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MEMBERSHIP MEMBERSHIP
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ACCOUNT
AGREEMENT
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ONDITIONS
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VAILABILITY
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This Agreement covers your and our rights and
responsibilities concerning accounts Mid-Atlantic Federal
Credit Union offers. In this Agreement, the words you and
your mean anyone who signs a form. The words we,
us, and our mean the Credit Union. The word account
means any one or more share or other accounts you have
with the Credit Union.
Your account type(s) and ownership features are designated
on your account form. By signing the account form, each of
you, jointly and severally, agree to the terms and conditions
in the Agreement, the account form, the funds availability
policy disclosure, truth in savings rate and fee schedule and
any account receipt accompanying this Agreement, and the
Credit Unions bylaws and policies, and any amendments to
these documents from time to time which collectively govern
your membership and accounts.
MEMBERSHIP ELIGIBILITY To join the Credit Union, you
must meet the membership requirements including purchase
and maintenance of at least one (1) share as set forth in the
Credit Unions bylaws. You authorize us to check your
account, credit and employment history, and obtain reports
from third parties, including credit reporting agencies, to
verify your eligibility for the accounts and services you
request. Members with an unacceptable credit record, or
history of writing non-sufficient funds checks may not be
eligible to open or maintain an account.
SINGLE PARTY ACCOUNTS A single party account is an
account owned by one member (individual, corporation,
partnership, trust or other organization) qualified for credit
union membership. If the account owner dies, the interest
passes, subject to applicable law, to the decedents estate or
Payable on Death Beneficiary (POD) beneficiary/payee or
trust beneficiary, subject to provisions of this Agreement
governing our protection for honoring transfer and
withdrawal requests of an owner or owners agent prior to
notice of owners death.
JOINT ACCOUNTS An account owned by two or more
persons is a joint account.
1.
Rights of Survivorship. Unless otherwise stated on the
account form, a joint account includes rights of
survivorship. This means when one owner dies, all sums
in the account will pass to the surviving owner(s). For a
joint account without rights of survivorship, the
deceased owners interest passes to his or her estate. A
surviving owners interest is subject to any lien or right
of setoff the Credit Union may have for the deceased
owners obligations, and to any security interest or
pledge granted by a deceased owner, even if a surviving
owner did not consent to it.
TABLE OF CONTENTS
Account Terms, Conditions and Agreements ........... 1
Privilege Pay Policy .................................................. 8
Checking and Money Market Account Agreement
With Overdraft Transfer Clause .............................. 18
Share Certificate and IRA/Share Certificate
Terms and Conditions ............................................ 19
Maryland Uniform Transfers to
Minors Account Terms and Conditions .................. 21
Funds Availability .................................................... 24
Electronic Services Disclosure (Regulation E) ....... 25
ATM Agreement ...................................................... 30
Regulation D ........................................................... 31
Regulation J ........................................................... 31
Privacy Policy ......................................................... 34
USA Patriot Act ...................................................... 34 unless authorized in writing by all account holders. The minor
account holders tax identification number must be shown
on the account form.
UNIFORM TRANSFERS/GIFTS TO MINORS ACCOUNT A
Uniform Transfer to Minors Account (UTTMA/UGMA) is an
individual account created by a custodian who deposits funds
as an irrevocable gift to a minor. The minor to whom the gift
is made is the beneficiary of the custodial property in the
account. The custodian has possession and control of the
account for the exclusive right and benefit of the minor and
barring a court order otherwise, is the only party entitled to
make deposits, withdrawals, or close the account. We have
no duty to inquire about the use or purpose of any
transaction. If the custodian dies, we may suspend the
account until we receive instructions from any person
authorized by law to withdraw funds or a court order
authorizing withdrawal.
AGENCY DESIGNATION ON AN ACCOUNT An agency
designation on an account is an instruction to us that the
owner authorizes another person to make transactions as
agent for the account owner regarding the accounts
designated. An agent has no ownership interest in the
account(s) or Credit Union voting rights. We have no duty
to inquire about the purpose of any transaction made by the
agent.
DEPOSIT OF FUNDS REQUIREMENTS Funds may be
deposited to any account, in any manner approved by the
Credit Union. All accounts are non-assignable and non-
negotiable to third parties. Certificate accounts are governed
by the terms of this Agreement and the terms and disclosures
on your Certificate Account receipt for each account, which
is incorporated herein by reference.
1.
Endorsements. We may accept transfer, checks, drafts,
and other items for deposit into any of your accounts if
they are made payable to, or to the order of, one or
more account owners even if they are not endorsed by
all payees. You authorize us to supply missing
endorsements of any owners if we choose. If a check,
draft or item that is payable to two or more persons is
ambiguous as to whether it is payable to either or both,
we may process the check, draft or item as though it is
payable to either person. If, an insurance, government,
or other check or draft requires an endorsement as set
forth on the back of the check or draft, we may require
endorsement as set forth on the item. Endorsements
must be made on the back of the share draft or check
between the top edge of the check and 1 ½ inches from
the top edge, although we may accept endorsements
outside this space. However, any loss we incur from a
delay or processing error resulting from an irregular
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2.
Control of Joint Accounts. Any owner is authorized and
deemed to act for other owners and may instruct us
regarding transactions and other account matters. Each
owner guarantees the signature of any other owner(s).
Any owner may withdraw all funds, stop payment on
items, transfer, or pledge to us all or part of the shares
without the consent of the other owner(s). We have no
duty to notify any owner(s) about any transaction. We
reserve the right to require written consent of all owners
for any change to or termination of an account. If we
receive written notice of a dispute between owners or
inconsistent instructions from them, we may suspend
or terminate the account and require court order or
written consent from all owners to act.
3.
Joint Account Liability. If a deposited item in a joint
account is returned unpaid, an account overdrawn, or
if we do not receive final payment on a transaction, the
owners, jointly and severally, are liable to us for the
amount of the returned item, overdraft, or unpaid
amount and any charges, regardless of who initiated or
benefited from the transaction. If any account owner is
indebted to us, we may enforce our rights against any
account of an owner or all funds in the joint account
regardless of who contributed them.
POD/TRUST ACCOUNTS A Payable on Death (POD)
account or trust account designation is an instruction to the
Credit Union that a single or joint account so designated is
payable to the owner(s) during his, her or their lifetimes
and, when the last account holder dies, payable to any named
surviving POD or trust beneficiary/payee. Accounts payable
to more than one surviving beneficiary/payee are owned
jointly by such beneficiaries/payees with rights of
survivorship. Any POD or trust beneficiary/payee designation
shall not apply to Individual Retirement Accounts (IRAs)
which are governed by a separate beneficiary/payee
designation. We are not obligated to notify any b