INFORMATION ABOUT YOUR ACCOUNTS

This section contains rules which govern your account(s) with us.  Please read it carefully.  If you sign your signature card and continue to maintain your account, you agree to these rules, you agree to pay the fees we charge, and you give us the right to collect the fees, as earned, directly from your account balance.  Separate schedules of interest and dividend rates, qualifying balances and fees, if not included elsewhere in this section, are available upon request.  If you have any questions, please call us.  Much of our relationship with our members is governed by state and federal law, which may change from time to time.  The purpose of this section is to:

• summarize the existing rules applicable to common transactions;
  

• establish rules to govern transactions or events the law does not regulate; 
  

• establish rules for certain events or transactions which the law already regulates, but permits variation by agreement; and
  

• give you our funds availability, electronic funds transfer and/or truth in savings policy disclosure

We may permit some variations from this standard agreement, but such variations will be agreed to in writing either on our signature card for the account or in other written form.  

As used on this page, the words “we”, “our” and “us” mean the credit union, and the words “you” and “your” mean the member and any authorized signer on your account.

MEMBERSHIP ELIGIBILITY - To join our credit union you must meet the membership requirements including maintaining one (1) membership share as set forth in the credit union’s bylaws.  You authorize us to check your account, credit and employment history, and obtain records from third parties, including credit reporting agencies, to verify your eligibility for the accounts and services you request.

LIABILITY - Each of you agrees, both for yourself and the person or entity you represent if you sign as representative of another, to the terms of this account and the schedule of charges that may be imposed.  You authorized us to deduct these charges directly from your account balance.  Each of you also agrees to be jointly and severally liable for any account deficit resulting from charges or overdrafts, whether caused by you or another person authorized to withdraw from your account, and the costs we incur to collect the deficit including, to the extent permitted by law, reasonable attorney’s fees.

DEPOSITS - Any items other than cash deposited to your account(s) will be given provisional credit only until collection is final.  We are not responsible for transactions initiated by mail or any outside depository until we actually record them.  All transactions received after the close of a business day, or received on a day we are not open for business, will be treated and recorded as if initiated on the next business day we are open.

WITHDRAWALS - Unless otherwise clearly indicated, any one of you who signs in the space designated for signature on the signature card may withdraw or transfer all or any part of the account balance at any time on forms provided by us.  Each of you (until we receive written notice to the contrary) authorizes each other person signing the card to endorse any item payable to you or your order for deposit to this account or any other transaction with us.  The fact that we may honor withdrawal requests which overdraw the finally collected account balance does not obligate us to do so, unless required by law.  Withdrawals will be made first from collected funds, and we may, unless prohibited by law or our written policy, refuse any withdrawal request against uncollected funds, even if that may not be our general practice.  We reserve the right to refuse any withdrawal or transfer request which is attempted by any method not specifically permitted, or which exceeds any frequency limitation.  Even if we honor a nonconforming request, repeated abuse of the stated limita- tions (if any) may eventually force us to close the account.  We will use the date a transaction is completed by us, rather than the date you initiated it, to apply the frequency limitations.  On dividend bearing accounts other than share certificates, we reserve the right to require at least seven days written notice before any withdrawal or transfer.  Withdrawals from a share certificate prior to maturity may be restricted and may be subject to penalty.  See your agreement for early withdrawal penalty.

ACCOUNT OWNERSHIP - These rules apply to an account depending on the form of ownership and beneficiary designation, if any, specified on the account records.

Single Ownership Account - is owned by one person only.
Joint Survivorship Account - is used in the names of two or more persons.  Each of you intend that upon your death the entire balance in the account (subject to any previous pledge to which you have consented) will belong to the surviving owner(s).  If two or more of the owners survive, the balance in the account will continue to be held as a joint survivorship account by the remaining owners. 
Marital Account - is an account established without the right of survivorship by two persons who claim to be husband and wife and is payable on request to either or both persons.
Pay-On-Death Account - Pay-on-death beneficiaries acquire the right to withdraw only if (1) all parties creating the account die, and (2) the beneficiary is then living.  If two or more beneficiaries are named and survive the death of all persons creating the account, such benefici- aries will own the account in equal shares, without the right of survivorship.  The person(s) creating the account, while living, retain all ownership rights to the account including the right to change beneficiaries. 
Uniform Transfers/Gifts to Minors Account - A Uniform Transfer/Gift to Minors Account (UTMA/ UGMA) is an individual account created by a custodian who deposits funds as an irrevocable gift to a minor.  The minor to whom the gift is made is the beneficiary of the custodial property in the account.  The custodian has possession and control of the account for the exclusive right and benefit of the minor and, barring a court order otherwise, is the only party entitled to make deposits, withdrawals, or close the account.  We have no duty to inquire about the use or purpose of any transaction.  If the custodian dies, we may suspend the account until we receive instructions from any person authorized by law to withdraw funds or a court order authorizing withdrawal.
Corporate, Partnership, and other Organizational Accounts - We will usually require a separate authori- zation form designating the person(s) permitted and conditions required for withdrawal from any account in the name of a legal entity such as a partnership, corporation or other organization.  We will honor such authorization according to its terms until it is amended or terminated in writing by the governing body of the organization.

 

STOP-PAYMENTS - A stop-payment order must be given in the manner required by law, must be received in time to give us reasonable opportunity to act on it, and must precisely identify the number, date, and amount of the item, and the payee.  We will honor a stop-payment request by any authorized signer on the account, even if the person requesting the stop-payment order did not sign the particular item.  A release of a stop-payment request may be made only by the person who initiated the stop-payment.  Verbal stop-payment orders must be confirmed in writing within 14 days.  Written stop-payment orders are effective for 6 months.

OVERDRAFT AND NON-SUFFICIENT FUNDS - If you write a check for funds exceeding the funds in your account, you will be overdrawn and we will return the check unpaid (non-sufficient funds/NSF).  We assess a charge for each overdraft and for each check returned.  If your account is frequently overdrawn, we reserve the right to close the account, after mailing you a notice to the address shown on our records.

AMENDMENTS - We may change any term of this agreement upon giving you reasonable notice in writing or by any other method permitted by law.  Rules governing changes in interest and dividend rates are provided separately.

STATEMENTS - If you do not notify us of an unauthorized signature or alteration within a reasonable time (not to exceed 14 days) after we send or make available to you your statement: (1) you cannot assert the unauthorized signature or alteration against us, and (2) you cannot assert any unauthorized signatures or alterations by the same wrongdoer on items paid by us after the reasonable time mentioned before we receive your notice.  We lose these protections if we fail to exercise ordinary care in paying an item with an unauthorized signature or alteration.  You must report any problem (e.g. erroneous statement entry, missing signature, unauthorized endorsement, etc.) within 60 days of when we send or make available to you your statement, or lose your right to assert the problem against us.

TRANSFER OF OWNERSHIP - This account may not be transferred or assigned without our prior written consent.

FEDERAL DIRECT DEPOSITS - If, in connection with a direct deposit plan, we deposit any amount in this account which should have been returned to the Federal Government for any reason, you authorize us to deduct the amount of our liability to the Federal Government from any account you have with us, without prior notice and at any time, except as prohibited by law.  We may also use any other legal remedy to recover the amount of our liability.

SET-OFF - You agree that we may (without prior notice and when permitted by law) set off the funds in this account against any due and payable debt owed to us now or in the future, by any of you having the right of withdraw- al, to the extent of such person’s or legal entity’s right to withdraw.  This right of set-off does not apply to an account if: (a) it is an Individual Retirement Account, or (b) the debtor’s right of withdrawal arises only in a representative capacity.  We will not be liable for the dishonor of any check when the dishonor occurs because we set off a debt against this account.

RESTRICTIVE LEGENDS - We are not required to honor any restrictive legend on checks you write unless we have agreed to the restriction in writing and signed by an officer of the credit union.  Examples of restric- tive legends are “must be presented within 60 days” or “not valid for more than $1,000.00."

AUTOMATIC TRANSFER LIABILITY - If you initiate an automatic transfer to someone else, such as a wire transfer, be sure of the account number and name of the person receiving the funds.  If you provide us with an incorrect account number or name of the beneficiary to whom the funds transfer payment is to be made, you may be liable to Horizon Credit Union for any losses or expenses caused by the error. 

FUNDS AVAILABILITY 
Our policy is to make funds from your deposits available to you on the following schedule: The first $100.00 of check deposit will be available on the first business day following the day we receive your deposit; the balance of the deposit will be available the second business day following the day we receive your deposit.  Deposits of cash, wire transfers, and electronic direct deposits will be available on the day we receive the deposit (however, if we do not receive the information necessary to process an electronic deposit before the day we receive the funds, then the funds will be available on the first business day after we receive the funds and the information.)  Once they are available, you can withdraw the funds in cash and we will use the funds to pay checks that you have written. 
***Please remember that even after the funds are made available to you, and you have withdrawn funds, you are still responsible for the checks you have deposited that are returned to us unpaid and for any other problems involving your deposit. 
For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and Federal holidays.  If you make a deposit before 5:00 p.m. on a business day that we are open, we will consider that day to be the day of your deposit.  However, if you make a deposit after 5:00 p.m. or on a day we are not open, we will consider that the deposit was made on the next business day we were open. 

Longer Delays May Apply 
In some cases, we will not make all of the funds that you deposit by check available to you on the second business day after the day of your deposit.  Depending on the type of check that you deposit, funds may not be available until the fifth business day after the day of your deposit.  However, the first $100 of your deposits will be available on the first business day.  If we intend not to make all the funds from your deposit available on the second business day, we will notify you at the time you make your deposit.  We will also tell you when such funds will be avail- able.  If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the day after we receive your deposit.  If you will need the funds from a deposit right away, you should ask when funds will be available.  In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:

• We believe a check you deposit will not be paid.
  

• You deposit checks totaling more than $5,000 on any one day.
  

• You redeposit a check that has been returned unpaid.
  

• You have overdrawn your account repeatedly in the last six months.
  

• There is an emergency, such as failure of communication or computer equipment. 

 
We will notify you if we delay your ability to withdraw funds for any of these reasons, and will tell you when the funds will be available.  They will generally be available no later than the eleventh business day after the day of your deposit.

Holds on Other Funds 
If we cash a check for you that is drawn on another financial institution, we may withhold the availability of a corresponding amount of funds that are already in your account with us.  Those funds will be available at the time funds from the check that we cashed would have been available if you had deposited it.

 
Special Rules for New Accounts 
If you are a new member, the following special rules may apply during the first 30 days your account is open: 
Funds from electronic direct deposits to your account will be available on the day we receive the deposit.  Funds from deposits of cash, wire tran- sfers, and the first $5,000 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s and federal, state and local government checks will be available on the first business day after your deposit, if the deposit meets certain conditions; for example, the check(s) must be payable to you.  The excess of $5,000 will be available on the ninth business day after the day of your deposit.  If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees:

• the first $5,000 will not be available until the second business day after the day of your deposit.
  

•  funds from all other check deposits will be available on the ninth business day after the day of your deposit.
  

INFORMATION CONCERNING ELECTRONIC FUNDS TRANSFERS 
The Electronic Funds Transfers we are capable of handling are indicated below, some of which may not apply to your accounts.  Please read this disclosure carefully because it describes your rights and obligations for these transactions.  You should keep this notice for future reference.   A separate disclosure outlines applicable fees currently in effect. 
 
Types and Limitations of Transfers

• Direct Deposits - You may make arrangements for certain direct deposits to be accepted into your Share Draft (Checking) or Share (Savings) accounts.
  

• Preauthorized Withdrawals - You may make arrangements to pay certain recurring bills from your Share Draft or Share accounts.
  

• Account Access - You may use an access device (card and code) to:
  - make deposits to checking accounts.
  - get cash withdrawals from checking accounts.
  - make Automated Teller point-of-sale transfers.
  

Transfer Frequency Limitations 
In addition to those limitations on transfers described elsewhere, if any, the following limitations apply: 
Transfers from a Savings account to another account or to third parties by preauthorized, automatic, or telephone transfer are limited to six per month cycle with no more than three to third parties. 
 
Charges for Electronic Fund Transfers 
We do not charge for direct deposits to any types of accounts. 
We do not charge for preauthorized withdrawals from any type of account, for Automated Teller Machine (ATM) and telephone related transfers.  See our separate fee schedule.

 
Right to Documentation
Terminal Transfers - You can get a receipt at the time you make any transfer to or from your account using an ATM or point-of-sale terminal.
Direct deposit - If you have arranged to have direct deposits or automatic transfers to your account, we will not be sending a receipt each time we receive an electronic payment to your account.  You can call us at (262) 633-5302 to find out whether or not the deposit has been made.  Be aware that, even though we may allow withdrawals, electronic credits are provisional until Horizon Credit Union actually receives the funds.
Periodic Statements - You will get a monthly account statement from us if you maintain a Checking account, or have other types of transactions that warrant a monthly statement under FRB Regulation E.  Otherwise, a quarterly statement reflecting all of your accounts is provided.
 
Stop Payment Procedures and Notice of Varying Amounts  
Right to Stop Payment and Procedures - If you have told us in advance to make regular payments out of your account, you can stop any of these payments.  Call or write us at the telephone number or address listed above at least three business days prior to the scheduled payment date.  If you call to stop a preauthorized payment, we may also require you to put your request in writing and submit it to us within 14 days.

Notice of Varying Amounts - If preauthorized regular payments vary in amount, the payee should inform you at least 10 days before each payment, when it will be made and the amount it will be.  (You may choose instead to get this notice only when the payment difference would fall outside certain limits that you set). 
Liability for Failure to Stop Payment of Preauthorized Transfer - If you order us to stop one of these payments three business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages. 
 
Our Liability 
Liability for Failure to Make Transfers - If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages.  However, there are some exceptions.  We will NOT be liable, for instance:

• If, through no fault of ours, you do not have enough money in your account to make the transfer.
  

• If the automated teller machine you are using does not have enough cash.
  

• If your account is subject to legal process or is otherwise restricted in any manner.
  

• If the system was not working properly and you knew about the breakdown when you started the transfer.
  

• If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions we have taken.
  

• Other exceptions stated in any other agreement you may have with Horizon Credit Union.
  

Your Responsibility 
Tell us AT ONCE if you believe your card and/or code has been lost or stolen.  Telephoning is the best way of keeping your possible losses down.  If you give us notice of a lost or stolen card and/or code, you will be liable for the lesser of:

•  $50.00 or the amount of any money, property, or services obtained by unauthorized use of the card and/or code before you gave us notice.
  

Also, 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.  If a good reason (such as hospital stay or an extended trip) kept you from telling us, we will extend the time period.

Error Resolution 
Contact Horizon Credit Union at the address or phone number listed above as soon as possible, if you think your statement or receipt is wrong, or if you need more information about a transaction listed on your statement or receipt.  We must hear from you no later than 60 days after we sent you the FIRST statement on which the error or problem appeared.

• Tell us your name and account number.
  

•  Describe the error on the transaction you are unsure about, and explain as clearly as you can why you believe it is an error and why you need more information.
  

• Tell us the dollar amount of the suspected error.
  

• If you tell us orally, we may require that you send us your complaint in writing within 10 business days.
  

• We will report the results of our investigation within 10 business days (20 business days if the transfer involved a point-of-sale transaction or a foreign initiated transfer) after we hear from you, and will correct any error promptly.  If we need more time, how- ever, we may take up to 45 days (90 days if the transfer includes a point-of-sale transaction or a foreign initiated transfer) to investigate your complaint or question.  If we decide to do this, we will re-credit your account within 10 business days (20 business days if the transfer involved a point-of-sale transaction or a foreign initiated transfer) 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 questions in writing and we do not receive it within 10 business days, we may not re-credit your account.
  

• If we decide there was no error, we will send you a written explanation within three business days after we finish our investigation.  You my ask for copies that we used in our investigation.
  

Disclosure of Account Information to Third Parties 
We will disclose information to third parties about your account or the transfers you make:

• where it is necessary for completing transfers;
  

• in order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant;
  

• in order to comply with government agency or court orders, or if you provide us with written permission.