OPENING A NEW ACCOUNT

 

To help the government fight the funding of

terrorism and money laundering activities,

Federal law requires all financial institutions to

obtain, verify, and record information that

identifies each person who opens an account.

 

What this means for you:

When you open an account, we will ask for your

name, address, date of birth, and other

information that will allow us to identify you. We

may also ask to see your driver’s license or other

identifying documents.

 

A description of our accounts…

Savings…

Regular Share (Savings) Accounts

• Minimum $5.00 balance
• Withdrawals can be made in person or, for your convenience, we can mail a check

Christmas Club Accounts

• A great way to prepare for those holiday expenses - payable 10/1

Vacation Clubs

• Save for that special vacation getaway - payable 7/1

Any Sub-Account you might need

• Taxes
• Insurance
• Special Project

Share Certificates

• Minimum deposit $500.00
• 6 month and one year terms

Share Draft Checking…

Benefits:

• FREE - No monthly service fees or per item charges
• No minimum balance required
• Telephone Transfers from savings to checking
• Duplicate copy checks
• Visa Debit ATM cards –
  • 2 Free ATM transactions per month from credit union
  • No charge for using Five Star Bank, ESL, Summit or Genesee Valley Federal Credit Union ATM machines
• Monthly Statement

Requirements & Policies:

• Member must be in good standing with the Credit Union
• Minimum 18 years of age
• Non-interest bearing
• The Credit Union reserves the right to close any accounts with more than three (3) checks returned for insufficient funds per quarter.  The member may however petition the Board for reinstatement.
• Checks are not returned. Photocopies are available for up to a maximum of 7 years.
• The Credit Union will automatically transfer funds from shares to checking (if funds are available) to cover insufficient funds, plus a fee for each item.
• The Credit Union reserves the right to obtain a credit history on checking applicants.
• The Credit Union assumes no responsibility for the quality of any checks purchased from an outside vendor.
• The Credit Union will not be responsible for transfer request messages on the answering machine or via e-mail.

Fees:

• Returned item .........................................................    $25.00
• Bank fee (if applicable)..........................................    $20.00
• Stop Payment order................................................    $20.00
• Copy of check (draft) ............................................    $ 2.00
• Certified Draft .......................................................    $10.00
• Writing checks on closed accounts.....................    $  5.00
• Wire Transfer .........................................................    $30.00
• Non Machine Item ................................................    $20.00
• Debit Card Dispute Item.......................................    $20.00
• Money Orders.........................................................    $ 2.00
• The Credit Union reserves the right to charge the member for all legal fees incurred due to collection of NSF checks.
• Cost of checks varies by style selected.

 Funds Availabiltiy:

Our policy is to make funds from your deposits available to you on the same business day that we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once they are available, you may withdraw the funds in cash or we will use the funds to pay checks that you have written. For determining the availablilty of your deposits, every day is a business day, except Saturday, Sundays and holidays.

Reservations of Right to Hold:  In some cases, we will not make all of the funds you deposit by check available to you on the same business day that we receive the deposit. Depending on the type of check deposited, funds may be be availabe until the fifth business day after the day of your deposit. However, the first $100.00 of your deposit will be available on the first business day after the day of your deposit. If we are not going to make all the funds from your deposit available on the same business day, we will notify you by mail the next business day after we receive your deposit. If you will need the funds from the deposit right away, you should ask us when the funds will be available.

Longer Delays May Apply:  We may delay your ability to withdraw funds deposited by check into your account an additional number od days for the following reasons:

A.  We beleive the check you deposited will not be paid.

B.  Your deposited checks total more than $5,000.00 in one day.

C.  You deposit a check that has been returned as unpaid.

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

E.  There is an emergency, such as failure of communications or computer equipment.

We will notify you if we delay your ability to withdraw funds for any of these reasons, and we 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.