Share Draft Policy

Share Draft and cuCheck Card (DEBIT CARD) POLICY

Share Draft Accts. and cuCheck Card (Debit Card) services will be offered to all members of P. C. Federal Credit Union (CU) who are in good standing. (i.e. all loans current – no poor credit history with this CU and/or elsewhere). If the Share Draft account is a joint account, all transactions will be binding on all parties to the account.

All initial/start-up share draft orders will be placed by the CU office through their vendor and paid for by the member; any subsequent orders may continue to be ordered through the CU office or may be ordered by members through a different vendor provided that the member continues to order Duplicate Share Drafts and that, if a different vendor is selected, the member bears any and all expenses involved, including expenses incurred if the Share Drafts are improperly encoded and must be rejected, such items will be returned and charged the same fee as if the item had been an NSF item.

Funds deposited in the CU may not become available to you until the fifth business day after the day of deposit. Withdrawal of available funds may be accomplished by one of the following methods:

1) by writing a share draft;

2) by appearing in person at CU office & requesting cash;

3) by appearing in person or contacting CU staff & requesting a CU check;

4) by means of Electronic Funds Transfer (EFT);

5) by use of a CU issued Debit Card (cuCheck Card);

Further conditions apply and are made known in an EFT Initial Disclosure Statement and cuCheck Card Agreement, given to members in a format they can keep, at the time the account is opened.

You hereby agree to authorize the CU to debit any of your accounts and thereby cover any of your overdrafts.

Overdrafts on the share draft account will be handled by one of the following methods:

1) Overdraft transfer(s) from share account(s);

A) limited to 20 free overdraft transfers from any share accounts per month;

B) $1.00 fee per overdraft transfer from shares over 20 per month (charged at month end);

2) Transfer from an overdraft loan account (if applicable);

3) Returned as NonSufficient Funds (NSF), member will be charged $30.00 NSF Fee & notified in writing;

Members may call the credit union or make an in person request to transfer funds from shares to a share draft account without it affecting the number of overdraft transfers allowed per month.

If a share draft account carries a Negative balance of more than $200.00 more than 2 times (based on month end balances) during any 6 month period, the account will be taken to the board for review and possible termination and collection.

A consistently overdrawn share draft account may be closed at any time, by action of the Board of directors with written notice given to the member.

No dividends will be paid on share draft accounts and there will be no minimum balance required.

Statements for active share draft accounts will be sent out on a monthly basis.

A share draft account that is inactive for more than 12 months may be closed AND as a result, any attached debit cards will also be closed (if only the debit card is inactive, then the debit card may be closed and the share draft account will remain open).

The member will pay for stop payments on drafts. The member will also pay for hard copy drafts from microfiche.

The rate, schedule, terms, fees and conditions may be altered in whole or in part by the action of the Board of Directors with members to be given notice of changes a minimum of 30 days prior to the effective date of the change.

Assistance by the CU in balancing share draft accounts will incur a charge of $25.00/hour.

Share Draft Acct Fees:

Over 5 phone trfrs/month - $5.00/month Stop payment fee - $10.00 per item Overdraft trfrs over 20/ month $1.00/trfr NSF fee - $30.00 per item Return item fee - $30.00 per item Check photocopy fee - $4.00 per item ACH Return Item Fee - $30.00 per item

cuCheck Card Fees:

NSF Fee - $30.00 per item Preauthorized Pymt Cancellation - $20.00 Card replacement fee - $5.00 Cards in excess of 2 - $5.00 Documentation fee - $10.00 Card Recovery fee - $65.00 PIN Withdrawals over 4/month - $1.00 ea W/D
REVISED: 1/27/2011 EFFECTIVE: 4/01/2011