This document contains disclosures, rules, and regulations which govern your account(s) with University First Federal Credit Union doing business as University Federal Credit Union. If you have questions about any rules governing your account, please call us at (801) 481-8800.
In this document, the words "we", "us", "our" and "Credit Union" mean University Federal Credit Union. The word "you" and "your" mean the account holder. The word "account(s)" refers to all transaction accounts offered by the Credit Union.
Deposits and Withdrawals
- 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.
- Any person(s) who signs in the space designated for signature(s) on the Membership Application 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.
- 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.
To be a member of this Credit Union, you must subscribe to at least one share. One share equals $10.00. Therefore, you must maintain a minimum balance of $10.00 in your Primary Savings account to retain your membership.
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 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, visit any of Credit Union branch location, go online at ucreditu.com or call us at (801) 481-8800.
- If at any time, the available funds in your account are not sufficient to cover checks, ACH, debit cards and other electronic transactions presented for payment on your account, those checks and other items will be handled in accordance with our overdraft procedures. Your account will then be subject to a charge for the item whether paid or returned as disclosed in our Fees & Charges schedule. This fee is imposed for any overdraft created by checks, ACH, debit cards, or by other electronic means. Additionally, more than one overdraft fee may be charged against the account per day, depending on the number of items presented, and other withdrawals made from the account.
- Except as otherwise agreed in writing, we, by covering one or any overdraft, do not agree to cover overdrafts in the future and may discontinue covering overdrafts at any time. If we pay a check or draft that would overdraw your account, you agree to pay the overdraft amount within a reasonable period of time. We reserve the right to pursue collection of previously dishonored items at any time.
- We will honor items drawn on insufficient funds by transferring funds from a savings or a loan account, as you have directed. No more than 6 transfers may be permitted in any calendar month from a savings account. Once the transfer total for the month has reached 6, any insufficient funds items will be handled in accordance with our regular overdraft procedures. The fee for these overdraft transfers and excessive transfers, if any, is set forth in our Fees & Charges schedule.
- If you qualify for our Courtesy Pay program, the University Credit Union may choose to pay a transaction even when you have insufficient funds in your checking account. Coverage for up to -$500 is automatically activated on all personal checking accounts where the primary account holder is at least 18 years old, the account has been open for 60 days, and the account is in good standing (including no delinquent loans, active bankruptcies, abuse, charged off loans or shares, etc.). This is not a line of credit, and payment of your transaction(s) is not guaranteed. The University Credit Union allows members up to $500 in Courtesy Pay transactions at any time. This includes any fees charged. Each Courtesy Pay transaction incurs a fee. If you never use the program, you have a thirty days to return your account to a positive balance. If the negative balance is not resolved in a timely manner, your account will be charged off, and we will be required to report all signer to Chex Systems. In addition, further collection may result.
- If you choose to cancel this benefit, please contact our Member Service Center at 801-481-8800 or visit any of our convenient branch locations.
RIGHT TO PAY OR RETURN
- If paper check, debit card, ACH or other electronic type transaction is presented without sufficient funds in your account to pay it, we may, at our discretion, pay the item (creating an overdraft) or return the item (NSF). While we reserve the right to pay or not pay any item presented without sufficient funds, you may request that we not pay such items. In that case, we will return any item presented without sufficient funds (NSF). If you prefer that we not pay such items you must contact us at the mailing address or phone number listed on the Fees & Charges schedule and inform us that you do not want us to pay any items presented without sufficient funds. If you do not notify us, we retain the right, in our discretion, to pay or not pay any item presented without sufficient funds. The amount of the overdraft and NSF fees are disclosed in the Fees & Charges schedule. We encourage you to make careful records and practice good account management. This will help you to avoid writing checks or drafts without sufficient funds and incurring the resulting fees. If you have not opted in for payment of debit card transactions, these transactions will not be paid. Exceptions to non-payment may apply based on other applicable requirements.
- We may pay a check on the 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 upon request. (See Fees and Charges schedule.) 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 allow 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 authorized signer, not just the person who signed the check. A release of the stop-payment must be signed by the same person authorizing the stop-payment. We must have an authorized signature on the stop-payment order within two weeks 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. The Credit Union is not responsible for any payment which occurs because of inaccurate information or the inability of the Credit Union's data processing system to identify the item(s).
- 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.
MEMBER ORGANIZATION OR BUSINESS ACCOUNTS
- Accounts held in your name, organization, or association for business purposes are subject to the same terms set forth in this Agreement and the following additional rules.
- You agree to inform us of the persons authorized to transact business on behalf of the business or organization in a form acceptable to us. The authorized parties may contract and otherwise act on behalf of the entity in connection with the account. We may rely on any information about the business or organization and/or the Membership Application until such time that we are informed of the changes in writing.
- We require checks payable to a business or organization not to be cashed but be deposited to the account of the payee. Any account used for business or organizational purposes shall be a "business account" and may be subject to business account fees or other requirements.
- No P.O.D. beneficiary designation or other designation shall apply to the accounts of organizations or businesses. Sole Proprietors may designate a beneficiary.
In accordance with the requirements of the Unlawful Internet Gambling Enforcement Act of 2006 and Regulation GG, this notification is to inform you that restricted transactions are prohibited from being processed through your account or relationship with the Credit Union. Restricted transactions are transactions in which a person accepts credit, funds, instruments or other proceeds from another person in connection with Unlawful Internet Gambling.
Funds Transfer Agreement
This agreement applies to Fed wire transfers you make through the Credit Union. These transfers are governed by several laws including Article 4A of the Uniform Commercial Code, Subpart B of the Federal Reserve Regulation J and applicable National Automated Clearing House Association ("NACHA") rules. This Agreement does not apply to any transactions subject to the Electronic Funds Transfer Act and Regulation E. In the event of any conflicting terms with this agreement and other applicable laws or regulations, this agreement shall govern.
You may request a transfer of funds to or from your account, or to and from another institution. The Credit Union security procedures apply to your transfers. We may debit any of the accounts you designate as a source of payment for funds transfers and any related fees and service charges. We have no obligation to accept or execute any payment order if (1) the account(s) from which it is to be made does not contain sufficient available collected funds; (2) the payment order is not authorized or does not comply with applicable security procedures; or (3) acting in good faith we have reasonable cause for rejecting the payment order.
PERSON(S) AUTHORIZED TO MAKE TRANSFERS
You, any authorized signer of an account, or any person authorized by a written instrument by you or any authorized signer, that is acceptable to us, may initiate, request, cancel, amend or verify transfers on your account(s). We may rely on the authority of any person(s) designated by you or any authorized signer until we receive written notice revoking or modifying that authority.
The Credit Union security procedures to verify the authenticity of a payment order apply. You agree that the authenticity of payment orders may be verified using that security procedure unless you notify us in writing that you do not agree to that security procedure. You authorize us to record any telephone communications regarding any transfer order, which we may maintain for any period of time we deem appropriate.
TIME LIMITATIONS FOR ACCEPTANCE OF ORDERS
Cut-off times for the receipt and processing of outgoing fund transfer orders, amendments or cancellations are 2:00 PM local time for international wires and 3:00 PM local time for domestic wires. Under special circumstances other cut-off times may apply. Transfer orders, cancellations or amendments received after the cut-off time may be treated as received on the next following fund transfer business day, and processed accordingly. Your request for transfer(s), amendments(s) and cancellation(s) is considered accepted when executed by us.
CANCELLATION OR AMENDMENT OF TRANSFER REQUEST(S)
You may not be able to cancel or amend a request after it is received by us. However, we may, in our sole discretion, use reasonable efforts to act on your request for cancellation or amendment. Any request for cancellation or amendment is subject to applicable security procedure(s). We shall have no liability if such cancellation or amendment is not affected. Furthermore, you agree to indemnify and hold us harmless from any and all liabilities, costs and expenses we may incur in attempting to cancel or amend any transfer.
MEMBER INSTRUCTIONS IDENTIFYING BENEFICIARY OR FINANCIAL INSTITUTION
Transfers are made based upon the account number you provide when requesting a transfer. You are responsible for all transfers made based upon the information you provide even if that information is incorrect. Wire transfers received by us for your benefit may be paid by us solely on the basis of account number.
ACCOUNT STATEMENTS AND NOTICES
- All transfers subject to this Agreement will be reflected on your periodic account statement(s). Notification of receipt of all such transfers will be provided by including such item in the periodic account statement(s) we provide to you. You may inquire whether a specific transfer has been received at any time during our normal business hours.
- You agree to review each statement or other notice for any discrepancies in connection with transfers. If you think a transfer is not authorized, wrong, or if you need more information about a transfer, you must contact us in writing upon discovery of the error or within 60 days after you receive the first notice or statement that reflects the discrepancy you allege, whichever is earlier. Failure to do so will relieve us of any obligation to pay dividends or otherwise compensate you for the amount of any unauthorized or erroneous transfer.
METHOD USED TO MAKE THE WIRE TRANSFER
The Credit Union will select the means for transfer of funds. We are not responsible for performance failure as a result of an interruption in transfer facilities, labor disputes, power failures, equipment malfunctions, suspension of payment by another party, refusal or delay by another financial institution to accept the transfer, war, emergency conditions, fire, earthquake or other circumstances not within our control.
LIMITATIONS OF CREDIT UNION'S LIABILITY
In addition to any applicable defense or exception from liability, the Credit Union shall not be liable for any special, indirect, exemplary, consequential, or punitive damages (including lost profits). Further, we shall in no case be responsible for the payment of any attorneys' fees or other legal expenses whatsoever. If we become obligated to pay dividends to you under applicable law, you agree that the dividend rate shall be equal to the dividend rate applicable to the account on which the transfer was made.
NOTICE OF RECEIPT OF ACH ITEMS
The Credit Union does not give you next day notice of receipt of an ACH item. We will continue to notify you of receipt of payments in the periodic statements.
The Credit Union may give you a credit for ACH payments or wire transfers before we receive final settlement of the funds transfer. We reserve the right to reject any such payment or transfer without liability to you. Any such credit is provisional until we receive final settlement. If we do not receive such settlement, we are entitled to a refund from you in the amount provisionally credited.
CHOICE OF LAW
Utah law shall apply to funds transfers to or from the Credit Union.
Electronic Funds Transfer Agreement
We provide 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, withdrawals, deposits, transfers, and payments performed at an Automated Teller Machine (ATM). 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 payments by calling us at (801) 481-8800. Any telephone stop-payment must be confirmed in writing at the Credit Union within two weeks from the date of your call. The Credit Union's customary stop-payment charges apply to the stop-payments on automatic transfers. (See Fees & Charges schedule.)
- 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. Electronic fund transfers are subject to the rules and terms in effect at the time the transfers are made. Notice of changes will be given to you in writing at least twenty-one (21) 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 disclosed in the Credit Union's Fees & Charges schedule. These charges are subject to change.
- 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; call 801-481-8800 for details.) 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 sixty (60) days of the date of the statement.
ERROR RESOLUTION NOTICE
In case of errors or questions about your electronic transfers, telephone us at (801) 481-8800 or write us at P.O. Box 58025, Salt Lake City, UT 84158, as soon as you can if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt.
We must hear from you no later than sixty (60) days after we sent the first statement on which the problem or error appeared.
- Tell us your name and account number (if any);
- Describe the error or the transfer you are unsure about and explain as clearly as you can why you believe it is an error or why you need more information;
- Tell us the dollar amount of the suspected error.
If you tell us verbally, we may require you to send us your complaint or question in writing within ten business days (or 20 business days for foreign-initiated transactions and all transfers resulting from point-of-sale debit card transactions) after we hear from you and will correct any error promptly.
If we need more time, however, we may take up to 45 days (or 90 days for foreign-initiated transactions and all transfers resulting from point-of-sale debit card transactions) to investigate your complaint or questions. If we decide to do this, we will re-credit your account within 10 business days (or 20 business days for foreign-initiated transactions and all transfers resulting from point-of-sale debit card transactions) for the amount you think is in error so that you will have the use of the money during the time it takes us to complete our investigation.
If we ask you to put your complaint or question in writing and we do not receive it within 10 business days (or 20 business days for foreign-initiated transactions and all transfers resulting from point-of-sale debit card transactions), we may not re-credit your account.
If we decide that there is no error, we will send you a written explanation within three business days after we finish our investigation. You may ask for copies of the documents that we used in our investigation.
ELECTRONIC CHECK CONVERSION
You may issue checks that are converted by the merchant or payee to be an electronic debit from your checking account. These transactions are subject to the terms of this electronic funds transfer agreement. The Credit Union is unable to provide you with copies of checks that are electronically converted.
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 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.
FUNDS AVAILABILITY POLICY
The University Federal Credit Union maintains a general policy that the 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 legal holidays. If you make a deposit 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 applies to ATM withdrawals. This ATM withdrawal limit is 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 when a delay has been imposed and given the date your funds will be available.
REMOTE DEPOSIT CAPTURE (RDC)
For check deposits made through RDC in an amount less than or equal to $500, all $500 will generally be available for withdrawal immediately once the deposit is credited to your account. For check deposits made through RDC in an amount greater than $500, the funds in excess of the first $200 will generally be available on the second (2nd) business day following the day the deposit is credited to your account. This notice applies to check deposits received through RDC and does not supersede University Federal’s general Funds Availability Policy.
If we are not going to make funds from your RDC deposit available as described herein, we will notify you of longer delays as required by the Funds Availability Policy. By using RDC, you agree to receive any notice of longer delay via electronic communication to the electronic mail address provided in your Online Banking enrollment.
We may make funds available sooner depending on factors we at our sole discretion deem relevant, including but not limited to your account history with University Federal and your creditworthiness.
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. More information.
UNIVERSITY FEDERAL CREDIT UNION MOBILE BANKING REMOTE DEPOSIT CAPTURE (RDC) SERVICE "MOBILE CHECK DEPOSIT" TERMS AND CONDITIONS
Use of UNIVERSITY FEDERAL CREDIT UNION’s Mobile Remote Deposit Capture Service ("RDC"), is subject to approval by UNIVERSITY FEDERAL CREDIT UNION ("University Federal," "we," "us"). If you, the account-holder are approved for RDC, you agree that use of RDC is subject to the following terms and conditions:Use of UNIVERSITY FEDERAL CREDIT UNION’s Mobile Remote Deposit Capture Service ("RDC"), is subject
to approval by UNIVERSITY FEDERAL CREDIT UNION ("University Federal," "we," "us").
If you, the account-holder are approved for RDC, you agree that use of RDC is subject to the following
terms and conditions:
Terms and Conditions
1. Remote Deposit Capture Process. RDC allows you to make check deposits to your University Federal
savings (share) or checking (share draft) accounts from remote locations scanning both sides of checks
and delivering the check images and associated deposit information to University Federal or University
Federal’s designated third party service provider.
2. Technical Issues. University Federal is not responsible for any technical difficulties you experience
attempting to use RDC.
3. Equipment Compatibility. To use University Federal’s RDC service, you must have a suitable mobile
4. Notifications and Member Responsibility. When you make a successful RDC deposit, you will be
notified by an in-application message. You agree that once you have received confirmation that we
have successfully processed your RDC deposit, you will clearly mark "mobile deposit" and the date of
processing on the face of the item;
4a. Item Retention and Destruction. Shred or otherwise destroy the original of the item you deposited
to avoid its being deposited again after 60 days. You agree to defend, indemnify and hold University
Federal and any University Federal third party service provider from any claims, damages, losses,
liability or expenses to which we or our service provider may become subject as a result of an item you
deposited via RDC being presented for duplicate payment.
5. Deposit Requirements. Only the following items are eligible for RDC deposit: checks drawn on U.S.
financial institutions in U.S. dollars, or checks drawn on United States Treasury, or checks drawn on any
state or local government of the United States. Checks must be payable to you and endorsed by you,
consistent with the terms of the University Federal policy applicable to the account to which the
deposit is made. You agree not to attempt to use RDC to deposit checks with any of the following
a. The check is not payable to you;
b. There is any apparent alteration to the front of the check;
c. You know or have reason to believe that the check is fraudulent or otherwise not authorized by the
owner of the account on which the check is drawn;
d. The check is payable in a currency other than U.S. dollars;
e. The check has been previously converted to a substitute check as defined in the Expedited Funds
f. The check has been remotely created;
g. The date of issue of the check is more than 6 months prior to the attempted deposit date;
h. You have any reason to believe that the check will not be paid by the institution on which it is drawn.
i. The check is from your checking account with University Federal.
6. Legibility and Compliance. The check image transmitted via RDC must be legible and compliant with
requirements established from time to time by ANSI, the Board of Governors of the Federal Reserve, or
any other regulatory agency, clearinghouse or association.
7. Rules, Laws, Regulations. You agree to abide by and comply with all the local, state and federal
rules, laws and regulations, including but not limited to, Regulation CC –“Expedited Funds Availability
Act”, it’s Subparts B, C and D (Subparts D implements the Check Clearing for the 21st Century Act
(Check 21 Act) Bank Secrecy Act (BSA) and laws administered by the United States of America which
are in existence as of the date of this Agreement and as amended from time to time.
8. Service Alteration or Termination. We may terminate or change the terms of RDC service at any
time, including but not limited to the categories of checks we will accept for deposit via RDC or
endorsement requirements, with or without notice to you.
9. Item Refusal. We may, at our sole discretion, refuse to accept any item presented for deposit via
RDC. We will notify you via the electronic mail address provided in your Online Banking enrollment. We
will have no liability to you for declining to accept items presented for deposit via RDC.
10. Fund Availability. For checks deposits made through RDC in an amount less than or equal to $500,
all $500 will generally be available for withdrawal immediately once the deposit is credited to your
account. For check deposits made through RDC in an amount greater than $500, we are notifying you
in advance that the funds in excess of the first $200 will generally be available on the second (2nd)
business day following the day the deposit is credit to your account. This notice applies to check
deposits received through RDC and does not supersede University Federal’s general Funds Availability
If we are not going to make funds from your RDC deposit available as described herein, we will notify
you of longer delays as required by the Funds Availability Policy. By using RDC, you agree to receive
any notice of longer delay via electronic communication to the electronic mail address provided in your
Online Banking enrollment.
We may make funds available sooner depending on factors we at our sole discretion deem relevant,
including but not limited to your account history with University Federal and your creditworthiness.
11. Error Notification. You agree to notify us of any errors with respect to RDC deposits within 60 days
after we send you the first periodic statement on which they appear. We will review your claim and
correct any error on our part. We will not, however, be responsible for errors asserted more than 60
days after we send you the periodic statement on which they appear.
12. Proprietary Content. You agree not to copy, reproduce, distribute or create derivative works from
the content of the RDC service or to reverse engineer or reverse compile any technology used to
provide the RDC service. University Federal and our third party service providers, if any, retain all
ownership and proprietary rights in the Services, associated content, technology and web sites.
13. DISCLAIMER OF WARRANTIES. YOU AGREE THAT YOUR USE OF THE SERVICES AND ALL
INFORMATION AND CONTENT (INCLUDING THAT OF THIRD PARTIES) IS AT YOUR RISK AND IS
PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS. WE DISCLAIM ALL WARRANTIES OF ANY KIND
AS TO THE USE OF THE SERVICES, WHETHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO
IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR
NONINFRINGEMENT. WE MAKE NO WARRANTY THAT THE SERVICES WILL MEET YOUR
REQUIREMENTS, THAT THE SERVICES WILL BE UNINTERRUPTED, TIMELY, SECURE OR ERROR-FREE,
THAT THE RESULTS THAT MAY BE OBTAINED FROM THE SERVICE WILL BE ACCURATE OR RELIABLE,
OR THAT ERRORS IN THE SERVICES OR TECHNOLOGY WILL BE CORRECTED.
14. LIMITATION OF LIABILITY. YOU AGREE THAT WE WILL NOT BE LIABLE FOR ANY DIRECT, INDIRECT,
INCIDENTAL, SPECIAL, CONSEQUENTAL OR EXEMPLARY DAMAGES, INCLUDING BUT NOT LIMITED TO
DAMAGES FOR LOST PROFITS, GOODWILL, USE, DATA OR OTHER LOSSES RESULTING FROM USE OF
THE SERVICES, INABILITY TO USE THE SERVICES, OR TERMINATION OF THE SERVICES, INCURRED BY
YOU OR ANY THIRD PARTY, REGARDLESS OF THE FORM OF ACTION OR CLAIM (WHETHER CONTRACT,
TORT, STRICT LIABILITY OR OTHERWISE), EVEN IF UNIVERSITY FEDERAL HAS BEEN INFORMED OF THE
15. Item Validity. You agree and warrant to University Federal that:
a. You will use RDC only to transmit eligible checks;
b. Check images will meet quality standards;
c. You will not use RDC to transmit duplicate items;
d. You will not deposit or re-present the original item once it has been submitted for deposit via RDC;
e. All information you provide to University Federal is accurate and correct; and
f. You will comply with this Agreement, all agreements you have with University Federal, and all
applicable rules, laws and regulations.
16. Agreement Changes. We can change the terms of this Agreement by notice to you. This
Agreement is made in Utah and Utah law and applicable federal law will govern its interpretation. If
you become indebted to University Federal by your use of RDC, you agree that we can recover costs we
incur in collecting what you owe, including attorney’s fees and costs in addition to any other remedies
the court finds proper. If a provision of this Agreement is found to be invalid, the remaining provisions
will continue in effect.
17. Service Fees. There is currently no monthly fee associated with the RDC service. You agree to pay
any fees or charges for deposit fees that accumulate as a result of your use of RDC.
18. UFCU Item Retention. We will retain any substitute checks generated through the RDC service for
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 accounts.
All Savings and Checking accounts (except Certificate accounts) are subject to the following terms and conditions:
- Rate information--The dividend rate and Annual Percentage Yield (APY) on your account may change. The dividend rate and APY may change every month as determined by the Credit Union Board of Directors.
- Compounding and crediting frequency - Dividends are compounded 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 effective date of deposit 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.
- Transaction limitations--During any statement period, a savings account is only permitted to have up to six (6) pre-authorized or automatic withdrawals, telephone transfers, or transfers initiated electronically to another account at the same credit union or to a third party during a calendar month or statement cycle. Not counted against this six (6) monthly transfer limit are those transfers that the member makes in person, at an ATM, by mail, by messenger or by a telephone call that results in a check being mailed to the member.
TERMS FOR SAVINGS ACCOUNTS
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 a Primary Savings account is $10.00; Money Market Account is $1,000, and High Yield Money Market Account is $25,000. Secondary Savings Accounts are available with no minimum balance.
- Fees--See Fees & Charges schedule.
- No ATM transactions are allowed on Secondary Savings and Money Market Accounts.
- Minimum balance to obtain the Annual Percentage Yield disclosed--You must maintain a minimum balance of $10.00 in the Primary Savings account each day to obtain the disclosed Annual Percentage Yield.
TERMS FOR CHECKING ACCOUNTS
Checking Accounts are subject to the following terms and conditions in addition to the general terms:
- Minimum balance requirements--The minimum balance to open the account is zero. Crimson Checking is subject to a $7 monthly maintenance fee if the balance drops below $1,000 during the month or the combined share balances drop below $25,000. Smart Checking is subject to a monthly maintenance fee of $5 if four out of ten criteria are not met during the month.
- Fees--See Fees & Charges schedule.
- Transaction limitations--No transaction limitations apply to this account.
- Dividends are not paid on eChecking and Smart Checking; however dividends are paid on the entire balance of Crimson Checking accounts.
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 schedule.
- 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. The entire Christmas Club account balance, including dividends for the month of November, will be transferred to your specified Credit Union account or a check will be mailed to you the day following Thanksgiving.
TERMS FOR IRA ACCUMULATOR ACCOUNTS
IRA Accumulator 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 zero.
- Fees--See Fees & Charges schedule.
TERMS FOR SAVINGS SECURED LOAN ACCOUNTS
Savings Secured Loan 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 funds pledged to secure your loan. The balance in this account must equal or exceed the amount owed on your savings secured loan.
- Fees--See Fees & Charges schedule.
- Transaction limitations--No withdrawals are permitted on this account except when balances exceed the amount of the secured loan, including accrued loan interest and, if any, late fees. Deposits cannot be made into this 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 (APY) 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 APY. The disclosed APY assumes the principal and dividends paid will remain in the certificate until maturity. A withdrawal of principal or dividends prior to maturity will reduce earnings.
For the One-Time Bump Certificate a one time dividend rate increase is allowed when initiated by an account owner.
- Compounding and crediting frequency—Dividends are compounded and credited monthly.
- Balance computation method--We use the daily balance method to calculate the dividends on your account. Dividends may be paid monthly to the certificate, transferred to another account or withdrawn.
- Accrual of dividends—Dividends will begin to accrue on the effective date of deposit 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.
- Minimum balance requirements—The minimum balance required to open a Certificate account varies based on the type of Certificate. The minimum opening balance for a Regular Certificate, or a One Time Bump Certificate is $1000; the minimum opening balance for an IRA Certificate, or an IRA One Time Bump Certificate is $500; the minimum balance for an Access Certificate is $500; and, the minimum balance for a Jumbo Certificate is $100,000.
When exercising the quarterly withdrawal option on Access Certificate accounts, the Access Certificate balance must not fall below $100 in order to keep the Access Certificate account open.
- 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. All Certificates except Jumbo Certificates shall automatically renew at the rate and term offered on the maturity date unless it is withdrawn within a seven (7) day grace period after the maturity date. No grace period will be allowed for Jumbo Certificates.
Early withdrawal penalties—If there are withdrawals from a certificate prior to the maturity date, the account holder shall forfeit ninety (90) days dividend on certificate maturities up to 12 months, one hundred and eighty (180) days dividend on certificate maturities of more than 12 months with the exception of the Special 30 Month One Time Bump Certificate, which will forfeit three hundred sixty five (365) days dividend (or such lesser amount as may hereafter be required by applicable laws or regulations) 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. This may reduce the amount of the principal.For the Access Certificate one penalty free withdrawal may be made per calendar quarter. The certificate balance, however, must not fall below $100.
- Transaction limitations - After the account is opened, you may not make additions into the account until the maturity date stated on the account. You may not make withdrawals of principal from your account before maturity except as specified in the paragraph above for the Access Certificate account. You can only withdraw dividends credited in the term before maturity of that term without penalty. You can withdraw dividends anytime during the term of crediting after they are credited to your 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.
TERMS FOR U SAVE ACCOUNTS
U Save Accounts are subject to the following terms and conditions:
- Compounding and crediting frequency-Dividends are compounded and credited monthly.
- Rate Information—The dividend rate and Annual Percentage Yield (APY) are fixed for the term of your U Save account.
- Balance computation method—We use the daily balance method to calculate the dividends on your account.
- Accrual of dividends—Dividends will begin to accrue on the effective date of deposit 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 divided period are made.
- Transaction Limitations—A monthly automatic deposit must be set up and maintained for this account.
- Minimum balance to open the account—The minimum balance required to open a U Save account is $10.
- 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 U Save Account. The U Save account shall automatically renew at the rate and term offered on the maturity date unless it is withdrawn within the seven (7) day grace period after the maturity date.
- Early withdrawal penalties—If there are withdrawals from the U Save Account prior to the maturity date, the account holder shall forfeit ninety(90) days dividend on maturities of up to 12 months and one hundred and eighty (180) days dividend on maturities of more than 12 months (or such lesser amount as may hereafter be required by applicable laws or regulations) 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. This penalty may reduce the amount of the principal.
- Exceptions to the penalty—Early withdrawal penalties do not apply to early withdrawals because of death, incompetence, or disability of the holder, unless the U Save Account has been renewed after the occurrence of such an event.
All member accounts at the University Federal Credit Union are federally insured by the National Credit Union Share Insurance Fund.
*Additional terms, conditions, and disclosures provided on request.
For a copy of our Cardholder Agreement, contact email@example.com or by phone at 801-481-8800.