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AGREEMENT - This agreement is subject to applicable
federal laws and the laws of the state of Illinois (except to the extent
that this agreement can and does vary such rules or laws). We may permit
some variations from this standard agreement, but any variations must
be agreed to in writing. Unless it would be inconsistent to do so, words
and phrases used in this agreement should be construed so that the singular
includes the plural and the plural includes the singular. As used in
this agreement, the words "we," "our," and "us" mean the credit union
and the words "you" and "your" mean the owner(s) of this account and
any "agent" appointed by or on behalf of the owner(s) to sign on the
account in a representative capacity. This account may not be transferred
or assigned without our written consent.
LIABILITY - Each of you agrees for yourself (and the person or
entity you represent if you sign as a representative of another) to
the terms of this account and the schedule of charges that we impose.
You authorize us to deduct these charges as accrued directly from the
account balance. You also agree to pay additional reasonable charges
we may impose for services you request which are not covered by this
agreement. Each of you also agrees to be jointly and individually liable
for any account deficit resulting from charges or overdrafts, whether
caused by you or another authorized to withdraw from this account, and
our costs to collect the deficit including, to the extent permitted
by law, our reasonable attorneys' fees. You agree that at our option
we may suspend your rights to member services if you violate the terms
of this agreement.
DEPOSITS - Any items, other than cash, accepted for deposit (including
items drawn "on us") will be given provisional credit only until collection
is final (and actual credit for deposits of, or payable in, foreign
currency will be at the exchange rate in effect on final collection
in U.S. dollars). We are not responsible for transactions initiated
by mail or outside depository until we actually record them. All transactions
received after our "daily cutoff time" on a business day we are open,
or received on a day in which we are not open for business, will be
treated and recorded as if initiated on the next following business
day that we are open. We are prohibited by law from guaranteeing the
payment of dividends or that dividends we do pay will be at the disclosed
rate. Unless otherwise agreed, you waive any right to receive any original
item after it is paid.
WITHDRAWALS - Unless otherwise clearly indicated to the contrary,
any one of you who signs in the space designated for signatures on the
signature card, including any agents, may withdraw or transfer all or
any part of the account balance at any time on forms approved by us.
We may charge against your account a check, even though payment was
made before the date of the check, unless you have given us written
notice of the postdating. The fact that we may honor withdrawal requests
which overdraw the finally collected account balance does not obligate
us to do so, unless required by law. Withdrawals will first be made
from collected funds, and we may, unless prohibited by law or our written
policy, refuse any withdrawal request against uncollected funds, even
if our general practice is to the contrary. We reserve the right to
refuse any withdrawal or transfer request which is attempted by any
method not specifically permitted, which is for an amount less than
any minimum withdrawal requirement, or which exceeds any frequency limitation.
Even if we honor a nonconforming request, repeated abuse of the stated
limitations (if any) may eventually force us to close this account.
We will use the date a transaction is completed by us (as opposed to
the day you initiate it) to apply the frequency limitations. We reserve
the right to require you to notify us of your intention to withdraw
funds from this account as explained in our by-laws. Additional withdrawal
limitations may be disclosed elsewhere. See your notice of penalties
for early withdrawal.
ACH AND WIRE TRANSFERS - If you originate a fund transfer for
which Fedwire is used, and you identify by name and number a beneficiary
financial institution, an intermediary financial institution or a beneficiary,
we and every receiving or beneficiary financial institution may rely
on the identifying number to make payment. We may rely on the number
even if it identifies a financial institution, person or account other
than the one named. You agree to be bound by automated clearing house
association rules. These rules provide, among other things, that payments
made to you, or originated by you, are provisional until final settlement
is made through a Federal Reserve Bank or payment is otherwise made
as provided in Article 4A-403(a) of the Uniform Commercial Code. If
we do not receive such payment, we are entitled to a refund from you
in the amount credited to your account and the party originating such
payment will not be considered to have paid the amount so credited.
If we receive a credit to an account you have with us by wire or ACH,
we are not required to give you any notice of the payment order or credit.
OWNERSHIP OF ACCOUNT AND BENEFICIARY DESIGNATION - These rules
apply to this account depending on the form of ownership and beneficiary
designation, if any, specified on the account records. This Credit Union
is hereby authorized to recognize any of the signatures subscribed hereto
in the payment of funds or the transaction of any business for this
account. The right or authority of this Credit Union under this agreement
shall not be changed or terminated by said owners, or any of them except
by written notice to this Credit Union which shall not affect transactions
theretofore made. We reserve the right to refuse some forms of ownership
on any or all of our accounts. Individual Account - is owned
by one person. Joint Account - With Survivorship (And Not As
Tenants In Common) - is owned by two or more persons. Each of you intend
that upon your death the balance in the account will belong to the survivor(s).
If two or more of you survive, you will own the balance in the account
as joint tenants with survivorship and not as tenants in common.
Joint Account - No Survivorship (As Tenants In Common) - is owned
by two or more persons, but none of you intend (merely by opening this
account) to create any right of survivorship in any other person. We
encourage you to agree and tell us in writing of the percentage of the
account funds contributed by each of you. This information will not,
however, affect the "number of signatures" necessary for withdrawal.
Revocable Trust or Pay-On-Death Account - Pay-On-Death accounts
may be created only if the account is owned by one person. Revocable
Trust accounts may be created by accounts with one or more owners. If
two or more of you create a Revocable Trust account, you own the account
jointly with survivorship. Beneficiaries of either of these account
types acquire the right to withdraw only if: (1) all persons creating
the account die, and (2) the beneficiary is then living. If two or more
beneficiaries are named and survive the death of the owner(s) of the
account, such beneficiaries will own this account in equal shares, without
right of survivorship. Any of the person(s) creating either a Pay-On-Death
or Revocable Trust account reserves the right to: (1) change beneficiaries,
(2) change account types, and (3) withdraw all or part of the account
funds at any time. Corporate, Partnership, and other Organizational
Accounts - We will usually require a separate authorization form
designating the person permitted to withdraw and the conditions required
for withdrawal from any account in the name of a legal entity such as
a partnership, corporation, or other organization. We will honor the
authorization according to its terms until it is amended or terminated
in writing by the governing body of the organization.
PLEDGES - Unless you tell us differently in writing, each owner
of this account may pledge all or any part of the funds in it for any
purpose to which we agree. Any pledge of this account must first be
satisfied before the rights of any joint account survivor, pay-on-death
beneficiary, or trust account beneficiary becomes effective.
STOP PAYMENTS - A stop-payment order must be given in the manner
required by law, must be received in time to give us a reasonable opportunity
to act on it, and must precisely identify the number, date and amount
of the item, and the payee. Our stop-payment cutoff time is one hour
after the opening of the next banking day after the banking day on which
we receive the item. Additional limitations on our obligation to stop
payment are provided by law. We will honor a stop-payment request by
the person who signed the particular item, and, by any other person,
even though such other person did not sign the item, if such other person
has an equal or greater right to withdraw from this account than the
person who signed the item in question. A release of the stop-payment
request may be made only by the person who initiated the stop payment.
AMENDMENTS AND TERMINATION - We may change our bylaws and any
term of this agreement. Rules governing changes in dividend rates have
been provided separately. For other changes we will give you reasonable
notice in writing or by any other method permitted by law. We reserve
the right to close this account if your membership in this credit union
terminates. You agree to keep us informed about your current address
at all times. Notice from us to any one of you is notice to all of you.
STATEMENTS - You must examine your statement of account with
"reasonable promptness." If you discover (or reasonably should have
discovered) any unauthorized payments or alterations, you must promptly
notify us of the relevant facts. If you fail to do either of these duties,
you will have to either share the loss with us, or bear the loss entirely
yourself (depending on whether we exercised ordinary care and, if not,
whether we substantially contributed to the loss.) The loss could be
not only with respect to items on the statement but other items forged
or altered by the same wrongdoer. You agree that the time you have to
examine your statement and report to us will depend on the circumstances,
but that such time will not, in any circumstance, exceed a total of
30 days from when the statement is first made available to you.
You further agree that if you fail to report any unauthorized signatures,
alterations, forgeries or any other errors in your account within 60
days of when we make the statement available, you cannot assert a claim
against us on any items in that statement, and the loss will be entirely
yours. This 60 day limitation is without regard to whether we exercised
ordinary care. The limitation in this paragraph is in addition to that
contained in the first paragraph of this section.
DIRECT DEPOSITS - If, in connection with a direct deposit plan,
we deposit any amount in this account which should have been returned
to the Federal Government for any reason, you authorize us to deduct
the amount of our liability to the Federal Government from this account
or from any other account you have with us, without prior notice and
at any time, except as prohibited by law. We may also use any other
legal remedy to recover the amount of our liability.
TEMPORARY ACCOUNT AGREEMENT - If this option is selected, we
may restrict or prohibit further use of this account if you fail to
comply with the requirements we have imposed within a reasonable time.
FACSIMILE SIGNATURES - You authorize us, at any time, to charge
you for all checks, drafts, or other orders, for the payment of money,
that are drawn on us regardless of by whom or by what means the facsimile
signature(s) may have been affixed so long as they resemble the facsimile
signature specimen on the signature card or that are filed separately
with us, and contain the required number of signatures for this purpose.
RIGHT TO REPAYMENT OF INDEBTEDNESS - You each agree that we may
(without prior notice and when permitted by law) charge against and
deduct from this account any due and payable debt owed to us now or
in the future, by any of you having the right of withdrawal, to the
extent of such persons' or legal entity's right to withdraw. If the
debt arises from a note, "any due and payable debt" includes the total
amount of which we are entitled to demand payment under the terms of
the note at the time we charge the account, including any balance the
due date for which we properly accelerate under the note.
In addition to these contract rights, we may also have rights under
a "statutory lien." A "lien" on property is a creditor's right to obtain
ownership of the property in the event a debtor defaults on a debt.
A "statutory lien" is one created by federal or state statute. If federal
or state law provides us with a statutory lien, then we are authorized
to apply, without prior notice, your shares and dividends to any debt
you owe us, in accord with the statutory lien.
Neither our contract rights nor rights under a statutory lien apply
to this account if: (a) it is an Individual Retirement Account or other
tax-deferred retirement account, or (b) the debt is created by a consumer
credit transaction under a credit card plan (but this does not affect
our rights under any consensual security interest), or (c) the debtor's
right of withdrawal arises only in a representative capacity. We will
not be liable for the dishonor of any check or draft when the dishonor
occurs because we charge and deduct an amount you owe us from your account.
You agree to hold us harmless from any claim arising as a result of
our exercise of our right to repayment.
AGENTS - An agent is someone who you authorize to have access
to this account on your behalf. (We, however, have no duty or agreement
whatsoever to monitor or insure that the acts of the agent are for your
benefit.) This may be done by allowing your agent to sign on the space
as an authorized signer on the signature card, or by separate form (such
as a power of attorney). An agent is not an owner of the account. We
will allow agents to be appointed only on individual accounts unless
each owner of a joint account has executed a separate power of attorney
naming an agent. We may refuse to accept an agent, or an agency account.
© 1993 Bankers Systems, Inc., St. Cloud, MN Form MPAA-ILCU 2/20/2001
(page 2 of 2)
Provided in Cooperation with
the Illinois Credit Union System
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