limitations - You may access your account(s) by ATM using your Delta County Credit Union ATM Card and personal identification number or MasterMoney Debit Card and personal identification number, to:
Some of these services may not be available at all terminals. Types of MasterMoney Debit Card Point-of-Sale Transactions - You may access your share draft account(s) to purchase goods (in person or by phone), pay for services (in person or by phone), get cash from a merchant, if the merchant permits, or from a participating financial institution, and do anything that you can do with a credit card (that a participating merchant will accept with a credit card). Point-of-Sale Transaction - dollar limitations - Using your card:
Currency Conversion. If you effect a transaction with your MasterMoney Debit Card in a currency other than US dollars, MasterCard International Inc. will convert the charge into a US dollar amount. MasterCard International will use its currency conversion procedure, which is disclosed to institutions that issue MasterCard cards.Currently, the conversion rate used by MasterCard International to determine the transaction amount in US dollars for such transactions is generally either a government mandated rate or a wholesale rate determined by MasterCard International for the processing cycle in which the transaction is processed, increased by an adjustment factor established from time to time by MasterCard International.The currency conversion rate used by MasterCard International on the processing date may differ from the rate that would have been used on the purchase date or cardholder statement posting date. Advisory Against Illegal Use. You agree not to use your card(s) for illegal gambling or other Illegal purpose. Display of a payment card logo by, for example, an online merchant does not necessarily mean that transactions are lawful in all jurisdictions in which the card holder may be located. Minimum account balance -
ATM Surcharges. When you use an ATM not owned by us, you may be charged a fee by the ATM operator or any network used to complete the transfer (and you may be charged a fee for a balance Inquiry). DOCUMENTATION
PREAUTHORIZED PAYMENTS
FINANCIAL INSTITUTION'S LIABILITY Liability for failure to make transfers. If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:
CONFIDENTIALITY We will disclose Information to third parties about your account or the transfers you make:
REGULATORY AUTHORITY If you believe that any provision of the Michigan Electronic Funds Transfer Act has been violated you should notify the Financial Institutions Bureau, Credit Union Division at 333 South Capitol Avenue, Suite A, Lansing, Michigan 48933 or the National Credit Union Administration, Division of Supervision at 4225 Naperville Road, Suite 125, Lisle, Illinois 60532. UNAUTHORIZED TRANSFERS
If you do NOT tell us within 2 business days after you learn of the loss or theft of your card and/or code, and we can prove we could have stopped someone from using your card and/or code without your permission if you had told us, you could lose as much as $500. Also, if your statement shows transfers that you did not make, tell us at once. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days it we can prove that we could have stepped someone from taking the money if you had told us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods.
ERROR RESOLUTION NOTICE In Case of Errors or Questions About Your Electronic Transfers, Call or Write us at the telephone number or address listed in this brochure, as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared.
If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days. We will determine whether an error occurred within 10 business days (20 business days if the transfer involved a new account) after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days (90 days if the transfer involved a new account, a point-of- sale transaction, or a foreign-initiated transfer) to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days (20 business days if the transfer involved a new account) for the amount you think is in error, so that you will have the use of the money during the time It takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account. Your account is considered a new account for the first 30 days after the first deposit is made, unless each of you already has an established account with us before this account Is opened. We will tell you the results within three business days after completing our Investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation. DELTA COUNTY CREDIT UNION P.O. BOX 756 ESCANABA MICHIGAN 49829 Phone: (906) 786-7213 ON REQUEST
SHARE ACCOUNT Rate Information: Compounding and crediting - Dividends will be compounded every month. Dividends will be credited to your account every month.If you close your share account before dividends are paid, you will not receive the accrued dividends. 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. Minimum balance requirements: 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: Par value of a share: SHARE DRAFT ACCOUNT Rate Information: Compounding and crediting - Dividends will be compounded every month. Dividends will be credited to your account every month. Minimum balance requirements: 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: Courtesy Pay Information: Courtesy Pay is a new service that allows us to pay an item presented against our member's checking account even if it causes the account to become overdrawn. Courtesy Pay may provide certain accountholders in "good standing" with the ability to overdraw their checking account up to $500. If the account has been open at least 60 days and maintained in good standing, defined as A) Making regular deposits sufficient to cover transactions; B) Bringing the account to a positive balance at least once every thirty days or less and; C) There are no legal orders outstanding on your account, we may, at our sole discretion, pay overdrafts up to the limits mentioned above, including our normal Non-Sufficient Funds or Courtesy Pay charge(s). Whether we pay or return an item, your account will be assessed a fee, either as a Courtesy Pay charge or a Non-Sufficient Funds charge but you will not be charged both fees. Courtesy Pay offers additional flexibility and convenience in managing accountholder funds, and provides peace of mind knowing that items may be paid up to the authorized overdraft limit. This non-contractual courtesy of paying overdrafts requires no accountholder action. It is not a loan. No additional agreements need to be signed, and it costs nothing unless the privilege is used-by initiating checks, electronic funds transfers, or other payment or withdrawal requests for more than is on deposit in the account. If you maintain the account in good standing and have need for this "courtesy", we may, at our sole discretion, pay the item(s) up to the authorized limit, and we will charge the account our normal Non Sufficient Funds or Courtesy pay charge for each item that overdraws the account. We will send you a notice each time an overdraft occurs. Although you are not charged for using Courtesy Pay unless you have an overdraft, you may opt-out of Courtesy Pay at any time. If you receive a direct deposit of your monthly Social Security payment into your checking account or for any other reason do not want Courtesy Pay eligibility, you must advise us to stop us from paying your overdrafts with these funds. Courtesy Pay allows Delta County Credit Union to provide a higher level of service to our members by helping to protect your account and reputation when an inadvertent overdraft occurs. If you have questions, do not hesitate to call Member Services at (906) 786-7213 or toll free at 1-877-DELTACU(335-8228). Effective November 30, 2004. DAILY MONEY MANAGER SHARE ACCOUNT Rate Information: 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. Minimum balance requirements: You must maintain a minimum daily balance of $2,500.00 In your account each day to obtain the disclosed annual percentage yield. If your minimum daily balance falls below $2,500.00, the funds will be transferred to your share account. Daily balance computation method - Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day. Accrual of dividends on noncash deposits - Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account. Transaction limitations: The minimum deposit we allow is $100.00 per deposit. The minimum amount you may withdraw is $100.00 per withdrawal. 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 or telephonic order or instruction. If you exceed the transfer limitations set forth above, your account will be subject to closure by the credit union. Fees and charges: CHRISTMAS/VACATION CLUB ACCOUNT Rate Information: Compounding and crediting - Dividends will be compounded every month. Dividends will be credited to your account every month. If you close your account before dividends are paid, you will not receive the accrued dividends. 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. Minimum balance requirements: 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: . INDIVIDUAL RETIREMENT ACCOUNT Rate Information: 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. Minimum balance requirements: 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: COMMON FEATURES Bylaw requirements: Transaction limitation - We reserve the right to at any time require not less than seven days notice in writing before each withdrawal from an Interest-bearing account other than a time deposit, or from any other savings account as defined by Regulation D. Nature of dividends - Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period. National Credit Union Share Insurance Fund - Member accounts In this credit union are federally insured by the National Credit Union Share Insurance Fund. The following fees may be assessed against your account and the following transaction limitations, if any, apply to your account. Check Printing - Fee depends on style and quantity of check ordered ATM/Debit Card replacement$5.00 Check cashing (members with less than $100.00 account balance$3.00(does not apply if under age 18 or over age 60) Dormant Account Fee$5.00 (This fee is charged monthly.An account is dormant if for two years you have made no deposits or withdrawals to the account). Garnishment/Levy$25.00 Money Orders - each$1.00(no charge if over age 60) Overdraft – each overdraft paid$15.00 Nonsufficient funds (NSF) – each$15.00 Stop payments – each$15.00 Wire transfers – each$15.00 Wire transfers (foreign)$25.00 Check copy – each$2.00 Corporate check$1.50
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