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This Agreement covers your and our rights and responsibilities concerning Accounts Denver Community Credit Union (Credit Union) offers. In this Agreement, the words "you" and "yours" mean anyone who signs an Account Card or Account Change Card (Account Card). The words "we," "us," and "our" mean the Credit Union. The word "account" means any one or more share or other accounts you have with the Credit Union.
1. Membership Eligibility.
To join the Credit Union, you must meet the membership requirements, including purchase and maintenance of at least one (1) share ("membership share") as set forth in the Credit Union's Bylaws. You authorize us to check your account, credit, and employment history, and obtain reports from third parties, including credit reporting agencies, to verify your eligibility for the accounts and services you request.
2. Multiple Party Accounts.
An account owned by two or more persons is a multiple party account.
3. Accounts for Minors.
We may require any account established by a minor to be a multiple party account with an owner who has reached the age of majority under state law and who shall be jointly and severally liable to us for any returned item, overdraft, or unpaid charges or amounts on such account. We will not change the account status when the minor reaches the age of majority, unless authorized in writing by all account owners.
4. Collection of Items.
We act only as your agent and we are not responsible for handling items for deposit or collection beyond the exercise of ordinary care. Deposits made by mail or at un-staffed facilities are not our responsibility until we receive them. We are not liable for the negligence of any correspondent or for loss in transit, and each correspondent will only be liable for its own negligence. We may send any item for collection. Items drawn on an institution located outside the United States are handled on a collection basis only.
5. Final Payment.
All items or Automated Clearing House (ACH) transfers credited to your account are provisional until we receive final payment. If final payment is not received, we may charge your account for the amount of such items or ACH transfers and impose a return item charge on your account.
6. Direct Deposits.
We may offer preauthorized deposits (e.g., payroll checks, Social Security or retirement checks, or other government checks) or preauthorized transfers from other accounts. You must notify us at least thirty (30) days in advance to cancel or change a direct deposit or transfer option. Upon a bankruptcy filing, unless you cancel an authorization we will continue making direct deposits in accordance with your authorization on file with us. If we are required to reimburse the U.S. Government for any benefit payment directly deposited into your account, we may deduct the amount returned from any of your accounts, unless prohibited by law.
7. Account Access.
8. Rate Information.
The Dividend Rate and Annual Percentage Yield (APY) on your accounts are set forth on the Denver Community Rate Sheet. The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period. The Dividend Rate and Annual Percentage Yield may change without notice as determined by the Denver Community Board of Directors. For share certificates and IRA share certificates, the dividend rate and ANNUAL PERCENTAGE YIELD (APY) are fixed and will be in effect for the term of the account. The ANNUAL PERCENTAGE YIELD is based on an assumption that dividends will remain on deposit until maturity. A withdrawal will reduce earnings.
9. Nature of Dividends.
Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period. The Dividend Rate and APY are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.
10. Accrual of Dividends.
Dividends will begin to accrue on cash deposits on the business day you make the deposit to your account. Dividends will begin to accrue on non cash deposits (e.g. checks) on the business day you make the deposit to your account.
For Money Market Accounts, no dividends will be paid for those days that the balance falls below the minimum.
Your account will mature at the maturity date set forth on your account receipt or renewal notice.
12. Early Withdrawal Penalty.
A penalty will be imposed if you withdraw any of the certificate funds before the maturity date, or the renewal date, if this is a renewal account.
13. Amount of Penalty.
For Share Certificates and IRA Share Certificates, the amount of the early withdrawal penalty for your account is 90 days interest for a term of 12 months or less, and 180 days for a term over 12 months, or the total amount of interest earned since the date of issuance, or date of renewal, whichever is less.
14. How the Penalty Works.
The penalty is calculated as a forfeiture of part or all of the interest that has been earned on the account. This penalty applies only to earned dividends.
15. Exceptions to Early Withdrawal Penalties.
At our option, we may redeem the account before maturity without imposing an early withdrawal penalty under the following circumstances:
16. Renewal Policy.
Share Certificates will automatically renew for another term upon maturity. You have a grace period of seven days after the maturity date, in which to change or withdraw funds without being charged an early withdrawal penalty.
Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation of an owner, except obligations with the Credit Union.
18. Transaction Limitations.
20. Postdated and Stale dated Drafts.
You agree not to deposit checks, drafts, or other items before they are properly payable. We are not obligated to pay any check or draft drawn on your account which is presented more than six (6) months past its date.
21. Stop Payment Orders.
22. Credit Union Liability.
If we do not properly complete a transaction according to this Agreement, we will be liable for your losses or damages not to exceed the amount of the transaction, except as otherwise provided by law. We will not be liable if: (1) your account contains insufficient funds for the transaction; (2) circumstances beyond our control prevent the transaction; (3) your loss is caused by you or another financial institution's negligence; or (4) your account funds are subject to legal process or other claim. We will not be liable for consequential damages, except liability for wrongful dishonor. We exercise ordinary care if our actions or non actions are consistent with applicable state law, federal reserve regulations and operating letters, clearinghouse rules, and general banking practices followed in the area we serve. Any conflict between what you or our employees may say or write will be resolved by reference to this Agreement.
23. Credit Union Lien and Security Interest.
If you owe us money as a borrower, guarantor, endorser or otherwise, we have a lien on the account funds in any account in which you have an ownership interest, regardless of their source, except for obligations secured by your residence, unless prohibited by law. We may apply these funds in any order to pay off your indebtedness. By not enforcing a lien, we do not waive our right to enforce it later. All accounts are non-assignable and nontransferable to third parties.
24. Legal Process.
If any legal action is brought against your account, we may pay out funds according to the terms of the action or refuse any payout until the dispute is resolved. Any expenses or attorney fees we incur responding to legal process may be charged against your account without notice, unless prohibited by law.
25. Account Information.
Upon request, we will give you the name and address of each agency from which we obtain a credit report regarding your account. We agree not to disclose account information to third parties except when: (1) it is necessary to complete a transaction; (2) the third party seeks to verify the existence or condition of your account in accordance with applicable law; (3) such disclosure complies with the law or a government agency or court order; or (4) you give us written permission.
28. Inactive Accounts.
If you have not made any transactions over a period during which we have been unable to contact you by regular mail, we may classify your account as dormant as specified by the law. Funds in dormant accounts will be reported and remitted in accordance with state law. Once funds have been turned over to the state, we have no further liability to you for such funds and if you choose to reclaim such funds, you must apply to the appropriate state agency.
29. Special Account Instructions.
You may request that we facilitate certain trust, will, or court-ordered account arrangements. However, because we do not give legal advice, we cannot counsel you as to which account arrangement most appropriately meets the specific requirements of your trust, will, or court order. If you ask us to follow any instructions that we believe might expose us to claims, lawsuits, expenses, liabilities, or damages, whether directly or indirectly, we may refuse to follow your instructions or may require you to indemnify us or post a bond or provide us with other protection. Account changes requested by you, or any account owner, such as adding or closing an account or service, must be evidenced by a signed Account Change form and accepted by us.
30. Termination of Account.
We may terminate your account at any time without notice to you or may require you to close your account and apply for a new account if: (1) there is a change in owners or authorized signers; (2) there has been a forgery or fraud reported or committed involving your account; (3) there is a dispute as to the ownership of the account or of the funds in the account; (4) any share drafts are lost or stolen; (5) there are excessive returned unpaid items not covered by an overdraft protection plan; (6) there has been any misrepresentation or any other abuse of any of your accounts; or (7) we reasonably deem it necessary to prevent a loss to us. We are not responsible for payment of any draft, withdrawal, or other item after your account is terminated, however, if we pay an item after termination, you agree to reimburse us.
31. Termination of Membership.
You may terminate your membership by giving us notice. You may be denied services or expelled for any reason allowed by applicable law, including causing a loss to the Credit Union.
32. Death of Account Owner.
We may continue to honor all transfer orders, withdrawals, deposits and other transactions on an account until we are notified of a member's death. Once we are notified of a member's death, we may pay drafts or honor other payments or transfer orders authorized by the deceased member for a period of ten (10) days after that date unless we receive instructions from any person claiming an interest in the account to stop payment on the drafts or other items. We may require anyone claiming a deceased owner's account funds to indemnify us for any losses resulting from our honoring that claim. This Agreement will be binding upon any heirs or legal representatives of any account owner.
If a court holds any portion of this Agreement to be invalid or unenforceable, the remainder of this Agreement shall not be invalid or unenforceable and will continue in full force and effect. All headings are intended for reference only and are not to be construed as part of the Agreement.
You are liable to us for any loss, cost or expense we incur resulting from your failure to follow this Agreement. You authorize us to deduct any such loss, costs, or expenses from your account without prior notice to you. If we bring a legal action to collect any amount due under or to enforce this Agreement, we shall be entitled, subject to applicable law, to payment of reasonable attorney's fees and costs, including fees on any appeal, bankruptcy proceedings, and any post judgment collection actions.
35. Governing Law.
This Agreement is governed by the Credit Union's Bylaws, federal laws and regulations, the laws, including applicable principles of contract law, and regulations of the state in which the Credit Union's main office is located, and local clearinghouse rules, as amended from time to time. As permitted by applicable law, you agree that any legal action regarding this Agreement shall be brought in the county in which the Credit Union is located.