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Disclosures
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Introduction
Deposits and Withdrawals
Membership Requirements
Liens
Dividends
Checking Accounts
Electronic Funds Transfer Agreement
Electronic Check Conversion
Funds Availability Disclosure
Truth-in-Savings Disclosure
General Terms
Terms for Regular Share Accounts
Terms for Secondary Share Accounts
Terms for Checking Accounts
Terms for Money Fund Accounts
Terms for Christmas Club Accounts
Terms for Individual Retirements Accounts
Terms for Share Secured Loan Savings Accounts
Terms for Certificate Accounts
Privacy Policy

INTRODUCTION

This page contains disclosures, rules, and regulations which govern your account(s) with the University Credit Union. Opening or continuing use of your account after receiving this brochure constitutes your agreement to the rules contained herein. If you have questions about any rules governing your account, please call us at (801)481-8800.

In this site, the words “we”, “us”, and “the Credit Union” mean the University Credit Union. The word “you” means the share/account holder. The word “Account(s)” refers to all transaction accounts offered by the Credit Union.

DEPOSITS AND WITHDRAWALS

DEPOSITS

Provisional credit is given to all deposited items, other than cash, subject to actual payment being received by the Credit Union.
The Credit Union may forward items for collection to correspondent banks. The Credit Union will not be liable for actions of a correspondent bank or for items lost in transit.

WITHDRAWALS

Any one of you who signs in the space designated for signatures on the Membership Application Card may withdraw or transfer all or any part of the account balance at any time, subject to the provisions of Utah Code Annotated 7-9-32 (unless we clearly agree with you to the contrary on the Signature Card for the account).
We reserve the right to refuse any withdrawal or transfer request which is attempted by any method not specifically permitted, which exceeds any frequency limitation or violates any minimum or maximum dollar limitation. We will use the date a transaction is completed by us (as opposed to the date you initiate it) to apply any frequency limitations.

MEMBERSHIP REQUIREMENTS

To be a member of this Credit Union, you must subscribe to at least five shares. You must maintain a minimum balance of $10.00 in shares or your membership will be terminated with the Credit Union.

LIENS

We have a lien and right of set off on any funds in your account or an account jointly held by you, including funds now or hereafter deposited with us:

This lien does not apply to funds deposited to an Individual Retirement Account.
This lien secures any amount you may now or hereafter owe us.
We may enforce this lien by applying your funds directly to any amount you owe us.
We may exercise this right without obtaining a court judgment, as permitted by law.

DIVIDENDS

Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period.
Dividends are calculated using the daily balance method, which applies a daily periodic rate to the principal in the account each day.
The Annual Percentage Yield is based upon monthly posting of dividends.
The Annual Percentage Yield is a percentage which reflects the total amount of dividends that would be paid to your account assuming all funds initially deposited remained on deposit for a full year. The computation is based on the dividend rate and the frequency of compounding for a 365 day period (366 days in Leap Year). The result is expressed in the Annual Percentage Yield.
Cash deposits to all deposit accounts begin earning dividends when they are posted. Deposits in the form of checks or other means begin earning dividends no later than when the amount is collected by the Credit Union.
Dividends are not earned for any time before a deposit has been posted to your account.
To verify current dividend rates, you may pick up a schedule from the nearest Credit Union branch location or call us at (801) 481-8800.

VI. CHECKING ACCOUNTS

The Credit Union is under no obligation to pay any item which exceeds the available balance in your account. However, we will make three (3) non-automatic courtesy transfers per month from available funds in your Regular Share Account when requested in order to pay items that exceed the available balance in your checking account. Any further items which exceed the available balance in your checking account in the month will be returned, regardless of the available balance in your Regular Share Account.
We may pay a check on whatever day it is presented for payment, notwithstanding the date appearing on the check unless you have given us notice of the postdating in the same manner as a stop payment order. You must precisely identify the check with the account number and exact amount and instruct us not to pay the check before the date on the check. The notice must be received in time to give us reasonable opportunity to act on it.
Paid checks will not be returned to you. We will make photocopies of specific paid checks available to you on your request. (See Fees & Charges.) Photocopies may be obtained within the seven year period following the date a check is paid.
A stop payment order must be received in time to give us reasonable opportunity to act on it and before our stop-payment cutoff time. You must precisely identify the account number, check number, and amount of the check. We will honor a stop payment order by any account owner, not just the owner who signed the check. A release of the stop payment must be signed by the same owner authorizing the stop payment. We must have an authorized signature on the stop payment order within 24 hours of the request or the stop payment will be reversed.
If we dishonor a check by mistake, our liability is limited to actual damages proved.
If the sum of all items presented for payment on your account exceeds the funds available for withdrawal, you agree that we may pay or refuse to pay the items in any order we choose.
We may close your account at any time by mailing you a notice with a remittance for the balance therein. We are not liable for any checks presented for payment after the account has been so closed.

ELECTRONIC FUNDS TRANSFER AGREEMENT

The University Credit Union provides several accounts and services which involve electronic funds transfers. These accounts or services include direct deposit, telephone transfers, account transfers, automated clearing house (ACH) deposits or withdrawals, automatic payments to third parties, and withdrawals, deposits, transfers, and payments performed at an Automated Teller Machine. The following terms and conditions apply to these accounts.

Direct deposit, ACH deposits and withdrawals and automatic payments are voluntary arrangements you may establish. Automatic transfers may be stopped, provided you advise the Credit Union at least three (3) business days before the scheduled transfer date. You may stop payment by calling the Credit Union at (801) 481-8800. Any telephone stop payment must be confirmed in writing at the Credit Union within five (5) days of the date of your call. The Credit Union's customary stop payment charges apply to the stop payments on automatic transfers. (See Fees & Charges.)
The Credit Union is not responsible for losses or damages resulting from non-arrival of deposits.
Information regarding your accounts will be given to third parties only: (a) in order to comply with the order of a government agency or court; (b) if you give the Credit Union written permission; or (c) where necessary to complete an automatic transfer.
The Credit Union can amend this agreement as necessary. Notice of changes will be given to you in writing at least fifteen (15) days before the effective date of the amendment. Any of the accounts or services may be discontinued by the Credit Union in the future.
Service charges for transactions or services may apply. These charges are set forth in the Credit Union's schedule of fees and charges. These charges may be changed in the future.
All deposits are subject to the Credit Union's deposit hold policies and procedures. All transactions are binding upon the Credit Union after its verification. Transactions made after normal business hours each day may be posted on the next business day. The Credit Union may set limits on the amount and number of types of available transactions. You are responsible for assuring that sufficient collected and verified funds are available to meet all transfer or withdrawal requests.
The maximum liability of the Credit Union shall be the actual damages caused by the Credit Union's breach of this agreement. The Credit Union is not responsible for incidental, consequential or punitive damages.
The Credit Union's business hours are Monday through Friday from 9:00 a.m. to 6:00 p.m. (Saturdays, 9:00 a.m. to 2:00 p.m.), excluding legal holidays. (Some branch hours vary; see back inside page.) All accounts or services may not be available at all Credit Union locations.
The Credit Union is not responsible for any losses or damages resulting from circumstances beyond the Credit Union's control.
All statements will be considered final and accepted by you unless you notify the Credit Union within twenty (20) days of the date of the statement.

IN CASE OF ERRORS OR QUESTIONS CONCERNING YOUR ELECTRONIC TRANSFER, telephone us at (801) 481-8800 or write us at P.O. Box 58025, Salt Lake City, UT 84158, as soon as possible if you think your statement is wrong or if you need more information about a transfer listed on the statement. We must hear from you no later than sixty (60) days from the mailing date of the statement in which the error occurred. If you have a question: (1) Tell us your name and account number; (2) Describe the error or the transfer you are unsure about and explain as clearly as you can why you believe there is an error or why you need more information; (3) Tell us the dollar amount of the suspected error. If you tell us orally, we may require you to send us your complaint in writing within ten (10) business days. We will credit your account for the amount you think is in error so that you will have use of the money during the time it takes us to complete our investigation. We have thirty (30) days from that point to either make a final disposition of the error or to notify you as to why our investigation will take longer. If we take more than thirty (30) days to do one of these two things, your account will receive a final credit whether it is in error or not.

ELECTRONIC CHECK CONVERSION

More and more merchants are using electronic check conversion - a service that converts a paper check into an electronic payment at the point of sale.

How electronic check conversion works.

When a check is given to a store merchant, the check is processed through an electronic system that captures your Credit Union information and the amount of the check. When a check is given for payment federal law requires that notice be given stating that information from your check will be used to make an electronic payment from your account. Notice may be provided in different ways. For example, a merchant may post a sign at the register or may give you a written notice that you'll be asked to sign. You will be given a receipt for the electronic transaction to keep for your records. The merchant will void or mark the check and hand it back to you.

It is important to keep all processed checks, particularly when proof of payment is needed. Since the checks are not processed by the Credit Union in the traditional sense, we may be unable to give a duplicate copy of the check.

What electronic check conversion means to you.

Electronic checks are processed immediately. If you write a check today, you need to have the funds in your account today to cover it. If the funds are not immediately available a non-sufficient funds fee will be assessed by the Credit Union (see funds availability disclosure).

FUNDS AVAILABILITY DISCLOSURE

The Funds Availability Act was created by Congress to ensure that depositors of all financial institutions across the country will have timely access to their deposits. The Act has established guidelines which will regulate the maximum time that deposits to checking accounts can be held.

What It Means to You

Our policy has always been to make funds immediately available to members, and only on occasion do we have to hold certain funds for deposit, so you shouldn’t notice any changes in service.

The University Credit Union’s Funds Availability Policy

The University Credit Union maintains a general policy that funds you deposit at the Credit Union are immediately available for withdrawal. For determining the availability of your deposits, every day is a business day except Saturdays, Sundays and federal holidays. If you make a deposit after 5:00 p.m. (6:00 p.m. at a drive-up facility) or on a day we are not open, we will consider that the deposit was made on the next business day we are open. A maximum daily withdrawal limit of $500 per day applies to ATM withdrawal. This ATM withdrawal limit is not conditioned on availability of funds you deposit.

Longer Delays May Apply

On a case-by-case basis and for several reasons, the Credit Union may receive a deposit for collection only or otherwise delay availability of deposits. If availability of your deposit is to be delayed, and you make your deposit directly to a Credit Union employee, you will be given a notice at the time of the deposit. This notice will tell you that a delay is being imposed and will tell you when the funds will be available. If your deposit is made at an unstaffed facility, such as an ATM or night depository, or if the Credit Union decides to delay availability after you have left the Credit Union, we will mail you notification of the delay by the close of business on the next business day after the date of deposit. If your deposit is made directly to a Credit Union employee without a decision being made about availability, you will be notified that a delay has been imposed and given the date your funds will be available. They will generally be available no later than the sixth business day after the day of your deposit.

If you have any questions regarding the availability of a specific deposit, you should check with the Credit Union as soon as possible after the deposit has been made.

TRUTH-IN-SAVINGS DISCLOSURE

The Truth in Savings Act (TISA) was adopted by the National Credit Union Administration on September 9, 1993, and went into effect January 1, 1995. The purpose of Truth in Savings is to assist consumers in making informed decisions regarding their deposit accounts.

GENERAL TERMS

All Deposit Accounts (except Certificates) are subject to the following terms and conditions::

Rate information—The dividend rate and Annual Percentage Yield on your deposit account may change. The dividend rate and Annual Percentage Yield may change every month as determined by the Credit Union Board of Directors.
Compounding and crediting frequency—Dividends will be compounded monthly and credited monthly. If the account is closed before dividends are credited, you will not receive accrued dividends.
Balance computation method—Dividends are calculated using the daily balance method, which applies a daily periodic rate to the principal in the account each day.
Accrual of dividends—Dividends will begin to accrue on the business day following the effective date of deposit of items to your account.
Nature of dividends—Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period are made.

TERMS FOR REGULAR SHARE ACCOUNTS

Regular Share Accounts are subject to the following terms and conditions in addition to the general terms:

Minimum balance to open the account—The minimum balance required to open this account is $10.00. A new membership fee of $5.00 will be charged when opening a Regular Share Account.
Fees—See Fees & Charges.
Minimum balance to obtain the Annual Percentage Yield disclosed—You must maintain a minimum balance of $25.00 in the account each day to obtain the disclosed Annual Percentage Yield.
Transaction limitations—During any statement period, you may not make more than six (6) withdrawals or transfers to another Credit Union account of yours or to a third party. No more than three (3) of the six (6) transfers may be made by check, Automated Teller Machine (ATM), telephone, Home Teller, or similar order, if applicable. If you exceed the transfer limitations set forth above in any statement period, your account may be subject to a fee or to closure by the Credit Union. (See Fees & Charges.)

TERMS FOR SECONDARY SHARE ACCOUNTS

Secondary Share Accounts are subject to the following terms and conditions in addition to the general terms:

Minimum balance to open the account—The minimum balance required to open this account is zero.
Fees—See Fees & Charges.
Transaction limitations—During any statement period, you may not make more than six (6) withdrawals or transfers to another Credit Union account of yours or to a third party. No more than three (3) of the six (6) transfers may be made by check, Automated Teller Machine (ATM), telephone, Home Teller, or similar order, if applicable. If you exceed the transfer limitations set forth above in any statement period, your account may be subject to a fee or to closure by the Credit Union. (See Fees & Charges.)

TERMS FOR CHECKING ACCOUNTS

Checking Accounts are subject to the following terms and conditions in addition to the general terms:

Minimum balance to open the account—The minimum balance required to open this account is zero.
Fees—An insufficient funds fee will be charged for each item returned for insufficient funds. See the Fees & Charges for other fees that may apply to this account.
Transaction limitations—No transaction limitations apply to this account.

TERMS FOR MONEY FUND ACCOUNTS

Money Fund Accounts are subject to the following terms and conditions in addition to the general terms:

Minimum balance to open the account—The minimum balance required to open this account is zero.
Fees—See Fees & Charges.
Transaction limitations—No Automated Teller Machine (ATM) transactions are allowed on this account. During any statement period, you may not make more than six (6) withdrawals or transfers to another Credit Union account of yours or to a third party. No more than three (3) of the six (6) transfers may be made by check, Automated Teller Machine (ATM), telephone, Home Teller, or similar order, if applicable. If you exceed the transfer limitations set forth above in any statement period, your account may be subject to a fee or to closure by the Credit Union. (See Fees & Charges.)

TERMS FOR CHRISTMAS CLUB ACCOUNTS

Christmas Club Accounts are subject to the following terms and conditions in addition to the general terms:

Minimum balance to open the account—The minimum balance required to open this account is zero.
Fees—See Fees & Charges.
Transaction limitations—During any month, you may not make any withdrawals or transfers from your Christmas Club Account without your account being subject to closure by the Credit Union. A check for the balance of the Christmas Club Account, including dividends for the month of December, will normally be mailed to the address on file with the Credit Union during the first week of December.
Dividend calculation for December—Dividends for December will be calculated on the account balance at the time checks are mailed to account holders. Dividends will be paid for the entire month of December.

TERMS FOR INDIVIDUAL RETIREMENT ACCOUNTS (IRA)

IRA Accounts are subject to the following terms and conditions in addition to the general terms:

Minimum balance to open account—If you are not already a member, you must deposit $25.00 in a Regular Share Account. A new membership fee will be charged when opening a Regular Share Account.
Fees—See Fees & Charges.

TERMS FOR SHARE SECURED LOAN SAVINGS ACCOUNTS

Share Secured Loan Savings Accounts are subject to the following terms and conditions in addition to the general terms:

Minimum balance to open the account—The minimum balance required to open this account is determined by the amount of shares being pledged to secure your loan. The share balance in this share account must equal or exceed the amount owed on your share secured loan.
Fees—See Fees & Charges.
Transaction limitations—The share balance in this account must equal or exceed the amount owing on your share secured loan. No withdrawals are permitted on this account except when balances exceed the amount of the secured loan, including accrued dividends and, if any, late fees. Deposits cannot be made into this share account after the initial amount is pledged against the loan.

TERMS FOR CERTIFICATE ACCOUNTS

Certificate Accounts are subject to the following terms and conditions:

Rate information—The dividend rate for your account and the Annual Percentage Yield are stated on the face of the certificate. Also stated on the face of the certificate is the maturity date and the minimum balance requirement to obtain the disclosed Annual Percentage Yield. The Annual Percentage Yield assumes dividends paid will remain on deposit until maturity. A withdrawal of dividends prior to maturity will reduce earnings.
Balance computation method—We use the daily balance method to calculate the dividends on your account. Dividends may be paid monthly to the certificate or withdrawn and mailed to you.
Renewal—The Credit Union will mail a notice of maturity to the primary owner's address on record at least 13 days prior to maturity. This notice will request that contact be made with the Credit Union prior to maturity if any change is to be made to the certificate. A regular or IRA certificate shall be automatically renewed at the rate and term offered on the maturity date unless it is withdrawn within a 7 day grace period after the maturity date. No grace period will be allowed for Jumbo Certificates. Upon renewal, a Jumbo Certificate will be transferred to your Regular Savings Account and receive earnings at the rate then paid on Regular Savings Accounts.

Early withdrawal penalties—Certificate Accounts and Jumbo Certificates: Withdrawals from this account prior to the maturity date require a forfeiture of 90 days dividend on 90 day to 12 month certificates and 180 days dividend on certificates with terms in excess of 12 months, whether earned or not, on the amount withdrawn at the rate being paid in the account, regardless of the length of time the funds withdrawn have remained in the account.
Exceptions to the penalty—Early withdrawal penalties do not apply to early withdrawals because of death, incompetence, or disability of the holder, unless the certificate has been renewed after the occurrence of such an event.
Compounding and credit—Dividends will be compounded monthly and credited monthly.

All member accounts at the University Credit Union are federally insured by the National Credit Union Share Insurance Fund.

Additional terms, conditions, and disclosures provided on request.

PRIVACY POLICY

We collect nonpublic personal information about you from the following sources:

Information we receive from you on applications or other forms;
Information about your transactions with us or others; and
Information we receive from a consumer reporting agency.

We do not disclose any nonpublic personal information about our members and former members to anyone, except as permitted by law.

We restrict access to nonpublic personal information about you to those employees who need to know that information to provide products or services to you. We maintain physical, electronic and procedural safeguards that comply with federal regulations to guard your nonpublic personal information.