A. General Membership
1. Membership. Membership in Family First Federal Credit Union (Credit Union) is restricted to persons who, at the time of application, are within the field of membership and meet the membership requirements. To maintain membership, a minimum share deposit as stated on the schedule of fees and deposit requirements must be maintained.
2. Voting Rights. Each credit union member is entitled to one vote at any meeting of members on each matter submitted to the membership. The Credit Union's Board of Directors is elected by the vote of the membership. Proxy voting is not allowed.
3. Member Services. Various services are provided for members. These services include Share Accounts, Share Draft (checking) Accounts, Individual Retirement Accounts (IRAs), Share Certificates, Money Market Accounts, Automatic Teller Machine Access, Telephone Account Access, Consumer Loans, Mortgage and Construction Loans, Credit Card Accounts, Home Equity Loans, Notary Public Service, Cashier's Checks, Wire Transfers, Automatic Clearing House (ACH) Transfers, Travelers Checks, Money Orders, Discount Movie and Event Tickets, Signature Guarantee (Medallion stamp), Safe Deposit Boxes and other services. These services are provided according to this membership agreement and/or the terms and conditions established by the Credit Union in any related agreements.
4. Dividends. Dividends may be paid on shares at the Credit Union. Dividends are paid on share accounts, share draft accounts, money market accounts, IRAs, and certificates. Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period. Dividends are subject to change. No advance notice of dividend rate changes is required.
5. Applicable Law. Membership and credit union accounts are subject to the Financial Institutions Act and the Federal Credit Union Act, as applicable, the Articles of Incorporation and Bylaws of the Credit Union. The applicable law, rules, policies and procedures are subject to modification and amendment.
6. Statutory Lien and Right of Set Off. All shares, accumulated dividends in any individual, joint, multiple party account at the Credit Union are subject to a statutory lien and right of set off for any amounts owed to the Credit Union by a member or other person having any ownership interest in the account. This lien and right of set off applies to any amounts in the account in the future. The Credit Union may exercise its lien and right of set off without notice and without judicial process. 'Shares' for the purpose of your pledge to secure your obligations to the Credit Union and otherwise, 'share(s)' mean all deposits in any share savings, share draft, club, certificate, P.O.D., revocable trust or custodial account(s), whether joint or individually held, that you have on deposit now or in the future, all of which are deemed 'general deposits,' for the purpose of your pledge. Your pledge does not include any Keogh, tax escrow, irrevocable trust or fiduciary account in which you do not have a vested ownership interest. You will be responsible for costs incurred by the Credit Union in collecting any monies owed to the Credit Union as a result of a negative balance.
7. Account Closing. The account(s) of a member may be closed by the Credit Union if the member:
a. has or may cause a loss to the Credit Union
b. has not maintained any required minimum deposit requirements
c. has filed a petition in bankruptcy
d. has failed to behave properly at the Credit Union
e. has violated any other terms or conditions of membership
f. has abused the account.
8. National Credit Union Share Insurance Fund. Member accounts in this Credit Union are federally insured by the National Credit Union Share Insurance Fund.
B. Account Ownership
1. Designation on Account Card. The ownership of any credit union account shall be designated on the applicable account card. Unless specific ownership is otherwise designated, the ownership of the share account shall apply to all additional accounts or sub-accounts having the same account number.
2. Joint Tenancy with Rights of Survivorship. Any account owned, as joint tenants with rights of survivorship shall be subject to the provisions of Utah Code Annotated 7-9-32. Any joint tenant may withdraw all amounts on deposit in the account. Upon the death of a joint tenant, amounts on deposit can be withdrawn by a surviving joint tenant.
3. Payable on Death Beneficiary. A payable on death beneficiary may be designated by the member. Any account with a payable on death beneficiary shall be subject to the provisions of Utah Code Annotated 7-932(6). The payable on death beneficiary may receive the amount on deposit upon written request if there is no surviving joint owner, at least thirty (30) days has passed since the member's death and all obligations of the member to the Credit Union have been paid.
4. Trust Accounts. Accounts of trusts may be established at the Credit Union. The Credit Union is the depository only for the trust account. Any trustee designated on an account card may transact any business on a trust account. The Credit Union will accept written evidence submitted by the trustee or successor trustee regarding the appointment of the trustee or successor trustee.
C. Share Accounts
1. Rate Information. The dividend rate and the annual percentage yield on your share account are disclosed on the rate notice. You will be paid this rate for the initial dividend period. The dividend rate and the annual percentage yield may change monthly as determined by the Credit Union's Board of Directors.
2. Compounding and Crediting. Dividends will be compounded monthly and will be credited monthly. If you close your regular share account before dividends are credited, you will not receive dividends.
3. Minimum Balance Requirements. The minimum balance to open this account is the purchase of a $25 share in the Credit Union. You must maintain a minimum daily balance as stated on this statement of Rates, Balances and Fees in your account to avoid a service fee. If, during any month, your account balance falls below the required minimum daily balance, your account will be subject to a service fee as set forth on the statement of fees.
4. Balance Computation Method. Dividends are calculated by the daily balance method, which applies a daily periodic rate to the principal in your account each day. Dividends are not paid on an account that is closed prior to the posting of the dividends.
5. Accrual of Dividends. Dividends will begin to accrue on the business day you deposit cash or non cash items (e.g., checks) to your account.
6. Fees and Charges. Fees and charges may be assessed against your account. These Fees and Charges are set forth on the Statement of Rates, Balances and Fees.
7. Transaction Limitations. There are no transaction limits on share draft accounts. Share and money market accounts will have certain transaction limitations. During any statement period on share and money market accounts, 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 in any statement period, your account will be subject to closure by the Credit Union or to a fee.
D. Share Draft Accounts
1. Authorized Signatures. The Credit Union is authorized to pay share drafts signed by any person on the account card. All such payments shall be charged against the shares in this account.
2. Draft Forms. Only share draft forms, debit cards and other withdrawal methods approved by the Credit Union may be used to make withdrawals from this account. The Credit Union is not responsible for any loss based on the use of forms not approved by the Credit Union. A merchant may choose to process your share draft through the ACH system. ACH rules apply.
3. Drafts Exceeding Balance. The Credit Union is under no obligation to pay a share draft that exceeds the fully paid and collected share balance in this account. However, in the event of a share draft that would exceed such balance and result in this account being overdrawn, the Credit Union may
a. Treat such share draft as a request to the Credit Union for an advance (in multiples of $100) from the overdraft loan account, if any, sufficient to permit the Credit Union to pay such share draft and credit the loan advance to this account, or
b. If no loan advance can be made, the Credit Union may pay such share draft and transfer shares to this account in multiples of $100, plus a service charge, from any other regular share account from which any of the undersigned is then eligible to withdraw shares.
4. Share Draft Date. The Credit Union may pay a share draft on whatever day it is presented for payment, notwithstanding the date (or any other limitation on the time of payment) appearing on the share draft.
5. Retention of Drafts. When paid, share drafts become the property of the Credit Union and will not be returned either with the periodic statement of this account or otherwise.
6. Credit Union Liability. Except for negligence, the Credit Union is not liable for any action it takes regarding the payment or nonpayment of a share draft.
7. Periodic Statements. Any objection respecting any item shown on a periodic statement of this account is waived unless made in writing to the Credit Union before the end of sixty (60) days after the statement is mailed.
8. Stop Payments. A member may place a stop payment on a draft provided the draft has not already cleared the Credit Union. The stop payment can be completed by coming into the Credit Union and signing a stop payment request form or placing a request through our website. Stop payments will not be honored over the telephone.
9. Postdated and Staledated Drafts. You authorize the Credit Union to accept and pay any draft without regard to the date of the draft even if the draft is presented for payment before its date, unless you notify the Credit Union of the postdating. Your notice will be effective only if the Credit Union receives the notice in time for the Credit Union to notify its employees and reasonably act upon the notice and you accurately describe the draft, including the number, date, and amount. You understand that the exact information is necessary for the Credit Union's computer to identify the draft. If you give the Credit Union an incorrect, incomplete, or untimely notice, the Credit Union will not be responsible for paying the draft before the date stated and the Credit Union may charge your account as of the date the Credit Union pays the draft. A written notice will be effective for six (6) months. A written notice may be renewed in writing from time to time. You also agree not to deposit checks, drafts, or other items before they are property payable. The Credit Union is under no obligation to you to pay a check or draft drawn on your account that is presented more than six (6) months after its date.
E. Certificate Accounts
1. Basic Terms. The rates for certificate accounts are stated on the rate notice. Compounding and crediting for certificates is the same as share accounts unless stated on the rate notice.
2. Maturity Date. The maturity date of your account is stated on the rate notice or certificate.
3. Early Withdrawal Penalties. FFFCU may impose a penalty if you withdraw any of the funds before the maturity date. For a certificate with a maturity of twelve (12) months or less, the penalty will equal thirty (30) days' dividends on your deposit. For a certificate with a maturity of greater than twelve (12) months, the penalty will equal three (3) months' dividends on your deposit.
4. Renewal Policies. Your certificate account will automatically renew at maturity. You will have a grace period of seven (7) business days after the maturity date to withdraw the funds in the account without being charged an early withdrawal penalty.
F. Home Banking System
The following terms and conditions apply to the Family First Federal Credit Union (the 'Credit Union') Home Banking System:
1. Applicability. These terms and conditions apply to access to the Home Banking System, the use of software and transactions completed through the System. The System is available to members of the Credit Union upon compliance with any conditions established by the Credit Union. The specific transactions shall be subject to the terms of the Member Agreement applicable to the account on which the transaction is completed.
2. Software Rights. The Credit Union assigns to the Member the right to use the System software. These rights are limited to the license rights of the Credit Union and are subject to the terms of any License Agreement. This assignment is without warranty except any assignable warranties of the software supplier. The software rights may not be assigned by the Member. The rights to use the software may be rescinded or revoked at any time without prior notice.
3. Hardware. The Member shall provide any IBM or IBM compatible computer, Apple Macintosh, or other computer or appliance capable of accessing the Internet. Minimum requirements, including available memory, modem operating speed and telephone system may be established from time to time by the software supplier. The Member is responsible for providing all hardware, telephone equipment and operating software to operate the System. The Member is responsible for all hardware and software maintenance and all telephone expenses.
4. Available Transactions. The transactions which can be performed by the System are the following:
a. Account balance, deposit, withdrawal, balance available for withdrawal, account history and checks cleared inquiries.
b. Loan balances, payment history, payment due date, payment amount and interest paid inquiries.
c. Credit card account balances, purchases, cash advance, payment history, payment due date, payment amount and interest paid inquiries.
d. Account transfers between different account suffixes within the same Member account. Transfers can be deposit transfers or payments.
e. Account transfers between different Member accounts if such transfers are approved by the Credit Union.
f. Check orders.
g. Automated clearing house withdrawals.
h. Automated bill paying services.
i. Check withdrawals.
5. Responsibility for Transactions. Transactions can be completed with the use of the Member's account number and a Personal Identification Number (PIN). The Member is responsible for all transactions on the Member's account. This responsibility includes all transactions completed by the Member or by any person, regardless of age or authority, using the account number and PIN. The Member is also responsible for all transactions as transmitted to the Credit Union. The Member is responsible for errors in the amount, payee, payment terms and all other information upon which transactions are completed.
6. Waiver of Uniform Commercial Code and Other Law. The System utilizes advanced electronic technology in lieu of otherwise existing methods, such as issuance of checks, to complete transactions. Any provisions of the Uniform Commercial Code or other applicable law which are inconsistent with the completion of transactions by electronic means are waived. Transmission of the transactions to the Credit Union constitutes authorization for the transactions without the need for signatures, verification or other authorization. In the event of inconsistency between these terms and conditions and otherwise applicable law or agreement, these terms and conditions shall apply.
7. Receipts and Notices. The Member shall print any receipts or other documentation of transactions completed by use of the System. The Credit Union will not provide receipts or other transaction documentation. Transactions will appear on the Member's account statement. Account statements shall be deemed as final and accurate if the Credit Union is not notified of errors within sixty (60) days of the statement date.
8. Home Bill Paying Services. The System provides home bill paying services. The Member is responsible for providing all information necessary to complete the bill paying process. The Member's account will be charged for bills paid upon the transmission of the transaction. Many payments cannot be made by automated means. A check may be prepared by or on behalf of the Credit Union. The Credit Union is not responsible for any delays in the processing of payments or the acceptability of the payment by the recipient. The Credit Union is not responsible for payments being received on time or by a certain date.
9. Transaction Limits and Verification. The Credit Union may establish transaction limits for the amount of transactions, the number and type of transactions which can be completed and availability of deposits. The Credit Union may establish verification procedures for certain transactions. This verification procedure may delay the completion of a transaction. The Member shall establish and maintain personal transaction limits for the Member's protection.
10. Limited Liability. The Credit Union's liability is limited to actual damages incurred by reason of the Credit Union's negligence or breach of this Agreement. Any discretionary rights of the Credit Union are for the Credit Union's purposes and do not create any duty to the Member. In no event shall general, consequential, incidental, punitive or exemplary damages be recovered.
11. Service Availability. Services shall generally be available 24 hours per day. Transactions completed after 8:00 p.m. or on weekends or holidays will be considered as transactions for the next business day. The Credit Union's Funds Availability Policy shall apply to accounts accessed through the System. The Credit Union is not responsible for services not being available because of computer malfunction or maintenance, communication lines not being available, loss of power or other reasons. The Credit Union will, to the extent possible, notify the Member upon connection to the Credit Union's system of the unavailability of or restrictions on available services.
12. Fees. The Credit Union shall establish fees applicable to transactions completed through the System. These fees may be changed by the Credit Union at its discretion. Fees shall be charged against the Member's checking account on the date the fees are assessed. Fees shall include, but not be limited to software charges, System availability fees, transaction fees, research fees, stop payment fees and bill payment fees.
13. Notice to Credit Union. In the event of errors, questions or problems with transactions or the use of the System, the Member shall contact the Credit Union by telephone at (801) 225-6080. The Member may also use the error notification procedures provided by the System.
14. 'E-Mail' Communications. You acknowledge and agree that the Internet is considered inherently insecure. Therefore, you agree that we have no liability to you whatsoever for any loss, claim or damages arising or in any way related to our response(s) to any e-mail or other electronic communication which we in good faith believe you have submitted to us. We have no duty to investigate the validity or to verify any e-mail or other electronic communication; and may respond to an e-mail at either the address provided with the communication or the e-mail address in your Membership Application and Signature Card.
Although having no obligation to do so, we reserve the right to require authentication of e-mails or electronic communications. The decision to require authentication is in the sole discretion of the Credit Union. We will have no obligation, liability or responsibility to you or any other person or company if we do not act upon or follow any instruction to us if a communication cannot be authenticated to our satisfaction.
G. Funds Transfer Terms and Conditions
1. Funds Transfers. The Credit Union provides funds transfer services. These services include wire transfers, automated clearinghouse (ACH) credits and transfers between accounts. Funds transfers are defined in article 4A of the Uniform Commercial Code and Subpart B of Regulation J of the Board of Governors of the Federal Reserve System.
2. Processing Time. The Credit Union may establish or change cut-off times for the receipt and processing of funds transfer requests, amendments, or cancellations. Unless other times are posted for the various types of funds transfers, the cut-off time will be at 2:00 p.m. on each weekday that the Credit Union is open which is not a holiday. If we receive a request to transfer an amount over $5,000.00 after 12:00 p.m. it may be subject to one day's interest charge of up to 15% APR. Payment orders, amendments, or cancellations received after the established cut off time will be treated as being received the next business day.
3. Initiation of Transfers. The Credit Union may charge your account for the amount of any funds transfer initiated by you or by any person authorized by you as a joint tenant or other authorized party with the right of access to the account from which the funds transfer is to be made.
4. Security Procedures. The Credit Union may establish, from time to time, security procedures to verify the authenticity of a payment order. You will be notified of the security procedure, if any, to be used to verify payment orders issued by you or for which your account will be liable. You agree that the authenticity of payment orders may be verified using that security procedure unless you notify the Credit Union in writing that you do not agree to that security procedure. In that event, the Credit Union shall have no obligation to accept any payment order from you or other authorized parties on the account until you and the Credit Union agree, in writing, on an alternate security procedure.
5. Use of Fedwire. If you send or receive a wire transfer, Fedwire may be used. Regulation J is the law covering all Fedwire transactions. This means that your rights and liabilities in a wire transfer involving Fedwire will be governed by Regulation J.
6. Identification of Transfers. If you give the Credit Union a payment order which identifies the beneficiary (recipient of the funds) by both name and identifying account number, payment may be made by the beneficiary's bank on the basis of the identifying bank account number, even if the number identifies a person different than the named beneficiary. This means that you will be responsible to the Credit Union if the funds transfer is completed on the basis of the identification number you provided the Credit Union.
7. Identification of Bank. If you give the Credit Union a payment order, which identifies an intermediary or beneficiary's bank by both name and an identifying number, a receiving bank may rely on the number as the proper identification even if it identifies a different person than the named person. This means that you will be responsible for any loss or expenses incurred by a receiving bank which executes or attempts to execute the payment order in reliance on the identifying number you provided.
8. ACH Payments. The Credit Union may give you credit for automated clearinghouse (ACH) payments before it receives final settlement of the funds transfer. Any such credit is provisional until the Credit Union receives final settlement of the payment. You are hereby notified and agree, if the Credit Union does not receive such final settlement, that it is entitled to a refund from you of the amount credited to you in connection with the ACH entry. This means that the Credit Union may provide you with access to ACH funds before the Credit Union actually receives the money However, if the Credit Union does not receive the money, then the Credit Union may reverse the entry on your account and you would be liable to pay the Credit Union.
9. ACH Rules. ACH transactions are governed by operating rules of the National Automated Clearing House Association. In accordance with these rules, the Credit Union will not provide you with next day notice of receipt of ACH credit transfers to your account. You will continue to receive notices of receipt of ACH items in the periodic account statements that we provide.
10. Receipt of Funds Transfer. If the Credit Union received a funds transfer for you or for other persons authorized to have access to your account, you agree that the Credit Union is not obligated to provide you with next day notice of the receipt of the funds transfer. The Credit Union will provide you with notification of the receipt of all funds transfers by including such items in the periodic account statements that we provide. You may, of course, inquire between receipt of periodic statements whether or not a specific funds transfer has been received.
11. Payment of Interest. If the Credit Union becomes obligated under Article 4A to pay interest to you, you agree that the rate of interest to be paid shall be equal to the account at the Credit Union to which the funds transfer should have been made or from which the funds transfer was made.
H. Electronic Funds Transfers
1. Available Services. As a user of electronic funds transfer service, you may have access to specifically identified automatic teller machines, Personal Access Line (PAL) and Automated Clearing House (ACH) services. The automatic teller machine transactions that you may initiate are cash withdrawals, deposits and account balance inquiries. The cash withdrawals may be made from your deposit account(s), or your credit line if granted by the Credit Union. With the PAL system, you may also make account transfers and loan payments, as well as check withdrawals to yourself, balance inquiries, cleared checks and other debit inquiries. The PAL system is accessed via touch-tone telephone after your account has been authorized and you have received your PAL PIN. You may also arrange to have preauthorized electronic funds transferred to your accounts (credits) or from your accounts (debits).
2. Access Device. To initiate any transaction with an automated teller machine, you must use an approved access device (card). Approved access cards include your Visa Debit or Visa Credit Card, your ATM card or other specified card issued by the Credit Union PLUS your Personal Identification Number (PIN). To access the PAL voice response system, access is initiated via touch-tone telephone. Also, you must request a Personal Identification Number, which allows you secure access to your account.
3. Transaction Receipts. When you use an automated teller machine card at a specified automated teller machine for your card, you will receive a receipt of the transaction(s) initiated. This receipt will tell you the following:
a. the amount
b. the calendar date of the transaction
c. the type of transaction and type of consumer account to or from which the funds are transferred
d. the number of the card which initiated the transaction
e. the location of the automated teller machine, and
f. when applicable, the identification of any third party to or from whom funds are transferred.
PAL system transactions will not be issued receipts. Each transaction will be indicated on members' statements as being initiated via the Touch Tone Transfer with teller number TT.
4. Periodic Statements. For each account that you have with us that has electronic funds activity; you will receive a monthly statement that will show all electronic funds transactions for that account.
5. Service Charges. There will be a charge for any automated teller machine transaction. Refer to the Credit Union Fee Schedule for current fees.
6. Your Liability for Unauthorized Users. If you believe your Card or your PIN has been lost or stolen or that someone has transferred or may transfer money from your accounts without your permission, tell us AT ONCE. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account plus your overdraft credit limit. If you tell us within two (2) business days, you can lose no more than $50.00 if someone uses your Card or PIN and we can prove we could have stopped someone from using your Card without your permission. If you do not tell us within two (2) business days after you learn of the loss or theft of your Card or PIN and we can prove we could have stopped someone from using your Card or PIN without your permission if you had told us, you could lose as much as $500.00. Also, if your statement shows transfers that you did not make, tell us at once. If you do not tell us within sixty (60) days after the statement is mailed to you, you may not recover any money that you have lost after the sixty (60) days if we can prove that we could have stopped someone from taking the money if you had told us in time.
7. Telephone Number and Address. If you believe your Card or PIN has been lost or stolen, or that your statement shows transfers that you did not make, call or write to the Credit Union at the telephone number and address shown on your monthly or quarterly statement.
8. Business Days. Our business days are stated on the Credit Union rate schedule. Holidays are not included.
9. Preauthorized Transfer FROM Your Account. You may preauthorize an electronic funds transfer from one of your accounts to a designated recipient account. Authorization must be in writing. A copy of your authorization may be provided by the recipient of the transfer. If you have told us in advance to make such regular payments, you may stop payment of any preauthorized transfer by notifying us in writing at any time up to three (3) business days before the scheduled date of the transfer. If this regular transfer from your account may vary in amount, the person you are going to pay will tell you ten (10) days before each payment.
10. Preauthorized Transfers TO Your Account. You may arrange to have direct deposits made to your account from the same person or company at least once every sixty (60) days. You may call the number on your periodic statement to see if your transfer did occur.
11. Our Liability If Transfers are not Made or Stopped. You agree that we shall have no liability to you for our failure to make or stop preauthorized transfers, except where such failure is intentional or the result of negligence on our part.
12. Information to Third Parties. We will not disclose information to third parties concerning your account with us except:
a. When such disclosure is necessary to complete the transactions;
b. To verify that existence and condition of your account for a third party such as a credit bureau as is permitted by law;
c. To comply with court order or applicable laws or regulations;
d. When you give us permission.
NOTICE: In case of errors or questions about your electronic transfers: Telephone us at the number or write us at the address listed on your periodic statement as soon as you can if you think your statement or receipt is wrong or if you need more information about the transfer listed on the statement or receipt. We must hear from you no later than sixty (60) days after we send you the FIRST statement on which the problem or error appeared.
a. Tell us your name and account number (if any).
b. Describe the error or the transfer you are unsure about and explain as clearly as you can why you believe it is an error and why you need more information.
c. Tell us the dollar amount of the suspected error.
If you tell us orally, we require that you send us your complaint or question in writing within ten (10) business days.
We will tell you the results of our investigation within ten (10) business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to forty-five (45) days to investigate your complaint or question. If we decide to do this, we will credit your account within ten (10) business days for the amount you think is in error, so that you will have 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 ten (10) business days, we may not credit your account.
If we decide that there was no error, we will send you a written explanation within three (3) business days after we finish our investigation. You may ask for copies of the documents that we used in our investigation.
I. Dormant or Inactive Accounts
1. Dormant or Inactive Accounts. An account is dormant or inactive if the account has less than $100.00 and no activity within six months or mail is returned to the Credit Union as undeliverable. This excludes youth accounts. You may also notify the Credit Union in writing if no activity is expected on an account but you wish to maintain the account.
2. Charges on Dormant Accounts. The Credit Union will assess charges related to the maintenance of dormant accounts. These charges shall be stated in the Credit Union's schedule of fees.
3. Interest on Dormant Accounts. After an account becomes dormant, the Credit Union will cease payment of interest or dividends.
4. Charges or Dividends Not Refundable. Any charges or fees shall not be refunded or dividends credited to your account after any period of dormancy.
J. Funds Availability Policy Disclosure
1. Your Ability to Withdraw Funds. Our policy is to make funds from your deposits available to you on the same business day as the day we receive your deposit. Once they are available, you can withdraw the funds in cash and/or we will use the funds to pay checks that you have written. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and Federal holidays.
2. Reservation of Right to Hold. In some cases, we will not make all of the funds that you deposit by check available to you on the same business day as the day of your deposit. There will be a twenty-four (24) hour hold on local checks. Out of state check funds may not be available until the fifth business day after the day of your deposit. However, the first $100 of your deposit will be available on the first business day after the day of your deposit. If we are not going to make all of the funds from your deposit available on the same business day, we will notify you at the time you make your deposit. The hold date appears on the receipt. 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 business day after we receive your deposit. If you need the funds from a deposit right away, you should ask us when the funds will be available. Verified payroll and government checks, as well as cash, will be available for withdrawal the day the deposit is made.
3. Accounts Less Than 30 Days Old. Holds are extended on accounts that are less than 30 days old. There will be a two (2) day hold on local checks. Out of state checks will have a ten (10) day hold. Verified payroll checks, federal government checks and cash will be made available for withdrawal the same day the deposit is made.
4. Longer Delays May Apply. We may delay your ability to withdraw funds deposited by check into your account an additional number of days for these reasons:
a. You deposit checks totaling more than $5,000 on any one day.
b. You deposit a check that has been returned unpaid.
c. We believe a check you deposit will not be paid.
d. There is an emergency, such as failure of communications or computer equipment.
e. Credit card convenience checks and counter checks.
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.
5. Holds on Other Funds. If we cash a check for you that is drawn on another financial institution, 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 financial institution, 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.
6. Due to the high risk associated with third party checks, the Credit Union does not accept them. An exeption is made if all parties are present with proper identification.
K. Privacy Notice
Family First Federal Credit Union's single purpose is to provide you with financial products and services to meet your financial goals. We intend to offer you diverse financial services including competitive products made available by our strategic relationships with other financial institutions. We believe these are the reasons you do business with Family First Federal Credit Union. We also believe you do your financial business with us because we have a strong history of protecting our members' privacy.
We are required by law to give you this privacy notice. What follows is a description of the information we collect and disclose, including the parties who receive non public information from us.
1. Information We Collect About You. We collect information about you from the following sources:
a. Information we receive from you on applications and other forms, such as your name, address, social security number, assets and income;
b. Information about your transactions with us, such as your account balance, payment history, parties to transactions and credit card usage;
c. Information we receive from credit reporting agencies, such as your credit worthiness and credit history;
d. Information obtained when verifying the information you provide on an application or other form(s) (this may be obtained from your current or past employers, or from other institutions where you conduct financial transactions); and
e. Information we receive from the 24 hour lending service center.
We may disclose information we receive from applications or other forms, such as name, address, and telephone number.
2. Disclosure of Information to Parties Who Provide Services to Us. We may disclose all of the information we collect as described above to companies that perform marketing or financial transaction services on our behalf or other financial institutions with whom we have joint marketing agreements. We may also disclose information about you under other circumstances as permitted by law. These disclosures typically include information to process transactions on your behalf, conduct the operations of our Credit Union, follow your instructions as you authorize or protect the security of our financial records.
3. How We Protect Your Information. We restrict access to non public personal information about you to those employees who need to know that information to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard your non public personal information.