ROCKY MOUNTAIN CREDIT UNION
MEMBERSHIP AND ACCOUNT AGREEMENT
PRIVACY POLICY............................................................ 1
1. Our Privacy Pledge................................................... 1
2. Member Information We Collect............................ 1
3. Member Information We Share.............................. 1
4. Our Confidentiality and Security Safeguards....... 2
5. Online Privacy Protections...................................... 2
6. Protecting Children’s Information Privacy........... 2
7. Privacy Policy Inquiries........................................... 2
MEMBERSHIP AND ACCOUNT CONTRACT -
PART 2 ..................................................................... 3
1. This is an Agreement Between You and Your
Credit Union.............................................................. 3
a. Contract for Accounts and Services............. 3
b. Questions? Please Ask Us............................. 3
c. Important Definitions for Your and Our
Contract.............................................................. 3
d. Right to Rely on this Contract........................ 3
2. Organization of Your and Our Agreement............ 4
3. Membership at the Credit Union............................ 4
a. Requirements of Membership......................... 4
b. Identification, Social Security Number,
and Backup Withholding................................ 4
c. Authorization to Obtain Information............. 4
4. Account Ownership and Survivorship Features. 4
a. One Owner Accounts...................................... 5
b. Multiple Owner Accounts............................... 5
c. Accounts Owned By or For People under
Eighteen (18) Years of Age............................. 5
d. Accounts Owned by Custodians for
Minors Under the Uniform Transfers
to Minors Act.................................................... 6
e. Accounts Owned by Representative
Payees for Social Security Beneficiaries....... 6
f. Agent Designations and Powers of
Attorney............................................................. 6
i. Agent Designations................................. 6
ii. Powers of Attorney.................................. 6
g. Accounts for Living Trusts............................ 6
h. Fiduciary Accounts (Accounts for Trusts,
Wards, Conservatorships, Beneficiaries,
Estates, etc.)...................................................... 7
i. Accounts for Member Entities....................... 7
5. Account Access and Transactions....................... 7
a. Authorized Signatures..................................... 7
b. Transaction Options........................................ 8
c. Account Transfers by Wire or ACH............. 8
d. Limitations on Account Transactions........... 8
i. Account Withdrawal Limitations........... 8
ii. Account Transfer Limitations................. 8
iii. Account Transaction Volume
Limitations................................................. 9
iv. Limitation at ATMs.................................. 9
6. Your Checking Account.......................................... 9
a. Checks You Write on Your Account,
Completion of Checks, and Your Check
Register.............................................................. 9
b. Use of Our Forms.............................................. 9
c. Lost or Stolen Checks? Notify Us ASAP!.... 9
d. Our Use of Automated Collection and
Payment Processes........................................... 9
e. Signatures by Family Members,
Employees, or People You Know................. 10
f. Conversion of Checks to Electronic Fund
Transfers.......................................................... 10
g. Dates on Checks............................................. 10
h. Stopping Payment on Your Checks............. 10
i. Stopping Payment On, Unused, Lost, or
Stolen Credit Union Checks.......................... 11
j. Payment of Checks that Would Overdraft
Your Account.................................................. 11
k. Checks are Paid in Any Order....................... 11
l. Insufficient Funds to Pay a Check............... 11
m. Non-Member Presenters of Checks............. 11
n. Right to Refuse Payment of Any Check
Suspected of Fraud........................................ 11
7. Deposits to Your Account.................................... 12
a. How You Can Deposit Funds....................... 12
b. Our Rights Upon Your Deposit.................... 12
c. Authority to Negotiate Checks and
Endorsements.................................................. 12
d. How to Endorse Your Check......................... 12
e. Acceptance of Checks for Deposit is a
Service to You................................................. 12
f. Your Options for Direct Deposit.................. 12
g. When Your Deposits will be Credited to
Your Account.................................................. 13
h. Deposits Not Paid and Returned;
Subsequent Claims......................................... 13
i. Endorsements by Family Members,
Employees or People You Know.................. 13
8. Dividends/Interest and Rates............................... 13
9. Services and Fees................................................... 13
10. Account Insurance Coverage............................... 14
11. Lost Checks, Drafts, and Cards............................ 14
12. Membership, Account, Service, and
Transaction Information........................................ 14
13. All Accounts are Non-Transferable, Non-
Assignable, and Non-Negotiable......................... 14
14. Notice by Us to You and Notice by You to Us.. 14
15. Your Statement About Your Account(s),
Services, and Obligations...................................... 14
a. Purpose and Receipt of Statement and
Copies of Checks............................................ 14
b. Your Responsibility to Examine the
Statement for Errors and Fraud..................... 15
16. Modification of this Contract............................... 15
17. Exceptions to this Contract................................... 15
18. Security Interest in Funds Held in an Account. 15
19. Full Payment Checks.............................................. 15
20. Legal Action Against Your Account for
Funds or Information............................................. 16
21. Your Obligations to Us.......................................... 16
22. Our Responsibility for Errors................................ 16
23. Accounts Deemed Inactive................................... 16
24. Funds Deemed Unclaimed Property.................... 17
25. Closing Your Account........................................... 17
26. Termination of Your Membership at Credit
Union ................................................................... 17
27. The Contract and State and Federal Law............ 17
28. Deceased Account Owners, Claims and
Transactions............................................................ 18
FUNDS AVAILABILITY DISCLOSURES................... 18
1. General Policy.......................................................... 19
2. Reservation of Right to Hold................................ 19
3. Holds on Other Funds........................................... 19
4. Longer Delays May Apply................................... 19
5. Special Rules for New Accounts.......................... 19
ELECTRONIC FUNDS TRANSFERS
AGREEMENT AND DISCLOSURES................... 20
1. EFT Services............................................................ 20
a. Automated Teller Machines (“ATMs”)...... 20
b. Direct Deposit................................................. 20
c. Pre-authorized Debits..................................... 20
d. Audio Response (24 Hour Teller)................ 20
e. RMCU Online Account Access................... 20
f. Instant Cash/Check Card............................... 20
g. Electronic Check Transaction....................... 20
2. Service Limitations................................................. 21
a. Automated Teller Machines......................... 21
i. Withdrawals............................................ 21
ii. Deposits................................................... 21
iii. Transfers.................................................. 21
b. 24 Hour Teller.................................................. 21
c. Online Access Service................................... 21
i. Transfers.................................................. 21
ii. Account Information.............................. 21
iii. E-Mail and Stop Payment Requests.... 21
iv. Bill Payments........................................... 21
d. Instant Cash/Check Card............................... 21
i. Ownership of Cards................................ 21
ii. Honoring the Card.................................. 22
iii. Currency/Conversion/International
Transaction Fee...................................... 22
3. Security of Access Code....................................... 22
4. Member Liability..................................................... 22
5. Business Days........................................................ 22
6. Fees and Charges................................................... 23
7. Right to Receive Documentation......................... 23
a. Periodic Statements........................................ 23
b. Pre-authorized Credits.................................... 23
c. Terminal Receipt............................................. 23
8. Account Information Disclosure.......................... 23
9. Credit Union Liability for Failure to Make
Transactions............................................................ 23
10. Termination of EFT Services................................. 24
11. Preauthorized Electronic Funds Transfers.......... 24
a. Stop Payment Rights...................................... 24
b. Notice of Varying Amounts.......................... 24
c. Liability for Failure to Stop Payment of
Preauthorized Transfers................................. 24
12. Notices ................................................................... 24
13. Billing Errors............................................................ 24
14. ATM Safety Notice................................................ 25
ROCKY MOUNTAIN CREDIT UNION
MEMBERSHIP
AND ACCOUNT
AGREEMENT
Privacy Policy
Membership and Account Contract
Funds Availability Disclosures
Electronic Funds Transfer Agreement
PRIVACY POLICY
1. Our Privacy Pledge. At Rocky Mountain Credit Union, we respect the privacy of our members. We recognize the importance of maintaining the confidentiality of your personal financial information. This notice describes the privacy policy and practices followed by Rocky Mountain Credit Union. This notice explains what types of member information we collect and under what circumstances we may share it.
2. Member Information We Collect. The Credit Union collects only relevant information about members that is needed to establish and maintain your account and services as the law allows or requires us to collect. We may collect personal and financial information about you (member information) which is “nonpublic.” The member information we collect varies depending on the accounts and services you request and use. We collect information about you from the following sources:
Application Information. We retain personal information we receive from you on any application you provide for membership, deposit account, EFT services, loans, or other Credit Union services. This information includes: name, address, social security number, birth date, phone number, employment and financial status, and credit history.
Your Transactions. Any time you make a transaction on one of your accounts, including ATM or card transactions, loan advances, transactions through RMCU Online, over the phone or at a branch we retain the transaction information, including: your account number, the date, amount, location of the transaction, and other pertinent information.
Credit Reports and Marketing Information. When we evaluate your application for an account or service, we may request a credit report about you from a consumer reporting agency. We retain the personal and credit history information about you and we may use it to evaluate future account service requests. From time to time, we also obtain demographic household information about members and potential members from marketing information firms.
Online. We obtain information online when you visit our website, www.rmcu.net. This includes retaining information you provide us on any online application, RMCU Online transaction or information you send to us by e-mail.
3. Member Information We Share. In order to provide financial services to you, we share certain information about you with our third party service providers. However, we only share information to the extent necessary to service your account or offer new services to you. If we share your information, it is with the goal of bringing you quality services, more choices, and greater convenience. Information we may have about former members is generally only shared or disclosed if necessary to enforce or administer an account or as required by law.
Sharing Information with Third Party Service Providers. In order for us to conduct our operations, including servicing your account or processing your transactions, we need to share information with our service providers, including: data processing companies, check, ATM and other payment processing companies, payment networks, loan service providers, collection agencies, credit reporting agencies, financial planners, securities brokerage, and insurance companies,and financial service providers with whom we have joint marketing agreements. These service providers act on our behalf and have agreed in writing to keep the member information we provide to them confidential. We share the following categories of information to third party service providers depending on the specific services provided:
- Personal information (name, address, and account number)
- Account information (type of accounts, account balances, and transaction history)
- Transaction information (dates, amounts, locations, and type of transaction)
We do not sell member information nor share your account numbers with independent third party marketers offering their products and services. While we may assist in offering financial products and services of our contracted financial service providers, we control the member information used to make such offers.
Sharing Information as Legally Required or Permitted. We may share any member information of yours in response to a lawful request issued by a court, government agency, or regulatory authority or as permitted by law in order to administer or enforce your account. We may also share our experience information about you with credit bureaus. Our reporting to credit bureaus is governed by the Fair Credit Reporting Act, which affords you the right to make sure that your credit bureau reports are accurate.
4. Our Confidentiality and Security Safeguards. We maintain strict policies and security controls to assure that member information in our computer systems and files is protected. Our employees and agents are permitted access to member information that they may need to perform their jobs and to provide service to you. Our employees and agents have access to such member information as necessary to conduct a transaction or respond to your inquiries. All employees and agents are trained to respect member privacy. No one except our employees and agents have regular access to the Credit Union computer system and records storage. The Credit Union has established internal security controls, including physical, electronic, and procedural safeguards to protect the information you provide us and the information we collect about you. We will continue to review our internal security controls to safeguard your member information as we employ new technology in the future.
5. Online Privacy Protections. At our website, www.rmcu.net, you may apply for accounts and services and you may communicate with us via e-mail. To protect the information you provide us online, we use multiple levels of security. The application information we accept online and our RMCU Online service relies on industry standard “Secure Sockets Layer” (SSL) encryption to secure your transaction information and communication. Generally, our e-mails are not secure. When you visit our website, you can access site information, without revealing your personal identity. However, in order to help us identify you for future site visits, we use “cookies” to track your visit. A “cookie” is a piece of information that our web server stores on your computer hard drive and retrieves later. The cookie will not request, require or collect personal identity information and you remain anonymous. Your member information is not accessed by or stored within a cookie in any way.
6. Protecting Children’s Information Privacy. Our online financial services are not designed for or directed toward children. We do not knowingly solicit or collect data from children and we do not knowingly market to children online. We recognize that protecting children’s identities and online privacy is important and that responsibility rests with us and with parents.]
7. Privacy Policy Inquiries. If you have any questions about our privacy practices, contact us by calling (800) 624-2341, (406) 449-2680, Helena, or (406) 586-1505 in Bozeman, or writing to us at Rocky Mountain Credit Union, 3400 N Montana Ave, Helena, MT 59602.
Important Information About Procedures
for Opening a New Account
To help the government fight the funding of terrorism and money laundering activities, the USA Patriot Act requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: when you open an account, we will ask for your name, physical address, date of birth, taxpayer identification number, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. We will let you know what additional information is required.
MEMBERSHIP AND ACCOUNT CONTRACT - PART 2
1. This is an Agreement Between You and Your Credit Union.
Part 1 is the document that you signed, and that contains information about you and joint owners on your account(s).
a. Contract for Accounts and Services. You understand that Parts 1 and 2 (this agreement and the disclosures that follow) form a legally binding contract that governs your accounts and services at your Credit Union, and that this agreement (in Part 2) contains the specific terms, responsibilities, and liabilities of membership, account ownership, and related services with us. By applying for membership, opening an account, requesting a service, and signing Part 1 of this contract, you are agreeing to the terms and responsibilities (and accompanying liabilities) of this contract as explained in this agreement and disclosures (Part 2). It is the essential purpose of this contract to fairly apportion the responsibilities and liabilities of membership, account ownership, and services used by each member between that member and the Credit Union, which in turn enables the Credit Union to provide the best products and services possible, in the most cost effective manner, for the benefit of all members of the Credit Union.
b. QUESTIONS? PLEASE ASK US. Please read and keep this agreement and the accompanying disclosures so that you can refer to them anytime you have a question about your membership, an account, or a service. You understand and acknowledge that you can also access the agreement and disclosures anytime on our website at www.rmcu.net. As an owner of this Credit Union it is particularly important that you read and adhere to the terms of this agreement and the disclosures in order to fulfill your responsibilities and avoid any losses or liability. Should you have any questions about a matter addressed in the agreement, or the contract (Parts 1 and 2,) please contact us toll free at (800) 624-2341, or (406) 449-2680, Helena, or at (406) 586-1505 in Bozeman, at your earliest convenience, and we will be happy to answer any questions or clarify any matter for you.
c. Important Definitions for Your and Our Contract. As used in the contract the words “we,” “our,” and “us” mean the Credit Union, and the words “you” and “your” mean you the account owner(s) (also referred to as “owner(s)”) including persons or entities, user(s) of a service, and any “signer” or “agent” appointed by or on behalf of you to sign on the account and to conduct transactions and/or use a service in a representative capacity.
The terms “people” or “person” mean human beings, and the term “agent” means a person who is not an owner of the account, but who has been authorized by the owner or owners to conduct transactions on the account.
The word “entity” means a corporation, partnership, association, business, society, charity, trust, club, or similar organization or group that is eligible for membership at the Credit Union.
The term “signer” means any person who has the authority to represent and conduct transactions on behalf of an entity on the entity’s account.
An “account” means any savings or share, checking or share draft, or certificate or share certificate account that you own at the Credit Union.
The word “transaction” means: (i) any action, instruction, order, or request that would increase or decrease the balance in an account, or would impose a lien or security interest on funds in the account, and (ii) any other request for services or information in connection with the account. The term “transaction” does not include changing or closing an account. Transactions may be initiated by any means that we permit.
d. Right to Rely on this Contract. You promise that all the information you provided to us in Part 1 of this contract is complete and true, and that Part 1 has been completed according to your instructions, as confirmed by your signature(s) on Part 1 of the contract and/or through the use of your account. You acknowledge the receipt of and agree to the terms, responsibilities, and liabilities of the contract, which specifically includes this agreement and the accompanying Expedited Funds Availability disclosures, Electronic Fund Transfer disclosures, Privacy disclosures, and Rate and Fee/Truth in Savings disclosures (that follow this agreement), and to any changes that we make from time to time. You also agree to our bylaws (available on request). You understand that you may request additional copies of this contract (Parts 1 and 2 (which specifically includes this agreement and disclosures) from us at any time. You may also download these documents and disclosures from our website. Furthermore, you agree and understand that you may change, close, or terminate your accounts, services, or membership with us at any time according to terms of this the contract.
For all transactions on the account, and for any changes to, distributions from, or closure or termination of the account or services, you authorize us to rely exclusively on the terms of Parts 1 and 2 of this contract, our bylaws, bylaw amendments, and any changes we make from time to time to the agreement, disclosures, bylaws, and policies. You agree that we have no obligation to rely on any other documents unless otherwise required. Furthermore, you agree that any additional accounts or services that you request will also be governed by this agreement, disclosures, bylaws, and policies and any changes we make from time to time. Please note that the headings of this agreement are for quick reference purposes only and are not part of the contract.
2. Organization of Your and Our Agreement.
In Part 1 of our contract, you have provided us with your information to apply for membership, selected the ownership and survivorship features for your account(s), selected services, and certified to the IRS that the name, SSN or EIN and address that you have provided are correct, that you are a US person, and whether or not you are subject to backup withholding.
Part 2 of the contract (this agreement and the accompanying disclosures) sets forth the specific terms, responsibilities, and liabilities of membership, account ownership, and related services at the Credit Union. It is organized chronologically, starting with important terms that you should know about the contract, followed by membership, initiation of accounts and related services, and account and service maintenance and termination issues. It concludes with a number of provisions that address both your and our responsibilities and liabilities with respect to your accounts, related services, and membership. Finally, Part 2 concludes with a number of disclosures (which include Expedited Funds Availability disclosures, Electronic Fund Transfer disclosures, Privacy disclosures, and our Rate and Fee/Truth in Savings disclosures) that can be found after the agreement. Again, should you have any questions about a matter addressed in Parts 1 or 2 of our contract, please contact us toll free at (800) 624-2341 and/or (406) 449-2680, Helena, or (406) 586-1505, in Bozeman, at your earliest convenience and we will be happy to answer any questions or clarify any matter for you.
3. Membership at the Credit Union.
a. Requirements of Membership. To become a member of the Credit Union, you (as a person or an entity) must be in our field of membership (as described in our bylaws), and open and maintain at least one share or savings account with the minimum required membership share amount of $20.00, as described in the bylaws. If you are an owner, partner, principal, shareholder, or member of an entity, that entity may also join as a member of the Credit Union and have its own accounts if it is principally comprised of people who are eligible for membership at the Credit Union. Before opening the account, we may require any signer to provide proper evidence that the entity is lawfully formed (e.g., by production of articles of incorporation, partnership agreement, business license, etc.), and to establish both his or her authority to act as a signer for the entity (e.g., notarized board resolution, partnership letter, etc.) and his or her identity as a signer of the entity.
b. Identification, Social Security Number, and Backup Withholding. To join the Credit Union and/or open an account, in addition to providing us with your current name, residential address (and if different, your mailing address), phone, and birth date, we will require you to provide us with current government issued picture identification and a social security number (SSN) or employer identification number (EIN) and certify for Internal Revenue Service (IRS) reporting purposes that the number matches the name and address and indicate whether you are currently subject to backup withholding, and whether you are a US person. In the event the IRS indicates that there is a problem with the name and number provided by you for the account on Part 1 of the contract or otherwise notifies us, your account may become subject to backup withholding, which will require us to withhold and pay a portion of the dividends, interest or other payments to the IRS.
c. Authorization to Obtain Information. Whether you are an account owner, agent, or signer, you authorize us to check your account, employment, and credit history (which includes obtaining reports from third parties and credit reporting agencies) in order to verify your eligibility for accounts and services we may offer.
4. Account Ownership and Survivorship Features.
You may open any account either by yourself (or on behalf of an entity) referred to as a “one owner account,” or with another person or persons as a “multiple owner account.” The ownership and/or survivorship features of all accounts are designated in Part 1 of the contract. The ownership of a member entity account is governed by provision “4.i.” of this agreement and not by provisions “4.a.” through “4.h.” that follow, and is also a one owner account.
a. One Owner Accounts. A one owner account is an account owned by you alone, which you as the account owner use during your lifetime. In the event of your death the funds in the account will go to your estate (subject to the terms of this agreement). Alternatively, you can designate a specific person or persons or entity as a beneficiary(s)/pod(s)-payable on death payee(s) for your one owner account in Part 1 of the contract. In the event of your death, the beneficiary(s)/payable on death payee(s) will be entitled to the funds in the account (subject to the terms of this agreement) upon proof of your death and the beneficiary’s/pod payee’s identification. If you designate more than one beneficiary/pod payee on the account, each will be entitled to his or her (or its) proportionate share of the funds in the account (which will be determined by dividing the amount of the funds in the account by the number of beneficiaries/pod payees designated on the account), and will own those funds without right of survivorship. If a beneficiary/pod payee predeceases you, it is your responsibility to notify us and change the account accordingly. Beneficiary/pod payee designations made on Part 1 of the contract do not apply to IRA accounts or any account life savings insurance, which have separate beneficiary designations.
b. Multiple Owner Accounts. A multiple owner account is an account owned by two or more persons who possess equal rights to conduct all transactions on the account. Each account owner owns the multiple owner account with right of survivorship. This means that when one account owner dies his or her interest in the account and the funds in the account are owned by the surviving owner or owners of the account (subject to the terms of this agreement). Upon the death of the final account owner the funds in the account belong to that owner’s estate (subject to the terms of this agreement).
Any account owner acting alone may conduct transactions on the account, and each account owner is authorized to act for all other owners on the account for all transactions on the account, or request future services. Any account owner may sign and guarantees the signature of any and all other owners on the account for all transactions. While any account owner may change or close the account acting alone, we may require all account owners to consent in writing to the addition or removal of any owner on the account. All account owners agree that we have no duty to notify the account owners of the transactions engaged in, or changes to or closure of the account, by any account owner acting alone.
All account owners, both alone and together, are liable for all transactions on, changes to, and closure of the account, and for any charges, fees, losses, or liabilities incurred with respect to any transaction on, changes to, or closure of the account regardless of which owner conducted or benefited from the transaction, change, or closure. If any account owner owes us money for any reason, we may enforce our rights against all funds in any account on which that account owner is an owner, regardless of which owner deposited the funds in the account.
c. Accounts Owned By or For People under Eighteen (18) Years of Age. Anyone under eighteen (18) years of age may open and/or own an account with us, may conduct transactions on the account, and is subject to the terms, responsibilities, and liabilities of this contract. We reserve the right to require any person under eighteen (18) years of age who wishes to open and/or own an account with us to have an account owner on the account who is at least eighteen (18) years of age or older who will be jointly and individually liable to us for any and all transactions on the account, and who is subject to the terms, responsibilities, and liabilities of this contract.
d. Accounts Owned by Custodians for Minors Under the Uniform Transfers to Minors Act. As a member you may open and own an account to hold the funds of a minor (a person less than twenty-one (21) years of age) under the state’s Uniform Transfers to Minors Act. The account is a one owner account owned by you as a custodian, in which you as the account owner-custodian hold funds for the exclusive right and benefit of a minor (though if state law provides for multiple owners of these accounts, we will allow the account to be owned jointly with right of survivorship). Though dividends/interest paid to the account are/is reported under the minor’s name and social security number, you as the custodian are the owner of the account and, barring a court order, are the only person who is entitled to conduct transactions on the account, change, and/or close the account. When the minor reaches twenty-one (21) years of age, it is your responsibility (not ours) to pay the funds in the account to the minor. You will still be the only owner of the account.
e. Accounts Owned by Representative Payees for Social Security Beneficiaries. As a member you may open and own an account as a “representative payee” for a “social security beneficiary.” We reserve the right to require you to prove both your authority to act as a representative payee for the social security beneficiary and your identity as a representative payee prior to opening the account. The account is a one owner account owned by you as a representative payee, in which you as the account owner-representative payee hold funds for the exclusive right and benefit of the social security beneficiary. Though dividends/interest paid to the account are/is reported under the beneficiary’s name and social security number, you as the representative payee are the owner of the account, and barring a court order are the only person who is entitled to conduct transactions on the account, change, and/or close the account.
f. Agent Designations and Powers of Attorney.
i. Agent Designations. An account owner on a one owner account, and the account owners together on a multiple owner account, may designate a person or persons to be an agent(s) on the account who will be authorized to conduct transactions on the account. We will require you (the account owner(s)) to provide information about the agent(s) and will also require the agent(s) to sign Part 1 of this contract. An agent only has rights to conduct transactions on the account, and has no ownership or survivorship rights in the account or to the funds held in the account and cannot make changes to or close the account. Once you have designated an agent(s) it is your responsibility (not the Credit Union’s) to monitor an agent’s transactions on the account, and you agree that we have no duty or responsibility to monitor, inquire about, or notify you of the use and purpose of any transaction conducted by your agent on the account, or assure that any transaction is for your benefit. The agent’s authority to conduct transactions will continue until you terminate that authority or until we receive notice of your death and have a reasonable opportunity to act on that notice. If you wish to terminate an agent’s authority to conduct transactions on the account, you must notify us and change Part 1 of the contract in writing according to the terms of this agreement. We have no duty to preclude an agent from conducting transactions on the account until you have made this change. In the event of your death on a one owner account or the final surviving account owner’s death on a multiple owner account, any funds in the account will be disbursed according to Part 1 of the contract and provision 4 of the agreement.
ii. Powers of Attorney. If you give a person power of attorney we reserve the right to require that person to prove the authenticity of the power of attorney, and both his or her authority to act as your attorney in fact and his or her identity as your attorney-in-fact prior to allowing the attorney-in-fact to open, conduct transactions on, change, or close an account. Additionally, if we elect to rely on your power of attorney, both you and your attorney-in-fact agree to indemnify, defend, and hold us harmless for any loss, damage, claim, or liability that occurs as a result of our reliance on the power of attorney. We reserve the right to refuse to recognize the authority of a person with a power of attorney if we determine that we cannot reasonably rely on the power of attorney, unless otherwise required.
g. Accounts for Living Trusts. We will allow you to open an account to hold the funds of your trust, and this account can be owned one of two ways. The first way is for you to own the account (alone or with another account owner (e.g., a co-trustee)) on behalf of your trust. The second way to own the account is to name the trust as an entity account owner and to designate yourself and others as desired as a signer (or signers) on the account.
Regardless of which method you use to open the account, for IRS reporting purposes the name that appears first on Part 1 of the agreement must match social security or employer identification number (SSN or EIN) provided by you to open the account (though we will be able write the full legal name of the trust in the specially designated area of Part 1 should you so desire). You, any person designated in Part 1 of this contract, and any person or entity associated in any way with the trust agree that the terms, responsibilities, and liabilities of this contract are binding on all account owners, the trust, and any person or entity associated with the trust, and agree to abide by the terms of this contract. Additionally, all persons or entities associated in any way with the trust agree to indemnify, defend, and hold us harmless for any loss, damage, claim, or liability that occurs as a result of opening, using and closing this account. You further understand and acknowledge that you, any person designated in Part 1 of this agreement, and any person or entity associated in any way with the trust, are totally and completely responsible for fulfilling the duties and responsibilities of the trust, and that we need only rely on and adhere to terms, responsibilities, and liabilities of this contract. We may require you to substantiate your authority to negotiate a check payable to a trust before accepting any check for deposit, and may require you to deposit the check into an account for the trust.
h. Fiduciary Accounts (Accounts for Trusts, Wards, Conservatorships, Beneficiaries, Estates, etc.). When you open an account to hold the funds of an estate, a trust, a guardianship, conservatorship, or any other legal or fiduciary relationship, you understand and acknowledge that we are only providing you, as the account owner, with an account to hold funds for that estate, trust, guardianship, conservatorship, or other purpose or relationship. You further understand and acknowledge that you as the account owner are totally and completely responsible for fulfilling the duties and responsibilities of that estate, trust, guardianship, conservatorship, or other purpose or relationship and that we need only rely on and adhere to terms, responsibilities, and liabilities of this contract. Furthermore, you and all persons associated in any way with the trust, will, estate, fiduciary relationship, or court ordered arrangement agree to indemnify, defend, and hold us harmless for any loss, damage, claim, or liability asserted against us for our actions taken pursuant to this contract (and all disclosures, bylaws, policies, and procedures incorporated by reference) that occurs as a result of opening, using, and closing this account. We may require you to substantiate your authority to negotiate a check not specifically made payable to you before accepting it for deposit, and may require you to deposit the check into the specific account pertaining to the payee of check.
i. Accounts for Member Entities. Entities that qualify for membership can open and own a one owner account, and both the entity and its designated signers are subject to the terms, responsibilities, and liabilities of this contract. We may require any signer to provide proper evidence of the entity’s existence (e.g., articles of incorporation, partnership agreement, business license), and to establish both his or her authority to act as a signer (e.g., through a notarized board resolution, partnership letter, etc.) and his or her identity as a signer prior to opening the account.
Each director, officer, partner, shareholder, employee, member, trustee, agent, signer, etc., promises that the entity has been legally formed and exists, that it qualifies for membership, and all signers promise that they hold the positions/titles as shown on Part 1 of the contract and have the authority to transact business on behalf of the entity member account owner. The entity account owner and all directors, officers, partners, shareholders, employees, members, trustees, agents, and signers agree to the terms, responsibilities, and liabilities of this contract (and the agreement, all disclosures, bylaws, policies, and procedures incorporated by reference), and further agree to indemnify, defend, and hold us harmless for any loss, damage, claim, or liability that occurs as a result of opening, maintaining, conducting transactions on, and closing the account. We reserve the right to require that all checks made payable to an entity be deposited to the entity’s account.
5. Account Access and Transactions.
a. Authorized Signatures. You understand that the signature that you provide to us on Part 1 of the contract is essential to us in allowing you to conduct authorized transactions on the account or otherwise, and that we may require you to provide us with your signature and current government issued picture identification to conduct a transaction. Any person who signs Part 1 of the contract as an account owner, signer, or agent may conduct transactions on the account or utilize services provided with the account. For both your and our protection, you agree that we may refuse to honor any check, draft, order, item, or instruction if we believe any signature, instruction, provision, or term is not genuine or is altered. You agree that our nonpayment or nonaction under such circumstances is not wrongful. In the event you authorize the use of any facsimile signature device, you agree that we may pay or honor any check, draft, order or item, or conduct any transaction that contains what appears to be your authorized facsimile signature, even if the signature is not authorized. If you provide your account information, code, or PIN to any person or entity to conduct transactions, you agree that until you provide us with notice revoking your authorization, all transactions conducted by that person or entity are authorized and genuine, even if they are not conducted for your benefit or according to your instructions. You agree that we may disregard all information on a check including notes and legends except for your signature, the amount of the check and the information contained in the Magnetic Ink Character Recognition (MICR) line at the bottom of the check, which contains your account number, amount of check, and check number.
b. Transaction Options. You may conduct transactions on your account by any means we permit, including in person, by check, telephone, automated teller machines (ATMs), the mail, automatic transfer, or the internet. If we require you to use a specific form to conduct and complete a transaction, and you fail to use that form, for both your and our protection you agree that we may refuse to honor, execute, or complete the transaction. Whether a transaction is honored, executed, or completed or not, you are responsible for any loss or liability incurred by us as a result of your failure to use a required form or adhering to the terms and responsibilities of this agreement.
c. Account Transfers by Wire or ACH. We offer wire transfers or Automated Clearing House (ACH) transfers that allow you to send or receive debits or credits to your account. Should you utilize these services and receive funds by wire or ACH transfer you agree to verify the transfers by reviewing your periodic statement, and agree that we have no duty to notify you when the funds are received. While we may temporarily (provisionally) credit your account for an ACH transfer if we are not finally and ultimately paid (do not receive final settlement) for the transfer we may reverse the credit to your account or alternatively you agree to reimburse us for the amount of the reversed transfer. Should you send a wire transfer, you may identify the recipient or any financial institution by name and by account number or identifying number. We and other financial institutions may rely on the account number or other identifying number that you provide us as the correct identification number, even if the number you provide us identifies a different recipient or financial institution.
d. Limitations on Account Transactions.
i. Account Withdrawal Limitations. You must have sufficient funds available in your account (or have or be eligible for one of our overdraft programs) in order to withdraw funds from your account. If a check, draft, item, or other transfer or payment order is presented against insufficient funds in your account, you will be assessed a fee as specified in the Rate and Fee disclosures. If there are sufficient funds to pay some but not all checks, drafts, items, or other transfer or payment orders drawn or presented against the account, we may pay or allow withdrawals for those checks, drafts, items, or other transfer or payment orders for which there are sufficient funds in any order we choose.
There are a number of circumstances where you may not be able to withdraw funds from your account including, but not limited to, occasions when (1) you attempt to withdraw or make a transfer request by any method we do not permit, (2) you, a signer, an agent, or any person fails to present authoritative documentation or identification we require to access the account or make a withdrawal, (3) disputes and/or uncertainty occur over who owns the account or the funds held in the account (see provision 20), (4) funds from deposited checks are not yet available for withdrawal or deposited checks have been returned unpaid and we have charged them back against the account, (5) the funds held in the account are held as security (collateral) for an obligation to us, (6) the funds are held or offset under our consensual security interest or statutory lien rights (see provision 18) because you or another account owner owes money to us, or (7) we have been served with a garnishment, levy, or other similar legal process or notice affecting the account.
Additionally, we reserve the right to require you to provide us with written notice of your intent to make a withdrawal from your account at least seven (7) days and up to sixty (60) days prior to the time that you would like to make the withdrawal.
ii. Account Transfer Limitations. On all savings accounts, we will allow you to make up to six (6) preauthorized, automatic, telephonic, Audio Response (24 Hour Teller), or internet transfers to another of your accounts or to the account of any other person or entity during each calendar month. Only three (3) of these six (6) transfers can be made by check or debit card purchase to another person or entity. Your limit of six (6) preauthorized transfers includes those transactions where you order us to pay a person or entity from your account (including automated clearing house (ACH) transactions). The date we use to determine the frequency of transactions is the date a transaction is posted to your account rather than the date you initiate the transaction. If you exceed these limitations in any calendar month, we can refuse or reverse the transfer, close your account, and/or impose a fee as specified in the Rate and Fee disclosures. Transactions that are not subject to these limitations include (1) transfers from your account to pay a loan with us, and (2) transfers to your other accounts with us or withdrawals by check mailed directly to you if the transfer or withdrawal is conducted in person, by mail, or at an automated teller machine (ATM).
iii. Account Transaction Volume Limitations. We may limit the number of items deposited and/or the frequency of deposits and other transactions that you can make each day. The date we use to determine the frequency of transactions is the date a transaction is completed by us rather than the date you initiate the transaction. If we allow or honor a nonconforming transaction, we are not required to allow or honor future nonconforming transactions. Should the transactions on your account exceed the limitations we establish, we may limit your account transaction activity, impose a fee as specified in the Rate and Fee disclosures, or close your account.
iv. Limitation at ATMs. For your protection and ours, we may limit the amount of cash withdrawals at ATMs.
6. Your Checking Account.
a. Checks You Write on Your Account, Completion of Checks, and Your Check Register. When you write a check drawn on your account, in addition to writing in your payee’s name and completing the numerical and written amount sections of the check and signing your name, it is also important that you draw a line after both the payee’s name and after the written amount sections of the check in order to protect yourself against alterations or forged endorsements. Once you have completed a check you should write the check number, amount, date, payee’s name, and purpose for writing the check in your check register. This helps you to keep track of the balance that you have in your account, and to detect and report checks with alterations and forged drawer’s signatures. Please use dark permanent ink (preferably black ink) to complete your checks. You agree that you are responsible for any losses incurred with respect to your checks because you fail to use a dark permanent ink when writing your checks. You should also keep your checks in a secure location and separate from your picture identification. If the account is a multiple owner account each owner may sign, issue, and endorse checks in the other owner(s) name.
You understand and agree that it is your obligation to review your periodic statement and report any unauthorized amounts or unauthorized checks or other transactions on your account. You can determine an unauthorized amount because the amount on the statement does not match the amount you recorded on your check register. Similarly, you can detect forged drawer’s signature on checks or counterfeit checks because there is a check number on your statement for a check that you did not write. You understand and agree that you only have thirty-one (31) calendar days from the mailing date of your statement to notify us of alterations to the amount of the check and of checks with forged drawer’s signatures, or we will not be able to recredit your account for the unauthorized amount or the check.
b. Use of Our Forms. You agree to use check forms we offer through an authorized vendor. If you use a check form not provided by an authorized vendor, you understand that we may not pay the check and agree that such nonpayment is not wrongful. Alternatively, if we pay a check or draft drawn on your account that is not our check form you agree to be responsible for any loss incurred as a result of using that check form.
c. Lost or Stolen Checks? Notify Us ASAP! If your checkbook or a box of checks are lost or stolen call us immediately toll free at (800) 624-2341, and/or (406) 449-2640, Helena, or (406) 586-1505 in Bozeman. The sooner you contact us, the less liability you will have for unauthorized transactions on your account and the sooner we can provide you with a new account and new checks for that account.
d. Our Use of Automated Collection and Payment Processes. You understand that we use automated collection and payment processes and procedures, so that we can process the greatest volume of checks, drafts, and items in the most cost effective manner for the benefit of all members. These automated processes and procedures rely on and can only recognize information that is written (encoded) in the Magnetic Ink Character Recognition (MICR) line at the bottom of the check, draft, or item which contains your account number, amount of check, and check number. In order to achieve these cost efficiencies for all members, you agree that when we pay or take a check, draft, or item for deposit and collection that we may disregard all other information on the check, draft, or item other than the drawer’s signature, the identity of the payor-drawee bank, the amount of the check, draft, or item and the information encoded in MICR line, whether or not that information is consistent with other information on the check, draft or item. You also agree that we do not fail to exercise ordinary care in paying any check, draft, or item without physically or visually examining checks, drafts, or items.
For your protection and the Credit Union’s, you agree that we are not liable for refusing to honor any check, draft, item, or instruction if we believe any signature, instruction, provision, or term is not genuine or is altered and that such nonpayment or nonaction is not wrongful.
e. Signatures by Family Members, Employees, or People You Know. In the event your family member, employee, or a person that you know writes a check drawn on your account payable to any person or entity, you authorize the signature, completion, and payment of that check and agree that you will address the matter to recover any loss for payment of the check with the family member, employee, or person you know.
f. Conversion of Checks to Electronic Fund Transfers. In some circumstances, a person, merchant, or other entity can convert your check and/or check information (your checking account and check routing, account, and serial number) to an electronic fund transfer (EFT) and debit your account. The conversion of your check to an EFT is covered by this agreement and our Electronic Fund Transfer disclosures (that follow the agreement). You authorize us to honor the EFT and debit your account just as if the original check were presented for payment. You understand that if we dishonor and return your check to a merchant for insufficient funds, a merchant may attempt to re-present the check electronically as an EFT, and that this EFT, which represents the dishonored check, will be treated as a re-presented check under this agreement.
g. Dates on Checks. When you write a check you authorize us to pay the check regardless of the date or legends restricting payment to certain periods of time, though you agree that we are under no obligation to pay a check presented for payment before its date or more than six (6) months after its date. You understand that the reason dates or legends are ineffective is because you are generally obligated to pay dishonored checks up to three (3) years (or more) from the date you wrote the check. If you notify us not to pay a check before its date (by phone, mail, or in person, as we allow), that notice will only be effective if it affords us a reasonable amount of time to act on the notice to not pay and return the check, and you provide us with your name and account number, the check number, the date of the check, the name of the payee, and the amount of the check. You understand that failure to provide us with either timely notice (that affords us a reasonable amount of time to not pay the check) or the complete and accurate information about the check and the account (as required above), may result in payment of the check. If you provide us with timely notice and complete and accurate information about the check and the account (as required above), we will charge you a fee as specified in the Rate and Fee disclosures, and we will not pay the check and will return it as postdated. You may provide us with oral notice of the postdated check that will lapse within fourteen (14) days unless you confirm that notice in writing, in which case the notice will be effective for six (6) months, and can be renewed for an additional six (6) months for the fee as specified in the Rate and Fee disclosures. We have no duty to notify you when your notice will or has expired.
h. Stopping Payment on Your Checks. You may request us to stop payment on any check drawn on your checking account (by phone, mail, or in person, as we allow). If you notify us to stop payment on a check, that order will be effective only if it affords us a reasonable amount of time to act on the order to not pay and return the check, and you provide us with your name and account number, the check number, the date of the check, the name of the payee, and the amount of the check. You understand that failure to provide us with either a timely stop payment order (that affords us a reasonable amount of time to not pay the check) or the complete and accurate information about the check and the account (as required above), may result in payment of the check. If you provide us with a timely stop payment order and complete and accurate information about the check and the account, we will charge you a fee as specified in the Rate and Fee disclosures, stop payment on the check, and return it. You may provide us with an oral stop payment order that will lapse within fourteen (14) days unless you confirm that order in writing, in which case the notice will be effective for six (6) months, and can be renewed for an additional six (6) months for a fee as specified in the Rate and Fee disclosures. We have no duty to notify you when your stop order will or has expired. You understand that although payment of the check may be stopped, you may be subject to legal action brought by any and all persons or entities the check is returned to. In the unlikely event we pay a check over a timely, accurate, and complete stop payment order and are required to recredit your account, you agree to sign a statement explaining the dispute with your payee, and assist us in taking legal action against any and all persons or entities to recover our loss. You understand that if you frequently place stop payment orders on checks that would otherwise be returned for insufficient funds we may consider that account abuse and may close your account under this agreement.
i. Stopping Payment On, Unused, Lost, or Stolen Credit Union Checks. If we issue to you one of our checks and you endorse that check over to another person, or give that check to the payee that you requested us to make the check payable to, and subsequently do not want that person to receive payment for the check (because you are displeased with the person or the transaction the check was issued for), we will not be able to stop payment on the check. It is your responsibility to ensure that you want the person or the payee to receive payment for the check before you endorse the check over to that person or give the payee the check. If you have any doubt about the person or payee or the transaction, do not endorse the check over to that person or give the payee the check since we will not be able to subsequently refuse to pay the check. If you do not use or negotiate one of our checks, you may return it to us, and request a refund for the amount of the check.
If one of our checks in your possession is lost, stolen, or destroyed you agree to sign a statement or notice and either post a bond, provide us with collateral or a security interest in collateral, or wait ninety-one (91) days from the date of the check, in order to receive a replacement check for our check that was lost, stolen, or destroyed.
j. Payment of Checks that Would Overdraft Your Account. We provide check overdraft payment protection programs. If you qualify for one or more of these programs and we agree to provide it to you, we will pay checks drawn on your account with insufficient funds by transferring funds from another account to your checking account, as designated by you in Part 1 of the contract, and charge you a fee as specified in the Rate and Fee disclosures. Transfers from your account(s) to your checking account are covered by this agreement.
k. Checks are Paid in Any Order. You understand that when you write or order checks, drafts, or items drawn on your account that we may elect to pay those checks, drafts, or items in any order. If you write or otherwise order multiple checks, drafts, or items drawn on your account, you should be certain there are enough funds in your account(s) to pay those checks, drafts, or items or those checks, drafts, or items will be subject to the overdraft and/or insufficient funds terms of this agreement, or paid under one of our check overdraft programs if applicable.
l. Insufficient Funds to Pay a Check. If the funds in your checking account are not sufficient to pay checks, drafts, or other items presented and drawn on your account, those checks, drafts, and items will be subject to our overdraft procedures and any overdraft service or agreement you have with us. You understand that we have no duty to notify you if there are insufficient funds to pay your check, draft, or item. If we elect to pay a check, draft, item, or transfer that would overdraw your account (beyond an agreement or service we have agreed to provide you), it does not mean that we will pay a check, draft, item, or transfer that will overdraw your account in the future. If we pay a check, draft, item, or transfer that would overdraw your account you agree to repay us the amount of that paid check, draft, item, or transfer plus any fee disclosed for that service immediately (or at the latest pursuant to any agreement or service we have agreed to provide you). Should we dishonor and return a check, draft, or item drawn on an account with insufficient funds, your account will be subject to a fee for the dishonored and returned check, draft, or item in accordance with the Rate and Fee disclosures. You also understand and agree that we are not liable if we refuse to pay a check, draft, or item drawn on your account and return it when nonpayment occurs as a result of our charging your account for any obligation you owe us.
m. Non-Member Presenters of Checks. For the protection of both you and the Credit Union and to cover costs incurred by all members for the presentment of checks over the counter, you understand that we may require any non-member presenting a check to provide both his or her current government issued picture identification and, at our option, his or her thumbprint. You agree that if a non-member presenting your check fails to comply with these presentment requirements, we are not liable for refusing to pay the check and that such nonpayment is not wrongful.
n. Right to Refuse Payment of Any Check Suspected of Fraud. For the protection of both you and the Credit Union, you agree that we are not liable for refusing to honor any check, draft, item, order, or instruction if we believe any signature, instruction, provision, term, or the form itself is not genuine or is altered, and that such nonpayment or nonaction is not wrongful.
7. Deposits to Your Account.
a. How You Can Deposit Funds. You may deposit funds to your account by any means we permit, including in person, by check, telephone, automated teller machines (ATMs), the mail, automatic transfer, or the internet.
b. Our Rights Upon Your Deposit. The availability of funds from your deposit may be subject to a hold period depending on the type of deposit (cash, check, wire, etc.) and circumstances surrounding the deposit (the amount of the deposit, the source of the funds, etc.). Please see our Funds Availability Policy disclosure for information about our hold policy for checking accounts that follows the agreement. If we elect to hold the funds from your deposit beyond any applicable hold period set forth in the Funds Availability Policy disclosure, we will notify you about the reason for and the duration of the hold. If you do not want a hold placed on the funds from a deposited check, please inform us and we will be happy to return the check to you in order to allow you to obtain payment of the check elsewhere.
c. Authority to Negotiate Checks and Endorsements. We may accept checks, drafts, and other items for deposit into any of your accounts. Checks deposited should be endorsed by you for your protection, though we may choose to permit you to deposit them without your endorsement. If the account is a multiple owner account each account owner may endorse checks for one another. We reserve the right to verify the endorsement on any check we take for deposit, and may require you to comply with specific endorsement requirements for business, insurance, or government checks before taking those checks for deposit. We may require proof of your authority to endorse any check on behalf of another person or entity before taking the check for deposit.
d. How to Endorse Your Check. When you receive a check made payable to you and wish to deposit that check into your account with us, we recommend that you endorse (sign) the back of check with the words “For Deposit” and then sign your name beneath that language. Endorsing the check in any other manner may jeopardize your account being credited for the check.
Your endorsement must go on the back of the check at the top edge (and be no more than 1½ inches from the back top edge of the check). While we may take checks or drafts for deposit with endorsements, you agree that we may ignore any other language or markings within or outside of your endorsement space, and that you will be responsible for any loss we incur due to a delay or error in processing the check or draft for payment caused by endorsements, language, or markings inside or outside of the designated space.
Please use dark permanent ink (preferably black ink) to endorse your checks. You should also record your account number below the endorsement, and if available use our deposit slips and envelopes when making your deposit. You agree that you are responsible for any losses incurred with respect to a check deposited by you in the event you fail to use a dark permanent ink when endorsing the check.
e. Acceptance of Checks for Deposit is a Service to You. In handling checks, drafts, items, or money for deposit or collection we are providing you a service (assisting you in collecting payment for the deposit) and act only as your agent, and assume no responsibility for the check, draft, or item beyond that of the exercise of ordinary care. We are not responsible for any deposit sent by mail or made at an unstaffed facility (for example, an ATM that is not at a branch) until we actually receive the deposited item or money. We are not responsible or liable for the negligence or default of any correspondent or for loss in transit, and each correspondent will only be liable for its own negligence. We reserve the right to refuse and/or return any check, draft, item, or funds transfer taken for deposit, to place a reasonable hold on the check, draft, or item or to send the check, draft, or item for collection. We also reserve the right to charge your account for any check, draft, or item taken for deposit in the event it becomes lost in the collection process.
f. Your Options for Direct Deposit. We offer direct deposit options that allow you to preauthorize deposits to your accounts (such as payroll, Social Security, retirement, or other government deposits) or preauthorize transfers from your accounts with us. You must initiate direct deposits on a direct deposit authorization form acceptable to the initiator of the deposit. We reserve the right to refuse and/or to return any or all funds transfers. Should we be required to reimburse the federal or state government for any benefit payment directly deposited into your account, unless otherwise prohibited, you agree that we may deduct the reimbursed amount from your account, and may recover any amount owed according to the terms of this agreement. If you file for bankruptcy and fail to cancel any direct deposit authorization to your accounts, you agree that your employer should continue to make and that we should continue to apply your direct deposits in accordance with the instructions you have given to us.
g. When Your Deposits will be Credited to Your Account. Deposits to your account will generally be credited on the business day of the deposit, and deposits made on a Saturday, Sunday, or holiday will be credited to your account on the next business day. Deposits made by you at unstaffed facilities (for example, an ATM that is not at a branch) will be credited to your account on the day funds are removed and processed by us. Credit to your account for funds deposited is provisional until we are finally and ultimately paid (i.e., when we receive final payment). Items drawn from an institution located outside the United States are handled on a collection basis only.
All deposits received on Saturday, Sunday, federal holiday, or any day that we are not open for business will be treated as if received on the next business day that we are open.
h. Deposits Not Paid and Returned; Subsequent Claims. All deposits or other credits (including checks, drafts items, Automated Clearing House (“ACH”) transfers, wire transfers, etc.) credited to your account are provisional (temporary), which means that if we do not receive final payment on any deposit, we will charge your account for the amount of the item and a return fee as specified in the Rate and Fee disclosures. Additionally, if we incur a fee to collect any item, we may charge that fee to your account. After we have received final payment, we refer to these deposits as collected items. If any deposited item to your account is returned to us unpaid we have the right to charge back against your account the amount of the unpaid item (plus any fee as specified in the Rate and Fee disclosures) whether the amount of the item was available for your use or not. In the event any check, draft, or item you deposited in your account is returned to us for any reason, you waive your right to any notice of nonpayment or dishonor for the check, draft, or item. We reserve the right to pursue collection of previously dishonored or not paid items at any time, including giving a payor-drawee bank extra time beyond any midnight deadline limits.
In addition, if anyone else makes a claim against us based on a check you have deposited (including but not limited to, claims for breach of warranty based on forged or missing endorsements, for alteration, or for conversion), we may charge your account for the amount of the item even if you have already received final credit and have already withdrawn the funds. Also, if we determine that any credit (whether a deposit, ACH transfer, or otherwise) to your account was erroneous, we may make an adjustment to the account as necessary to correct the error, regardless of when the original transaction took place.
i. Endorsements by Family Members, Employees or People You Know. If a family member, employee, or a person you know endorses a check made payable to you to any person or entity, you authorize the endorsement of the check as your endorsement and agree that you will address the matter to recover any loss for the endorsement of the check with the family member, employee, or person you know.
8. Dividends/Interest and Rates.
The dividends/interest earned on your account(s), the dividend rates, balance requirements, annual percentage yields, compounding, crediting, and annual percentage yield earned are provided to you in the accompanying Rate and Fee/Truth in Savings disclosures (that follow this agreement) and your periodic statement. You understand and agree that we will change the account dividend rates and annual percentage yields from time to time.
9. Services and Fees.
All fees assessed against you or your account are for services we provide to you, or as a result of actions you take or transactions you conduct under this contract. The purposes and amounts of the various fees are provided to you in the accompanying Rate and Fee disclosures and noted in your periodic statement. We charge fees so that each member is responsible for the expense of each service or transaction utilized or incurred by that member, rather than imposing that cost on all members of the Credit Union. You understand and agree that account fees will change over time and that we will notify you of such changes as required.
10. Account Insurance Coverage.
We are committed to providing a safe and sound capital structure through the retention of earnings to assure the protection of our members’ savings and deposits. In addition to the strength of our capital, members’-depositors’ funds are insured at a minimum of $100,000 per member-depositor ($250,000 for IRA accounts) by the National Credit Union Share Insurance Fund (NCUSIF). Our staff is available to discuss your federal account insurance needs, and quite often we can assist you in establishing your accounts to obtain hundreds of thousands (if not millions) of dollars in National Credit Union Share Insurance Fund account insurance coverage through the use of one owner and multiple owner accounts, family member beneficiary/pod payee designations, and other fiduciary relationship accounts.
11. Lost Checks, Drafts, and Cards.
If a check, one of our checks, your checkbook, a box of checks, credit card, debit card, ATM card, or your personal identification number (PIN) is lost or stolen call us immediately toll free at (800) 624-2341, (406) 449-2680, Helena, or (406) 586-1505 in Bozeman. The sooner you contact us, the less liability you will have for unauthorized transactions on your account, and sooner we can provide you with new checks, accounts, cards, and PINs.
12. Membership, Account, Service, and Transaction Information.
Only an account owner, signer, or agent specifically named on an account is entitled and can have access to information concerning membership, the account, a service or a transaction related to the account. If there are multiple account owners, signers, or agents on an account, any owner, signer, or agent may obtain information about membership, the account, a service, or a transaction pertaining to that account according to the written authorization on file.
13. All Accounts are Non-Transferable, Non-Assignable, and Non-Negotiable.
Your accounts at the Credit Union are nonnegotiable, nonassignable, and nontransferable to another person or entity, which means that you may not endorse, transfer, secure, or pledge any of your accounts to a person or entity other than us for any reason. Unless a person’s name appears on Part 1 of this contract, he or she will be denied access to the account unless otherwise required.
14. Notice by Us to You and Notice by You to Us.
The terms of this contract (and specifically this agreement) are subject to change from time to time and we will notify you of any changes to terms, rates, and fees that affect your accounts and services as required. Written notice that we provide to you is effective when sent to you at the address provided by you in Part 1, Section 1 (or any updated address reflected in our records), postage paid US mail, or as applicable, when we have provided electronic notice in accordance with our established procedures if you have consented to receive notices electronically. We rely on the information that you provide to us in Part 1 of the contract for all your transactions and actions taken on your account, and will communicate with you only at the address provided by you in Part 1. It is your responsibility to notify us of any changes to this information, and if accepted those changes are incorporated into the contract by reference. In the event we attempt to locate y
