› Electronic Services Agreement and Disclosure
› DISCOVERY VISA CHECK CARD, DISCOVERY BY PHONE, DISCOVERY ONLINE AND E-CHECK AGREEMENT
› JOINT ACCOUNTS
› DELAYED FUNDS AVAILABILITY NOTICE
› ISSUANCE OF PERSONAL IDENTIFICATION NUMBER(S) AND ACCESS CODE(S)
› DISCOVERY VISA CHECK CARD TRANSACTIONS
› POINT OF SALE
› DISCOVERY BY PHONE
› DISCOVERY ONLINE TRANSACTIONS
› ADDITIONAL TRANSACTION LIMITATIONS
› OWNERSHIP
› NOTIFICATION OF PRE-AUTHORIZED DEPOSITS
› RIGHT TO STOP PRE-AUTHORIZED PAYMENTS
› OUR LIABILITY FOR FAILURE TO STOP PAYMENT
› TRANSACTION SLIPS
› FEES
› FOREIGN TRANSACTIONS
› LIABILITY FOR FAILURE TO COMPLETE TRANSACTIONS
› LIABILITY FOR UNAUTHORIZED USE
› IN CASE OF ERRORS OR IF YOU HAVE QUESTIONS ABOUT ELECTRONIC TRANSFERS
› LOST OR STOLEN CARDS
› DISCLOSURE OF ACCOUNT INFORMATION
› TERMINATION
› CHANGE IN TERMS
› BUSINESS DAYS
› GOVERNING LAW
› Authorization to Receive Electronic Documentation
› Fee Schedule
› Visa Credit Card Disclosures
› Truth In Savings Disclosure
› Funds Availability Policy
› Web Linking Policy
› Courtesy Pay Disclosure
ELECTRONIC SERVICES AGREEMENT AND DISCLOSURE
THIS IS YOUR ELECTRONIC SERVICES AGREEMENT AND DISCLOSURE. IT INCLUDES NECESSARY FEDERAL STATEMENTS AS REQUIRED BY THE ELECTRONIC FUNDS TRANSFER ACT (15 U.S.C. SECTION 1693 ET SEQ) AND REGULATION E (12 CFR 205 ET SEQ) AND ANY SPECIAL INSTRUCTIONS REGARDING THE USE OF YOUR DISCOVERY VISA CHECK CARD, OUR AUDIO RESPONSE SYSTEM ("DISCOVERY BY PHONE") AND PERSONAL COMPUTER ACCESS SYSTEM ("DISCOVERY ONLINE"), EACH WITH ITS PERSONAL IDENTIFICATION NUMBER (PIN) AND ANY CHECKS YOU AUTHORIZE TO BE PROCESSED ELECTRONICALLY ("E-CHECK"). PLEASE BE CERTAIN TO READ THIS AGREEMENT AND DISCLOSURE CAREFULLY AND NOTIFY US AT ONCE IF ANY PARTS ARE UNCLEAR.
Whenever used in this Agreement, the references to "We", "Us", "Our" and "Credit Union" mean DISCOVERY FEDERAL CREDIT UNION. The words "You", and "Your" mean each person applying for and/or using any of these services described herein. The word "Card" means any Discovery VISA Check Card issued to You by Us and any duplicates or renewals We may issue and "E-Check" means any check in which You authorize the payee to process electronically. "Account" means any account or accounts established for You as set forth in this Agreement. If this is a joint account, read singular pronouns in the plural.
DISCOVERY VISA CHECK CARD, DISCOVERY BY PHONE, DISCOVERY ONLINE AND E-CHECK AGREEMENT.
This Agreement applies to any electronic fund transfer made to or from Your Account(s) through the use of the following: (a) Your Discovery VISA Check Card in Automated Teller Machines (ATMs) or at any place that Your Card is honored including those transactions made through the use of the appropriate Personal Identification Number (PIN) in conjunction with Your Discovery VISA Check Card; (b) Our Discovery By Phone Audio Response System; (c) any check in which You authorize the payee to process electronically; and (d) Our Discovery Online Personal Computer Access System.
An electronic funds transfer is any transfer of funds which is performed through the use of Your Discovery VISA Check Card, E-Check, Discovery By Phone, Discovery Online or any other electronic device. You understand that Your Card and any access codes or PIN's are issued by Us and are not transferable. The use of Your Card, PIN and/or other Account Access Device is subject to the following terms. You agree: (a) to abide by Our rules and regulations as amended related to the use of Your Card, PIN and/or other Account Access Device; (b) that We may follow all instructions given to machines and/or any other Account Access Device; and (c) that You may make ATM withdrawals from Your Account(s) that You may have with Us, subject to a minimum transaction amount of $5.00, up to a maximum of $1,000.00 per business day, provided You have enough money in Your Account. You may also make Point of Sale ("POS") withdrawals from Your Checking Account and to purchase goods and services at any location where the Card is accepted, provided You have enough money or available credit in Your Account(s). For security reasons, there are limits on the number of transfers You can make using Our Discovery VISA Check Card services.
You may use other Electronic Funds transfer services which may include: (a) pre-authorized deposits of Your net paycheck, (b) automatic payroll deductions; and (c) pre-authorized deposits of pension checks and other recurring payments or deposits.
We may, but are under no obligation to do so, process an Electronic Funds Transfer that exceeds the balance in Your Share and/or Checking Account. As permitted by law and in the event that any such transfer occurs, You agree to immediately pay Us the overdrawn amount plus any associated fees and charges, including reasonable attorney's fees.
JOINT ACCOUNTS.
If this is a joint Account, You agree to be jointly and severally liable, under the terms of this Agreement. You understand that any Account Access Device that is requested and approved will be mailed only to the primary Account holder at the address that We have on file for You. We may refuse to follow any instructions which run counter to this provision.
DELAYED FUNDS AVAILABILITY NOTICE.
Subject to Our Funds Availability Policy, deposits may not be posted to Your Account until they are received and verified by Us. All deposited items are removed from machines each business day. We are not responsible for delays in deposit posting due to improper identification on the deposit envelope. See Our Funds Availability Policy Disclosure for Our policy regarding the availability of Your deposits.
ISSUANCE OF PERSONAL IDENTIFICATION NUMBER(S) AND ACCESS CODE(S).
You will select a Personal Identification Number (PIN) to be used in conjunction with Your Card and a PIN and/or Access Code to be used in conjunction with Discovery By Phone and/or Discovery Online Transactions. Your use of Your PIN or Access Code is Your authorization to Us to withdraw funds from Your Share Account(s), Your Checking Account(s) and/or Your Line(s) of Credit that You may have with Us to cover such transactions.
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DISCOVERY VISA CHECK CARD TRANSACTIONS.
You may use Your Discovery VISA Check Card in conjunction with Your PIN in ATM machines or such other facilities as We may designate. At the present time, You may make the following types of transactions: (a) withdraw cash from Your Checking or Savings Accounts that You have with Us. You may also use Your Card to purchase goods and services at any business establishment where it is honored (See "Point of Sale" section). You agree not to use Your Card for illegal transactions including, but not limited to, transactions made for the purpose of gambling and/or wagering where such practices are in violation of applicable state and/or federal law.
POINT OF SALE.
You may use Your Card to purchase goods and services at any business establishment where the Card is accepted. If You do use Your Card for such transactions, You authorize Us to withdraw funds up to the available balance of Your Checking Account to cover such transactions, provided You have enough money in Your Account. Each withdrawal by You or by anyone else to whom You give Your Card or PIN may be charged to Your Checking Account and will be treated as though it were a share withdrawal except that: (1) We may charge withdrawals to Your Checking Account in any order We determine and if Shares are not sufficient to cover all withdrawals, We may pay such withdrawals and add sums advanced to Your Line of Credit Account, subject to the terms applicable to that Account; (2) We cannot honor stop payment requests on POS or Discovery VISA Check Card withdrawals.
DISCOVERY BY PHONE.
You may use the Discovery By Phone System to make the following types of transactions on designated accounts: (a) telephone transfers of funds between Your deposit Accounts and/or loan Accounts; (b) inquiries on Account balances, Account transactions and loan data; (c) inquiries on dividends; (d) withdrawals from Your Checking Account, Share Account and/or Your Line of Credit that You may have with Us up to a maximum daily amount (savings, line of credit and Checking combined) of $99,999.99, provided You have enough money in Your Accounts; (e) transactions on shares/deposits; and (f) miscellaneous inquiries on Credit Union services that affect Your Account. Our Audio Response System operates 24 hours every day. If You attempt to call the system and are unsuccessful, please call back later when service is restored.
DISCOVERY ONLINE TRANSACTIONS.
At the present time, You may use Our Discovery Online System via a personal computer for the following services: (a) transfer funds between Your deposit Accounts and/or Line of Credit Accounts; (b) make payments on Your loan Accounts that You may have with Us; (c) inquiries on Account balances, Account transactions and loan data; (d) withdrawals from deposit Accounts; (e) transactions on shares/deposits; (f) miscellaneous inquiries on Credit Union services that affect Your Account; (g) make advances from Your Line(s) of Credit that You may have with Us; and (h) purchase certificates.
You may cancel a transaction scheduled for a future date only if We receive Your request for cancellation in time to stop the identified Transaction. If You request such a cancellation and We are unable to process Your request, We will (but are under no obligation to do so) attempt to notify You prior to the posting of that transaction. You agree that once You have initialed a transaction, the Credit Union will have no liability for failure to fulfill Your request for stop payment.
ADDITIONAL TRANSACTION LIMITATIONS.
For all Accounts (except Checking accounts) during any statement period, You may not make more than 6 withdrawals from or transfers to another Credit Union Account of Yours or to a third party by means of a pre-authorized or automatic transfer or telephonic order or instruction. No more than 3 of the 6 transfers may be made by check, draft, debit card, if applicable, or similar order to a third party. If You exceed these limitations, Your Account may be subject to closure by the Credit Union.
OWNERSHIP.
Your Card and/or any other Account Access Device will remain Our property and may be cancelled or its use restricted by Us at any time without notice. You agree to surrender it and to discontinue its use immediately upon Our request. You will be required to return any Account Access Devices to Us immediately upon the closing of Your Account.
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NOTIFICATION OF PRE-AUTHORIZED DEPOSITS.
If You have arranged to have direct deposits made to Your Account at least once every 60 days (from Your employer, the Federal government or other payor), You can call Us at (610) 372-8010 or (800) 563-9383 to find out whether or not the deposit has been made.
RIGHT TO STOP PRE-AUTHORIZED PAYMENTS.
If You want to stop any pre-authorized payments, call Us at (610) 372-8010 or (800) 563-9383 or write Us at the address shown in this Agreement in time for Us to receive Your stop payment request 3 business days or more before the payment is scheduled to be made. If You call, We may also require You to put Your request in writing and get it to Us within 14 days after You call. Such stop payment notice will apply only to that particular payment. To be sure that a third party does not bill You again for the "stopped" payment or to cancel the entire pre-authorized payment arrangement, contact the third party.
OUR LIABILITY FOR FAILURE TO STOP PAYMENT.
If You order Us to stop one of Your pre-authorized payments 3 business days or more before the transfer is scheduled, and We do not do so, We will be liable for losses or damages, to the extent provided by law.
TRANSACTION SLIPS.
You can get a receipt at the time You make any transaction to or from Your Account (except for telephonic, Access Direct Online and mail-in transactions). When an electronic transfer has been made during any given month, You will receive a monthly statement to reflect all electronic fund transfers to or from Your Account during that statement period. In any case, You will receive a statement at least quarterly.
FEES.
We may assess reasonable charges against Your Account for certain transactions made to and from Your Account. If so, We will specify any charges for these transactions, including automatic transfers, in the Fees and Charges section of this Agreement. We will explain the charges to You when You open Your Account. You will be provided with a fee schedule, Discovery By Phone and Discovery Online System information after Your Account is established. When You use an ATM not owned by Us, You may be charged a fee by the ATM operator, or any network used, and You may be charged a fee for a balance inquiry even if You do not complete a fund transfer.
FOREIGN TRANSACTIONS.
Purchases and cash advances made in foreign countries and foreign currencies will be billed to You in U.S. Dollars. The conversion rate to dollars will be at (i) the wholesale market rate or (ii) the government mandated rate, whichever is applicable, in effect one day prior to the processing date. In addition, a 1% International Transaction fee will be assessed.
LIABILITY FOR FAILURE TO COMPLETE TRANSACTIONS.
If We do not properly complete a transaction to or from Your Account according to this Agreement, We will be liable for Your losses or damages. However, We will not be liable if: (a) Your Account does not contain enough money and/or available funds/credit to make the transaction through no fault of Ours; (b) the ATM where You are making the transfer does not have enough cash; (c) the terminal or system was not working properly and You knew about the breakdown when You started the transaction; (d) circumstances beyond Our control prevent the transaction; (e) Your Card is retrieved or retained by an ATM; or (f) Your Card or PIN has been reported lost or stolen and We have blocked the Account. There may be other exceptions stated in Our Agreement with You.
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LIABILITY FOR UNAUTHORIZED USE.
Telephone Us at once at (610) 372-8010 or (800) 563-9383 or write Us at the address shown in this Agreement if You believe Your Card, PIN and/or Access Code have been lost or stolen. If You tell Us within two business days, You can lose no more than $50 if someone uses Your Card, PIN and/or Access Code without Your permission. If You fail to tell Us within two business days after You learn of the loss or theft of Your Card, PIN and/or Access Code and We can prove that We could have stopped someone from using Your Card, PIN and/or Access Code without Your permission if You had told Us, then You could lose as much as $500. Additionally, if Your periodic statement shows transfers that You didn't make, You will tell Us at once; if You fail to tell Us within 60 days after We mail You the periodic statement, You could lose the entire Account balance if We can prove We could have stopped someone from taking Your money if You had given Us notice in time. If a valid reason (such as a long trip or hospital stay) keeps You from giving Us notice, We will extend the time periods. Exception: You will have no liability for unauthorized use for Your Discovery VISA Check Card as long as You report the loss or theft of Your Discovery VISA Check Card within two business days. If You report such loss or theft after two business days, or provide proper notification of other unauthorized Discovery VISA Check Card transactions, Your liability for unauthorized use will not exceed $50. These exceptions do not apply to transactions originating at an ATM or from Your gross negligence and/or fraudulent use of Your Discovery VISA Check Card.
IN CASE OF ERRORS OR IF YOU HAVE QUESTIONS ABOUT ELECTRONIC TRANSFERS.
Telephone Us at (610) 372-8010 or (800) 563-9383 or write the address shown in this Agreement as soon as You can, if You think Your statement or receipt is wrong or if You need more information about a transaction listed on the statement or receipt. We must hear from You no later than 60 days after We send You the first statement on which the problem or error appeared. Tell Us (a) Your name and Account number; (b) the dollar amount of the suspected error, describe the error or the transaction You are unsure about, and explain as clearly as You can why You believe there is an error or why You need more information. We will determine whether an error occurred within 10 business days after We hear from You and will correct any error promptly. If We need more time, however, We may take up to 45 days to investigate Your complaint or question. If We decide to do this, We will credit Your Account within 10 business days 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, We may not credit Your Account. We will tell You the results within three business days after completing Our investigation. If We decide that there was no error, We will send You a written explanation. You may ask for copies of the documents that We used in Our investigation. If We have credited Your Account with funds while investigating an error, We will charge Your Account for those funds if We conclude no error has occurred. In this provision, all references to 10 business days will be 20 business days if Your notice of error involves an electronic fund transfer that occurred within 30 days after the first deposit to Your Account was made and all references to 45 business days will be 90 business days if Your notice of error involves an electronic fund transfer that: (a) was not initiated within a state; (b) resulted from a point-of-sale debit card transaction; or (c) occurred within 30 days after the first deposit to Your Account was made.
LOST OR STOLEN CARDS.
To report a lost or stolen Card or PIN You will call Us at (610) 372-8010 or (800) 563-9383. You must also write to Us to report the loss of a Card or PIN at the address shown in this Agreement.
DISCLOSURE OF ACCOUNT INFORMATION.
We may disclose information to third parties about Your Account or transfers You make: (1) when it is necessary to complete an electronic transaction, or (2) in order to verify the existence and conditions of Your Account for a third party such as a credit bureau or merchant, or (3) in order to comply with a government agency or court order, or any legal process, or (4) if You give Us written permission.
TERMINATION.
We may terminate Your right to use Your PIN or Access Code or cancel this Agreement at any time upon written notice. You may request termination of these services in writing.
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CHANGE IN TERMS.
We may change the terms and charges for the services shown in this Agreement and may amend this Agreement from time to time.
BUSINESS DAYS.
Every day is a business day except Sundays and holidays.
GOVERNING LAW.
This Agreement is controlled and governed by the laws of the Commonwealth of Pennsylvania, except to the extent that such laws are inconsistent with controlling federal law.
AUTHORIZATION TO RECEIVE ELECTRONIC DOCUMENTATION
As permitted by law, You hereby authorize Us to electronically provide any and all documentation (agreements, disclosures, notices, statements, and the like) related to Our various products and services that You may from time to time request and/or use. The electronic transmission of such documentation may be conducted in a variety of means such as (a) an electronic message ("e-mail") sent to You at the e-mail address specified by You (and/or any other address specified by You); (b) Your active retrieval via the Internet by any Internet access means from a specific Internet location (identified by Us in an e-mail message sent to You by the Credit Union); and/or (c) any other means of electronically providing such documentation. You understand and agree that Your consent will remain in effect until and unless withdrawn by You either in an electronic message sent by You to Us or by written request for withdrawal of Your consent sent by You to the Credit Union. Your withdrawal of consent to receive documentation in this manner will take effect within a reasonable time period following the receipt of Your request. This authorization does not affect Your right to receive such documentation on paper or in a non-electronic form and You may at any time request that any electronically provided documentation be provided in a paper or non-electronic form. You agree to immediately provide Us updated contact information in the event that Your e-mail address (or any other means You have provided Us to contact You) becomes unusable or inaccurate for any reason. A description of the current means used to provide electronic documentation along with current hardware and software requirements to receive such documentation is provided to You separately. You will be provided updated information in the event that We change these methods and/or hardware/software requirements.
To receive electronic records, You understand that the use of a device such as a personal computer ("PC") or personal digital assistant ("PDA") that has a graphical user interface, or "browser", capable of accessing and viewing electronic communications reasonably expected to reside on and transmit within the Internet will be required. Additionally, various software, such as that which can view an electronic file in a portable document file ("pdf") format may be required to view certain electronic communications. Our system is currently designed to operate using world wide web technologies and protocols which are adaptable to a wide variety of end user systems. More specifically, Our system uses SSL encryption and requires a browser with an appropriate Root CA Security Certificate and uses 40-128 bit encryption, depending upon the specific browser being used to access the system. Some browsers may require an update to their security certificate to properly connect to the system.
NOTICE: Many electronic communications sent and received over the Internet can be and are often intercepted by unauthorized recipients, beyond the control of the Credit Union. By authorizing the delivery of documentation electronically, You understand and agree that, to the extent permitted by law, the Credit Union cannot and will not be liable for any damages incident to the unauthorized receipt of electronic communications sent by or received from You where such unauthorized receipt is beyond the control of the Credit Union.
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FEE SCHEDULE
GENERAL FEES
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ELECTRONIC TRANSACTION FEES
LENDING FEES
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VISA CREDIT CARD DISCLOSURES
VISA CLASSIC CREDIT CARD DISCLOSURE
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VISA PLATINUM CREDIT CARD DISCLOSURE
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DISCOVERY LOAN RATE DISCLOSURES
Actual Annual Percentage Rate (APR) may vary according to overall credit history, payment method and payment processing fees. Discovery Federal Credit Union is an Equal Opportunity, Equal Housing Lender. Real estate must be principal residence of member/borrower. Property Insurance is Required. Our Board of Directors reviews loan rates on a regular basis. All rates and terms are subject to change without notice.
New and Used Auto Loan Example
$10,000 for 36 months at a rate of 5.39% APR is a monthly payment of $301.47. May require a down payment depending upon the qualifications of the borrower. Rate based upon Platinum member status and electronic loan payments.
Home Equity Loan Example
$10,000 for 36 months at a rate of 3.99% APR is a monthly payment of $295.20. Rate based upon Platinum member status and electronic loan payments.
LIFESTYLE Loan Example
$5,000 for 36 months at a rate of 2.90% APR is a monthly payment of $145.19. Rate based upon Platinum member status and electronic loan payments.
Adventure Loan Example
$5,000 for 120 months at a rate of 5.50% APR is a monthly payment of $54.28. Rate based upon Platinum member status and electronic loan payments.
Share Secured Loan Example
$5,000 for 60 months at a rate of 5.75% APR is a monthly payment of $96.09. Rate based upon Platinum member status and electronic loan payments.
Personal Loan Example
$5,000 for 60 months at a rate of 9.74% APR is a monthly payment of $105.61. Rate based upon Platinum member status and electronic loan payments.
Home Equity Line of Credit Loan Payment Example
The Annual Percentage Rate (APR) is based on the value of an index. The index is the highest Prime Rate published in the Wall Street Journal on the last business day of the month. To determine your Annual Percentage Rate applied to your line, we will add a margin to the value of the index. The maximum Annual Percentage Rate that can be charged is 18%. The line has a variable rate feature and the Annual Percentage Rate and the minimum monthly payment can change as a result. The rate can be adjusted monthly. Other terms and conditions apply based on the type of loan you establish.
TRUTH IN SAVINGS DISCLOSURE
This disclosure contains important membership information, account agreements, necessary Truth in Savings account disclosures and funds availability policy. Please read this information completely and notify the credit union if any parts are unclear or you would like further explanation.
In this disclosure, the reference to "We", "US", "Our" and "Credit Union" refer to Discovery Federal Credit Union. The words "You" and "Your" mean each person applying for and/or using any of the services described in this disclosure. "Account" means any account or accounts established for you as set forth in this disclosure. For joint account, read singular pronouns in the plural.
Discovery Federal Credit Union Membership
To apply for membership with Discovery Federal Credit Union you must complete, sign and return an Enrollment Application. Your signature on the Enrollment Application informs the Credit Union of Your application for membership and Your agreement to conform to the Credit Union's Bylaws and Amendments. Credit Union membership is granted to applicants within Discovery Federal Credit Unions field of membership, which is outlined in the Credit Union's Charter. By signing the Enrollment Application, You acknowledge receipt of the Enrollment Application and this disclosure, including the terms and conditions which apply to Your accounts.
To be a member, you must deposit and maintain $5 in Your primary share account. Once this deposit is made, You are eligible to apply for other Credit Union services.
Joint Account Agreement
Discovery Federal Credit Union is hereby authorized to recognize any of the signatures subscribed in the Enrollment Application and/or any of Our other Account applications in the payment of funds or the transaction of any business for all joint account. The joint owners hereby agree with each other and with the Credit Union that all sums now paid in on shares, or heretofore or hereafter paid in on shares by any or all of said joint owners to their credit as such joint owners with all accumulations thereon, are and shall be owned by them jointly with right of survivorship and be subject to the withdrawal or receipt of any of them, and payment to any of them or the survivor(s) shall be valid and discharge said Credit Union from any liability for such payment. The joint owners also agree to the terms and conditions of the account as established by the credit union from time to time.
Any or all of said joint owners may pledge all or any part of the shares in the account(s) as collateral security to a loan or loans from this credit union.
The right or authority of the credit union under this agreement shall not be changed or terminated by said owners, or any of them except by written notice to the credit union, which shall not affect transactions theretofore made.
Account Agreements and Disclosures
The following agreements and disclosures contain important information and the terms and conditions of the account or accounts that You may have with Us. Wherever used, "APY" means Annual Percentage Yield"
Variable Rate Information
These accounts are subject to a Variable Rate. The dividend rate and APY may change every dividend period (monthly) at the discretion of the credit union. Current dividends and corresponding APY's can be found on Discovery's "Rate Schedule" provided with this disclosure.
Minimum Balance Requirements
Share Savings Account - The minimum deposit to open this account is $5.00
Checking Account - This account has no minimum balance requirement to open or maintain and all balances in excess of $.01 will earn dividends.
Periodic Statement
All transactions on these Accounts are listed on Your periodic statement.
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Transaction Limitations
Regulation D of the Federal Reserve permits you to make no more than six (6) transfers and withdrawals, or a combination of such transfers and withdrawals, per calendar month from all credit union savings-type shares (except checking) to another account of yours at the credit union, or to a third party by means of a preauthorized or automatic transfer, or telephonic agreement, and no more than three of the six such transfers may be made by check, draft, debit card or similar order made by you and payable to third parties. Automatic transfers from Savings to Checking to cover overdrafts also fall under the transfers limited to six per calendar month.
The credit union may require advance notice of up to forty-five (45) days for withdrawal of funds.
Compounding and Crediting
The dividend period is monthly. For example, the beginning date of the first dividend period of the calendar year is January 1 and the ending date of such dividend period is January 31. All other dividend periods follow the same pattern of dates, Dividends are compounded monthly and credited monthly. Accounts closed before accrued dividends are credited will receive dividends earned to date.
Balance Computation Method
Dividends are calculated by the daily balance method, which applies a daily periodic rate to the principal in Your account each day. Dividends will not be earned for any day the account balance is below the minimum balance required to earn dividends.
Dividend Accrual on Deposits
Dividends will begin to accrue on the business day that cash and non-cash items (e.g. checks) are deposited into Your account.
Nature of Dividends
Dividends, if applicable, are paid from current income and available earnings, after transfers to reserves at the end of the dividend period and therefore cannot be guaranteed.
Checking Account
You hereby authorize Discovery Federal Credit Union to establish a Checking Account for You. The Credit Union is authorized to pay checks signed by You and to charge all such payments against the funds in Your Account.
You further agree that:
A) Only checks and other methods approved by the Credit Union may be used to make withdrawals from this Account
B) The Credit Union is under no obligation to pay a check that exceeds the fully paid and collected balance in this Account. However, if you write a check that would exceed such balance and result in the Account being overdrawn,the Credit Union may either:
1. Pay such check and transfer funds to this Account in the amount of the resulting overdraft from any other Savings Accounts from which you are then eligible to withdraw funds, or
2. Treat such checks as a request to the Credit Union for an advance from an established Personal or Home Equity Line of Credit that would be sufficient to permit the Credit Union to pay such checks and credit the loan advance to this Account.
C) The Credit Union may pay a check on what ever day it is presented for payment, not withstanding the date (or any other limitations on the timing of payment) appearing on the check
D) When paid, checks become the property of the Credit Union and will not be returned either with the periodic statement of the Account or otherwise.
E) Except for negligence, the Credit Union is not liable for any action it takes regarding the payment or nonpayment of a check.
F) Any objection respecting any item shown on a periodic statement of that Account is waived unless made in writing to the Credit Union before the end of 60 days after the statement is mailed.
G) This Account is subject to the Credit Union's right to require advance notice of withdrawal, as provided in its bylaws
H) This Account is also subject to such other terms, conditions and service charges as the Credit Union may establish from time to time.
I) If you cause this account to have a negative balance for any reason, you are responsible to pay all costs incurred by the Credit Union in collecting such indebtedness including reasonable attorney fees, including those costs and expenses and attorney's fees incurred in an appellate proceeding.
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Funds Availability Policy Disclosure
It is Discovery Federal Credit Union's general policy to make funds from your deposits available to you on the business day we receive the deposit. Funds from any deposits (cash or check) made at automated teller machines (ATM's), however, will not be available until the next business day after the day of your deposit. You may, however, withdraw against the amount deposited at an ATM up to the total amount of your deposit, or $500, whichever is less. The amount of funds you can withdraw against the deposit is limited by your daily ATM withdrawal limit. We may choose to verify funds on any check deposited. Prior notice to the credit union may be required to ensure sufficient cash is on hand for large cash disbursements.
For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays and holidays. If you make a deposit during our office hours on a business day, or at an ATM on a business day before 3 PM, we will consider that day to be the day of your deposit. Any deposits made outside these timeframes will be considered to have been made on our next business day.
After We have made funds available to You, even if You have withdrawn the funds, You are still responsible for checks you deposit that are returned to us unpaid, and for any other problem involving Your deposit.
Longer Delays May Apply
We may delay Your ability to withdraw funds deposited by check into Your account an additional number of days for the following reasons:
1) We believe a check You deposited will not be paid
2) You deposit checks totaling more than $5000 on any one day
3) You deposit a check that has been returned unpaid
4) Your account has been open less than 30 days
5) You have overdrawn Your account repeatedly over the last six months
6) There is an emergency such as communications failure or computer equipment.
We will notify You if We delay Your ability to withdraw funds for any of these reasons, and We will tell You when the funds will be available. They will generally be available no later than the fifth business day after the day of Your deposit.
If Your deposit is not made directly to one of Our employees, or if We decided to take this action after You have left the premises, We will mail You the notice by the next business day after We receive Your deposit, If You will need the funds from the deposit right away, You should ask Us when the funds will be available. Any request for payment against funds on which a hold has been placed will be returned unpaid.
In any case, We reserve the right to refuse an item for deposit or cashing.
FUNDS AVAILABILITY POLICY
Generally, you can withdraw funds based on the following funds availability guidelines:
Same Day Availability: Electronic Deposits; U.S. Treasury Check Deposits
Second Business Day Availability: Local Check Deposits
Fifth Business Day Availability: Non-local Check Deposits
In some cases, we may delay your ability to withdraw funds beyond the above stated guidelines.
You will be responsible for fees incurred with check deposits returned to us unpaid.
WEB LINKING POLICY
Discovery Federal Credit Union is not endorsing or guaranteeing the products,
information, or recommendations provided by linked sites. Discovery Federal Credit
Union is not liable for any failure of products or services advertised on those sites.
Each third party site may have a privacy policy different than Discovery Federal Credit Union.
The linked third party site(s) may provide less security than Discovery Federal Credit Union's site.
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DISCOVERY FEDERAL CREDIT UNION COURTESY PAY DISCLOSURE
It is the policy of Discovery Federal Credit Union to comply with all applicable laws and regulations and to conduct business in accordance with applicable safety and soundness standards.
The Account Agreement and Disclosure provided to you at the time you opened your account with us controls the duties, obligations and rights of the Depositor, the authorized signers and Discovery Federal Credit Union with regard to your checking account. The Account Agreement (and all amendments thereto) and its terms shall control any possible conflict, if any, between any provision of this Courtesy Pay Overdraft Policy and the Account Agreement and Disclosure. A copy of the Account Agreement and Disclosure is available to you on request from Discovery Federal Credit Union.
Courtesy Pay is not a line of credit product. However, if you overdraw your account, we will normally pay the overdraft, subject to the Courtesy Pay limit and the amount of the overdraft fee. Discovery Federal Credit Union is not obligated to pay any item presented for payment if your account does not contain sufficient available funds, and any discretionary payment
(or other negotiation or processing) by Discovery Federal Credit Union of any non-sufficient fund check or checks or other
item(s) does not obligate Discovery Federal Credit Union to pay any additional non-sufficient fund check or item or to provide prior notice of its decision to refuse to pay any additional non-sufficient fund check or item.
Pursuant to Discovery Federal Credit Union's commitment to provide it's members with the highest level of financial services, now and in the future, if your account is maintained in good standing, which includes at least:
A) Depositing an amount in your account that is greater than or equal to the amount of discretionary Courtesy Pay extended to you within each thirty (30) day period and bringing your account balance to a positive balance within every thirty (30) day period;
B) You are not in default on any loan or other obligation to Discovery Federal Credit Union;
C) You are not subject to any legal or administrative order or levy;
D) You have $5 in your account at the time the Courtesy Pay is made available to you.
Discovery Federal Credit Union will normally pay overdrafts within the Courtesy Pay Overdraft limits, however, payment by Discovery Federal Credit Union is a discretionary courtesy and not a right or obligation. Transactions that may be approved for overdraft include check, debit card, or other electronic transfers. This overdraft feature for consumer checking accounts will generally be limited to a maximum based on a limit derived from a third party matrix. Any and all fees and charges, including without limitation the non-sufficient funds fees (as set forth in our fee schedule) will be included as part of this maximum amount. The fee for Courtesy Pay is the same as the NSF fee regardless of whether the NSF item is paid or returned.
The total of the discretionary Courtesy Pay (negative balance, including any and all fees and charges, including all non-sufficient funds/overdraft fees) is due and payable upon demand, and Depositor and each Authorized Signer will continue to be liable, jointly and severally, for all such amounts, as described in the Account Agreement and Disclosure.
While Discovery Federal Credit Union will typically pay overdrafts on accounts in good standing (as described above) payment is a discretionary courtesy, and not a right or obligation and Discovery Federal Credit Union in its sole discretion, can cease paying overdrafts at any time without prior notice of reason or cause.
Any member may opt out of Courtesy Pay by notifying the credit union in writing of their decision to not be included in the overdraft privilege program.
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