You Must be a Member
You must maintain a minimum balance of $5.00 in your Primary Share Savings Account at all times to be a Credit Union member and to open other sub-accounts and receive other benefits and services of the Credit Union. You must be 18 years of age to establish and maintain a Share Draft Checking account. If you are under 18 years of age, we will require that a joint member 18 years or older be added to the account.
For all accounts (other than Share Draft Accounts) – The Credit Union reserves the right to require up to 60 days prior written notice of an intent to withdraw money from one of your accounts (other than your Share Draft Account). In addition, the Credit Union may refuse to permit a withdrawal from any account for, without limitation, the following reasons:
- The withdrawal would consist of checks being held and not yet available for withdrawal
- There is a dispute about the account, unless a court has ordered the Credit Union to permit withdrawals
- A court orders the Credit Union not to permit the withdrawal
- You owe the Credit Union money for any reason
- The account is pledged as security for a debt
- Any document or identification required in connection with the withdrawal is not presented
- An owner of the account asks the Credit Union not to permit the withdrawal
- Equipment problems at the Credit Union prevent determination of available balance
Each joint owner of an account authorizes the other to endorse and to deposit in the account checks or drafts payable to either owner or to both. Each of you authorizes the Credit Union to accept deposits payable to either of you or both and to endorse for you any items deposited without endorsement.
Each joint owner alone may make partial or full withdrawals from the account, may write drafts on Share Draft Checking Accounts, may issue stop payment orders on drafts written by either or both owners, may close out the account, and may transact any other business an individual owner could transact.
Overdraft and Other Debts
If there are not enough funds in your joint account to cover a draft when it is presented to the Credit Union for payment, and the Credit Union pays the draft out of its own funds, all joint owners agree individually and collectively to reimburse the Credit Union, even if the draft was written by only one of you. Likewise, if one of you owes the Credit Union money, you all agree that the Credit Union may use as much of the funds in any account owned by both of you, as is necessary to pay the debt. In addition, if your joint account is restrained or levied upon by a judgment creditor to whom one of you owes money, you agree that the Credit Union may restrain and/or turn over the entire account without liability to the other.
Disputes Between Joint Owners
In the event of a dispute between owners of a joint account, the Credit Union is not required to honor requests by one owner to prevent withdrawals by the other. The Credit Union has no liability for continuing to honor draft and withdrawal requests. In order to prevent withdrawals for your joint account, you must close the account. You may immediately open a new account in your name only. If you close a joint account, you agree to return to the Credit Union all drafts in your possession which have not yet been issued.
You both agree that you intend to own the money in your joint account as “joint tenants with right of survivorship.” This means that if one of you dies, ownership of the funds in the account passes automatically to the other, and the Credit Union may honor draft or withdrawal requests signed by the survivor. The Credit Union will not release funds to the survivor, however, until it has received any necessary legal papers.
Each joint owner of a joint Share Savings Account is authorized to access information regarding the account, any sub-accounts or loans tied to the account. That applies even if a loan tied to the account is in the name of only one of the owners of the Share Savings Account.
Special Rules for Share Draft Accounts
Only Share Drafts (checks) and other methods approved by the Credit Union may be used to make withdrawals from a Share Draft Account. The Credit Union may honor (pay) Share Drafts or other written withdrawal requests: which you sign: which are issued by a third-party bill payer at your request and with your authorization; or which is issued by a third party which you have pre-authorized to make debits to your account, even if you did not authorize the particular transaction (subject to your Stop Payment rights described below). (Preauthorized electronic debits to your account are not subject to these rules but, rather, are subject to the terms of the Credit Union’s electronic funds transfer disclosures and agreements.) Once a check is six (6) months old, the Credit Union may elect not to pay it. If there is no stop payment order in effect when we receive the check payment, however, we may elect to pay it. If we do pay the check, you are responsible for the payment. You agree not to write post-dated checks (a check that is dated in the future) on your account. We can assume that all checks presented are payable on demand. We will not be liable to you for paying a post-dated check prior to its maturity date. When paid, Share Drafts become the property of the Credit Union and will not be returned either with the periodic statement or otherwise.
Tonawanda Valley Federal Credit Union
Home Banking Agreement and Federal Disclosure