Community Credit Union of New Milford, Inc.
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COMMUNITY CREDIT UNION OF NEW MILFORD, INC.
Electronic Fund Transfer Agreement
 
“We,” “us” and “our” refer to Community Credit Union of New Milford, Inc.
“Account” refers to any share account at our credit union from or to which we allow electronic fund transfers
(“EFT’s”).
“You” and “your” apply to anyone who has an Account with us and is authorized to use the applicable EFT.
“ATM” refers to any of our automated teller machines where you can use your Card and PIN.
“Point of Sale” or “POS” terminal refers to an electronic terminal at which you can use your Card and PIN to pay for goods and services by debiting an account. A POS transaction includes a transaction in which you use your Card and/or PIN to pay for goods and services by debiting an Account, whether or not an electronic terminal is used at the time of the transaction.
“Card” refers to the Community Credit Union of New Milford ATM card or Visa Check Card.
“PIN” refers, as applicable, to the personal identification number or code you agree to use to identify yourself when using an ATM or making an online transfer. These two PlNs need not be the same.
“Checking” and “Savings” Accounts refers to the Share Draft Checking and Share Savings Account designated for the EFT service for which you have applied.
“Available Funds” means the money in your Account which can be withdrawn or transferred. Available Funds may be less than the entire balance in your Account if, for example, we have placed a “hold” against certain funds in your Account for a certain number of days to allow a reasonable time for checks deposited to or cashed against your Account, to clear.
1) WHAT IS AN “EFT”? An “EFT” is a transfer of your funds at our credit union which is initiated electronically, for example, by telephone or computer or ATM. We currently offer the following EFT services:
A. Direct Deposit. You can arrange for the direct deposit to your Account of Social Security benefits or other deposits, such as payroll, that we allow to be deposited directly to your Account through the computer.
B. Preauthorized Payments. You can arrange to have payments or transfers (that we allow) made from certain Accounts automatically. These payments or transfers are made to third parties such as insurance and utility companies.
C. Other Services Available with your Card and PIN. You can pay for purchases by accessing your Checking Account at merchants that have agreed to accept the Card and PIN. At the time of the purchase you may also be able to withdraw cash, subject to cash availability. If you have a Visa Check Card you can also use your Card to make purchases at merchants that accept Visa cards.
D. Limitation on Availability of Services. Some of these services may not be available at all ATMs or POS terminals. We are a member of NYCE, Cirrus, and the Sum Program networks. All of the transactions described above may not be available at all ATMs or POS terminals where you can use your Card and different limitations on withdrawals, deposits and other transfers may apply. Certain merchants may accept only the Visa Check Card for POS transactions that are not processed electronically.
2) AGREEMENT. By signing an application or by using your Card or by using an EFT, you agree to the rules in this Agreement for the type of EFT service that you use. You also agree that you will not use your Card, Pin, or any EFT service to conduct an illegal transaction or to pay for an illegal purchase. You understand that we may cancel your ability to conduct EFT’s if we have reason to believe that you have used your Card, Pin, or any EFT service for an illegal activity.
3) LIMITATIONS ON TRANSFERS. We may limit the type and form of Account to or from which we will allow EFT’s.
A. ATM and POS Transactions. You may withdraw from ATMs a total of no more than $500.00 in cash per calendar day, per Card. In addition to your ATM withdrawals, if you have a Checking Account, you may withdraw and conduct POS transactions totaling no more than $500.00 per calendar day, per Card.
B. VISA Check Cards. If your Card is a VISA Check Card in addition to your ATM withdrawals as described above, you may conduct POS transactions totaling up to $1,500.00 at merchants that accept VISA cards. When you make a purchase using your VISA Check Card, you authorize us to put a hold on the Account for the amount of the authorization requested (which may be more than the amount of the transaction). You authorize us to hold the funds for the authorized amount for up to three business days. When the transaction clears, the funds will be debited from your Account.
C. International VISA Check Card Transactions. For international transactions, we will use as the exchange rate for VISA Check Card transactions either the (1) wholesale market rate or (2) the government-mandated rate, in effect one day prior to the transaction processing date and increased by one percent.
D. Available Funds. If on a particular day, the amount of Available Funds in your Accounts total less than the amount stated in this section, you may not withdraw more than the total of Available Funds on that day. This limit applies to the total of withdrawals from your Accounts and the total POS transactions.
E. Other Limitations. For security reasons, there are other limits on the number of transfers you can make using your Card. During a malfunction of our computer system or the ATM system, we may limit the dollar amount and types of EFT’s you can make including the types of Accounts you can access through ATMs. Other limitations may apply at ATMs of other institutions.
F. Limitations on Transfers from Share Savings Accounts. You can make up to six withdrawals by preauthorized or home banking transfers per month from your Share Savings Account. Transfers from your Share Savings Account to pay overdrafts on your Checking Account are included within your six transfers. Point of Sale transfers are not allowed from a Share Savings Account.
4) DOCUMENTATION AND TELEPHONE INQUIRY. You have a right to receive certain types of documentation and information concerning EFT’s.
A. Periodic Statements. You will receive a monthly account statement detailing your EFT activity, unless the only type of EFT activity is a pre-authorized credit to your Savings Account. In this case you will receive a quarterly account statement.
B. Preauthorized Deposits. You can arrange to have direct deposits made to your Account on a regular basis from the same person or organization. If you have arranged to have direct deposits made to your Account at least once every 60 days from the same person or organization, you can call us at (860)210-0777 to find out whether or not the deposit has been made.
C. ATM, VISA Check Card or POS Record. You can get a written record at the time you make a transaction through an ATM or POS terminal or conduct a VISA Check Card purchase. This record will show certain information such as the amount of your transaction, the type of transaction, and the date of the transaction.
5) PREAUTHORIZED TRANSFERS FROM YOUR ACCOUNT.
A. Stop Payment. If you have told us in advance to make regular payments out of your Account, you can stop any of these payments. Either call us at (860)210-0777, or write us at:
The Community Credit Union of New Milford, Inc.
145c Danbury Road
New Milford, CT 06776
If you choose to write us, be sure to send the request in time for us to receive your 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 send it to us within 14 days after you call. If we require you to put your request in writing and send it to us within 14 days and you do not do so, then your oral stop payment order will cease 14 days after it has been made and we may make the payment if it is demanded by the particular person or organization involved.
NOTE: If you want to stop these preauthorized payments permanently, you must notify the person or organization you have told us to pay. A stop request which we receive will only stop the particular payment to which it applies. If you instruct us to stop these payments permanently we will do so, but we may require you to send us a copy of your notice to the person or organization you told us to pay. Please refer to our Schedule of Charges for the amount we will charge you for each stop payment order you give.
B. Notice of Varying Amounts. If these regular payments may vary in amount, the person you are going to pay will tell you, 10 days before each payment, when it will be made and how much it will be. (You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.) We will not be liable if the person or organization you are going to pay fails to give you notice of varying amounts.
C. Liability for Failure to Stop Payment of Preauthorized Transfers. If you order us to stop one of these payments 3 business days or more before the transfer is scheduled and you comply with a request by us to put your request in writing (as explained above), then if we do not follow your request to stop payment, we will be liable for certain types of losses or damages which you suffer.
D. Stop EFT. Unless otherwise stated in this Agreement, you cannot stop an EFT, other than a preauthorized transfer.
6) CHARGES. Any charges for EFT’s are disclosed on the enclosed Schedule of Charges. When you use an ATM not owned by us, the ATM operator or any network used to complete the transfer may charge you.
7) OUR LIABILITY FOR FAILURE TO MAKE TRANSFERS. If we do not complete a transfer to or from your Account in a timely manner in accordance with the terms and conditions of your Account and normal credit union procedures or in the correct amount according to your instructions, we will be liable for certain types of losses or damages which you suffer. However, there are some exceptions. We will not be liable in the following instances:
A. We will not be liable if, through no fault of ours, you do not have enough Available Funds in your Account to make the transfer.
B. We will not be liable if the Account has a “hold” on it for the amount of all or part of the funds necessary to make the transfer.
C. We will not be liable if the ATM or POS terminal or system was not working properly and you knew or should have known about the breakdown when you started the transaction.
D. We will not be liable if you do not give us, where applicable, your name, correct PIN and, where applicable, correct Account numbers when starting the transfer.
E. We will not be liable if circumstances beyond our control prevent the transfer despite reasonable precautions that we have taken.
F. We will not be liable if we do not receive proper instructions or notification for the use of the Account for EFT’s or proper instructions for the particular transfer.
G. We will not be liable if the ATM or POS terminal where you are making a withdrawal does not have enough cash.
H. We will not be liable if the funds in your Account are subject to legal process or other encumbrance restricting such transfer.
I. We will not be liable if your Card has deteriorated or been damaged so that it does not function properly.
J. We will not be liable if your Card or PIN has been reported lost or stolen.
K. We will not be liable if you do not follow the procedures in this or any other agreement you have with us.
L. There may be other reasons under Federal or State law why we will not be liable.
M. We will not be liable if we did not complete the transaction because we reasonably suspected fraud or illegal activity.
8) BUSINESS DAYS. Our business days are Monday through Friday. Holidays are not included.
9) ACCOUNT INFORMATION DISCLOSURE. We will disclose information to third parties about your Account or the transfers you make in the following instances:
A. We will disclose information where it is necessary for completing transactions or collecting checks.
B. We will disclose information as allowed by law in order to verify the existence and condition of your Account for a third party, such as a credit bureau.
C. We will disclose information in order to comply with any law, court order, or proper governmental request, such as subpoenas, tax information, regulatory examinations and reports of unusual cash transactions.
D. We will disclose information if you give us your written permission.
E. We will disclose information to our agents, auditors and collection attorneys.
F. We will tell a holder of one of your checks whether it would be paid if presented at the time of the request.
G. We will disclose information to government officials in connection with suspected violations of law.
H. We will disclose information to third parties if you owe us money and we must take legal action to get it.
I. We may disclose information relating to an Account which does not identify you or your Account.
J. We may disclose information relating to your Account which is allowed to be disclosed under the state and federal privacy laws.
10) IF YOUR CARD OR CODE IS LOST OR STOLEN. If you believe your Card and/or PIN has been lost or stolen or that someone has withdrawn or transferred or may withdraw or transfer money from your Account without your permission call us at (860)210-0777. If the credit union is closed, call (800)554-8969 to report a lost or stolen VISA Check Card or ATM Card.
11) YOUR LIABILITY.
A. General. Tell us AT ONCE if you believe your Card or PIN has been lost or stolen. Telephoning is the best way of keeping your possible losses down. If you do not promptly notify us of such loss or theft you might lose all your Available Funds. Your liability for purchases made with a lost or stolen card can be greatly reduced by promptly notifying us. If your statement shows transfers that you did not make, tell us AT ONCE. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time.
B. Special Rules for Visa Check Card Purchases. If your Card is a VISA Check Card, other limits apply to the type of VISA Check Card purchases described in Section 3B above. For VISA Check Card purchases only, you will generally have no liability for unauthorized transactions if you report the loss or theft within two business days. However, if we determine that the unauthorized transactions occurred because of your gross negligence or fraud, these special limitations on liability may not apply.
12) IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC TRANSFERS. If you think your statement or receipt is wrong, or if you need more information about a transfer listed on the statement or receipt, call us at (860)210-0777, or write us as soon as possible:
The Community Credit Union of New Milford, Inc.
145c Danbury Rd
New Milford, CT 06776
We must hear from you not later than 60 days after we sent the FIRST statement on which the problem or error appeared. (1) Tell us your name and Account number (if any). (2) Describe the error or the transaction you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information. (3) Tell us the dollar amount of the suspected error. If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days. We will determine whether an error occurred within 10 business days after we hear from you and will correct any error promptly (We may extend this time period to 20 business days if the error occurred within 30 days of the first deposit to your account, was initiated at a Point of Sale terminal or concerns a transaction that was initiated in a foreign country.) If we need more time, however, we may take up to 45 days to investigate your complaint or question. If the complaint or question concerns a transaction that was initiated in a foreign country, was initiated at a Point of Sale terminal, or occurred within 30 days of the first deposit to your account, we may take up to 90 days to complete the investigation. If we decide to take this extra time to investigate, we will credit your Account within 10 business days (20 business days if the error occurred within 30 days of the first deposit to your account was initiated at Point of Sale terminal or concerns a transaction that was initiated in a foreign country.) for the amount you think is in error, so that you may 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.
13) SURRENDER OF CARD. The Card belongs to us. We can take it back at any time. You agree to surrender the Cards when we or our agents request it.
14) OUR RIGHTS WITH REGARD TO OVERPAYMENTS. If funds have been deposited into your Accounts, to which you are not legally entitled, by mistake or otherwise, you agree that such amounts are debts owing from you to us and you authorize us summarily to withdraw such amounts from the Account or any other account you have with us. We can do this without giving you prior notice or demand. We can also exercise our right of set-off to recover any such amount. (An example of such an overpayment to your Account to which you are not legally entitled would be a Social Security payment received by direct deposit after your death.)
15) NON-ENFORCEMENT OF OUR RIGHTS. We can choose not to enforce or to delay in enforcing any of our rights under this Agreement without losing them in the future.
16) AMENDMENTS. We can change these rules, including, for example, adding or increasing fees. We will give you notice of these changes as required by law.
 
COMMUNITY CREDIT UNION OF NEW MILFORD, INC.
Members Share Account Contract
 
“You” and “Your” refer to anyone who signs the signature card for any share account. These terms also refer to any person or entity on whose behalf the account is opened. “We,” “us,” and “our” refer to the Community Credit Union of New Milford, Inc. “Check” means a check or other noncash item, other than an electronic fund transfer. You must complete payment of and maintain ownership of one share in your Regular Share Savings Account as a condition of admission to membership, as set forth in our By-laws. You must be a member to open and maintain an account with us. National Credit Union Share Insurance Fund - Member accounts in this credit union are federally insured by the National Credit Union Share Insurance Fund.
I. GENERAL RULES FOR ALL SHARE ACCOUNTS.
I.1. YOUR AGREEMENT. By signing the signature card or depositing funds or allowing funds to be deposited on your behalf in an account, you agree to the terms in this agreement for that account. This includes the terms in our Schedule of Dividends and Schedule of Charges, which are made part of this agreement. This agreement also includes the terms of any other documents which we designate as part of this agreement. You also agree that you and we have all rights given by law.
I.2. AUTHORIZED SIGNATURES. For purposes of withdrawal and other account matters, unless we specifically agree otherwise in writing, we can honor any request or order signed by any person whose signature appears on the signature card for the accounts. We may supply endorsements as allowed by law on checks and other noncash items (all of which we call “checks” in this agreement) that you deposit to the account.
I.3. COLLECTION OF CHECKS. When you deposit a check to your account we collect the money from the bank or other party obligated to pay it. We act as your agent to do this. Except to the extent otherwise required by law, we are not responsible for losses which happen during collection of a check that are not caused by our own negligence. When you cash or deposit a check, we may require that funds equal to the amount of the check remain in your account or another account you have with us until the funds from that check become available for withdrawal. See our Funds Availability Policy for an explanation of when funds are available for withdrawal. If we receive a check you have written on your account in an amount greater than the funds available for withdrawal from your account, we have the right not to pay that check.
If we credit your account or allow you to withdraw the amount of a deposited check and it is returned to us unpaid or we receive a notice of non-payment of the check, we have the right to take that amount from your account or to obtain a refund by any method we deem proper, including the exercise of our right of set-off (see Section I.8). If the amount of available funds in your account is less than the amount of the check, you are required to pay us the balance.
There are certain checks that we will not cash or accept for deposit. These include checks drawn on banks in foreign countries. We may agree to try to collect the money for you from the bank on which the check is drawn. If we succeed, we will then deposit the money we collect into your account. We may also charge you for this service. The amount of our charge is listed in our Schedule of Charges.
I.4. CHARGES.
(a) General. You agree to pay the charges listed on our Schedule of Charges. We can change these charges or add new ones upon giving notice as set forth in Section I.6. We may take these charges from your account.
(b) Minimum Balance to Waive or Reduce Charges. For certain accounts, we may waive or reduce certain account charges if you maintain a specified minimum balance. The minimum balance rules for waiving or reducing charges for all deposit accounts are described in the Schedule of Charges.
I.5. JOINT ACCOUNTS.
(a) Joint Accounts. If this is an account in the names of two or more individuals it will be a joint account with right of survivorship as defined in Section 36a-290 of the Connecticut General Statutes or the successor to that statute. This means that each of you is making this agreement with each other and with us. Each of you agrees that all amounts deposited by any of you, as well as any dividends earned or bonus payments earned, can be paid to any one or more of you while you are all alive. After the death of any one of you, we can pay any money in the account to any one of you who is then alive. Each of you gives to any of the others authority to deposit to the account any check payable to any or all of you. For certain checks, such as a check payable by the government, we may require all persons to whom the check is payable to endorse the check for deposit. We will not accept an account for individuals that requires the signature of two or more individuals for withdrawals. If we honor a check which was signed by any one of you, and this causes an overdraft, each of you is liable for the overdraft, whether or not you signed the check or benefited from its proceeds.
(b) Account of Minors. If you are under 18 years of age we may not permit you to open an account other than a joint account with your parent or guardian or an account opened by a custodian under the Uniform Transfers to Minors Act.
(c) Limitation on Number of Owners. We have the right to limit the number of owners on any account.
I.6. AMENDMENTS.
We can make amendments to this agreement by posting written notice in our lobbies or by delivery to you of a copy of the amendment(s). Federal law and regulations require that we give you notice of most additional or increased charges and certain other changes to the terms of an account or our by-laws which may be adverse to you before those amendments can become effective.
I.7. WAIVER OF YOUR RIGHTS TO “NOTICE OF DISHONOR” AND “PRESENTMENT”. If another institution refuses to pay a check (called “dishonor”) which you deposited or cashed, we may put the check through for collection again. We will not always give you notice that the check was dishonored before putting the check through for collection again. This means that in this instance you are “waiving” your right to “notice of dishonor“. In the process of collecting a check which you have deposited to your account, you agree that we may delay in putting the check through for collection. This means that you are “waiving” your right to have us begin the process of “presenting” the check by the next banking day.
I.8. RIGHT OF SET-OFF. Unless this right is denied to us by law, we can take any funds in your account to pay any debt you owe us that is in default (including unpaid charges). This is called the right of set-off and applies to all funds of yours in our possession now or in the future in any account you maintain with us. We can use this right of set-off without going through any legal process or court proceedings. If this is a joint account, this right of set-off applies to our use of deposits of any of you to pay the debts owed to us by any or all of you. If we exercise this right by taking what you owe us from a share certificate account, such payment shall be deemed an early withdrawal, and an early withdrawal penalty may be imposed. If a loan payment you owe to us is not paid when due, we may hold the funds in your Regular Share Savings Account up to the amount of the overdue payment until the overdue payment is made or we set-off the amount as provided in this paragraph.
I.9. COLLECTION FEES. If in the course of collecting any money you may owe us we incur expenses or fees, we may take those from your account, including attorneys’ fees unless prohibited because suit was not instituted. If there are not sufficient available funds in your account to cover these expenses or fees you owe us the unpaid balance of such fees or expenses.
I.10. IDENTIFICATION. We can require proper identification for any withdrawal from any account and to open an account.
I.11. SOCIAL SECURITY NUMBER REQUIRED. If you fail to give us a correct social security or tax-identification number for the account on the signature card we can refuse to open an account or close your account or require you to apply for a taxpayer identification number. We can also take from your account any charges of the IRS which result from your error, as allowed by law.
We may also be required by federal law to withhold part of any dividends you earn and pay it to the IRS. If we do this, the amount we withhold will be reported to you and the IRS and applied by the IRS to the payment of any federal income tax you owe for that year.
I.12. OUR RIGHT TO CLOSE OR DISCONTINUE OR LIMIT ACCOUNTS. We reserve our right to stop offering any particular type of account and to close the account of any member other than a Regular Share Savings Account, at any time, as set forth in our By-laws. We will mail you a check for the amount of collected funds on deposit or transfer the funds to your Regular Share Savings Account as soon as is practical. We reserve the right to decline to open an account, other than a Regular Share Savings Account, for any member. We have the right to limit the number of accounts owned by any member. If the balance in your Regular Share Savings Account falls below the par value of one share, and you do not increase the balance to at least the par value of one share within six months of the reduction, you may be terminated from membership. We may close the account and charge you a fee (See the Schedule of Charges).
No credit or service, except for (1) a Regular Share Savings Account and (2) voting privileges at annual and special meetings will be extended to any person who has caused the credit union a loss.
I.13. ENFORCEMENT OF OUR RIGHTS. We can choose to not enforce or to delay in enforcing any of our rights under this agreement without losing them in the future.
I.14. ADDRESS. You must furnish us with your current mailing and residential address in writing whenever the last one you gave us is no longer correct. Whenever a statement is unclaimed or undeliverable because of your failure to notify us of a change in address we may discontinue sending statements or crediting dividends and deny ATM card access. We may rely on a forwarding address provided to us by the United States Post Office and may charge a fee if you do not notify us of a change of address within 30 days. (See the Schedule of Charges.) We are not responsible for any loss caused if you do not give us a new address. You will be responsible for the same care in reviewing these statements as if they were mailed. We may destroy statements, for which we can not obtain a forwarding address, being held after 90 days.
I.15. STATEMENTS, ERRORS, ALTERATIONS, FORGERIES. You must examine and balance your periodic statements as soon as you receive them. If you do not let us know of any mistakes within 30 days after you receive a statement, we may consider the checks paid and other payments made during that statement cycle to be authorized. (We may also consider the statement to be correct, except as provided in our Electronic Fund Transfer Agreement which gives you sixty days to report an error concerning an electronic fund transfer.) We will not be liable to you for payment made pursuant to any forged or altered check or withdrawal order (if that would cause us to suffer a loss) unless you notify us of the forgery or alteration within that thirty day period. We won’t be liable for any forgery or alteration if the forgery or alteration resulted from your negligence. You may have to bear losses that could have been prevented if you had discovered and told us of errors or unauthorized transactions.
I.16. USE OF OUR CHECKS AND FORMS.
(a) Checks. We can require that you use only checks we have approved for account use. The only checks we have given our prior approval to are the ones offered to you through us by our approved vendor. If you use a check we have not approved we can refuse to pay the check and charge you the fees listed, if any, in our Schedule of Charges.
(b) Forms. We can also require that you use our forms for making deposits, withdrawals and any other account matters.
I.17. NOT TRANSFERABLE. Your deposit account is not transferable or assignable to anyone, except on our books. You may not voluntarily transfer, assign or pledge your account without our consent. This does not affect a transfer occurring by operation of law, such as that which would occur on death, bankruptcy or as a result of a court order.
I.18. STOP PAYMENT ORDERS. If you request us to stop payment on an item, we will make a good faith effort to do so. The stop payment order must describe the check with reasonable certainty. We will not be liable if the stop payment order does not do so or if we do not have a reasonable opportunity to act on it. We will also not be liable if we fail to stop payment or if our payment of the item(s) causes other items to be returned for insufficient funds. If we do stop payment of an item at your direction, you agree to pay all costs we may incur as a result. An oral stop payment order is good for only 14 days unless we receive written confirmation from you within that time. A stop payment order is only good for 180 days, but you may renew it by a writ-ten notice that we receive before it expires.
I.19. RECEIPT OF FUNDS TRANSFER. A “funds transfer” is a transfer of funds to your account which is not initiated by a check, draft or similar paper instrument. Most funds transfers, including regularly recurring transfers such as direct deposit of Social Security payments or paychecks are governed by our Electronic Fund Transfer (EFT) Agreement. Some, like wire transfers, are not, but under most circumstances we are required by law to accept them. If we receive a “funds transfer” to your account that is not governed by our EFT Agreement, we may, in our discretion, refuse to accept it; if it is a “funds transfer” we are not required by law to accept. If we accept a “funds transfer” not governed by our EFT Agreement, we will not send you notice of the funds transfer (other than your periodic statement, if you get a statement for that account.)
I.20. POSTDATED CHECKS. If the date on a check is later than the date the check was issued, the check is called “postdated.” We will not look to see if a check is postdated when we determine whether or not to pay the check. We have the right to charge against your account any payment we make on a postdated check before the date on the check.
I.21. STALEDATED CHECKS. We may at our option pay a check that is over six months old, but we are not required to do so.
I.22. OVERCREDITED ACCOUNT. If we credit your account for an amount in excess of the checks or funds actually received for deposit, we may take the excess from your account without prior notice to you.
I.23. CHANGE IN OWNERSHIP. If you wish to change the ownership of an account, we may require you to provide us with required documentation and authorization.
I.24. SERVICE OF PROCESS. If we receive a court order, levy, garnishment, execution or other similar legal process (all of which we call “legal process”) concerning the funds in your account, we may place a “hold” on the funds in your account, for the amount stated in the legal process. We may also place a “hold” on the funds in your account if we reasonably believe we may sustain a loss if we do not impose a “hold” pending the resolution of any dispute, claim, or investigation concerning your account. A “hold” means you may not withdraw funds and we will not pay checks out of the funds subject to the “hold”. We may also surrender the funds in your account as required by any legal process. We will not be liable if those actions cause checks to be returned for insufficient funds.
I.25. ENDORSEMENTS. You agree that all endorsements on any check you deposit to your account will be made in the area designated for endorsements on the reverse side of the check. You agree that you are liable for any loss resulting from a failure to comply with this requirement.
I.26 RESTRICTIONS ON WITHDRAWALS. We have the right to require that you give us written notice of your intention to withdraw funds as explained in our By-laws. We would expect, except in unforeseen circumstances, to give advance notice of our intent to impose this requirement.
II. RULES WHICH APPLY TO SHARE SAVINGS ACCOUNTS.
II.1. DIVIDENDS. We are prohibited by law from guaranteeing the payment of dividends or that dividends we do pay will be at the contracted rate. We must base our dividend payments to you upon the money we actually earn and that is available for distribution at the end of a dividend period. The dividend rates and annual percentage yields may change at any time, as determined by the credit union board of directors.
II.2. WHEN DIVIDENDS BEGIN TO ACCRUE ON DEPOSITED CHECKS. Dividends begin to accrue on a noncash deposit made to a share savings account on the business day the deposit is considered to have been made.
II.3. BALANCE CALCULATION METHOD. We use the daily balance method to calculate the dividends on your account. This method applies a daily periodic rate to the principal in the account each day. The principal balance used to calculate dividends is the balance on which dividends have begun to accrue (see Section II.2. above).
II.4. MINIMUM BALANCE TO EARN DIVIDENDS. For certain share accounts, we may require a minimum balance to earn dividends. The amounts of these minimum balances are described in the Schedule of Dividends. We use the daily balance method to determine if the minimum balance requirement has been met. Certain accounts may have step-rate or tiered rate features, see our Schedule of Dividends.
II.5. MINIMUM BALANCE TO OPEN AND MAINTAIN ACCOUNTS. For certain share accounts we may require a minimum deposit to open the account and a minimum balance to maintain the account. The amounts of these minimum opening deposits and minimum balances are described in the Schedule of Dividends.
II.6. COMPOUNDING AND CREDITING. Dividends will be compounded every month. Dividends will be credited to your account every month.
II.7. SHARE SAVINGS ACCOUNTS (REGULAR, SPECIAL, HOLIDAY AND VACATION ACCOUNTS). We will send you a statement at least quarterly for these accounts. To withdraw from your share savings accounts, you must show us proper identification. We may, as necessary, transfer funds from your Regular Share Savings account to your checking account to pay checks, debits and other items payable from your account. See the Schedule of Charges for explanation of related charges. You can make up to six transfers by preauthorized, telephone or home banking transfers per month from your share savings accounts. Transfers from your Regular Share Savings account to your checking account to pay overdrafts are included within these six transfers. The limitations on preauthorized transfers do not apply to preauthorized transfers made to pay loans you have with us or to withdrawals or transfers to another account you maintain with us if made in person or by mail or through an automated teller machine.
II.8. SHARE CERTIFICATES (INCLUDING IRA SHARE CERTIFICATES.)
(a) The Term. A share certificate account is a type of deposit which requires you to leave money in the account for a certain period of time (called the “term”) to accrue dividends throughout the term at the specified rate. Share certificate accounts are subject to penalties for early withdrawal, that is, withdrawal before the “Maturity Date”. The “Maturity Date” is the first day following the last day of the term. These penalties are described in Section II.9.e. below. When you establish a share certificate account, you may select any term that we currently offer, as described in our current Schedule of Dividends.
(b) Later Deposits. Later deposits to share certificate accounts are not permitted.
(c) Notice of Maturity. We are required by federal law to send a notice of maturity for all share certificates with terms greater than one month.
(d) Maturity Options for Share Certificates for Auto Renewal. If you choose the automatic renewal option for your share certificate account and you do not withdraw the funds within the “grace period” of (7) calendar days after maturity, your share certificate account will be automatically renewed as of the Maturity Date of the maturing share certificate for a similar term at the dividend rate we are then paying on share certificates with that term. If you elect against automatic renewal of your share certificate, you must give us written instructions. You must direct us (1) to renew the share certificate for a term which you specify and which we allow; or (2) to deposit the funds in another account you maintain with us. If, on the Maturity Date we no longer offer the same type of share certificate as your share certificate, and you do not instruct us otherwise, the funds in the account will be placed in a Regular Share Savings Account. If you renew a share certificate or a share certificate is automatically renewed, all dividends which are on deposit at the time of renewal will become principal of the renewed share certificate. If you have pledged your share certificate as security for a loan, we may limit your renewal options as set forth in the loan documents.
(e) Penalty for Early Withdrawal. We will allow withdrawal of principal from your share certificate account before the Maturity Date without penalty in the following events: (1) a court’s declaration of your mental incompetence, or (2) your death. In all other cases you cannot withdraw all or any part of the deposit before the Maturity Date without our consent. We can only give our consent at the time you ask to make a withdrawal. If we consent to an early withdrawal, there may be a penalty on the amount of principal that you withdraw. The penalty we may impose will equal 90 days dividends on the amount of principal withdrawn. If the amount of the penalty exceeds the amount of the accrued dividends, we may deduct some of the penalty from the principal balance.
(f) Effect of Dividend Withdrawal. You can withdraw dividends at any time after they are credited to your account. The annual percentage yield shown on the Schedule of Dividends assumes that dividends will remain on deposit until maturity. A withdrawal of dividends prior to maturity will reduce earnings.
III. IRA ACCOUNTS.
These accounts are governed by separate contracts and by the rules in this agreement for the type of IRA share savings account opened.
IV. CHECKING (SHARE DRAFT) ACCOUNT.
A checking account is a share draft account. That means we reserve no right to require notice before withdrawal from checking accounts and permit unlimited numbers of transfers to third parties by check. We pay no dividends on a checking account.
V. PAYABLE ON DEATH (“POD”) DESIGNATION.
The Payable on Death designation means that you intend to open an account in trust for one or more individuals under Section 36a-296 of the Connecticut General Statutes (entitled “Deposits in Trust”) or the successor to that statute. The Payable on Death designation means that you have full ownership of the account until your death. You, as the owner, must include your social security number on the signature card. When you die, the account will belong to the beneficiary you have named if such person is alive when you die. If you have named more than one beneficiary, the account will belong equally to the beneficiaries who are alive when you die.
If this is also a joint account, when any of the owners of the account dies, any remaining owners will have full ownership until their deaths. When the last owner dies, the account belongs to the beneficiaries who are living at that time.
VI. UNIFORM TRANSFERS TO MINORS ACT (“UTMA”).
If you have opened the account as custodian under the Connecticut Uniform Transfers to Minors Act, your rights and duties are governed by that Act. You must include the minor’s social security number on the signature card. You will not be allowed to pledge the account as collateral for a secured loan.
VII. FIDUCIARY DESIGNATION.
VII.1. FIDUCIARY. A fiduciary is a person or organization named by will, trust or other legal document or appointed by the court to manage the funds or property of another. A fiduciary may be named in a written agreement, such as a trust or a power of attorney, or may be appointed by a court. If you have opened an account as a fiduciary the funds belong to the trust estate and only the trustee(s) may withdraw funds or otherwise transact business with us for this type of account.
We may require that you give us a certified copy of any trust instrument, court order or decree appointing you as a fiduciary. Whether or not a copy is filed with us, we will not be held responsible for the contents or for any duty you may owe as trustee to any trust beneficiaries. The law and the trust document or court order or decree will define your rights and duties as fiduciary.
VII.2. TAX IDENTIFICATION NUMBER. We may require that you apply for a taxpayer identification number for any account that you open on behalf of a trust or other separately taxable entity.
VII.3. POWER OF ATTORNEY. A Power of Attorney is a legal document signed by a person giving a second person the power to act on the first person’s behalf. If you are acting under a Power of Attorney, your right to deal with the funds in an account is determined by law and in the Power of Attorney. You must give us a copy of the Power of Attorney. The owner of the account may only withdraw funds from the account if he or she has also signed a signature card for the account. A Power of Attorney ends when the person who signed it terminates it, dies, has a conservator appointed for his or her estate or, unless the Power of Attorney specifically provides otherwise, becomes disabled or incompetent. The owner of an account and the person holding the Power of Attorney from the owner agree to notify us promptly if the power terminates. When a person holding a Power of Attorney makes a deposit to or a withdrawal from an account, that person is confirming that the power has not been terminated. We may rely on the Power of Attorney until we are given written notice that it has been revoked or terminated, and have a reasonable opportunity to act on that notice.
 
COMMUNITY CREDIT UNION OF NEW MILFORD, INC.
USA Patriot Act Member Identification Policy

Pursuant to the USA Patriot Act of 2001, Community Credit Union of New Milford (CCUNM) must:
1. Verify the identity of any person seeking to open an account, to a reasonable extent.
2. Maintain records of the information used to verify the person’s identity, including name, address, and other identifying information.
3. Determine whether the person appears on any list of known or suspected terrorist organizations provided tot eh credit union by any government agency.

The purpose of the USA Patriot Act is to help protect the members of CCUNM, their families, and our country from terrorism by preventing terrorist financing.

Member Identification Program

Prior to opening a new account or adding a signatory to an existing account, CCUNM will obtain identifying information for each person for each of the following account types:
· Individual accounts: CCUNM will obtain member’s name, residence, mailing address, social security number or taxpayer identification number or employer identification number.  If not a US citizen, either a US taxpayer identification number, passport number and country of issuance, alien identification number, or number and country of issuance of any other government-issued document evidencing nationality will be obtained.
· Non-individual accounts (i.e. – Corporations, Partnerships and Trusts): CCUNM will obtain name, place of business, mailing address, and social security number, taxpayer identification number, or employer identification number.

Document Requirements

Individuals: Driver’s License, Passport or State Identification Card.
Non-individuals: Registered Articles of Incorporation, Government-Issued Business License, Partnership Agreement or Trust Instrument.

Recordkeeping

All identifying information provided by the member will be maintained by CCUNM either in-house or at the current off-site storage facility (Iron Mountain).  These records will be maintained for at least 5 years after the date the account is closed.
 
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