Leyden Credit Union PO Box 236
Franklin Park IL 60131
847-455-8440

Your Deposit Account - Terms and Conditions

 

Agreement - These terms govern the operation of this account unless varied or supplemented in writing. Unless it would be inconsistent to do so, words and phrases used in this document should be construed so that the singular includes the plural and the plural includes the singular. As used in this form, the words "we", "our" and "us" mean the financial institution and the words "you" or "your" mean the account holder(s). This account may not be transferred or assigned without our written consent.

Much of our relationship with our deposit members is regulated by state and federal law. Especially the law relating to negotiable instruments, the law regulating the methods of transferring property upon death and the rights of surviving spouses and dependents, the law pertaining to estate and other succession taxes, the law regarding electronic funds transfer, and the law regarding the availability of deposited funds. This body of law is too large and complex to be reproduced here.

The purpose of this form is to:

  1. summarize the rules applicable to the more common transactions;
  2. establish rules to govern transactions or circumstances which the law does not regulate;
  3. establish rules for certain events or transactions which the law already regulates but permits variation by agreement.

We may permit some variations from this standard agreement, but any such variations must be agreed to in writing.

Liability - Each of you agrees, for yourself (and the person or entity you represent if you sign as a representative of another) to the terms of this account and the schedule of charges that may be imposed. You authorize us to deduct these charges as accrued directly from the account balance. You also agree to pay additional reasonable charges we may impose for services you request which are not contemplated by this agreement. Each of you also agrees to be jointly and severally liable for any account deficit resulting from charges of overdrafts, whether caused by you or another authorized to withdraw from this account, and the costs we incur to collect the deficit including, to the extent permitted by law, our reasonable attorneys' fees.

Deposits - Any items, others than cash, accepted for deposit (including items drawn "on us") will be given provisional credit only until collection is final (and actual credit for deposits of, or payable in, foreign currency will be at the exchange rate in effect on final collection in US dollars). Subject to any other limitations, interest will be paid only on collected funds, unless otherwise provided by law. We are not responsible for transactions initiated by mail or outside depository until we actually record them. All transactions received after our "daily cut off time" on a business day we are open, or received on a day in which we are not open for business, will be treated and recorded as if initiated on the next following business day the we are open.

Withdrawals - Unless otherwise clearly indicated on the account records, any one of you who signs this form including authorized signers, may withdraw or transfer all or any part of the account balance at any time on forms approved by us. Each of you (until we receive written notice to the contrary) authorizes each other person signing this form 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 first be made from collected funds, and we may, unless prohibited by law or our written policy, refuse any withdrawal request against uncollected funds, even if our general practice is to the contrary.

We reserve the right to refuse any withdrawal or transfer request which is attempted by any method not specifically permitted, which is for an amount less than minimum withdrawal requirement, or which exceeds any frequency limitation. Even if we honor a nonconforming request, repeated abuse of the stated limitations (if any) may eventually force us to close this account. We will use the date a transaction is completed by us (as opposed to the day you initiate it) to apply the frequency limitations. On interest-bearing accounts other than time deposits, we reserve the right to require at least seven day written notice before any withdrawal or transfer. Withdrawals from a time deposit prior to maturity or prior to the expiration of any notice period may be restricted and may be subject to penalty. See your notice of penalties for early withdrawal.

Ownership of Account and Beneficiary Designation - These rules apply to this account depending on the form of ownership and beneficiary designation, if any, specified on the account records.

Individual Account - is owned by one person.

Joint Account - With Survivorship (And Not As Tenants in Common) - is owned by two or more persons. Each of you intend that upon your death the balance in the account (subject to any previous pledge to which we have consented) will belong to the survivor(s), if two or more of you survive, you will own the balance in the accounts joint tenants with survivorship and not as tenants in common.

Revocable Trust Account - if two or more of you create such an account, you own the account jointly with survivorship. Beneficiaries acquire the right to withdraw only if:

  1. all persons 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 beneficiaries will own this account in equal shares, without right of survivorship.

The person(s) creating either of these account types reserves the right to:

  1. change beneficiaries,
  2. change account types,
  3. withdraw all or part of the deposit at any time.

Payable-on-Death Designation - Only available for a single owner account. The person creating the account may change beneficiaries, change account types and/or withdraw all or part of the funds on deposit at any time.

Beneficiaries acquire the right to withdraw upon the death of the original owner. All beneficiaries, if living, will own the account in equal shares as tenants in common. If no person designated as beneficiary is living, the proceeds of the account shall vest in the estate of the original owner.

Stop-Payments - A stop-payment order must be given in the manner required by law, must be received in time to give us a 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 the person who signed the particular item, and, by any other person, even though such other person did not sign the item, if such other person has an equal or greater right to withdraw from this account than the person who signed the item in question.

Oral Stop Payment orders (including the telephone) are binding for 14 days only, unless the Account Owner confirms the order with his signature (on the proper form) within the 14 day period. Properly signed Stop payment Orders are effective for 6 months after date accepted and will automatically expire after that period, unless renewed in writing.

A release of the stop-payment request may be made only by the person who initiated the stop-payment.

Amendments and Termination - From time to time we may amend any term of this agreement upon giving you reasonable notice in writing or by any other method permitted by law, including, in appropriate circumstances, posting notice in our building or virtual lobby. We may also close this account at any time upon reasonable notice to you and tender of the account balance personally or by mail. Notice from us to any one of you is notice to all of you.

Statements - If you do not notify us of an unauthorized signature or alteration within a reasonable time (not to exceed 14 days) make available to you your statement on-line and items:

  1. you cannot assert the unauthorized signature or alteration against us, even if we are unable to show a loss due to your failure, and
  2. you cannot assert any unauthorized signatures or alternations by the same wrongdoer on items paid by us after the reasonable time mentioned above elapses, but 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, unless you do not notify us of the problem within 60 days when we make available to you the statement and items. You must report any other problem (e.g.. erroneous statement, missing signature, unauthorized endorsement, etc.) within this 60-day period or lose your right to assert the problem against us.

Direct Deposit - 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 this account or from any other 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 each 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 withdrawal, to the extent of such persons' or legal entity's right to withdraw. If the debt arises from a note, "any due and payable debt" includes the total amount of which we are entitled to demand payment under the terms of the note at the time we set off, including any balance the due date for which we properly accelerate under the note. This right of set-off does not apply to this account if: (a) it is an Individual Retirement Account or other tax-deferred retirement account, or (b) the debt is created by a consumer credit transaction under a credit card plan, or 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. You agree to hold us harmless from any claim arising as a result of our exercise of our right to set-off.

Facsimile Signatures - You authorize us, at any time, to charge you for all checks, drafts, or other orders, for the payment of money, that are drawn on us regardless of by whom or by what means the facsimile signature(s) may have been affixed so long as they resemble the facsimile signature specimen below, or that are filed separately with us, and contain the required number of signatures for this purpose.

SIGNATURES(S) - THE UNDERSIGNED AGREE(S) TO THE TERMS STATED ON THE ABOVE PAGES OF THIS FORM, AND ACKNOWLEDGE(S) RECEIPT OF A COMPLETED COPY ON TODAY'S DATE. THE UNDERSIGNED ALSO ACKNOWLEDGE(S) TO THE TERMS OF THE FOLLOWING DISCLOSURE(S):

Deposit Account Disclosure
Funds Availability Disclosure
Electronic Funds Transfer Disclosure
Truth In Savings Disclosure
Notice of ATM User Precautions


Signature ______________________________________________ Date ________________


Signature ______________________________________________ Date ________________