All member accounts at the Credit Union are subject to the following rules. Accounts include Share, Share Draft, Club and Share Certificate Accounts. Your accounts are not negotiable and are not transferable except on our books. By signing the membership card, you agree to these rules.
Nature of Dividends
Dividends (other than dividends on Share Certificate Accounts) are paid from current income and available earnings, after required transfers to reserves, at the end of the dividend period. Dividend rates are declared by our Board of Directors at it’s discretion based on market conditions and are not tied to a specific index. The rates on all Credit Union accounts (other than Share Certificate Accounts) are variable and may change quarterly after the account is opened. The Board has declared that no dividends will be paid on Share Draft Checking Accounts. The dividend rate and annual percentage yield shown for Share accounts were declared by the Board of Directors on a quarterly basis.
*Dividend Rates on all Share accounts can be found here.Share Certificate Accounts
The minimum deposit to open a Share Certificate Account is $500.00. The dividend rate and annual percentage yield shown below for Share Certificate Accounts are accurate as of the Tuesday of every week (unless Monday is a holiday). You can call (585) 343-5627 or click here to obtain current rate information. The dividend rate will be fixed for the term of your Share Certificate Account. Deposits will be allowed only on the date the Share Certificate Account is opened and on each renewal date, with the exception of the Asset Builder Certificate (when available) into which you can make additions of $50.00 or more at any time.
The Maturity Date of your Share Certificate Account is determined at the date of opening the account. If the maturity date is a Saturday, Sunday, or Credit Union holiday, we will pay dividends at the previous rate until the first banking day next succeeding the original maturity date, and that will be deemed the new maturity date. Your Share Certificate Account will not automatically renew. If you do not renew it, the entire balance will be deposited in your Share 1 account and will earn dividends at the rate in effect for Share 1 accounts. Share Certificate Accounts are NOT TRANSFERABLE and may not be used as collateral for any loan.
You Must be a Member
You must maintain a minimum balance of $5.00 in your Share Draft Savings Account at all times to be a Credit Union member and to open other sub-accounts and receive other benefits and services of the Credit Union. You must be 18 years of age to establish and maintain a Share Draft Checking account. If you are under 18 years of age, we will require that a joint member 18 years or older be added to the account.
Balance Computation Method
Dividends are calculated by the Daily Balance Method which applies a daily periodic rate to the principal in your account as of the end of each day. The periodic rate is determined by dividing the dividend rate by 365 (or 366 in a leap year).
Date Dividends Begin to Accrue
Dividends will begin to accrue on cash and non-cash items on the business day you make the deposit to your account.
Compounding and Crediting
Dividends for all accounts other than Share Certificate Accounts will be paid and credited to your account quarterly and, therefore, will compound quarterly. For Share Certificate Accounts, the dividends will be deposited in your Certificate account monthly and, therefore will compound monthly, unless you either elect to have the dividend transferred to your Share 1 Account monthly (in which case the dividends will compound quarterly) or you choose to have a check for dividends sent to you monthly (in which case the dividends will not compound). For Share 2 Club accounts, the entire balance will be transferred to the Share 1 account on July 1. For Share 7 accounts, a check for the entire balance will be issued on October 1 and mailed to you or, with prior written authorization, the balance will be transferred to any sub-account located under the member number.
Early Closure of Your Account
If you close an account other than a Share Certificate before dividends are paid, you will not receive any accrued dividends. If you close a Share Certificate account before its maturity date, we will impose an early withdrawal penalty which will equal 90 days of earned dividends on certificates with maturities of 365 days or less, and 180 days of earned dividends on certificates with maturities greater than 365 days.
Transaction Limitations
For all accounts (other than Share Draft Accounts) – The Credit Union reserves the right to require up to 60 days prior written notice of an intent to withdraw money from one of your accounts (other than your Share Draft Account). In addition, the Credit Union may refuse to permit a withdrawal from any account for, without limitation, the following reasons:
- The withdrawal would consist of checks being held and not yet available for withdrawal
- There is a dispute about the account, unless a court has ordered the Credit Union to permit withdrawals
- A court orders the Credit Union not to permit the withdrawal
- You owe the Credit Union money for any reason
- The account is pledged as security for a debt
- Any document or identification required in connection with the withdrawal is not presented
- An owner of the account asks the Credit Union not to permit the withdrawal
- Equipment problems at the Credit Union prevent determination of available balance
For Club Accounts
In addition to the above rules, withdrawals from Club Accounts will not be permitted until the account matures. However, you may close the account at any time without penalty. The account must remain closed until the beginning of the next Club cycle (for Share 2 accounts, July 1 and for Share 7 accounts, October 1).
For Bond Savings Share 8 Accounts
Deposits into this account may be made through any of our deposit methods. At the end of each month, the highest denomination of US Savings Bonds that can be purchased with the funds in the account will be purchased using the funds in the account. Any excess funds will remain in the account until the following month to be applied against future bond purchases. Cash withdrawals will not be permitted from the account; however, upon closing of the account, a final Bond will be purchased and any remaining funds will be paid to you in cash.
Fees
Joint Accounts
The following rules apply to joint accounts:
Deposits
Each joint owner of an account authorizes the other to endorse and to deposit in the account checks or drafts payable to either owner or to both. Each of you authorizes the Credit Union to accept deposits payable to either of you or both and to endorse for you any items deposited without endorsement.
Withdrawals
Each joint owner alone may make partial or full withdrawals from the account, may write drafts on Share Draft Checking Accounts, may issue stop payment orders on drafts written by either or both owners, may close out the account, and may transact any other business an individual owner could transact.
Overdraft and Other Debts
If there are not enough funds in your joint account to cover a draft when it is presented to the Credit Union for payment, and the Credit Union pays the draft out of its own funds, all joint owners agree individually and collectively to reimburse the Credit Union, even if the draft was written by only one of you. Likewise, if one of you owes the Credit Union money, you all agree that the Credit Union may use as much of the funds in any account owned by both of you, as is necessary to pay the debt. In addition, if your joint account is restrained or levied upon by a judgment creditor to whom one of you owes money, you agree that the Credit Union may restrain and/or turn over the entire account without liability to the other.
Disputes Between Joint Owners
In the event of a dispute between owners of a joint account, the Credit Union is not required to honor requests by one owner to prevent withdrawals by the other. The Credit Union has no liability for continuing to honor drafts and withdrawals requests. In order to prevent withdrawals for your joint account, you must close the account. You may immediately open a new account in your name only. If you close a joint account, you agree to return to the Credit Union all drafts in your possession which have not yet been issued.
Survivorship
You both agree that you intend to own the money in your joint account as “joint tenants with right of survivorship.” This means that if one of you dies, ownership of the funds in the account passes automatically to the other, and the Credit Union may honor drafts or withdrawal requests signed by the survivor. The Credit Union will not release funds to the survivor, however, until it has received any necessary legal papers.
Information
Each joint owner of a joint Share Savings Account is authorized to access information regarding the account, any sub-accounts or loans tied to the account. That applies even if a loan tied top the account is in the name of only one of the owners of the Share Savings Account.
Special Rules for Share Draft Accounts
Only Share Drafts (checks) and other methods approved by the Credit Union may be used to make withdrawals from a Share Draft Account. The Credit Union may honor (pay) Share Drafts or other written withdrawal requests: which you sign: which are issued by a third-party bill payer at your request and with your authorization; or which is issued by a third party which you have pre-authorized to make debits to your account, even if you did not authorize the particular transaction (subject to your Stop Payment rights described below). (Preauthorized electronic debits to your account are not subject to these rules but, rather, are subject to the terms of the Credit Union’s electronic funds transfer disclosures and agreements.)
Once a check is six (6) months old, the Credit Union may elect not to pay it. If there is no stop payment order in effect when we receive the check payment, however, we may elect to pay it. If we do pay the check, you are responsible for the payment.
You agree not to write post-dated checks (a check that is dated in the future) on your account. We can assume that all checks presented are payable on demand. We will not be liable to you for paying a post-dated check prior to its maturity date.
When paid, Share Drafts become the property of the Credit Union and will not be returned either with the periodic statement or otherwise.
Stop Payments
If you do not want us to pay a Share Draft you have written or other written withdrawal request that we would otherwise be authorized to honor, you can order us to stop payment on it by notifying us by mail or telephone. An oral order is binding on us only for fourteen (14) days unless confirmed in writing within that period. The stop payment order takes effect when it is processed in your account and is effective for six (6) months unless renewed in writing. We will send you a confirmation notice for all telephone stop payment orders. Your stop payment order must be timely and must accurately describe the Share Draft by account number, amount and check number. You may stop payment on a Share Draft drawn on your account only if we have not accepted, certified, made final payment on, or otherwise become accountable for the item, except to the extent otherwise required by law. We must be given reasonable opportunity to act on any stop payment order before it can be considered effective. The Credit Union may take a reasonable amount of time (at least twenty-four hours) to process a stop payment order. This means that if a Share Draft or other written withdrawal request is paid after a stop payment order has been given, but before the Credit Union has had a reasonable amount of time to act on it, the Credit Union will not be liable for any resulting loss to you, unless it had failed to act in good faith and with ordinary care. The Credit Union is not obligated to notify you if it pays a Share Draft contrary to your stop payment order. If we fail to honor a proper and timely stop payment order, we will not be liable for more than your actual loss, which may be less than the full amount of the Share Draft or other written withdrawal request. You must establish both the fact and amount of your loss before seeking reimbursement from the Credit Union. If the Credit Union suffers any loss or expense as a result of honoring your stop payment order, you agree to reimburse the Credit Union the amount of its loss or expense. If you have a joint account, we will accept a stop payment order from any owner, regardless of who signed the Share Draft or authorized the written withdrawal request.
Share Insurance
Member accounts are insured by the National Credit Union Share Insurance Fund.
Changes
The terms of these Account Disclosures may be changed by the Credit Union from time to time in accordance with applicable law.
