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Full Member Disclosure and Agreement



This Agreement covers your and our rights and responsibilities concerning Account(s) offered to you by the Merck Employees Federal Credit Union (Credit Union). In this Agreement, the words “you” and “yours” mean anyone who signs and Account Card or Account Change Card (Account Card). 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.

By signing the Membership & Account Agreement, each of you, jointly and severally, agree to the terms and conditions in this Membership & Account Agreement, the Funds Availability Disclosure (Regulation CC), the Truth-in-Savings Rate and Fee Schedule (Rate & Fee Schedule), Electronic Fund Transfers (Regulation E), the Credit Union’s Digital Banking Agreement & Disclosure, if applicable, and any Account Receipt accompanying this Agreement and the Credit Union’s bylaws and policies and any amendments of these documents from time to time which collectively govern your Membership and Accounts.

Merck Employees Federal Credit Union Membership Eligibility (Field of Membership): Employees of Merck & Co., Inc. or Organon are eligible to join the credit union. Also eligible to join are family members of current Merck & Co., Inc. or Organon employees and family members of any existing member of the credit union.

IMPORTANT NOTE: Please include with your application a photocopy of one form of current identification from the list below for both the Primary Account Holder and any Joint Owner. The ID must include a photo.

  • A photocopy of state issued driver’s license or state issued photo ID

  • Merck & Co. Photo ID

  • Other photo ID (work, state, federal, school, etc.)

  • Passport

  • Birth Certificate (only accepted for minor child)

The credit union may ask for additional information to verify your address and identification for your safety. The credit union may ask for a copy of a utility bill, credit card, etc. to verify your identity.

Minimum Share Savings Account Balance = $50.00 (due at the time of opening)

To help the government fight the funding of terrorism and money laundering activities, Federal Law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.


When you open an account, Merck Employees Federal Credit Union will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

(1) This Share Savings Account (if Joint) is subject to the New Jersey Multiple Party Deposit Account Law (NJSA 17:161-1), the by-laws and regulations of the Credit Union, all laws and regulations of the state of New Jersey and the United States of America and all future changes that may be made by them.

(2) If this Application is only signed by one person, the account will be an Individual Account. If signed by more than one member, it is a Joint Account. Ownership of this Account cannot be changed by a will or other directive. Each party of this Account has a present right to payment from this Account. Each party owns his or her net contribution to this Account. In the absence of proof of net contributions and unless the parties have specifically otherwise agreed, each party will own an equal share of this Account. The Credit Union may make payments from this Account, including payment of the entire Account balance, a) pursuant to any statutory or common law right of set off, levy, attachment or other valid legal process or court order relating to any one or more of the parties; and b) on request to a trustee in bankruptcy, receiver in any state or Federal insolvency proceedings or other duly authorized insolvency representative of any one or more of the parties. The Credit Union is not required to determine net contributions.

Upon the death of a party to this Account:

a) Where there is only one surviving party, the entire Account will belong to the survivor. b) Where there are two or more surviving parties, each party will continue to own his or her proportionate share. The portion of the Account owned by the deceased party will be shared equally by the survivors.

3) A regulation of the New Jersey Banking Department made this notice necessary. However, this notice does not affect the right of any party while alive to make withdrawals.

4) Any party who wants to change the form of this Account must give written notice to the Credit Union.

5) Any party may pledge all or part of this Account as collateral for a Loan.

6) Each signatory on this Membership Application (and any minor children) agrees to receipt of this Membership Account Agreement & Disclosure, has read it and agrees to be bound by all of its terms. Each signatory also agrees to receipt of and agrees to the terms and conditions of the Credit Union’s Funds Availability Notice and the Truth in Savings and Electronic Funds Transfer Disclosures.

7) I/we do hereby apply for Membership in the Merck Employees Federal Credit Union and agree to conform to its bylaws and amendments and to subscribe for at least one Share ($50.00) in the Credit Union.

Dividend Disclosure Statement for Share Savings Account: Dividends are compounded on the Share Savings Balance at the end of each day and are credited to your Account on the first day of each calendar quarter. Dividends can be withdrawn immediately after they are credited to your Account. Federal regulations prohibit the payment of dividends in excess of available earnings.

NOTICE: The National Credit Union Administration (NCUA) requires that we disclose that the Federal Credit Union Act contains a provision that permits Credit Unions to require Members to give sixty (60) days notice of intent to withdraw Share Savings. It has always been the policy of the Merck Employees Federal Credit Union to immediately honor all Share Savings withdrawals requests. We cannot foresee any circumstances that could change this policy. If permitted, the Credit Union’s Board of Directors would waive the right to invoke this 60-day notice requirement.


1. MEMBERSHIP ELIGIBILITY. To be eligible for membership in the Credit Union you must be an individual or entity qualifying within the Credit Union’s field of membership and must purchase and maintain at least one share (the “membership share”) as required by the Credit Union’s Bylaws. You authorize us to check your account, credit, and employment history, and obtain a credit report from third parties, including credit reporting agencies, to verify your eligibility for the accounts and services you request.

2. SINGLE PARTY ACCOUNTS. A single party account is an account owned by one member including any individual, corporation, partnership, trust, or other organization qualified for Credit Union membership. If the account is a single party account the interest of a deceased individual owner will pass, subject to applicable law, to the decedent’s estate or Payable on Death (POD) beneficiary, subject to other provisions of this Agreement governing our protection for honoring transfer and withdrawal requests of an owner or owner’s agent prior to notice of an owner’s death.

3. MULTIPLE PARTY ACCOUNTS. An account owned by two or more persons is a multiple party account.

a. Rights of Survivorship. For a multiple party account with rights of survivorship, upon the death of one of the owners, the person’s interest will pass to the surviving owners.

b. Control of Multiple Party Account Owners. Any multiple party account owner is authorized and deemed to act for the other owner(s) and the Credit Union may accept orders and instructions regarding the account, requests for future services, and any transaction from any other account owner. Each multiple party account owner guarantees the signature of the other owners. Any account owner may withdraw all funds in the account, stop payment on items drawn on an account, transfer, or pledge to the Credit Union all or any part of the shares of any account without the consent of the other account owner(s) and the Credit Union shall have no duty in such event to notify any other account owner(s). The Credit Union reserves the right at any time to require written consent of all account owners for a change of ownership or termination of a multiple party account. If the Credit Union receives written notice of a dispute between account owners or receives inconsistent instructions from them, the Credit Union may suspend or terminate the account, require a Court Order to act or require that all account owners agree in writing to any transaction concerning the account.

c. Multiple Party Account Owner Liability. If any item deposited in a multiple party account is returned unpaid, an account is overdrawn, or if we do not receive final payment on any transaction, each of the multiple party account owners is jointly and severally liable to the Credit Union for the amount of the returned item, overdraft, or unpaid amount and any charges, regardless of who created the overdraft, deposited or cashed the item or benefited from the transaction. If any account owner is against any or all funds in the multiple party account regardless of who contributed the funds to the account.

4. PAYABLE ON DEATH ACCOUNTS. A Payable on Death (POD) Account is an instruction to the Credit Union that an individual or joint account so designated is payable to the owner(s) during their lifetimes and, when the last account owner dies, payable to all and surviving POD beneficiaries/payees. If there are more than one (1) surviving beneficiary/payee, the account is owned jointly by such beneficiaries/payees without rights of survivorship upon the death of the last account owner. Any POD beneficiary/trustee designation shall not apply to Individual Retirement Accounts (IRAs). We are not obligated to notify a beneficiary/payee of the existence of any account or the vesting of the beneficiary/payee’s interest in any account except as otherwise provided by law. This paragraph does not apply to an account held on behalf of or held in the name of a trust.

5. ACCOUNTS FOR MINORS. For any account established by a minor, the Credit Union reserves the right to require the minor account to be a multiple party account with an owner who has reached the age of majority under state law who shall be jointly and severally liable to the Credit Union for any returned item, overdraft, or unpaid charges or amounts on such account. The Credit Union may make payments of funds directly to the minor without regard to his or her minority. Unless a guardian or parent is an account owner, the guardian or parent shall not have any right to access the account. The Credit Union has no duty to inquire of the use or purpose of any transaction by the minor any account owner. The Credit Union shall not change the account status when the minor reaches the age of majority, unless authorized in writing by all account owners. Note: Minors aged 13 and older can apply for a Shadow 2 Visa Debit Card. If under 18 years of age, a parent or guardian must apply and be on the account jointly.

6. UNIFORM TRANSFERS/GIFTS TO MINORS ACCOUNT. A Uniform Transfers/Gifts to Minors Account (UTTMA/UGMA) is an individual account established by a member as a custodian by depositing funds as an irrevocable gift to a minor. The minor to whom the gift is made is the owner and beneficiary of the funds. 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 to, withdrawals from, or close the account. The Credit Union has no duty to inquire of the use or purpose of any transaction by the custodian.

In the event of the custodian’s death, the Credit Union may place an administrative hold on the account, until it receives instructions from any person authorized by law to withdraw funds or a court order authorizing such withdrawal.

7. AGENCY DESIGNATION. An agency designation is an instruction to the Credit Union that the account owner has authorized another person to make transactions as agent for the account owner regarding the accounts designated. An agent has no ownership interest in the account or Credit Union voting rights. The Credit Union has no duty to inquire of the use or purpose of any transaction by the agent.

8. DEPOSIT OF FUNDS REQUIREMENTS. Funds may be deposited to any account, in any manner approved by the Credit Union in accordance with the requirements set forth on the Rate and Fee Schedule.

a. Endorsements. You authorize the Credit Union, in its discretion, to accept transfers, checks, drafts, and other items for deposit into any of your accounts if they are made payable to, or to the order of, any one or more owners on the account, whether or not they are endorsed by all payees. You authorize the Credit Union to supply missing endorsements of any owners if the Credit Union choose to supply such endorsements. If an insurance, government, or other check or draft requires an endorsement as set forth on the back of the check or draft, the Credit Union may require endorsement as set forth on the item. Endorsements must be placed in the space on the back of the share draft or check between the top edge and 1.5 inches from the top edge. The Credit Union may accept drafts or checks with endorsements outside this space. However, if any such endorsement or any other markings you or any prior endorser has made on the draft or check cause any delay or error in processing the item for payment, you will be responsible for any loss incurred by the Credit Union due to the delay or error.

b. Collection of Items. The Credit Union shall not be responsible for deposits made by mail or at an unstaffed facility until the Credit Union actually receives them. In handling items for deposit or collection, the Credit Union only acts as your agent and assumes no responsibility beyond the exercise of ordinary care. The Credit Union will not be liable for the negligence of any correspondent or for loss in transit, and each correspondent will only be liable for its own negligence. The Credit Union reserves the right to send any item for collection.

c. Final Payment. All items or ACH (automated clearing house) transfers credited to your account are provisioned and subject to our receipt of final payment. If final payment is not received, we reserve the right to charge your account for the amount of such items or ACH transfers or both and impose a return item charge on your account. If the Credit Union incurs any fee to collect any item, the Credit Union may charge such fee to your account. The Credit Union reserves the right to refuse or to return all or any item or funds transfer. The Credit Union shall have the right to charge back against your account all previously deposited items or other items endorsed by you that are returned to the Credit Union unpaid, regardless of whether the amount of the item has been available for your use.

d. Direct Deposits. The Credit Union may offer direct deposit options allowing you to preauthorize deposits (i.e., payroll checks, Social Security or retirement checks, or other government checks) or preauthorize transfers from other accounts at the Credit Union. You must authorize any direct deposits to your accounts by a separate authorization form. If applicable, you must notify the Credit Union at least thirty (30) days prior to any direct deposit or preauthorized transfer you wish to cancel or change the direct deposit or direct transfer option. Upon a filing of a bankruptcy, if you fail to cancel any direct deposit authorization, you instruct your employer and the Credit Union to make and apply direct deposits in accordance with your authorization on file with the Credit Union. If the Credit Union is required to reimburse the U.S. Government for any benefit payment directly deposited into your account for any reason, you agree the Credit Union may deduct the amount returned from any of your accounts, unless prohibited by law.

e. Crediting Deposits. Deposits made after the deposit cut-off time and deposits made on Credit Union holidays and on days that are not business days of the Credit Union will be credited to your account on the next business day. Deposits received at unstaffed facilities such as night depositories will be credited on the day funds are removed and processed by the Credit Union. Items drawn on an institution located outside the United States are handled on a collection basis only. Amounts will be credited to your account when we receive final payment. You waive any notice of nonpayment, dishonor, or protest regarding any items purchased or received by the Credit Union for credit to your account or for collection.

9. ACCOUNT ACCESS. In order to access your account, the credit union the credit union must have a signed Membership Application, Disclosure & Agreement. The Credit Union is authorized to recognize your signature but will not be liable for refusing to honor any item or instruction of yours if it believes in good faith that the signature on such items or instruction is not genuine. If you have authorized the use of an electronic signature, the Credit Union may honor any draft that appears to bear your electronic signature even if it was made by an unauthorized person. If you give your account number to a third person, you authorize us to honor transactions initiated by the third person even if you did not specifically authorize a particular transaction.

You may make withdrawals or transfers from your account in any manner which is permitted by the Credit Union (i.e., draft, automated teller machines (ATMs), in-person, by mail, electronically, automatic transfer, or telephone, as applicable).

If the credit union accepts any draft that is not drawn on a form provided by the credit union, you will be responsible for any loss incurred by the credit union for handling the draft. The credit union may return as unpaid any draft that is not drawn on the form provided by the credit union. The credit union has the right to review and approve any form of power of attorney and may restrict any withdrawals or transfers on your accounts.

ACH and Wire Transfers. If provided by the credit union, you may initiate or receive credits or debits to your account via wire transfer or ACH transfer. You agree that if you receive funds by a wire or ACH transfer, the credit union is not required to notify you at the time the funds are received. Instead, the transfer will be shown on your periodic statement. The credit union may provisionally credit your account for an ACH transfer before it receives final settlement for the transfer. You agree that if the credit union does not receive final settlement for an ACH transfer, we may reverse the provisional credit to your account, or you will refund the amount to the credit union. When you initiate a wire transfer, you must identify the recipient and any financial institution by name and by account or identifying number.

Credit Union Examination. The credit union may disregard information on any draft or check other than the Signature of the drawer, amount of the item and any magnetic encoded information. You agree the credit union does not fail to exercise ordinary care in paying an item solely because its procedures do not provide for sight examination of items.

10. Electronic Fund Transfers. Except as amended by this agreement, electronic funds transfers we permit that are subject to Article 4A of the Uniform Commercial Code will be subject to such provisions of the Uniform Commercial Code as enacted by the state of New Jersey. We may execute certain requests for electronic funds transfer by Fedwire. Fedwire transactions are subject to Federal Reserve Board Regulation J. You may order electronic funds transfer to or from you accounts. We will debit your account for any fees related to the transfer. Unless we agree otherwise in writing, we reserve the right to refuse to execute any order to transfer funds out of your account if the amount of the requested transfer plus applicable fees exceeds the available funds in your account. We are not liable for errors, delays, interruptions or transmission failures caused by third parties or circumstances beyond our control including mechanical, electronic or equipment failure. We will not provide you with next day notice of ACH, wire transfers and other electronic payments credited to your account. You will receive notice of such credits on your account statements. You may contact us to determine whether a payment has been received. If we fail to properly execute a payment order, and such actions result in a delay in payment to you, we will pay you dividends or interest for the period of the delay as required by applicable law. The dividends or interest paid to you will be based on the lowest normal dividend or interest rate we were paying on any account during that period. Payment orders we accept will be executed within a reasonable time of receipt but may not necessarily be executed on the date they are received. Cut-off dates may apply to the receipt, execution and processing of funds transfers, payment orders, cancellations and amendments and, if received after a cut-off time, may be treated as having been received on the next business day following funds transfer. Information about any cut-off times is available upon request. When you initiate a wire transfer, you may identify the recipient and financial institution by name and by account or identifying number. The credit union and any other financial institutions facilitating the transfer may rely strictly on the account or identifying number even if the number identifies a different person or financial institution. Any account towner may amend or cancel a payment order even if that person did not initiate the order. We may refuse requests to amend or cancel a payment order that we believe will expose the credit union to liability or loss. Any request to amend or a cancel a payment order that we accept will be processed within a reasonable time after it is received. You agree to hold us harmless from and indemnify us for all losses and expenses resulting from any actual or attempted amendment or cancellation of a payment order. We may require you to follow a security procedure to execute a payment for certain electronic funds transfer transactions. We will notify you of any such security procedures and you agree that our procedures are commercially reasonable.

11. Account Rates and Fees. The Credit Union’s payment of earnings on your account is subject to the account rates and fees, payment and balance requirements as set forth in the Rate and Fee Schedule (included). The credit union may charge you fees for accounts and services provided by the credit union. The fees and charges that may be assessed against your account are set forth on the Rate and Fee Schedule. You agree the credit union may change the Rate and Fee Schedule at any time, and you will be notified of such changes as required by law.

12. Transaction Limitations. a.) Withdrawal Restrictions. The credit union may permit a withdrawal only if you have sufficient available funds in your account to cover the full amount of the withdrawal or have an established overdraft protection plan. Drafts or other transfers or payment orders which are drawn against insufficient funds will be subject to a service charge, set forth in the Rate and Fee Schedule.

If there are sufficient funds to cover some but not all of your withdrawal orders, the credit union may allow those withdrawals for which there are sufficient funds in any order at the credit union’s discretion.

The credit union may also refuse to allow a withdrawal in other cases; for example: any dispute between the owners about the account (unless a court has ordered the credit union to allow the withdrawal); a legal garnishment or attachment is served; the account secures any obligation to the credit union; any required documentation has not been presented; or you fail to repay a credit union loan on time. You will be advised of the reasons for refusal if such action is taken. In accordance with Federal regulations, the credit union may require members to give a minimum sixty (60) day prior written notice of any intended withdrawals from any account. The credit union has never opted to, nor has no intention of using this freedom.

13. Overdrafts. a.) Overdraft Liability. If on any day, the funds in your share draft account are not sufficient to cover drafts, fees or other items posted to your account, those amounts will be handled in accordance with our overdraft procedures or an overdraft protection plan you have with us. The credit union’s determination of an insufficient account balance may be made at any time between presentation and the credit union’s midnight deadline with only one review of the account required. The credit union has no duty to notify you of an insufficient funds draft. Your account will then be subject to a charge for the item whether paid or returned as set forth in the Rate and Fee Schedule. Except as otherwise agreed in writing, the credit union, by covering one or any overdraft, does not agree to cover overdrafts in the future and may discontinue covering overdrafts at any time without notice. If the credit union pays a draft or imposes a fee that would otherwise overdraw your account, you agree to pay the overdrawn amount immediately. We reserve the right to pursue collection of previously dishonored items at any time, including giving a payor bank extra time beyond any midnight deadline limits.

b.) Overdraft Protection Plan. If we have approved an overdraft protection plan for you, we will honor drafts drawn on insufficient funds in your account by transferring the necessary funds from another account under this Agreement or a loan account, as you have directed, or as required under the credit union’s overdraft protection policy. The fee for overdraft transfers, if any, is set forth on the Rate and Fee Schedule. Transfers from an account will be governed by this Agreement. Transfers from a loan account will be governed by the applicable loan agreement.

14. Postdated and Staledated Drafts. You agree not to issue any check or draft that is postdated. If you do issue a check or draft that is payable on a future date and we pay it before that date, you agree that we shall have no liability to you for such payment. You agree not to deposit checks, drafts, or other items before they are properly payable. We are not obligated to pay any check or draft drawn on your account that is presented more than six (6) months past its date.

15. Stop Payment Orders. a.) Stop Payment Request. You may ask the credit union to stop payment on any draft you or any account owner draw upon your share draft account. You may request a stop payment by telephone, by mail, or in person. The stop payment will be effective if the credit union receives the order in time for the credit union to act upon the order and you state the number of the account, number of the draft, and its exact amount. You understand that the exact information is necessary for the credit union’s computer to identify the draft. If you give the credit union incorrect or incomplete information, the credit union will not be responsible for failing to stop payment on the draft. If the stop payment order is not received in time for the credit union to act upon the order, the credit union will not be liable to you or to any other party for payment of the draft. If you recredit your account after paying a draft over a valid and timely stop payment order, you agree to sign a statement describing the dispute with the payee, to transfer all of your rights against the payee or other holders of the draft to the credit union, and to assist the credit union in legal action taken against the person.

b.) Duration of Order. You may make an oral stop payment order which will lapse within fourteen (14) calendar days unless confirmed in writing within that time. A written stop payment order will be effective for six (6) months. A written stop payment order may be renewed in writing from time to time. The credit union is not obligated to notify you when a stop payment order expires.

c.) Liability. The credit union may charge a fee for each draft for which a stop payment order is requested, as set forth on the Rate and Fee Schedule. You may not stop payment on any certified check, cashier’s check, teller’s check, or any other check, draft, or payment guaranteed by the credit union. You should be aware that while payment of the item may be stopped, you may remain liable to any person, including the credit union, who is a holder of the item despite the stop payment order. You agree to indemnify and hold the credit union harmless from all costs, including attorney’s fees, damages or claims related to the credit union’s action in refusing payment of an item, including claims related to the credit union’s action in refusing payment of an item, including claims of multiple party account owner, payee, or endorsee in failing to stop payment of an item as a result of incorrect information provided by you.

16. Credit Union Liability. If we do not properly complete a transaction according to this agreement, we will be liable for your losses or damages not to exceed the amount of the transaction except as otherwise provided by law. We will not be liable if: (1) your account contains insufficient funds for the transaction; (2) circumstances beyond our control prevent the transaction; (3) your loss is caused by your or another financial institution’s negligence; or (4) your account funds are subject to legal process or other claims. We will not be liable for consequential damages, except liability for wrongful dishonor. We exercise ordinary care if our actions or non-actions are consistent with applicable state law, Federal Reserve regulations and operating letters, clearinghouse rules, and general financial institution practices followed in the area we serve. You grant us the right, in making payments of deposited funds, to rely exclusively on the form of the account and the terms of this agreement. Any conflict between what you or our employees may say or write will be resolved by reference to this agreement.

17. Checks Presented for Payment in Person. We may refuse to accept any check or draft drawn on your account that is presented for payment in person. Such refusal shall not constitute a wrongful dishonor of the check or draft and we shall have no liability for refusing payment.

18. Remotely Created Checks. For purposes of this paragraph, “account” means a transaction account, credit account, and any other account on which checks (share drafts) may be drawn. A remotely created check is a check created by someone other than the person on whose account the check is drawn. Authorization is usually made over the telephone or through online communication. The owner of the account does not sign a remotely created check. In place of the owner’s signature, the remotely created check usually bears a statement that the owner authorized the check or bears the owner’s printed or typed name. If you authorize a third party to draw a remotely created check against your account, you may not later revoke your authorization. It is your responsibility to resolve any authorization issues directly with the third party. We are not required to credit your account and may charge against your account any remotely created check for which the third party has proof of your authorization.

19. Credit Union Lien and Security Interest. To the extent you owe the credit union money as a borrower, guarantor, endorser, or otherwise, the credit union has a lien on any or all of the funds in any account in which you have an ownership interest, regardless of the source of the funds, unless prohibited by law. The credit union may apply these funds in any order to pay off your indebtedness. If the credit union chooses to enforce its lien, the credit union does not waive its right to enforce the lien at a later time. In addition, you grant the credit union a consensual security interest in your accounts and agree the credit union may use the funds from your accounts to pay any debt or amount now or hereafter owed the credit union, except for obligations secured by your residence, unless prohibited by applicable law. All accounts are non-assignable and nontransferable to third parties.

20. Legal Process. If any legal action, such as a levy, garnishment, or attachment, is brought against your account, the credit union may refuse to pay out any money from your account until the dispute is resolved or may pay out funds according to the terms of the levy. If the credit union incurs any expenses or attorney fees in responding to legal process, such expenses may be charged against your account without prior notice to you, unless prohibited by law. Any legal process against your account is subject to the credit union’s lien and security interest.

21. Account Information. Upon your request, the credit union will inform you of the name and address of each credit reporting agency from which the credit union obtains a credit report in connection with your account. The credit union agrees not to disclose information to third parties about your account regarding any transaction or balances except when: (1) it is necessary to complete the transaction; (2) the third party seeks to verify the existence or condition of your account in accordance with applicable law; (3) such disclosure is in compliance with the law, government agencies or court orders; (4) you give us your written permission.

22. Notices. a.) Name or Address Changes. It is your responsibility to notify the credit union upon a change of address or change of name. The credit union is only required to attempt to communicate with you at the most recent address you have provided to the credit union. The credit union never accepts oral notices of a change in address and may require any other notice from you to the credit union be provided in writing. If the credit union attempts to locate you, the credit union may impose a service fee as set forth on the Rate and Fee Schedule.

b.) Notice of Amendments. Except as otherwise prohibited by applicable law, the terms of this Agreement are subject to change at any time. The credit union will notify you of any changes in terms, rates, or fees as required by law. The credit union reserves the right to waive any term in this Agreement. Any such waiver shall not affect the credit union’s right to enforce any right in the future.

c.) Effect of Notice. Any written notice you give to the credit union is effective when it is actually received by the credit union. Any written notice the credit union gives to you is effective when it is deposited in the U.S. Mail, postage prepaid and addressed to you at your statement mailing address. Notice to any one account owner is considered notice to all owners of the account.

23. Taxpayer Identification Numbers and Backup Withholding. If your account is or becomes subject to backup withholding, the credit union is required by law to withhold and pay to the Internal Revenue Service (IRS) a required percentage of payments of dividends, interest, and certain other payments under certain conditions. Your failure to furnish a correct taxpayer identification number (TIN) or meet other applicable requirements may result in backup withholding. If you fail to provide your TIN, the credit union may suspend the opening of your account or you may request a non-dividend or interest-bearing account until a TIN is provided.

24. Statements. a.) Contents. If the credit union provides a periodic statement for your account, you will receive a periodic statement of transactions and activity on your account during the statement period as required by applicable law. If a periodic statement is provided, you agree that only one statement is necessary for a multiple party account. For share drafts or checking accounts, you understand and agree that, when paid, your original draft becomes property of the credit union and may not be returned to you, but copies may be retained by the credit union or payable through financial institution and made available upon your request. You understand and agree that statements are made available to you on the date they are sent to you. You also understand and agree that drafts or copies thereof are made available to you on the date the statement is mailed to you, even if the drafts do not accompany the statement.

b.) Examination. You are responsible for examining each statement and reporting any irregularities to the credit union. The credit union will not responsible for any forged, altered or unauthorized items drawn on your account if: (1) you fail to notify the credit union within sixty (60) days of the mailing date of the earliest statement regarding any forgery, alteration or unauthorized signature on any item described in the statement; or (2) any items are forged or altered in a manner not detectable by reasonable person, including the unauthorized use of a facsimile signature machine.

c.) Notice to Credit Union. You agree that the credit union’s retention of drafts does not alter or waive your responsibility to examine your statements or the time limit for notifying the credit union of any errors. The statement will be considered correct for all purposes and the credit union will not be liable for any payment made or charge to your account unless you notify the credit union in writing within the above time limit for notifying the credit union of any errors.

25. Inactive Accounts. If your account falls below the minimum applicable balance, and you have not made a withdrawal from, deposit to, or transfer involving your account for more than the period specified in the Rate and Fee Schedule and the credit union has been unable to contact you by regular mail during that period, the credit union may classify your account as a dormant account. Unless prohibited by applicable law, the credit union may charge a service fee for continuing to process your dormant account as set forth on the Rate and Fee Schedule. The credit union will notify you, as required by law, at your last known address prior to imposing any fee. You authorize us to transfer funds from another account of yours to cover any service fees, if applicable. To the extent allowed by law, the credit union reserves the right to transfer the account funds to an account payable and to suspend any further account statements. If a deposit or withdrawal has not been made on the account and the credit union has had no other sufficient contact with you within the period specified by state law, the account will be presumed to be abandoned. Funds in abandoned accounts will be reported and remitted in accordance with state law. Once funds have been turned over to the state the credit union has no further liability to you for such funds and if you choose to reclaim such funds, you must apply to the appropriate state agency.

26. Special Account Instructions. You may request the credit union to facilitate certain trust, will, or court-ordered account arrangements. However, because the credit union does not give legal advice, we cannot counsel you as to which account arrangement most appropriately meets the specific requirements of your trust, will, or court order. If you ask the credit union to follow any instructions that the credit union believes might expose it to claims, lawsuits, expenses, liabilities, or damages, whether directly or indirectly, the credit union may refuse to follow your instructions or may require you to indemnify the credit union or post a bond or other protection. Account changes requested by you, or any account owner, such as adding or closing an account or service, must be evidenced by a signed Account Change form and accepted by the credit union.

27. Termination of Account. The credit union may terminate your account at any time without notice to you or may require you to close your account and apply for a new account if: (1) there is a change in owners or authorized signers; (2) there has been a forgery or fraud reported or committed involving your account; (3) there is a dispute as to the ownership of the funds in the account; (4) any share drafts are lost or stolen; (5) if there are excessive returned, unpaid items not covered by an overdraft protection plan; (6) if there has been a misrepresentation or any other abuse of any of your accounts; or (7) if the credit union reasonably deems it necessary to prevent a loss to the credit union. You may terminate any single party account at any time by notifying the credit union writing. The credit union reserves the right to require the consent of all multiple party account owners for termination of a multiple party account. The credit union is not responsible for payment of any draft, withdrawal, or other item after your account is terminated, however, if the credit union pays an item after termination, you agree to reimburse the credit union for the payment.

28. Termination of Membership. You may terminate your membership at the credit union after giving notice of your intent to withdraw from membership. You may be denied services or expelled from membership for any reason allowed by applicable law or policy, including causing a loss to the credit union.

29. Death of Account Owner. The credit union may continue to honor all transfers, withdrawals, deposits and other transactions on the account until the credit union is notified of a member’s death. Once the credit union is notified of a member’s death, the credit union may pay drafts or honor other payments or transfer orders authorized by the deceased member for a period of ten (10) days unless the credit union receives instructions from any person claiming an interest in the account to stop payment on the drafts or other items. You agree the credit union can require that anyone who claims funds in your account after your death indemnify the credit union for any losses resulting from honoring that claim. This Agreement will be binding upon any heirs or legal representatives of any account owner.

30. Severability. In the event that any portion of this Agreement is held by a court to be invalid or unenforceable for any reason, the remainder of this Agreement shall not be invalid or unenforceable and will continue in full force and effect. All headings are intended for reference only and are not part of the Agreement.

31. Enforcement. You agree to be liable to the credit union for any loss cost or expense that the credit union incurs as a result of your failure to follow this Agreement. You authorize the credit union to deduct any such loss, costs or expenses from your account without prior notice to you. In the event the credit union brings a legal action to enforce the Agreement or collect any amount due under this Agreement, the credit union shall be entitled, subject to applicable law, to payment of its reasonable attorney’s fees and costs, including fees on any appeal, bankruptcy proceedings, and any post judgement collection actions.

32. Governing Law. This Agreement is governed by the Bylaws of the Credit Union, federal laws and regulations, the laws, including applicable principles of contract law, and regulations of the state in which the credit union’s main office is located, and local clearinghouse rules, as amended from time to time. To the extent permitted by applicable law, you agree that any legal action regarding this Agreement shall be brought in the county in which the credit union’s main office is located.

33. Negative Information Notice. We may report information about your loan, share or deposit accounts to credit bureaus. Late payments, missed payments or other defaults on your accounts may be reflected on your credit report.