General Terms & Conditions of your Credit Union accounts
Definitions
- Account Agreement means any savings, checking, term certificate, trust, Totten trust or UTMA account
- TIS Agreement means Truth In Savings Agreement entitled, Membership Agreement & Disclosure
Membership application
The terms, conditions and information contained in the Membership Application, and all amendments thereto, are by this reference hereby incorporated in their entirety into this TIS Agreement and become an integral part of the General Terms & Conditions of the Credit Union accounts.
Account ownership
The ownership of trust, Totten trust and UTMA accounts shall be governed by the applicable Account Agreement. Unless otherwise specified in the Account Agreement, the parties who sign an Account Agreement agree with each other and with the Credit Union that all funds in the accounts shall be owned as follows:
- Individual accounts: The account or certificate is owned by the party named on the Account Agreement (Accountholder). Upon the death of the party, ownership passes to the named pay-on-death payee(s), designated as the beneficiary(ies) on the Account Agreement.
- Joint accounts: The account or certificate is owned by the parties named on the Account Agreement (Accountholders). Upon the death of any of them, ownership passes to the survivor(s). Upon the death of all of them, ownership passes to the named pay-on-death payee(s), designated as the beneficiary named on the Account Agreement.
Special rules for Joint Accounts
- Withdrawals by and liability of Joint Owners – The Accountholders of an account agree with each other and with the Credit Union that all funds and all accumulations thereon are and will be owned by all Accountholders jointly and equally regardless of their net contributions and are subject to the withdrawal of or receipt by any of the Accountholders, and payment to any of them shall be valid and discharge the Credit Union from any and all liability for such payment. The Accountholders of an account expressly agree each Accountholder is jointly and severally liable for any and all overdrafts, losses or charges to an account created by any Accountholder(s).
- Deposits – The Credit Union may cash or deposit all checks payable to any signer when endorsed by any other signer.
- Disputes – If there is a dispute about ownership or control of an account, the Credit Union may place a hold on the account and not release funds until the Credit Union receives either a court order or an instruction signed by all persons claiming an interest in the account.
Special rules for Minor Accounts
Minor Accounts are joint accounts owned by the minor and a joint account owner who is at least 18 years of age. The adult joint account owner must be an existing member in good standing. Good standing is defined as a member who maintained an active account with a positive account history for the preceding six months regardless of when the account was opened. The Credit Union may complete transactions that may include payments of funds directly to the minor without regard to his or her minority. The Credit Union has no duty to inquire about the use or purpose of any transaction by the minor or joint owner. The Credit Union will not honor any transaction request by a parent or guardian who is not a joint account owner. In order for the minor to be allowed to make debits or withdrawals from the account, the minor must be issued a debit card and the joint owner must authorize a withdrawal amount limit. Once the minor reaches the age of majority, this restriction will be lifted.
Changes in Terms & Conditions
The use of an account is subject to such other terms, conditions and requirements as the Credit Union may establish from time to time. The Credit Union has the right to change the terms and conditions of this Agreement at any time, in any manner, and for any reason. We may delete or modify existing terms. We may add new terms without regard to whether the matter is already addressed by this Agreement. We may offer new or different services at any time, and may convert an existing account or service into a new account or service. We will generally notify you in advance of changes by sending written notice to your address as it appears on our records. However, we may make changes without sending you advance notice, unless such notice is required by law. By continuing to use or keep your account open, you will be deemed to accept and agree to any such changes in terms.
Order of posting; understanding your available and actual balance
Order of Posting: The order in which items are paid is important if there is not enough money in your account to pay all of the items presented. We will pay checks, automated debits (ACH), debit card transactions, ATM withdrawals and point-of-sale transactions in the order presented for payment to the Credit Union.
- Multiple checks presented for payment on the same day will be posted in check number order (from the lowest check number to the highest check number).
- For ACH transactions, deposits are credited before withdrawals are debited by settlement date, in the order received from the Federal Reserve.
- For ATM Card and debit card transactions, items are posted in the order presented for payment, which may vary from the order the transaction was authorized. We will not charge a fee if your debit card transaction was authorized when there was a sufficient available balance in your account.
The Credit Union reserves the right to adjust the above processing times in its sole discretion.
Actual and Available Balances: To properly manage the money in your account and avoid Courtesy Pay (overdraft) and Non-sufficient Fund Fees (NSF), it is important that you understand the difference between your “actual balance” and your “available balance” Your “actual balance” is updated throughout the day as transactions are posted to your account. The actual balance will not reflect or include any pending, un-posted authorized transactions, merchant holds. Your “available balance” is the amount in your account at a particular time that is available for immediate withdrawal. Your available balance is updated throughout the day to reflect merchant holds and pending debit transactions. The difference between your actual balance and your available balance is the result of pending activity that has not yet posted to the account (for example, any “pending” debit card merchant withdrawals authorized for payment and deposits that have a hold and are not available for immediate withdrawal). We will use the “available balance” in your account to determine if you have sufficient funds to cover your transactions. You can determine your available balance at the ATM, by phone or by accessing your account with Digital Banking.
You understand you may be overdrawn even when your actual balance is positive. You also understand that you may still overdraw your account even though the available balance appears to show there are sufficient funds to cover a transaction that you wish to make because your available balance will not reflect all of your outstanding checks, automatic bill payments or recent deposits. In addition, a debit card transaction may cause your account to be overdrawn if the available balance is not sufficient at the time of posting even if the available balance was sufficient at the time it was authorized. Also note, your available balance may not reflect all of your pending debit card transactions if an authorization hold is released prior to the transaction being presented for payment. For example, if a merchant obtains your prior authorization but does not submit a one-time debit card transaction for payment within two (2) business days of authorization (or for up to thirty (30) business days for certain types of debit card transactions), we are required to release the authorization hold on the transaction. The available balance will not reflect this transaction once the hold has been released until the transaction has been received by us and paid from your account. You must keep careful records and practice good account management to avoid making transactions without sufficient funds available for withdrawal. For additional details on the availability of your funds for withdrawal, see the section entitled “Your Ability to Withdraw Funds.” If you have additional questions about your available or actual balance, please see a branch representative or call 800.866.6474.
Example 1: If you write a check for $25 but it has not yet cleared your account, your available balance will be $25 less than what is reflected by your actual balance.
Example 2: If you authorize a debit card transaction for $30 but it has not yet posted to your account, your available balance will be $30 less than what is reflected by your actual balance.
Example 3: The following transactions are not reflected in your available balance:
- Any checks you have written that have not yet been presented for payment.
- Any automatic bill payments you have scheduled that have not yet been sent.
- Any debit card transactions where the authorization hold has been released but the transaction has not yet been submitted to the Credit Union.
Authorization holds for debit card transactions
When you make a purchase with your Debit Card without entering your PIN, the merchant or other payee may seek our prior authorization and guarantee of payment for the transaction. If we authorize the transaction, we place a temporary hold for the authorized amount in the account linked to your Debit Card. We refer to this temporary hold as an “authorization hold,” and the amount of the authorization hold will be subtracted from your available balance (generally in real time as transactions are received by us throughout each day). The Credit Union will not authorize everyday Debit Card transaction amounts that exceed your current available balance unless you have asked us to do so.
The amount of an authorization hold may differ from the actual transaction amount because the actual transaction amount may not yet be known to the merchant when the authorization request is submitted. Examples include, at-the-pump fuel purchases where the authorization occurs prior to fuel being pumped, restaurant purchases where the authorization occurs prior to the addition of a gratuity, or hotel or rental car transactions where the authorization is for an estimated amount prior to check-out. For those transactions, there may be no authorization hold, or the amount of the authorization hold may be different from the transaction amount. In some other cases we may not receive an authorization request from the merchant, and there will be no authorization hold reflected in your available balance.
We place authorization holds for up to two (2) business days (or for up to thirty (30) business days for certain types of Debit Card transactions) from the time of the authorization. If the transaction is not submitted for payment by the merchant within the specified time period, we must release the authorization hold, which will increase your available balance until the transaction is submitted for payment by the merchant and it is posted to your account. We urge you to record and track all of your transactions closely to confirm that you will not overdraw your account by spending funds that are not available to you.
Overdrafts
The Credit Union is under no obligation to pay an item (such as a check, ACH, ATM and Debit Card transactions) which exceeds the available balance in an account; the Credit Union may, however, pay an item and recover or obtain a refund of the amount of the resulting overdraft plus a fee, (see our Tarifas y Cargos) from any of the accountholders of this account, each of whom expressly agrees that each accountholder is jointly and severally liable for any and all overdrafts of this account and any and all associated costs created by any accountholder. When an item is returned unpaid due to insufficient available funds and not covered by the Courtesy Pay Program (see For Checking Accounts with Courtesy Pay), or when an authorized debit card transaction is paid that exceeds your available balance, including your Courtesy Pay limit if applicable, at the time it is presented for payment, you will be charged a Non-Sufficient Funds (NSF) fee, as stated in our Tarifas y Cargos.
Notice
Notice to one accountholder shall constitute notice to all persons authorized to have access to the account.
Ability to pledge funds
Any or all of the joint accountholders may pledge all or any part of the funds as security for a loan or loans with the Credit Union only.
Financial abuse reporting
Accountholder(s) understand(s) and agree(s) that the Credit Union may report known or suspected illegal or fraudulent activity including, but not limited to, the following:
- Financial abuse involving an elder or dependent adult;
- Where the ownership or collectability of funds are subject to dispute; or
- Misuse or abuse of account services;
to appropriate law enforcement or government entities, as required or permitted by law. In addition, the Credit Union reserves the right to suspend, restrict, deny or terminate account services and activity, including the placement of an administrative hold (freeze) on account proceeds, or take such other actions as deemed necessary under the circumstances. Accountholder(s) agree(s) to indemnify and hold the credit union harmless from and against all claims, actions, damages, losses, and expenses, including attorneys’ fees, as a result of any action or inaction taken in relation to the matters described here.
Enforcement of liens
All funds in an account remain subject to any and all liens, including but not limited to statutory liens and/or consensual liens, security interests, rights of offset and charges, notwithstanding the source of the contribution.
Notification of changes
Each accountholder agrees to promptly notify us in writing of any change in address(es). If you fail to do so, we may send notices, statements or other important information to the address shown in our records and you agree to release us from any liability for doing so. You also agree to notify us in writing of any change in ownership or authorized signers, or if an owner or authorized signer dies or is placed under legal guardianship or conservatorship. We may, at our option, require a new Account Agreement to be completed before any such change takes effect. Any such changes shall not affect transactions previously made.
Consent to contact
You agree we and/or our third-party debt collectors may contact you by phone or text message at any phone number associated with your account, including mobile numbers (i.e., cellphone numbers) which could result in charges to you, in order to service your account, prevent fraud or collect any amounts owed to us, excluding any contacts for advertising and telemarketing purposes as prescribed by law. You further agree methods of contact may include use of prerecorded or artificial voice messages, and/or use of an automatic dialing device. You may withdraw the consent to be contacted at your mobile phone number(s) at any time by calling 800.866.6474, Contáctenos through our website or by any other reasonable means. If you have provided or provide a mobile number(s) to us in connection with your accounts, or any of them, you represent and agree you are the wireless subscriber or customary user with respect to the mobile number(s) provided and have the authority to give this consent. Furthermore, you agree to notify us of any change to the mobile number(s) which you provide to us. You agree to indemnify us and our third-party debt collectors, and hold us and our third-party debt collectors harmless, from and against any and all losses, claims, damages, liabilities, costs or expenses (including any attorneys’ fees) that arise out your breach of any of the foregoing representations and agreements.
Waiver of certain rights
The Credit Union reserves the right to waive the enforcement of any of the provisions of this TIS Agreement with respect to any transaction or series of transactions. Any such waiver will not affect the right of the Credit Union to enforce any of its rights with respect to later transactions and is not sufficient to modify the terms and conditions of this TIS Agreement.
Consumer reports
The Credit Union makes credit available to its members on a regular basis. The applicant(s)/accountholder(s) of the account authorizes the Credit Union to obtain consumer reports in connection with credit and business transactions involving the applicant(s)/accountholder(s), including but not limited to applying for membership, the opening of a savings or share/draft account or the issuance of an ATM Card, Debit Card, or other service provided by the Credit Union, and the applicant(s)/accountholder(s) of the account authorize any person, association, or corporation to furnish on request of this Credit Union, information concerning the affairs of the applicant(s)/accountholder(s). The applicant(s)/accountholder(s) also authorizes the Credit Union to furnish information concerning the account to consumer reporting agencies.
Negative credit reporting
We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit report.
Reporting inaccurate information
If you believe the Credit Union is reporting inaccurate information to a credit reporting agency, please Contáctenos through our website.
Post-dated checks
The Credit Union will treat all checks as though the checks were written on the date presented.
Examination of statements
The accountholder(s) to whom the periodic statement of account is sent agree(s) to exercise reasonable care and promptness in examining the statement to discover any errors or discrepancies, and to promptly notify the Credit Union after discovery thereof.
Non-cash payments
Non-cash payments deposited into an account may be credited subject to final payment.
Fees and charges
All accounts shall be subject to service charges in accordance with fee schedules adopted by the Credit Union as amended from time to time.
Attorneys’ fees
You agree to pay the Credit Union all of our costs and reasonable attorneys’ fees, including all collection costs, litigation costs, skip-tracing fees, and outside services fees incurred while we are enforcing our rights under this Agreement.
Credit Union’s right to offset
Accountholder(s) agrees that the Credit Union has the right to offset against any account of any accountholder to cover any amount owing to the Credit Union for any reason. Accountholder(s) understand that this means that the Credit Union has the right to impress and enforce a statutory lien against the accountholder(s’)’s shares and dividends in the event of the failure of the accountholder(s) to satisfy any financial obligation due and payable to the Credit Union. Accountholder(s) understand that the Credit Union may enforce this right without further notice.
The above-described right to offset shall not apply with respect to any written trust instrument or custodial agreement created or organized in the United States and forming part of a tax-advantaged savings plan which qualifies or qualified for specific tax treatment under sections 223, 401(d), 408, 408A and 530 of the Internal Revenue Code (26 U.S.C. 223, 401(d), 408, 408A and 530).
Governing law
This TIS Agreement shall be construed in accordance with the laws of the State of California, including the Uniform Commercial Code (UCC).