To be read and acknowledged by all applicants.
The words I, Me, Mine, My, You, Your, and We mean all persons who signed the Checking Account Application and agreed to the terms of this Checking Account Agreement (Agreement). The term "Credit Union" and the initials MEFCU mean Marriott Employees' Federal Credit Union. For purposes of this Agreement, the term "account" or "checking account" refers to both the Regular Checking and the Free Checking accounts, except where there is a specific reference to an individual account type.
I/We authorize MEFCU to establish a checking account, in my/our name(s) and to pay drafts signed or other items authorized by me/us and charge all such payments against shares in my/our account.
I/We also agree and understand that:
1. The FREE CHECKING account requires the establishment of an electronic deposit of my entire pay (Net Pay) for each pay period the FREE CHECKING account is open.
2. This account shall not be pledged as collateral or security for any purpose except with the written consent of MEFCU.
3. Only methods approved by MEFCU may be used to withdraw funds from this account.
4. Stop payment requests become effective 48 hours after MEFCU receives the request. Verbal stop payment requests are accepted and are valid 14 days from the date of the verbal request. Written confirmation that is received within 14 days from the day of the verbal request will extend the stop payment for six months. Subsequent renewals of six months must also be in writing. If the stop payment is not renewed, the check becomes negotiable at the end of the six-month period, regardless of the age of the check. Thus, a "stale dated" check may clear.
5. MEFCU is under no obligation to pay a draft on which the date is more than six months old. MEFCU may pay a draft whatever day it is presented for payment. When paid, drafts become the property of MEFCU and will not be returned either with the periodic statement of this account or otherwise. Copies of such drafts will be provided, if requested, and MEFCU may charge a fee for providing such copies.
6. Should MEFCU decline to pay any items as explained above, or if I instruct MEFCU in writing not to pay an item, MEFCU shall not be liable, except for gross negligence, for any action it takes regarding payment or non-payment of an item.
7. Any objection regarding any item shown on a periodic statement of this account is waived unless made in writing to MEFCU before the end of 60 days after the statement is mailed.
8. This account is also subject to such other terms and conditions, and fees/service charges as MEFCU may establish from time to time. Service charges may reduce earnings on account. The terms or conditions of this Agreement may be changed at any time upon 30 days’ written notice mailed to my address of record with MEFCU. All fees and service charges are subject to change. See the Schedule of Account Fees for current fee amounts and terms.
9. MEFCU shall have the right to terminate this Agreement without notice and without my consent if an unreasonable number of items are returned because of insufficient funds within any 30-day period, or if this account is maintained by me in a manner that MEFCU, in its sole discretion, deems not to be in accordance with the terms and conditions contained in this Agreement.
10. JOINT SHARE OWNER AGREEMENT. MEFCU is authorized to recognize any of the signatures appearing on the Checking Account Application and Agreement in the payment of funds or in the transaction of any business for this account. The joint owners of this account agree with each other and MEFCU that all sums now or in the future, paid on this account by any or all of the joint owners with all additions and adjustments are and shall be owned
10. (cont’d) by them jointly, with a right of survivorship and are subject to the withdrawal or receipt of any of them. Payments to any of them or the survivor shall be valid and discharge MEFCU from any liability whatsoever. Joint applicants are equally liable for fees and items debited against the account. A joint owner may be removed from this account only at the express written authorization of that joint owner. The right or authority of MEFCU under this Agreement shall not be changed or terminated by any of the owners except by written notice to MEFCU, signed by both parties. Such written notice shall not affect any previous transactions.
11. I must qualify for the REGULAR CHECKING account. If I do not qualify based on my Chex Systems Report or account history with MEFCU, I may be eligible for a FREE CHECKING account.
12. Dispute Among Owners or Signers or Suspicious Activity. If MEFCU believes that the signers, owners, or persons acting on behalf of the signers or owners of an account are in dispute concerning any aspect of the account or that there is suspicious activity involving the account or misrepresentation made on any Credit Union application, in MEFCU’s sole discretion, MEFCU may do any or all of the following things as appropriate: close the account, deny the application(s), continue to act as set forth in this Agreement based upon the signature of any authorized signer as shown in MEFCU’s records; freeze the funds in the account pending resolution of the dispute or activity to MEFCU’s satisfaction; or, except as expressly limited by law, regulation, or MEFCU’s bylaws, deposit the funds from the account into the registry of an appropriate court pending a court order establishing the parties who are authorized to withdraw funds from the account or the rights of the parties to the funds.
13. Legal Process Against an Account. If MEFCU receives any notice of lien, process, garnishment, execution, attachment, or other proceeding relating to me or my account(s), MEFCU may withhold payments of as much of the balance in my account(s) as may be required by law and pay such amount to the court, creditor, or other party in accordance with applicable law. MEFCU may charge a fee in connection with this process. MEFCU may also place a hold on my account(s) for a reasonable period of time to permit the parties or us an opportunity to determine who has prior rights in the funds, to file additional legal proceedings, or to resolve the action informally. MEFCU is not liable for dishonoring orders because of insufficient funds in my account due to a hold placed on the account or resulting from service charges, setoffs, levies, garnishments, liens, claims, or other legal process.
Overdrafts, Overdraft Protection and Courtesy Pay
A fee will be assessed for each item MEFCU is unable to pay, no matter what the reason. To avoid a returned item, I/We authorize MEFCU to transfer available funds from any other of my/our Credit Union Savings Accounts. (There may be a fee for this service.) Transfers are not made from Individual Retirement Accounts. MEFCU shall also have the right to transfer available funds from any other of my MEFCU Savings accounts to clear an overdrawn balance in the account. Share transfers and applicable fees are reflected on the Periodic Statement.
Federal Regulation D limits to six per month the number of transfers and withdrawals from a Savings account, and no more than three of these transactions can be made by check, draft or similar order. Thus, items clearing when there are non-sufficient funds in the account may be returned to the payee and marked "Non-Sufficient Funds" when the Regulation D limitations have been met. Payroll deductions (if applicable) will continue to be applied to the account until the overdrawn balance is cleared.
Qualified members may apply for a Ready Access Line of Credit that may be linked to the checking account for additional overdraft protection. Please refer to the Ready Access Line and StockLine Agreement and Disclosure for details.
Based on your relationship with the Credit Union, MEFCU may extend the benefit of our Courtesy Pay service to your checking account(s). Please refer to the Courtesy Pay Policy for more details on this service.
Fees for overdrawing your account may be imposed for each overdraft whether or not we pay or return the item. Refer to the Schedule of Account Fees for current overdraft fee amounts.
VISA® Check Card
I/We agree that usage of the Check Card will indicate agreement to the terms of the Electronic Funds Transfer Agreement and Disclosure which will be delivered in my name with the card. I/We understand that the Primary Account Owner must be at least 18 years old to have a VISA Check Card or the account must have a parent or legal guardian of legal age as a Joint Owner on the account. If I currently have an ATM card with MEFCU, it will no longer be valid once I receive a VISA Check Card. I should receive my Card in about 10 business days. Shortly thereafter, I will receive my PIN. For security reasons, my PIN and card must be mailed separately. I understand that the Check Card is not a credit card, and that no commitment to extend credit to me will be made by MEFCU’s issuance of the Check Card.
My signature on the Checking Account Application and Agreement indicates that I/we have read, understand and agree to the provisions of this Checking Account Agreement.