Account Agreement DisclosureThis agreement sets forth the terms and conditions applicable to your accounts at HEW Federal Credit Union (HEWFCU or the 'Credit Union'), as of July 1, 1999. Your signature on any HEWFCU account application acknowledges receipt of the Agreement and accompanying Disclosures pertaining to the account you've opened.
TYPES OF ACCOUNTS
- All accounts subject to this Agreement will be subject to such rules and fee schedules as may be adopted from time to time by the HEWFCU Board of Directors. The terms of this Agreement may be amended by notice from HEWFCU and communicated to you in any reasonable manner. Use or maintenance of an account established under this Agreement shall constitute acceptance, of any new, additional or other terms established pursuant to such notice. All rights, obligations, and duties under this contract shall be determined by the District of Columbia law. Fees may be deducted from your account balance as and when they become due.
- The fees in this agreement set forth certain conditions, fees and charges applicable to your accounts at the Credit Union. All fees are subject to change.
- Each depositor shall be jointly and severally liable for any liabilities of the account, including reimbursement of overdrafts.
- Any error in the listing or posting of an item or deposit may be corrected at any time after its discovery.
- Statements will be mailed periodically to your last address shown on the Credit Union's records. Unless the Credit Union is notified in writing within 60 days of such mailing that the account is incorrect; the Credit Union shall not be liable for reimbursement.
- You agree to hold the Credit Union harmless from liability for processing delays occasioned by your failure to reserve adequate space for bank endorsements on the back of any check deposited with the Credit Union.
- If the Account Agreement is signed by more than one person, the persons signing shall be the joint owners of all accounts established hereby and shall be subject to the further provisions of the Joint Account Agreement which appear in this brochure and subject also to the additional terms and provisions of this Agreement.
- Member accounts at HEWFCU are insure up to $350,000; $100,000 by the National Credit Union Administration's Share Insurance Fund. NCUA is an agency of the United States government. An additional $250,000 is provided by Excess Share Insurance, a private insurance agency. Every IRA is separately insured up to $350,000 per member.
- Dividend is the term used for the earnings paid on your share accounts. Dividends will be paid on accounts in accordance with the policies of the Credit Union as amended from time to time.
- Federal Regulation D limits the number of withdrawals or transfers to another of your Credit Union accounts to a third party by means of a preauthorized or automatic transfer or telephonic order or instruction to six per month.
Share Draft Account
- A Share account with HEWFCU is a basic requirement for membership.
- The par value of a regular share is $5.00.
- The minimum balance to open any account is the purchase of a $5.00 share in the Credit Union.
Only methods approved by HEWFCU may be used to withdraw funds from the Share Draft Account. Shares in the Share Draft Account may not be pledged as collateral on any loan. HEWFCU will credit the Share Draft Account with such dividends as HEWFCU may declare at the end of each dividend period. Each negotiated share draft will be charged to the Share Draft Account as of the date of receipt by HEWFCU.
HEWFCU is authorized to pay a share draft, which exceeds the share balance in the Share Draft Account by transferring the amount of the resulting overdraft from any other Share Account from which the person (s) who signed the Combined Application is/are entitled to withdraw shares. Overdraft privileges in the form of pre-authorized or telephone transfers from regular shares must be restricted to no more than six per month (Federal Regulation D).
HEWFCU is authorized to refuse share drafts, which exceed funds available in the regular Share Account. A penalty in an amount established by HEWFCU will be assessed for each refused share draft. HEWFCU is under no obligation to pay a share draft on which the date is more than six (6) months old. Except for negligence, HEWFCU is not liable for any action it takes regarding the payment or nonpayment of a share draft. A share draft payment may be stopped by providing notification to HEWFCU in such form as HEWFCU may establish. A service charge in an amount established by HEWFCU may be assessed for each stop payment request. Stop payment requests will be valid for a 6 month time frame. Paid share drafts will not be returned by HEWFCU; you may request a copy of paid share drafts.
A service charge in an amount established by HEWFCU may be assessed for each copy provided. Any objection respecting any item shown on a statement of Share Draft Account shall be waived unless made in writing to HEWFCU on or before the thirtieth (30) day following the day that the statement is mailed. The Share Draft Account shall be subject to service charges in accordance with the rate schedule adopted by HEWFCU from time to time. All non-cash share purchases or payments received into the Share Draft Account will be credited subject to final payment. The use of the Share Draft Account is subject to other such terms, conditions, or requirements as HEWFCU may establish from time to time.
HEWFCU reserves the right to terminate this agreement or change items, conditions or rates at any time upon forwarding written notice. If signed by more than one person, this agreement is subject to the additional terms and conditions of any joint share account agreement that applies to a share account in joint names; or if there is no such agreement, this agreement is subject to the additional terms and conditions (Joint Share Account Agreement).