E-Branch
Login for account access
HomeNews and ArticlesAccountsLoansServicesBecome a MemberGive with UsContact UsMenu

Disclosures
Membership and Account Agreement


Table of Contents

1. Membership Eligibility
2. Single Party Accounts
3. Multiple Party Accounts
4. Business and Organization Accounts
5. POD Accounts
6. Irrevocable Trust Accounts
7. Revocable Trust Accounts
8. Living Trust Accounts
9. Accounts for Minors
10. Uniform Transfers to Minors Account
11. Agency Designation
12. Deposit of Funds Requirements
13. Account Access
14. Account Rates and Fees
15. Transaction Limitations
16. Time Accounts
17. Overdrafts
18. Postdated and Stale dated Drafts
19. Stop Payment Orders
20. Lost Items
21. Credit Union Liability for Errors
22. Credit Union Lien and Security Interest
23. Legal Process
24. Account Information
25. Notices
26. Taxpayer Identification Numbers and Backup Withholding
27. Statements
28. Dormant and Abandoned Accounts
29. Special Account Instructions
30. Termination of Account
31. Termination of Membership
32. Death of Account Owner
33. Severability
34. Enforcement
35. Governing Law
36. Funds Availability Policy


This Agreement is the contract of deposit that covers your and our rights and responsibilities concerning Membership and Account(s) offered to you by Forest Park Federal Credit Union. In this Agreement, the words "you" and "yours" mean anyone who signs the Account Card. The words "we", "us", "our" and "Credit Union" means the Forest Park FCU. The word "account" means any one or more share or other accounts you may have with the Credit Union. The definition of "primary member/owner" is the member whose name appears first on the Forest Park FCU account.

The classification and form of ownership of your accounts are designated on your Account Card. By signing the Account Card that is a part of the Agreement, each of you, jointly and severally, agree to the terms and conditions in this Agreement, including the Funds Availability Policy, Electronic Funds Transfer Agreement, and the Truth-In-Savings Disclosure accompanying this Agreement, any account receipt, the Credit Union's bylaws and policies, and any amendments that collectively govern your Membership and Accounts. You agree that additional accounts and services you request in the future will be governed by this Agreement, as amended from time to time.

1. Membership Eligibility
To be eligible for membership in the Credit Union, you must be an individual or entity qualifying within the Credit Union's field of membership and must purchase and maintain at least one share ("membership share") as required by the Credit Union's bylaws. If you are qualifying for membership as a domestic partner of an eligible member, both parties attest that they share the same regular and permanent address, have a close personal relationship, and have agreed to be jointly responsible for basic living expenses and each others common welfare. If you do not maintain the par value of your membership share, the Credit Union may impose a service charge.You authorize us to check your credit, employment and account history, and obtain reports from third parties, including credit reporting agencies, to verify your eligibility for the accounts and services requested.

  • Always a member. Once you join Forest Park FCU you are a member for life provided you remain a member in good standing and retain your minimum share in Savings. If you leave your job or move from the area, you may still use the Credit Union, provided you properly maintain your account (See Sections 30 & 31 of the Agreement.)
     
  • Voting. The Credit Union is owned and operated by our members. Each primary individual member may cast one ballot annually to elect our Board of Directors. Joint owners are not eligible to vote.

2. Single Party Accounts
A single party account is an account owned by one member, (individual, corporation, partnership, trust or other organization) qualified for Credit Union membership. If the account owner dies, the interest passes, subject to applicable law, to the decedent's estate or payable on death (POD) beneficiary/payee or trust beneficiary, subject to other provisions of this Agreement governing our protection for honoring transfer and withdrawal request of an owner or owner's agent prior to notice of an owner's death.

3. Multiple Party Accounts
An account owned by two or more persons is a multiple party account.

  • Rights of Survivorship. A multiple party account includes rights of survivorship. This means when one owner dies, all sums in the account will pass to the surviving owner(s). A surviving owner's interest is subject to the Credit Union's statutory lien for the deceased owner's obligations, and to any security interest of pledge granted by a deceased owner, even if a surviving owner did not consent to it.
     
  • Control of Multiple Party Account. Any multiple party account owner is authorized and deemed to act for the other owner(s) and the Credit Union may accept orders and instructions regarding the account, transactions, requests for future services, and any other account matter from any other account owner. Each owner guarantees the signature of the other owner(s). Any owner may withdraw all funds, stop payment on items, withdraw, transfer or pledge all or any part of the deposits of any account shares (except the membership share) and use any access device issued for the account without the consent of the other account owner(s) and the Credit Unionshall have no duty to notify any other multiple account owner(s).

    Any owner may remove themselves from any account at any time. The primary account owner may remove a joint account owner from the account without prior approval of the joint account owner. The Credit Union may require the primary account owner to complete a new Account Card (without the signature of the joint account owner) before removal of the joint account owner is effective. A joint account owner may not remove a primary account owner from the account.

    The Credit Union may require written consent of all owners for any change to, or termination of, the account to be effective. If the Credit Union receives written notice of a dispute between owners, or receives inconsistent instructions from them, the Credit Union may suspend or terminate the account, and require a court order or written consent from all owners to act.
     
  • Multiple Party Account Owner Liability. If any item deposited in a multiple party account or presented for cash is returned unpaid, the account is overdrawn, or final payment on any transaction related to the account isnot received by the Credit Union, each account owner is jointly and severally liable to the Credit Union, for the amount of the returned item, overdraft, unpaid sum, and any related costs, fees or charges, regardless of who initiated or benefited from the transaction. If any account owner is indebted to the Credit Union, all funds in the account are subject to the Credit Union's collection and recovery rights, regardless of who contributed to the account. A primary account owner who closed an account, or joint account owner removed from an account, remain liable for transactions that occurred prior to closure of the account or removal of the owner.

4. Business and Organization Accounts
The account owners agree to inform the Credit Union of the persons authorized to transact business on behalf of the organization. You certify that the statements made on the Account Card are true and complete and submittedfor the purpose of obtaining membership. You, the individuals signed on the Account Card, are duly authorized officers of the indicated organization and hereby agree to all the same terms set forth in this Agreement in addition to the following: The Credit Union reserves the right to require the member to provide written account authorization informing the Credit Union who is authorized to act on its behalf. You agree to notify the Credit Union of any change in authority. The Credit Union may rely on the written authorization until such time as the Credit Union is informed of changes in writing and has had a reasonable time to act upon such notice. The Credit Union may require that third party checks payable to a business may not be cashed, but must be deposited to a business account. The Credit Union shall have no notice of any breach of fiduciary duties arising from a transaction by any agent of the account owner, unless the Credit Union has actual notice of any wrongdoing. The aggregate savings/deposit balance under a single employer tax identification number may not exceed $500,000.00. If deposits to the account result in an actual balance in excess of $500,000.00, the Credit Union is authorized to immediately withdraw sufficient funds to reduce the actual balance to the maximum, and forwarda check for the withdrawn amount to the business or organization by regular mail.

5. POD Accounts
A Payable on Death account (POD) designation instructs the Credit Union that the account is payable to the owner(s) during their lifetimes, and upon death of the last account owner, payable to any surviving PID beneficiaryexpressly designated on your Account Card. PID Accounts payable to more than one surviving beneficiary are jointly owned by such beneficiaries without rights of survivorship. POD beneficiary designations do not apply to Individual Retirement Accounts (IRAs), which are governed by a separate beneficiary designation. The Credit Union has no obligation to notify any beneficiary of the existence of any account or vesting of any beneficiary's interest in any account, except as otherwise provided by law.

6. Irrevocable Trust Accounts
An Irrevocable Trust Account designation instructs the Credit Union that the account and all deposits, shares, earnings and additions shall be irrevocably held for benefit of Beneficiaries named on the Account Card. The Trustee or Beneficiaries shall supply the Credit Union with a copy of the Irrevocable Trust Agreement. The Credit Union shall not act as Trustee, but rather as custodian of the account. The Trustee may only withdraw funds from the account for benefit of the Beneficiaries. The Credit Union is not responsible for protection of the Beneficiaries' interests or supervision of Trustee's use of the account. Irrevocable Trust Account funds cannot be used as collateral to secure loans or any other transactions. Upon termination of the Irrevocable Trust, ownership of the Irrevocable Trust Account shall vest in the Beneficiaries. An Irrevocable Trust Account owned by more than one Beneficiary is jointly owned without rights of survivorship. If the Beneficiaries are not eligible for membership, the Credit Union shall distribute all Irrevocable Trust Account funds and close the account.

7. Revocable Trust Accounts
A Revocable Trust Designation on the Account Card instructs the Credit Union to hold all deposits, shares, earnings and additions in the same manner as Irrevocable Trust Accounts. However, the Trustee of a Revocable Trust may terminate the trust at any time by providing notice of termination to the Credit Union. The Trustee or Beneficiaries shall provide Credit Union with a copy of the Revocable Trust Agreement. If a Revocable Trust has notterminated prior to the Trustee's death, ownership of the Revocable Trust Account shall vest in the Beneficiaries. A Revocable Trust Account owned by more than one Beneficiary is jointly owned without rights ofsurvivorship. If the Beneficiaries are not eligible for membership, the Credit Union shall distribute all Revocable Trust Account funds and close the account.

8. Living Trust Accounts
A Living Trust Account is an individual account held by one or more trustees of a trust for the benefit of one or more beneficiaries pursuant to a revocable trust agreement. Upon request of the Credit Union, the trustee shall provide evidence of the trustee's authority the Credit Union requires. Trustee warrants that a valid living trust has been created, currently exists, and that the trustor and trustee are eligible for membership in the Credit Union. The Credit Union does not act as a trustee and is under no obligation to inquire as to the powers or duties of the trustee(s). Trustee agrees to notify the Credit Union in writing if a change of trustee occurs. Credit Union may withhold payment of funds to any party until proper evidence of authority is provided. Credit Union may rely upon the directions of any one trustee until a written notice of revocation of the living trust is received. Funds may be released to any one trustee acting alone or with a co-trustee. The trustee(s) agrees to indemnify and hold Credit Union harmless of any liability, claim, damage or loss arising as a result of unauthorized acts of any trustee or former trustee or acts of any trustee upon which Credit Union relies prior to notice of revocation of the trust. This Agreement shall be binding on the trust, any trustee, successor trustee and beneficiaries.

9. Accounts for Minors
For any account established by a minor, the Credit Union reserves the right to require the minor account to be a multiple party account with an owner who has reached the age of majority under state law who shall be jointly and severally liable to the Credit Union for any returned item, overdraft, or unpaid charges or amounts on such account. The Credit Union may make payments of funds directly to the minor without regard to his or her minority. Unless a guardian or parent is an account owner, the minor's guardian or parent has no right to access the minor's account. The Credit Union has no duty to inquire of the use or purpose of any transaction by the minor or any account owner. The Credit Union shall not change the account status when the minor reaches age eighteen (18), unless authorized in writing by all account owners.

10. Uniform Transfers to Minors Account
A Uniform Transfers to Minors Account (UTTMA) is an individual account established by a member as a custodian by depositing funds as an irrevocable gift to a minor. The minor to whom the gift is made is the owner and beneficiary of the custodian property in the account. The custodian has possession and control of the account for the exclusive right and benefit of the minor, and barring a court order otherwise, is the only party entitled to make deposits, withdrawals, or close the account. The Credit Union has no duty to inquire about the use or purpose of any transaction. In the event of the custodian's death, the Credit Union may place an administrative hold on the account, until we receive instructions from any person authorized by law to withdraw funds or a court order authorizing withdrawal.

11. Agency Designation
An agency designation on an account is an instruction to the Credit Union that the owner has authorized another person to make transactions as agent for the account owner regarding the accounts designated. An agent has no ownership interest in the account(s) or Credit Union voting rights. The Credit Union has no duty to inquire about the use or purpose of any transaction made by the agent.

12. Deposit of Funds Requirements
Funds may be deposited to any account, in any manner approved by the Credit Union in accordance with the requirements set forth on the Rate and Fee Schedule. For natural persons the aggregated deposit amount in all savingsand/or transaction accounts under a single reported tax payer identification number shall not exceed $1,000,000.

  • Endorsements. You authorize the Credit Union, in its discretion, to accept transfers, checks, drafts, and other items for deposit into any of your accounts if they are made payable to, or to the order of, any one or more owners on the account, whether or not they are endorsed by all payees. You authorize the Credit Union to supply missing endorsements of any owners if the Credit Union chooses to supply such endorsements. If a check, draft, or item that is payable to two or more persons is ambiguous as to whether it is payable to either or both, the Credit Union may process the check, draft or item as though it is payable to either person. If an insurance, government, or other check or draft requires an endorsement as set forth on the back of the check or draft, the Credit Union may require endorsement as set forth on the item. Endorsements must be placed in the space on the back of the share draft or check between the top edge and 1 _ inches from the top edge (this is the left side of the check as you look at the front). The Credit Union may accept drafts or checks with endorsements outside this space. However, if any such endorsement or any other markings you or any prior endorser has made on the draft or check cause any delay or error in processing the item for payment, you will be responsible for any loss incurred by the Credit Union due to the delay or error.
     
  • Collection of Items. The Credit Union shall not be responsible for deposits made by mail or at an unstaffed facility until the Credit Union actually receives them. In handling items for deposit or collection, the Credit Union only acts as your agent and assumes no responsibility beyond the exercise of ordinary care. The Credit Union will not be liable for the negligence of any correspondent or for the loss in transit, and each correspondent will only be liable for its own negligence. The Credit Union reserves the right to send any item for collection. Sight Drafts, title attached drafts, and items drawn on an institution located outside the United States are handled on a collection basis only. Under these circumstances, credit to your account may not be provided until clearance of the item is confirmed. Funds will be credited to your account when we receive final payment. You waive any notice of nonpayment, dishonor, or protest, regarding items the Credit Union may purchase or receive for credit or collection to your account.
     
  • Final Payment. All items or Automated Clearing House (ACH) transfers credited to your account are provisional and subject to our receipt of final payment. If final payment is not received, we reserve the right to charge your account for the amount of such items or ACH transfers and impose a return item charge on your account. If the Credit Union incurs any collection fee we may charge such fee to your account. The Credit Union reserves the right to refuse or return any item or funds transfer. The Credit Union shall have the right to charge back against your account all previously deposited items or other items endorsed by you that are returned to the Credit Union unpaid, regardless of whether the amount of the item has been available for your use.
     
  • Direct Deposits. The Credit Union may offer preauthorized deposits (i.e. payroll checks, Social Security or retirement checks, or other government checks) or preauthorized transfers from other accounts at the Credit Union. You must authorize each direct deposit or preauthorized transfer to your accounts by completing a separate authorization form. You must notify the Credit Union at least thirty (30) days in advance to cancel or change a direct deposit or transfer option. Upon a bankruptcy filing, unless you cancel an authorization we will continue making direct deposits in accordance with your authorization on file with us. If the Credit Union is required to reimburse the U.S. Government for any benefit payment directly deposited into your account, you agree the Credit Union may deduct the amount returned from any of your accounts, unless prohibited by law.
  • Crediting of Deposits. Deposits made after the deposit cutoff time and on Saturdays, Sundays and Credit Union holidays will be credited to your account on the next business day. Deposits received at unstaffed facilities such as night depositories will be credited on the day funds are removed and processed by the Credit Union.

13. Account Access

  • Authorized Signature. Your signature on the Account Card authorizes your account access. The Credit Union is authorized to recognize your signature, but will not be liable for refusing to honor any item or instruction of yours if it believes in good faith that the signature on such item or instruction is not genuine. If you have authorized the use of a facsimile signature, the Credit Union may honor any draft that appears to bear your facsimile signature even if it was made by an unauthorized person. If you give your account number to a third person, you authorize us to honor transactions initiated by the third person even if you did not specifically authorize a particular transaction.
     
  • Access Options. You may make withdrawals or transfers from your account(s) in any manner that is permitted by the Credit Union (i.e. draft, automated teller machine (ATM), in person, by mail, automatic transfer, telephone, or personal computer, as applicable). If the Credit Union accepts any draft that is not drawn on a form provided by the Credit Union, you will be responsible for any loss incurred by the Credit Union for handling the draft. The Credit Union may return as unpaid any draft that is not drawn on the form provided by the Credit Union. The Credit Union has the right to review and approve any form of power of attorney and may restrict any withdrawals or transfers on you accounts. The Credit Union is under no obligation to honor any power of attorney.
     
  • ACH & Wire Transfers. You may initiate or receive credits or debits to your account via wire transfer or ACH transfer. You agree that if you receive funds by a wire or ACH transfer, the Credit Union is not required to notify you at the time the funds are received. Instead, the transfer will be shown on your periodic statement. The Credit Union may provisionally credit your account for an ACH transfer before it receives final settlement for the transfer. You agree that if the Credit Union does not receive final settlement for an ACH transfer, we may reverse the provisional credit to your account or you will refund the amount to the Credit Union. When you initiate a wire transfer, you may identify either the recipient or any financial institution by name and by account or identifying number. The Credit Union (and other institutions) may rely on the account or other identifying number as the proper identification, even if it identifies a different party or institution. Wire transfers are governed by Federal Reserve Regulation J, if the transfer is cleared through the Federal Reserve. ACH transactions are governed by the rules of the National Automated Clearing House Association.
     
  • Credit Union Examination. The Credit Union may disregard information on any draft or check, other than the signature of the drawer, and amount of the item and any magnetic encoded information. You agree the Credit Union does not fail to exercise ordinary care in paying an item solely because its procedures do not provide for sight examination of items.
     
  • Electronic Checks. If you authorize a merchant to electronically debit your checking account using the routing, account and serial number of your check to initiate the transfer, whether the check is blank, partially or fully completed and signed, such authorization is an electronic check conversion. An electronic check conversion is an electronic funds transfer (EFT) subject to the terms of the Electronic Funds Transfer Agreement. You authorize us to honor any electronic check conversion from you checking account just the same as a regular written check.
     
  • Electronic Re-presented Checks. If you write a check on a personal account that we return unpaid because of insufficient or uncollected funds, payee or any subsequent holder of the check may re-present the check to us through an electronic instruction (Electronic Re-presented Check) to charge your account for the amount of the check. If we receive an electronic re-presented check, we will pay or return the electronic re-presented check as if the original paper check was presented to us. Any collection fee you authorize the merchant to debit from your account is an electronic funds transfer subject to the terms of the EFT Agreement. If you want to reverse an electronic re-presented check, you must give us an affidavit within 15 days after we send or make available to you the periodic statement that reflects payment of that electronic re-presented check. In your affidavit, you must declare and swear under oath that the electronic re-presented check was ineligible or unauthorized. If we receive a proper notice or affidavit from you within the 15-day period, we will recredit your account with the amount of the charge. If you wish to stop payment of any electronic re-presented check, you must follow the procedures contained in this Agreement for stopping payment of checks, not the procedures for stopping payment on electronic loan or bill payments. If you ask us to request the depositor's bank to send us the original paper check or a copy of the paper check, and we provide it to you, you agree that you will not seek to have your account recredited due to a prior stop payment order or if the item is otherwise ineligible for collection.

14. Account Rates and Fees
The Credit Union's payment of dividends/interest on any account is subject to the account rates and fees, earnings, payment and balance requirements as set forth on the Rate and Fee Schedule. The Credit Union may impose fees and charges for the deposit account services provided by the Credit Union. The fees and charges that may be assessed against your account are set forth on the Rate and Fee Schedule. A current Rate and Fee Schedule has been provided to you separately. You agree the Credit Union may change the Rate and Fee Schedule at any time, and you will be notified of such changes as required by law.

15. Transaction Limitations

  • Withdrawal Restrictions. The Credit Union may permit a withdrawal only if your account has sufficient available funds to cover the full amount of the withdrawal or you have an established overdraft protection plan. Drafts or other transfer or payment orders which are drawn against insufficient funds will be subject to a service charge, set forth in the Rate and Fee Schedule. If there are sufficient funds to cover some, but not all ofyour withdrawals, the Credit Union may allow those withdrawals for which there are sufficient funds in any order at the Credit Union's discretion. The Credit Union may also refuse to allow a withdrawal in other cases: for example; any dispute between the owners about the account (unless a court has ordered the Credit Union to allow the withdrawal); a legal garnishment or attachment is served; the account secures any obligation of the CreditUnion; any required documentation has not been presented; or you fail to repay a Credit Union loan on time. You will be advised of the reasons for refusal is such action is taken. The Credit Union reserves the right to require members to give notice in writing of any intended withdrawals from any account (except checks) of not less than seven (7) days and up to sixty (60) days, as required by law, before such withdrawal.
     
  • Transfer Limitations. For share savings and money market accounts, if applicable, you may make up to six (6) preauthorized, automatic, telephonic, or audio response transfers to another account of yours or to a third party during any calendar month. There is no limit on the number of transactions you may make in the following manner:

    • Transfers to any loan account with the Credit Union.
    • Transfers to another Credit Union account or withdrawals (checks mailed directly to you) when such transfer or withdrawal is initiated in person, by mail, or at an ATM.
    If a transfer request would exceed the transfer limitations set forth above in any statement period, the Credit Union may refuse or reverse the transfer, and your account will be subject to suspension or closure by the Credit Union and the Credit Union may impose a charge.

16. Time Accounts
Any certificate of deposit offered by the Credit Union is subject to the terms of this Agreement, the Rate and Fee Schedule, and the Certificate of Deposit receipt for each account, the terms of which are incorporated herein by reference.

17. Overdrafts

  • Overdraft Liability. If on any day, the funds in your share draft account are not sufficient to cover drafts, fees or other items posted to your account, those amounts will be handled in accordance with our overdraft procedures or an overdraft protection plan you have with us. The Credit Union's determination of an insufficient account balance may be made at any time between presentation and the Credit Union's midnight deadline with only one review of the account required. The Credit Union has no duty to notify you of an insufficient funds draft. Your account will then be subject to a charge for the item whether paid or returned as set forth in the Rate and Fee Schedule. Except as otherwise agreed in writing, the Credit Union, by covering one or any overdraft, does not agree to cover overdrafts in the future and may discontinue covering overdrafts at any time without notice. If the Credit Union pays a draft or imposes a fee that would otherwise overdraw your account, you agree to pay the overdrawn amount immediately. We reserve the right to pursue collection of previously dishonored items at any time, including giving a payor bank extra time beyond any midnight deadline limits.

  • Overdraft Protection Plan. If we have approved an overdraft protection plan for you, we will honor drafts drawn on insufficient funds in any checking account by transferring the necessary funds from a deposit or loan account of yours, if applicable, to your checking account under this Agreement. Unless otherwise directed, we will transfer funds to your overdrawn account from any of your other deposit and loan accounts. The fee for overdraft transfers is set forth on the Rate and Fee Schedule. Transfers from a deposit account will be governed by this Agreement. Transfers from a loan account will be governed by the applicable loan agreement.

18. Postdated and Stale Dated Drafts
You authorize us to accept and pay any draft without regard to the date of the draft even if the draft is presented for payment before the date of the draft, 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 must 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. You may make an oral notice which will lapse within fourteen (14) calendar days unless confirmed in writing within that time. 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 properly payable. The Credit Union is under no obligation to you to pay a check or draft drawn on your account which is presented more than six (6) months after its date.

19. Stop Payment Orders

  • Stop Payment Request. You may ask the Credit Union to stop payment on any draft drawn upon your share draft account. You may request a stop payment by telephone, by mail, by computer or in person. The stop payment will be effective if the Credit Union receives the order in time for the Credit Union to act upon the order and you state the number of the account, number of the draft, and its exact 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 incorrect or incomplete information, the Credit Union will not be responsible for failing to stop payment on the draft. If the stop payment order is not received in time for the Credit Union to act upon the order, the Credit Union will not be liable to you or to any other party for payment of the draft. If we recredit your account after paying a draft over a valid and timely stop payment order, you agree to sign a statement describing the dispute with the payee, to transfer all of your rights against the payee or other holders of the draft to the Credit Union, and to assist the Credit Union in legal action taken against the person.
     
  • Duration of Order. You may make an oral stop payment order which will lapse within fourteen (14) calendar days unless confirmed in writing with that time. A written stop payment order will be effective for six (6) months or the time period specified on the stop payment order. A written stop payment order may be renewed in writing from time to time. The Credit Union is not obligated to notify you when a stop payment order expires.
     
  • Liability. The Credit Union may charge a fee for each draft for which a stop payment order is requested, as set forth on the Rate and Fee Schedule. You may not stop payment on any certified check, cashier's check. Teller's check, or any other check, draft, or payment guaranteed by the Credit Union. You should be aware that while payment of the item may be stopped, you may remain liable to any person, including the Credit Union, who is a holder of the item despite the stop payment order. You agree to indemnify and hold the Credit Union harmless from all costs, including attorney's fees, damages or claims related to the Credit Union's action in refusing payment of an item, including claims of any multiple party account owner, payee, or endorsee in failing to stop payment of an item as a result of incorrect information provided by you.

20. Lost Items
The Credit Union, in receiving items from you for withdrawal or deposit, acts only as your agent and reserves the right to reverse the credit for any deposited items or to charge your account for the items should they become lost in the collection process.

21. Credit Union Liability for Errors
If the Credit Union does not properly complete a transaction according to this Agreement, the Credit Union will be liable for your losses or damages not to exceed the amount of the transaction, except as otherwise provided by law. The Credit Union will not be liable if:

  • through no fault of the Credit Union, your account does not contain enough money to make the transaction;
  • circumstances beyond the Credit Union's control prevent the transaction;
  • your loss is caused by your negligence or the negligence of another financial institution; or
  • The money in your account is subject to legal process or other claim.

The Credit Union will not be liable for consequential damages, except liability for wrongful dishonor. The Credit Union's actions will constitute the exercise of ordinary care if such actions or non-actions are consistent with applicable state law, Federal Reserve regulations and operating letters, clearinghouse rules, and general banking practices followed in the area served by the Credit Union. You grant the Credit Union the right, in making payments of deposited funds, to rely exclusively on the form of the account and the terms of this Account Agreement. Any conflict between oral representations by you or Credit Union employees and any written form will be resolved by reference to this Agreement and applicable written form.

22. Credit Union Lien and Security Interest
To the extent you owe the Credit Union money as a borrower, guarantor, endorser or otherwise, the Credit Union has a lien on any or all of the funds in any account in which you have an ownership interest at the Credit Union, regardless of the source of the funds, unless prohibited by law. The Credit Union may apply these funds in any order to pay off your indebtedness. If the Credit Union chooses not to enforce its lien, the Credit Union does not waive its rights to enforce the lien at a later time. In addition, you grant the Credit Union a consensual security interest in your accounts and agree the Credit Union may use the funds from your accounts to pay any debt or amount now or hereafter owed the Credit Union, except obligations secured by your dwelling, unless prohibited by applicable law. All accounts are nonassignable and nontransferable to third parties.

23. Legal Process
If any legal action, such as a levy, garnishment, or attachment, is brought against your account, the Credit Union may refuse to pay out any money from your account until the dispute is resolved or may pay out funds according to the terms of the legal action. If the Credit Union incurs any expenses or attorney fees in responding to legal process, such expenses may be charged against your account without prior notice to you, unless prohibited by law. Any legal process against your account is subject to the Credit Union's lien and security interest.

24. Account Information
Upon your request, the Credit Union will inform you of the name and address of each credit reporting agency from which the Credit Union obtains a credit report in connection with your account. The Credit Union agrees not to disclose information to third parties about your account regarding any transaction or balances except when:

  • it is necessary to complete the transaction;
  • the third party seeks to verify the existence or condition of your account in accordance with the Fair Credit Reporting Act or other applicable laws and regulations;
  • such disclosure is in compliance with the law, government agencies or court orders; or
  • you give us your written permission.

25. Notices

  • Name or Address Changes. It is your responsibility to notify the Credit Union upon a change of address or change of name. The Credit Union is only required to attempt to communicate with you at the most recent address you have provided to the Credit Union. The Credit Union may accept oral notices of a change of address and may require any other notice from you to the Credit Union be provided in writing. If your statements are returned undelivered, the Credit Union may impose a service fee as set forth on the Rate and Fee Schedule.
     
  • Notice of Amendments. Except as otherwise prohibited by applicable law, the terms of this Agreement are subject to change at any time. The Credit Union will notify you of any changes in account terms, rates, or fees as required by law. You may make changes in account ownership, such as adding or removing a joint owner. However, the removal of any joint owner will not be effective without the joint owner's authorized termination. A membership deposit may only be changed by the account owners. The Credit Union reserves the right to waive any term in this Agreement. Any such waiver shall not affect the Credit Union's right to enforce any right in the future.
     
  • Effect of Notice. Any written notice you give to the Credit Union is effective when it is actually received by the Credit Union. Any written notice the Credit Union gives to you is effective when it is deposited in the U.S. Mail, postage prepaid and addressed to you at your statement mailing address. Notice to any one account owner is considered notice to all owners of the account.

26. Taxpayer Identification Numbers (TIN) and Backup Withholding
If your account is or becomes subject to backup withholding, the Credit Union is required by law to withhold and pay to the Internal Revenue Service (IRS) a required percentage or payments of dividends, interest, and certain other payments under certain conditions. Your failure to furnish a correct taxpayer identification number (TIN) or meet other applicable requirements may result in backup withholding as well as civil or criminal penalties. If you fail to provide your TIN, the Credit Union may suspend the opening of your account or you may request a non-dividend or interest bearing account until a TIN is provided.

27. Statements

  • Contents. If the Credit Union provides a statement for your account, you will receive a periodic statement of ALL transactions and activity on your account during the statement period as required by applicable law. If aperiodic statement is provided you agree that only one statement is necessary for a multiple party account. For share drafts or checking accounts, you understand and agree than, when paid, your original draft becomes property of the Credit Union and may not be returned to you, but copies may be retained by the Credit Union or payable through financial institution and made available upon your request for a fee as set forth in our fee schedule. You understand and agree that statements are made available to you on the date they are mailed to you. You also understand and agree that drafts or copies thereof are made available to you on the date the statement is mailed to you, even if the drafts do not accompany the statement.
     
  • Examination. You are responsible for examining each statement and reporting any irregularities to the Credit Union. The Credit Union will not be responsible for any forged, altered, unauthorized or unsigned items drawn on your account if:

    • you fail to notify the Credit Union within thirty (30) days of the mailing date of the earliest statement and availability of drafts containing any forgery, alteration or unauthorized signature on the item; or
    • any items that are items forged or altered in a manner not detectable by a reasonable person, including the unauthorized use of a facsimile signature machine.
       
  • Notice to Credit Union. You agree that the Credit Union's retention of drafts does not alter or waive your responsibility to examine your statements and draft copies or the time limit for notifying the Credit Union of any errors. The statement will be considered correct for all purposes and the Credit Union will not be liable for any payment made or charged to your account unless you notify the Credit Union in writing within the above time limit after the statement and checks are made available to you. If you fail to receive a periodic statement you agree to notify the Credit Union within fourteen (14) days of the time you regularly receive a statement.

28. Dormant and Abandoned Accounts
If you have not made a withdrawal, deposit or transfer involving your account for more than one (1) year, and the Credit Union has been unable to contact you by regular mailing during that period, the Credit Union may classify your account as a dormant account and charge a service fee, as specified in the Rate and Fee Schedule. The Credit Union will notify you, as required by law, at your last known address prior to imposing a dormancy fee. After this notice has been sent, further periodic statements will be suspended. You authorize us to transfer funds from another account of your to cover any service fees, if applicable. To the extent allowed by law, we reserve the right to transfer the account funds to accounts payable. If a deposit or withdrawal has not been made on the account and the Credit Union has had no other contact with you for five (5) years as required by the Uniform Unclaimed Property Act, the account will be presumed to be abandoned. Funds in abandoned accounts will be reported and remitted in accordance with State law. Once funds have been turned over to the State, the Credit Union has no further liability to you for such funds and if you choose to reclaim such funds, you must apply to the appropriate state agency.

29. Special Account Instructions
You may request the Credit Union to facilitate certain trust, will, or court-ordered account arrangements. However, because the Credit Union does not give legal advice, we cannot counsel you as to which account arrangement most appropriately meets the specific requirements of your trust, will, or court order. If you ask the Credit Union to follow any instructions that the Credit Union believes might expose it to claims, lawsuits, expenses, liabilities, or damages, whether directly or indirectly, the Credit Union may refuse to follow your instructions or may require you to post a bond or other protection to indemnify the Credit Union. Any item presented with a full payment legend must be presented in person to a Credit Union officer; otherwise, payment is accepted with full reservation of rights. Account changes requested by you, or any account owner, such as adding or closing an account or service, must be evidenced by a signed Account Card and accepted by the Credit Union. The Credit Union will not recognize the authority of someone to whom you have given power of attorney without written authorization and a copy of the Power of Attorney on record at the Credit Union.

30. Termination of Account
The Credit Union may terminate your account at any time without notice to you or may require you to close your account and apply for a new account if:

  • there is a change in owners or authorized signers;
  • there has been a forgery or fraud reported or committed involving your account;
  • there is a dispute as to the ownership of the funds in the account;
  • any share drafts are lost or stolen;
  • if there are excessive returned unpaid items not covered by an overdraft protection plan;
  • if there has been any misrepresentation or any other abuse of any of your accounts; or
  • if the Credit Union reasonably deems it necessary to prevent a loss to the Credit Union.

You may terminate any single party account at any time by notifying the Credit Union by oral direction or in writing. The Credit Union reserves the right to require the consent of all multiple party account owners for termination of a multiple party account. The Credit Union is not responsible for payment of any draft, withdrawal, or other item once your account is terminated; however, if the Credit Union pays an item after termination, you agree to reimburse the Credit Union for the payment.

31. Termination of Membership
You may terminate your membership at the Credit Union after giving written notice of you intent to withdraw from membership. You may be denied services or expelled from membership for any reason allowed by applicable law, including causing a loss to the Credit Union.

32. Death of Account Owner
The Credit Union may require the survivor or other claimant to the account to produce certain documents before releasing the funds in the account. The Credit Union may continue to honor all transfers, withdrawals, deposits and other transactions on the account until the Credit Union is notified of an account owner's death. Once the Credit Union is notified of a member's death, the Credit Union may pay drafts or honor other payments or transfer orders authorized by the deceased member for a period of ten (10) days unless the Credit Union receives instructions from any person claiming an interest in the account to stop payment on the drafts or other items. You agree the Credit Union can require that anyone who claims funds in your account after your death to indemnify the Credit Union for any losses resulting from honoring that claim. This Agreement will be binding upon any heirs or legal representatives of any account owner. The Credit Union may require that the heir or legal representative of a deceased member close the deceased member's account within six months of the member's death.

33. Severability
In the event that any paragraph of this Agreement or any portion thereof is held by a court to be invalid or unenforceable for any reason, the other paragraphs and portions of this Agreement shall not be invalid or unenforceable and will continue in full force and effect. All headings are intended for reference only and are not to be construed as part of the Agreement.

34. Enforcement
You agree to be liable to the Credit Union for any liability, loss, or expenses as provided in this Agreement that the Credit Union incurs as a result of any dispute involving your accounts or services. You authorize the Credit Union to deduct any such liability, loss, or expenses from your account without prior notice to you. In the event the Credit Union brings a legal action to enforce the Agreement or collect any amount due under this Agreement, the Credit Union shall be entitled, subject to applicable law, to payment of its reasonable attorney's fees and costs, including fees on any appeal, bankruptcy proceedings, and any post-judgment collection actions.

35. Governing Law
This Agreement is governed by the Bylaws of the Credit Union, federal laws and regulations, the laws and regulations of the state of Oregon, and local clearinghouse rules, as amended from time to time. To the extent permitted by applicable law, you agree that any legal action regarding this Agreement shall be brought in Multnomah County, where the Credit Union is located.

36. Funds Availability Policy
Your ability to withdraw funds at the Credit Union may be limited. If a withdrawal of deposited funds is delayed, the deposit earns interest from the date of deposit, even though the funds are not available for withdrawal until the item has been paid by the institution it was drawn upon or the delay expires. If an item is returned unpaid, any interest may be adjusted.

  • General Policy. It is the Credit Union's general policy to make funds from your deposits available to you on the first business day that we receive your deposit, subject to exceptions set forth elsewhere in this policy. At that time, you may withdraw the funds in cash or use the funds to pay checks that you have written. Electronic Direct deposits to your account, funds from deposits of cash, wire transfers, and the first $5000 of the day's total deposits of Cashier's, Certified, Teller's, Traveler's and Federal, State and Local Government Checks will be available on the same business day. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit before 4:30 p.m. on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after 4:30 p.m. or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
     
  • Reservation of Right to Hold. In some cases, we will not make all the funds that you deposit by check available to you on the same business day of your deposit. If we need to delay your ability to withdraw funds, they will be available no later than the seventh (7th)business day. If the Credit Union does not make all the funds from your deposit by check available on the same business day, you will be notified at the time you make your deposit. The Credit Union will also notify you of when the funds will be available. If your account deposit is not made directly to one of our employees, or if we decided to take this action after you have left the premises, we will mail you the notice by the day after we receive your deposit. If you will need the funds from a deposit right away, you should ask us when the funds will be available.
     
  • 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.
     
  • Longer Delays May Apply. In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:

    • We believe a check you deposit into your account will not be paid.
    • You deposit checks into your account totaling more than $5,000 on any one day.
    • You redeposit a check that has been returned unpaid.
    • You have overdrawn your account repeatedly in the last six months.
    • In the event that there is evidence of a check kiting activity or a forgery on an account.
    • There is an emergency, such as a failure of communications or computer

The Credit Union will notify you if we delay your ability to withdraw funds for any of these reasons, and tell you when the funds will be available. Generally, funds will be available no later than the seventh (7th) business day after the day of your deposit.

Special Rules for New Accounts. If you are a new member, the following special rules will apply during the first thirty (30) days each of your accounts are opened. Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Depending upon the type of check that you deposit into your account, funds may be available for withdrawal by the ninth (9th) business day after the day of deposit. However, the first $100 of your deposit will be available on the first business day.

Deposits Returned Unpaid. Deposits which are returned unpaid will not be available for withdrawal until confirmation of payment is received from the institution the item is drawn upon. Furthermore, if the Credit Union has reasonable cause to believe that any deposited item is uncollectible, the funds for that deposit will be available for withdrawal only after confirmation of payment is received from the institution the item was drawn upon. Funds from the deposit of any item during an emergency condition beyond the control of the Credit Union will be available at the discretion of the Credit Union.

Deposits at Automated Teller Machines. Funds from any deposits (cash or checks) made at automated teller machines (ATMs) may not be available until the fifth (5th) business day after the day of your deposit. However, the first $100 of your deposit will be made available immediately.


March 2010



Back to Disclosures






linksNCUA
© Forest Park Federal Credit UnionWeb Site Design by JSS Enterprises, Inc.DisclosuresPrivacy Policy

By clicking on links, you are leaving Forest Park FCU's website. You are linking to an alternate website not operated by FPFCU, and FPFCU is not responsible for the content of the alternate website. The fact that there is a link from FPFCU website to an alternate website does not constitute endorsement of any product, service, or organization. FPFCU does not represent either you or the website operator if you enter into a transaction. Privacy and security policies may differ from those practiced by FPFCU, and you should review the alternate website's policies.