Account Agreement and Disclosure

February 1, 2016

Table of Contents

Account Agreement

Membership Eligibility

General Terms

Safe Deposit Boxes

Business Accounts

Checking Accounts

Overdraft Protection

Check Endorsements

Check Hold Policy

Immediate Availability

Next Business Day Availability

Deposits at Automated Teller Machines

Other Check Deposits

Holds on Other Funds

Longer Delays May Apply

Foreign Check Deposits

Substitute Checks and Your Rights

Rights Regarding Substitute Checks

Making a Claim for a Refund

Debit Cards, ATM Cards, Preauthorized Transfers and Q-Phone

Limitations

Periodic Statements

Available Services

Liability for Failure to Complete a Transfer on Time or In the Correct Amount & Limitations

General Terms

Liability for Unauthorized Use of Your Debit Card

Liability for Unauthorized Use of Your ATM Card or PIN or Q-Phone

Contact in Event of Unauthorized Transaction

Error Resolution Procedures

New Services

Preauthorized Transfers

Member Agreement for Using the Debit and ATM Card

Member Agreement for Using Q-Phone

NetTeller (online banking) & iPay Services (bill payment)

Mobile Banking

Privacy Notice

Truth In Savings Disclosure

Membership Savings Account

Regular Checking Account

Fresh Start Checking

Preferred Checking Account

Money Market Account

Christmas Club Account

Certificate Account

IRA Savings Account

IRA Certificate Account

Health Savings Account

Your Account

You Agree To The Terms And Conditions Listed In This Agreement.

ACCOUNT AGREEMENT

Thank you for opening an account with Indiana Members Credit Union (“IMCU”).  This brochure contains rules which govern your account(s).  By signing the Membership Agreement and depositing money in your account, you and IMCU agree to the following applicable terms of your account.

This is the Account Agreement and Disclosure of terms of all Indiana Members Credit Union accounts.  It supplements the terms of the Membership Agreement.  Not all the terms spelled out in this disclosure apply to every account.  Refer to the sections that apply to the specific type of account that you opened.  Keep this Agreement, as well as a copy of the original account receipt, with your permanent documents.  Your periodic statements will tell you the status of your account(s). 

IMCU offers a variety of financial services, and you agree that you want to hear about them.  You expressly request that IMCU call you from time to time to check on your satisfaction and tell you about services and products you may be interested in.

MEMBERSHIP ELIGIBILITY

You are eligible to join Indiana Members Credit Union if:

You work for one of the registered sponsor companies which is eligible under IMCU’s Articles of Incorporation.

You are retired from one of our registered sponsor companies which is eligible under IMCU’s Articles of Incorporation.

You are related (by blood or marriage) to a person who is eligible to be an IMCU member.

You live or work in a selected geographical area.

GENERAL TERMS

The persons signing the Membership Agreement are joint owners of all non-IRA and non-HSA account proceeds, including all non-IRA and non-HSA dividends, with right of survivorship.  They may deposit or withdraw any available amount in the non-IRA and non-HSA account.  IMCU is authorized to recognize any of the joint owners’ signatures found on the Membership Agreement in the payment of funds or the transaction of any business for the account, with the exception that, regarding IRA’s and HSA's, joint owners’ signatures do not apply.  This includes transactions on Savings, Christmas Club, Money Market, Checking, and any other non-IRA and non-HSA deposits and/or Certificates which are subparts of “the account”.  Any or all of the joint owners may pledge all or any part of the funds in the non-IRA  and non-HSA account as collateral security to a loan or loans.  Either signer can terminate the other signer’s rights by withdrawing all the money from the non-IRA and non-HSA account and opening a new account.  Should any signer die, the other signer(s) will automatically own any funds in the non-IRA and non-HSA account.  Payment to any joint owner or the survivor or survivors shall be valid and discharge IMCU from any liability for such payment.

When only one signer is on the Membership Agreement, the non-IRA and non-HSA account proceeds will transfer at his/her death to any named pay-on-death beneficiaries, or if none named, to his/her estate.  A power of attorney which meets legal requirements will permit a non-signer to access your account.  Either spouse has a right to set up an account in their own name without the consent of the other spouse, whether or not the account owner has designated a pay-on-death beneficiary.

All transactions shall be governed by this Agreement, IMCU bylaws and procedures, as well as applicable laws in their present form or as changed in the future.  Payment of the funds in the account on the written instructions of any authorized person excuses IMCU of any further legal obligation regarding the proceeds of the transaction.  You agree to indemnify and hold IMCU harmless from any suit or liability directly or indirectly resulting from the handling of the account consistent with the written instructions of any authorized person.  IMCU has the right to refuse to honor your instructions if they are uncertain, or the signature appears not to be authentic.

Under penalties of perjury, all signers certify that the number(s) shown on the Membership Agreement is/are the correct taxpayer identification number(s), and all signers are not subject to backup withholding either because they have not been notified that they are subject to backup withholding as a result of a failure to report all dividends or interest, or the Internal Revenue Service has notified them that they are no longer subject to withholding.

Any change in the account authorization, ownership, or access, shall be in writing and on a standard IMCU membership authorization form.  Use of the singular in this Agreement implies the plural if more than one person signs the Membership Agreement.

Deposits and Withdrawals – Deposits can be made in person, by automatic payroll deduction, at an ATM, via direct deposit, at night depositories (where available), or by mail.  Withdrawals can be made in person, by mail, at an ATM, via NetTeller, or by Q-Phone.  Withdrawals by cash are limited to availability and/or branch cash policies.  NetTeller or Q-Phone withdrawals will be sent to you by IMCU check payable to you and mailed to the address shown on our records.

Regulation D Limitations – You can transfer funds to another of your IMCU accounts in person, by mail, at an ATM (limited to transfers between Savings, Checking and the Open-End Credit Plan), via NetTeller, via Mobile Banking, or by Q-Phone.  Pre-authorized transfers to make regular payments are also possible.  There is no limit to the number of internal transfers done at an IMCU teller window or at an ATM.  However, government regulations limit, to six per month, the number of automatic withdrawals and transfers from either a Savings Account or a Money Market Account.  Specifically, the limitation applies to automatic withdrawals or transfers made by NetTeller, Mobile Banking, Q-Phone, pre-authorized debit, check, debit card, or overdraft protection transfer.

Automatic withdrawals or transfers exceeding the above limit are subject to our Reg D Fee (see Fee Disclosure).  Additionally, we reserve the right to prevent automatic withdrawals or transfers which exceed the above limit or to monitor these transactions after they occur.  When we observe that the number of transactions exceeds the above limit, we will contact you for corrective action.  When excessive transactions continue to occur, or when the number of transactions shows little attempt to stay within the limitation, we reserve the right to close a Savings or Money Market Account or convert it to a Checking Account.

Federal Reporting – Under the Federal Law, we are required to report to the Internal Revenue Service transactions in currency of more than $10,000.

Insurance – Your money at Indiana Members Credit Union is insured up to $250,000 by the National Credit Union Administration.

Liability – You authorize us to deduct any charges or fees directly from your account balance as accrued.  Our charges regarding any and all of your accounts are described in the separate Fee Disclosure.  In some instances they result from your failure to carry out your side of the Agreement, such as not having enough money in your account to cover your checks.  To the extent that our charges for handling such matters may exceed our costs, they are liquidated damages in that they may be difficult or impracticable to quantify.  We are not giving up any right we may have under the law to recover any loss we sustain due to your failure to meet the terms of this Agreement or other agreements you have with us.  The prevailing party has the right to attorney’s fees as awarded by the courts in any lawsuit brought because of a breach of the terms of this Agreement and Disclosure.  We have the right to recover our costs of collection when these costs have been paid to a third party.  We also have the right to extra damages whenever the law provides for them such as the exemplary damages provided as a penalty for writing bad checks.

Minimum Membership Requirements – To be and remain a member of IMCU, you must subscribe to at least one share.  This means that, in order to be eligible to participate in and apply for IMCU services, you are required to deposit and maintain a balance of at least $50 in your IMCU Membership Savings Account.

Statements – You will receive a monthly account statement if you have a Checking Account or if the activity on your account includes an electronic transfer.  Otherwise, you will receive a quarterly statement.

SAFE DEPOSIT BOXES

While some treasures are best stored on top of your closet shelf, your credit union vault is the most sensible way to store the items which are most precious to you.  The boxes are available in a variety of sizes to fit your needs.

Safe Deposit Box Agreement – At the time you rent a safe deposit box, you will be required to sign a safe deposit agreement that identifies authorized users of the box.  Indiana Members Credit Union in consideration of funds paid to it by the undersigned bailor, receipt thereof is hereby acknowledged, does hereby permit bailor to use the safe deposit box bearing the assigned number and the space necessary for its reception, situated in the safe deposit vault of said credit union for a period of one year from this date, renewable in subsequent terms of one year each, upon the same terms, conditions and rules as are herein contained, and in the event a written agreement shall not be executed then this instrument shall of itself operate as a renewal or successive renewals hereof, upon payment in advance of the annual charge, subject of the right of termination as herein provided.

The credit union and bailor agree with each other that said box and space shall be used subject to the following terms, conditions, agreements and rules:

1.     The term “bailor” for convenience used herein and any pronouns used in connection therewith shall be construed to include the plural and or the singular number and the masculine, feminine and neuter gender, whenever and wherever the context so admits or requires; and all agreements on the part of the bailor herein shall extend to and be obligatory upon bailor’s heirs or successors and legal representatives.

2.     The vaults may be wholly closed upon any national, state or city holiday, or upon any other day when, on accounts of mobs, unusual crowds, closing of Clearing House Association, acts of God, or for any other reason said credit union shall deem such closing prudent and proper, and the credit union shall have the exclusive right to fix the hours of opening and closing the same, and said hours may be changed from time to time.

3.     The contents of boxes must not be examined in the vault, but only in the rooms provided for that purpose.  Bailor must remove and replace the box.  Should an attendant handle the box as an accommodation to the bailor, the credit union assumes no liability therefore.

4.     No person other than the bailor or his agent, or legal representative (in case of death, bankruptcy, or other disability of the bailor), shall have access to the box.  The credit union may, however, in its discretion, permit a representative of the deceased to enter the box prior to the appointment of the legal representative in order to look for a will, but only when accompanied by an officer of the credit union.

5.     Unless the credit union shall have received actual written notice of the revocation of an agent’s authority to enter the box, by death or otherwise, the credit union shall not be liable in any manner for the entry thereof by said agent or for any of his acts, whether unauthorized, wrongful or otherwise.  In the absence of such written notice of revocation the credit union is authorized to treat the agency as one coupled with an interest.

6.     A box rented in the names of two or more persons, whether or not husband and wife, shall be under the control of each of them or the survivor as though said box stood in his or her name alone; and each may have access to the box and the right to surrender the box or to appoint an agent to have access or to surrender the box, and each shall have the right to revoke the appointment of an agent appointed by him or her.

7.     The credit union shall not be liable in the event that property belonging to two or more persons having joint access to a box be misappropriated by one or more persons having such access.  A rental contract, signed by two or more bailors, constitutes a separate rental to each, and either of them shall have access, free from liability on the part of the credit union for misappropriating any of the contents thereof.  (Either may appoint a deputy to have access to or surrender the box).  In all cases of joint bailors, it is hereby declared that each of them has such interest in the entire contents of said box as to entitle him or her to the possession thereof, without liability to the credit union for misappropriating same, and credit union is not bound to take notice of the contents of said box or insolvency of either of bailors.

8.     The credit union shall not be liable for any delay caused by failure of the vault doors to lock or operate, and the sole liability of the credit union hereunder is limited to the exercise of its accustomed diligence to prevent the opening of said box by any person other than the bailor or his authorized agent, and such liability is assumed upon the express agreement that such opening shall not be an inferable form proof of partial or total loss of the contents; but the credit union shall in no event be liable for the opening of said box or removal of its contents in obedience to the writ of any court, nor shall the credit union be required to contest the right of any sheriff or other officer to enter such box or to remove its contents under such writ, or the validity thereof.

9.     If by any act, writ, decree or process of any court against any person having the right of access to a box the credit union is forbidden to allow the box to be opened by such person, the box may be closed to everyone, though the lease be made to two or more, until such act, writ, decree or process be annulled.  The credit union may refuse access to the box at any time until all charges connected with the box have been paid.

10.  Bailor acknowledges receipt of two keys, which must be returned or paid for if lost, when box is relinquished, and rent does not terminate until such time.  Whenever a key is lost the credit union must be notified at once and the remaining key brought to its office so that the lock may be changed.  The cost incurred through the loss of a key shall be paid by the bailor at once.  In the event that both keys are lost and the box necessarily has to be opened whether at the request of bailor or the bailee, the cost of such shall forthwith be paid by the bailor.  The bailor acknowledges a lien on the contents of said box in favor of the bailee for the said costs.  Should the bailor have any account with the credit union the said credit union is authorized to charge the said account with the cost thereof.

11.  The credit union must immediately be notified in writing of any change of address.  Notices herein provided shall be sufficient if mailed to last address registered.

12.  The credit union reserves the right to terminate this Agreement at any time and require bailor to surrender said box and keys upon giving him thirty days written notice by mail or otherwise at the address of bailor registered with the credit union and upon tender or repayment of the pro-rated proportion of rent for the unexpired time of the amount paid for the said use of said box.

13.  Box rentals are payable in advance, and if bailor, at the expiration of any term, shall not renew this contract or give up possession of the box and keys (or fail to surrender possession and return keys as provided in paragraph 10 hereof) the credit union shall have the right after mailing written notice of its intended action to bailor or his agent, as registered in its books, or after direct service thereof, to forcibly open said box in the presence of one of its officers and one other witness and to remove and place the contents in safekeeping elsewhere and to hold and retain the same subject to the payment of all rentals that may be unpaid and all expenses incurred in opening the box, changing the lock and keys, and also for the safekeeping of the contents after the removal from the box, all or any of which shall constitute a prior lien on the contents of such box in favor of the credit union.  If such charges are not paid six months from the forcible opening of the box, the credit union shall have the right to sell at private or public sale, as it shall elect, such contents so removed and held for safekeeping, after giving written notice of the address registered in the credit union books to the bailor and his agent of the time and place of the sale, together with a general description of the property to be sold, either by mail or direct delivery, and the publishing of such a notice in a newspaper published in MARION, HENDRICKS, BOONE, HAMILTON, HANCOCK, JOHNSON or GRANT COUNTY, INDIANA (depending on the location of the box) at least once a week for four consecutive weeks prior to the date of sale, which shall be not less than thirty days after the first publication thereof.  After payment of all expenses in connection with such sale and other charges as herein set forth, the residue of such proceeds, if any, shall be paid to bailor or his legal representative.

14.  The credit union reserves the right to verify the authenticity of the signature of the bailor on any appointment of an agent (Deputy) or other signed document permitted hereunder by requiring the bailor personally to appear before an officer of the credit union for identification and verification of signature.

15.  Bailor shall not use said box, nor permit the same to be used, for the deposit of any intoxicating liquors, narcotics, or any property of an explosive, malodorous or destructive nature.

16.  This contract is personal to the bailor and shall not be assigned or transferred, and any assignment or transfer thereof shall immediately terminate it.

17.  If the bailor herein is a corporation, partnership or unincorporated association of individuals, then all provisions hereof shall be applicable to such bailor except provisions limited by their context to individuals.  Access to and control of said box by a corporation, partnership or unincorporated association of individuals shall be limited to the resolution and/or certificate and/or authorization of such bailor.

18.  The credit union reserves the right to make such other and further rules and regulations, without notice, as may from time to time be needful for safety, care and cleanliness of the premises and for the preservation of good order therein.

BUSINESS ACCOUNTS

The credit union offers accounts to many types of businesses, but may decline services based on lack of expertise with certain transactions, high risk, or other factors.  Two categories of businesses that the credit union will not serve are: 

1.  Money Service Businesses (“MSBs”), which include an individual, corporation, partnership, estate, trust or 
association doing business in any of the following ways:

a.  Currency dealer or exchanger totaling more than $1,000 per day

b.  Check casher totaling more than $1,000 per day

c.  Issuer or redeemer of traveler's checks, money orders, or stored value cards totaling more than $1,000 per day

d.  Money transmitter, regardless of the amount of money per day

2. Businesses Engaged in Internet Gambling.  Additionally, credit union accounts may not be used for transactions restricted under the Unlawful Internet Gambling Enforcement Act.

CHECKING ACCOUNTS

Indiana Members Credit Union offers two types of personal Checking Accounts, called “Regular Checking” and “Preferred Checking”.

By opening a Checking Account at IMCU, you authorize us to pay checks signed by you (or any joint member) and to charge the payment against your Checking Account.  Checking Accounts must be applied for, and applications are subject to approval.  Information from credit reporting agencies may be used to determine this approval.  The following additional terms apply:

1.     We will make payments on current checks drawn on available funds in your Checking Account when signed by any person authorized on your Membership Agreement.  Withdrawals may also be made with a Debit or ATM Card or by using NetTeller or Q-Phone.  The use of a Debit or ATM Card and Personal Identification Number is governed by the Debit and ATM Card section of this disclosure.

2.     In handling checking transactions, we will be governed by Indiana and federal laws and regulations and IMCU procedures as changed from time to time.

3.     IMCU is under no obligation to pay a check on which the date is more than six months old.

4.     IMCU is relieved of all liability for items lost in delivery by U.S. Mail or otherwise, or not called for by the member.

5.     If any mailed statements, vouchers, and notices are returned undelivered by the U.S. Mail, IMCU is authorized to destroy them.

6.     Non-cash deposits in the account cannot be used for payment of your checks until they are paid by the financial institution on which they are drawn or the period permitted by Regulation CC for collection has passed.  The delay in permitting you to use such deposits is detailed in the section of this disclosure called “Check Hold Policy”.

7.     IMCU is under no obligation to pay a check or debit which exceeds the balance in the Checking Account.  You may choose an overdraft option to cover the possibility of a check or debit exceeding the Checking Account balance.  Overdraft transfers are limited to six per month, unless other electronic funds transfers have occurred, which reduces this limit.  If there are not enough funds in either your Checking Account or in your overdraft option account or loan, or if overdraft transfers plus other electronic funds transfers have been used six times during the same month, we may return “NSF” any checks or debits presented for payment to the payee’s financial institution.  Refer to “Regulation D Limitations” section within GENERAL TERMS above for more details.  The credit union may, at its discretion, honor payment of a check or debit which exceeds your available balance.  Should this occur, you agree to repay the credit union any and all sums associated with such payment, including any associated fees.  Refer to IMCU’s Fee Disclosure for a complete listing of our Checking Account fees.

8.     Except for negligence, Indiana Members Credit Union is not liable for any action it takes regarding the payment or non-payment of a check.

9.     You can stop payment on a check drawn on your account before the check has been cleared for payment by notifying us verbally or in writing.  Verbal notification must be followed with a signed stop payment form within fourteen days.  Stop payment orders are valid for six months.  Stop payment fees are covered in the Fee Disclosure.  We have no obligation to stop an IMCU Corporate Check, Money Order or Cashier’s Check bought by you since generally payment of this type of check drawn on the credit union’s account is guaranteed.

10.  Post-dated checks may be cashed if presented for payment by the payee before the date.  We will not be liable for the consequences of such early payment.

11.  You may allow a merchant or other payee to make a one-time payment from your Checking Account using information from a check to pay for purchases or pay bills.  When you provide a check as payment, you authorize us either to use information from your check to make a one-time electronic fund transfer from your account or to process the payment as a check transaction.  You authorize us to collect a fee from your account if your payment is returned unpaid.  When we use information from your check to make an electronic fund transfer, funds may be withdrawn from your account as soon as the same day you make your payment.

12.  Non-member check cashing.  Non-members will be assessed a check cashing fee per check drawn on IMCU.  Please refer to the separate Fee Disclosure regarding this fee.  IMCU reserves the right to refuse payment on any check where the authenticity of the check cannot be verified.

13.  Statements.  You must examine your statement of account with “reasonable promptness”.  If you discover (or reasonably should have discovered) any unauthorized payments or alterations, you must promptly notify us of the relevant facts.  If you fail to do either of these duties, you will have to either share the loss with us, or bear the loss entirely yourself (depending on whether we exercised ordinary care and, if not, whether we substantially contributed to the loss).  The loss could be not only with respect to items on the statement but other items forged or altered by the same wrongdoer.  You agree that the time you have to examine your statement and report to us will depend on the circumstance, but that such time will not, in any circumstances, exceed a total of 60 days from when the statement is first made available to you.  You further agree that if you fail to report any unauthorized signatures, alterations, forgeries or any other errors in your account within 60 days of when we make the statement available, you cannot assert a claim against us on any items in that statement, and the loss will be entirely yours.  This 60-day limitation is without regard to whether we exercise ordinary care.

14.  Permanent records.  We will send you monthly statements recording all deposits, checks drawn on your account, dividends if any, and charges.  If there are two authorized signatures on your account, the statement will be sent to the primary member.  Copies of checks, statements, and account histories are available.  Service fees for these copies are listed in the Fee Disclosure.  You will not receive the cancelled checks, although all checks are imaged and retained in that form for seven years.

15.  Errors.  Any objection regarding any item shown on a Checking Account statement shall be waived unless made in writing to IMCU on or before the sixtieth day following the day the statement was mailed.

a.     If we correct any error which we made, or accept responsibility for a transaction, we have the right to collect the amount credited to your account from anyone else who is responsible.  Our crediting your account will result in an automatic assignment to us of your rights to collect the amount from anyone else.

b.     If we make an error in handling your account, our liability will be limited to the actual amount of the check.  We will not be liable for consequential damages such as alleged harm to your credit standing, unrealized profits, emotional distress, or exemplary damages due to a claimed recklessness.

16.  Funds deposited in this account may not be pledged as security for a loan.

17.  You must promptly notify us of any change of address.

18.  Inactive Checking Accounts may be charged a fee.  Please refer to the separate Fee Disclosure regarding this fee.

19.  Closing Your Account.  We have the right to close the account for any business reason on five days notice to you at your last known address.  Any termination of the account will not affect our handling of regular transactions prior to the notice.  Other grounds for closing the account immediately include your failure to provide funds sufficient to pay the checks you write, your failure to keep up current loan payments, your filing for bankruptcy relief, your committing any fraudulent acts such as check kiting, your failure to observe the conditions of any other agreement with IMCU.  IMCU has no obligation to offer or continue a Checking Account if, in the credit union’s opinion, a member has not managed his/her credit or checking accounts in a responsible way.

Overdraft Protection

Overdraft protection is not automatically assigned to an Indiana Members Credit Union Checking Account.  You may elect to have the overdraft protection funds transferred into the Checking Account from the Savings Account, Money Market Account (“overdraft option accounts”), or an Open-End Credit Plan.

You agree that:

1.     IMCU is under no obligation to pay a check or debit which exceeds the balance of the Checking Account.  The credit union may, however, pay such a check or debit and charge the amount of the resulting overdraft (plus the Overdraft Transfer Charge) against any other savings account from which the signor of the Checking Account is entitled to withdraw.

2.     If the presentation of a check or debit would result in the Checking Account being overdrawn, and if at that time you are eligible to receive advances from an IMCU Open-End Credit Plan, such a check or debit shall be deemed a request to the credit union to prepare an application for an advance from the Open-End Credit Plan sufficient to permit the check or debit to be honored and the related Overdraft Transfer Charge to be paid.  If the application is approved, IMCU will credit the advance to the Checking Account.

3.     IMCU may, at its discretion, honor payment of a check or debit which exceeds the available balance in your Checking Account, overdraft option account, or Open-End Credit Plan.  If such an item is honored, you agree to repay the credit union any and all sums associated with the payment, including any associated fees.

Your available balance is the amount in your account that is available for you to use without incurring an overdraft fee. The available balance takes into account things like holds placed on deposits and pending debit card purchases that IMCU has authorized but that have not yet posted to your account. For example, assume you have an actual balance of $80 and an available balance of $80.  If you then use your debit card to buy lunch for $30, that merchant could ask us to pre-authorize the payment. In that case, we would put a “hold” on your account for $30. Your actual balance would still be $80 because this transaction has not yet posted, but your available balance would be $50 because you have committed to pay the restaurant $30.  When the restaurant submits its bill for payment, which could be a few days later, we would post the transaction to your account, and your actual balance would be reduced by $30. 

Your available balance is used to determine when your account is overdrawn.  For example, assume your actual and available balances are $80, and you use your debit card at a restaurant for $30.  A hold is placed on your account, so your available balance becomes $50.  Your actual balance is still $80.  Before the restaurant charge is sent to us for processing, a $70 check that you wrote clears.  Because you only have $50 available (you have committed to pay the restaurant $30), your account will be overdrawn by $20, even though your actual balance is $80.  In this case, we may pay the $70 check, but you will be charged an overdraft fee of $32.  That fee will be deducted from your account, further reducing the balance. 

Please note that you may still overdraw your account even though the available balance appears to show sufficient funds to cover a transaction that you want to make.  This is because while your available balance reflects holds on deposits and pending transactions, it may not reflect outstanding checks and automatic bill payments (or other outstanding transactions) that you have authorized but have not yet posted to your account.            

For questions regarding these examples or other disclosures, please contact Member Services at 800-556-9268.

The order in which items are paid is important if funds are not available in your account to pay all items that are presented.  The payment order can affect the number of items overdrawn or returned unpaid and the amount of fees you may pay.  To assist you in managing your account, we provide the following information regarding how we process items.

Our policy is to process ACH credits first, in the order they are received on the day they are processed.  We process ACH debits second, by dollar amount (smallest to largest) on the day they are processed.  We process Bill Pay items third, by dollar amount (smallest to largest) on the day they are processed.  We process checks fourth, by dollar amount (smallest to largest) on the day they are processed. 

Point-of-sale (POS) and debit card transactions are posted in real-time as they are received.  As a result, these items may post before or after any of the items described above.

We promote responsible use of discretionary overdrafts.  Overdraft fees can add up quickly, especially if multiple overdraft items clear the same day.  Thus, we discourage the intentional and routine writing of checks or initiating of electronic funds transfers or other transactions that will overdraw your account if paid.  Discretionary overdrafts should be used only for occasional and inadvertent overdrafts and should not be relied on in the same manner as, for example, a line-of-credit.

If more than occasional and inadvertent use of discretionary overdrafts is anticipated, please consider less costly alternatives such as linked accounts or an IMCU Open-End Credit Plan to avoid overdrawing your account.  With a linked account, your Checking Account would be connected to another account, such as your Savings Account, to automatically transfer funds to your Checking Account as needed to avoid overdrafts.  With an IMCU Open-End Credit Plan, you would automatically borrow funds on the line-of-credit and have them transferred to your Checking Account as needed to avoid overdrafts.  Please inquire about the alternatives that we offer.  A linked account or IMCU Open-End Credit Plan can often be cheaper than overdraft fees.

CHECK ENDORSEMENTS

Federal Law (Regulation CC) now requires all check endorsements to be in the first 1 ½ inches of the trailing edge of the back of the check.  The trailing edge is opposite the left side of the face of the check (the side of the check just behind the address of the financial institution and the account holder).  You will be responsible for all costs incurred by IMCU due to delays in returning checks that you cashed or deposited into your account that do not comply.

CHECK HOLD POLICY

Our policy, which is available upon request, is to delay the availability of funds that you deposit in your account.  During the delay you may not withdraw the funds and we will not use the funds to pay checks that you have written.  This policy applies to funds deposited in branch offices, night depositories, by mail, and at ATM’s (see third heading that follows for special rules regarding deposits at ATM’s).

The length of the delay is counted in business days from the day of your deposit.  Every day is a business day except Saturday, Sunday, and banking holidays.  If you make a deposit before 4:00 p.m. (Monday – Thursday) or 6:00 (Friday) on a day that we are open, we will consider that day to be the day of your deposit.  However, if you deposit after 4:00 (Monday – Thursday) or 6:00 p.m. (Friday) or on a day we are not open, we will consider that the deposit was made on the next business day we are open.

The length of the delay varies depending on the type of deposit and is explained below.

Immediate Availability

Funds from the following deposits are available on the day we receive your deposit, if the checks presented for deposit are payable to you,endorsed by you, and personally deposited by you into your account in person with one of our employees:

 U.S. Treasury checks

 Wire transfers, including pre-authorized credits; such as social security benefits and payroll payments (these need
 not be endorsed or personally deposited)

Checks drawn on Indiana Members Credit Union

Cash

State and local government checks

Cashiers, certified, teller’s and bank traveler’s checks

Federal Reserve Bank checks, Federal Home Loan Bank checks and postal money orders

Next Business Day Availability

The first $200 of the total of all business and personal checks deposited is available on the next business day after the day we receive your deposit, if the checks are payable to you, and deposited by you into your account in person with one of our employees.

Deposits at Automated Teller Machines

The IMCU Check Hold Policy does not distinguish between an ATM deposit and a teller line deposit (the rules are the same), except for the following differences:

1.    Any deposit which would normally be given “immediate availability” will instead have “next business day availability” if deposited at a proprietary ATM.

2.    Any deposit which would normally be given “immediate availability” will instead have a “two business day hold” if deposited at a nonproprietary ATM.

“Proprietary ATM’s” are those which we own or operate and are clearly identified as IMCU machines.

Other Checks Deposits

Our policy is to make the first $200 from a deposit of other checks available on the first business day after the day of your deposit.  The remaining funds are available on the second business day after the day of deposit.  For example, if you deposit other checks totaling $700 on a Monday, $200 of the deposit is available on Tuesday.  The remaining $500 is available on Wednesday. 

Foreign checks, such as checks payable through a Canadian bank, are not subject to the previously stated availability schedules.  See the “Foreign Check Deposits” section for details.

Holds on Other Funds

Check Cashing.  If we cash a check for you that is drawn on another financial institution, we may withhold the availability of a corresponding amount of funds that are already available in your account.  Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it.

Another Account.  If we accept a check for deposit drawn on another financial institution, we may make funds from the deposit available for withdraw immediately but delay the availability to withdraw a corresponding amount of funds that you have on deposit in another account with Indiana Members Credit Union.  The funds in the other account would then not be available for withdrawal until the time periods that are described in the “Other Checks Deposits” section in this disclosure.

Longer Delays May Apply

If we are not going to make all funds from your deposit available at the times shown above, we will notify you at the time you make your deposit.  We will also tell you when the funds will be available.  If your deposit is not made directly to an IMCU employee, or if we decide to take this action after you have left the premises, we will mail you the notice on the day after we receive your deposit.

Funds you deposit by check may be delayed for a longer period under the following circumstances:

    We believe a check you deposited will not be paid.

    You deposit checks totaling more than $5,000 on any one day.

    You deposited a check that has been returned unpaid.

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

    There is an emergency, such as failure of communication 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.  Funds will generally be available no later than the seventh business day after the day of your deposit.

Foreign Check Deposits

A foreign check is any check payable through a financial institution outside the United States.  If you deposit a foreign check, such as a check payable through a Canadian bank, you will not receive credit until we receive final credit from our correspondent bank for the collection of such item.  At that time, your account will be credited, net of any collection and/or cash letter fees, and notification will be mailed to you.

SUBSTITUTE CHECKS AND YOUR RIGHTS

To make check processing faster, federal law permits financial institutions to replace original checks with “substitute checks”.  These checks are similar in size to original checks with slightly reduced images of the front and back of the original check.  The front of a substitute check states:  “This is a legal copy of your check.  You can use it in the same way you would use the original check.”  You may use a substitute check as proof of payment just like the original check.  Some or all of the checks presented on your account may be substitute checks.  This notice describes your rights regarding substitute checks.

Rights Regarding Substitute Checks

In certain cases, federal law provides a special procedure that allows you to request a refund for losses you suffer if a substitute check is posted to your account (for example, if you think that we withdrew the wrong amount from your account or that we withdrew money from your account more than once for the same check).  The losses you may attempt to recover under this procedure may include the amount that was withdrawn from your account and fees that were charged as a result of the withdrawal (for example, bounced check fees).  The amount of your refund under this procedure is limited to the amount of your loss or the amount of the substitute check, whichever is less.  You are entitled to dividends on the amount of your refund if your account is a dividend-bearing account.  If your loss exceeds the amount of the substitute check, you may be able to recover additional amounts under other law.  If you use this procedure, you may receive up to $2,500 of your refund (plus dividends if your account earns dividends) within 10 business days after we received your claim and the remainder of your refund (plus dividends if your account earns dividends) not later than 45 calendar days after we received your claim.  We may reverse the refund (including any dividends on the refund) if we later are able to demonstrate that the substitute check was correctly posted to your account.

Making a Claim for a Refund

If you believe that you have suffered a loss regarding a substitute check that was posted to your account, please contact Member Services at 1-800-556-9268.  You must contact us within 40 calendar days of the date that we mailed (or otherwise delivered by a means by which you agreed) the substitute check in question or the account statement showing that the substitute check was posted to your account, whichever is later.  We will extend this time period if you were not able to make a timely claim because of extraordinary circumstances.  Your claim must include:

1.  A description of why you have suffered a loss (for example, you think the amount withdrawn was incorrect);

2.  An estimate of the amount of your loss; and

3.  A copy of the substitute check and/or information to help us identify the substitute check, such as the check number, the name of the person to whom you wrote the check, and the amount of the check.

DEBIT CARDS, ATM CARDS, PREAUTHORIZED TRANSFERS, AND Q-PHONE

This part of the Account Agreement and Disclosure applies to Debit Cards, ATM Cards, Preauthorized Transfers and Q-Phone telephone-activated transfers to the extent that they are covered by Regulation E governing electronic funds transfers.

Limitations

1.     For members with Debit Cards, the daily limit for purchases and point-of-sale transactions (combined) is $1,500 unless another daily limit has been approved.  For your specific limit, please contact Member Services at 1-800-556-9268, or contact your local branch.

2.     From an ATM you may withdraw cash up to your $500 daily limit if you have sufficient funds in your account to cover the transaction.

3.     Transactions made through ATMs on a business day are generally processed on the same business day.  Transactions made on weekends and banking holidays are processed on the next business day.

4.     All funds deposited at an ATM are subject to our verification and check hold policies.

5.     Federal law limits to six per month the number of transfers by Q-Phone from your Savings Account or Money Market Account, assuming you have no other electronic transfers or withdrawals from your Savings Account or Money Market Account.  Refer to “Regulation D Limitations” section within GENERAL TERMS above for more details.

Periodic Statements

You will get a monthly account statement unless there are no transfers in a particular month.  In any case you will get the statement at least quarterly.  All transactions made via Debit or ATM Cards, preauthorized transfers and Q-Phone will be listed on your monthly statement that you receive from us.

Available Services

Your Indiana Members Credit Union Debit Card or ATM Card will permit you to withdraw up to $500 a day in available funds from your Savings or Checking Account, and to elicit balance inquires from same, at ATM’s. You are also able to deposit funds (at STAR ATM’s located in Indiana), transfer funds, and obtain loan advances from your Open-End Credit Plan.  When you use an ATM not owned by Indiana Members Credit Union, you may be charged a fee by the ATM operator and you may be charged a fee for a balance inquiry even if you do not complete a fund transfer.

Q-Phone enables you to complete routine transactions with Indiana Members Credit Union such as withdrawals, transfers, loan advances and loan payments, and obtain account histories and balance inquiries by touch-tone telephone.  A confidential Personal Identification Number (PIN) will be established for your account.  The first time you use the PIN to obtain a Q-Phone service, you will be consenting to the terms of this Agreement.  To cancel your Q-Phone access, contact us at 1-800-556-9268 or write to Member Services, 5055 Madison Avenue, Indianapolis, IN 46227.

Liability for Failure to Complete a Transfer on Time or In the Correct Amount & Limitations

If we do not complete a transfer to or from your account on time or in the correct amount, when properly instructed by you to do so in accordance with this Account Agreement and Disclosure, we will be liable for your losses or damages.  However, there are some exceptions.  We will not be liable in the following circumstances:

1. If, through no fault of ours, the designated account does not have sufficient funds available to complete the transaction or payment;

2. The money in your account is subject to legal process or other claim;

3. You have closed the designated account;

4. We have identified you as a credit risk and have chosen to terminate your usage of these electronic funds transfer services;

5. Your equipment, the software or any communications link is not working properly;

6. Circumstances beyond our control (such as, but not limited to, fire, flood, or interference from an outside source) prevent the proper execution of the transaction, despite reasonable precautions that we have taken;

7. If the electronic funds transfer service was not working properly and you knew about the breakdown when you started the transfer;

8. There may be other exceptions stated in this Account Agreement and Disclosure.

General Terms

1. Business days are Monday through Friday, excluding banking holidays.

2. Please keep this Agreement for reference.

3. Your Debit Card and ATM Card are non-transferable and are the property of Indiana Members Credit Union.  You must agree to surrender them to the credit union upon request.

4. IMCU may cancel, modify and restrict the use of the Debit Card or ATM Card upon proper notice or without notice if your account is overdrawn or where necessary to maintain or restore the security of accounts on the Debit and ATM system.

5. Debit Cards and ATM Cards must be applied for and are issued subject to approval, and information from credit reporting agencies may be used to determine this approval.

Liability for Unauthorized Use of Your Debit Card

We will not hold you liable for a debit card transaction that you did not authorize if you exercised reasonable care in safeguarding the debit card from risk of loss or theft and, upon becoming aware of such loss or theft, promptly reported the loss or theft to us.  The previous sentence does not apply to a transaction conducted with a debit card that is issued to an entity other than a natural person or issued for a commercial purpose; provided that it shall apply to a transaction conducted with a debit card for a “small business” program as described on www.mastercardbusiness.com (under “Small Business”, select the “Products” tab).

Liability for Unauthorized Use of Your ATM Card or PIN or Q-Phone

Tell us AT ONCE if you believe your ATM Card or PIN or Q-Phone password has been lost, stolen, or otherwise compromised, or if you believe that an ATM Card or Q-Phone transaction has been made without your permission.  Telephoning Member Services at 1-800-556-9268 is the best way to minimize your losses.  You could lose all the money in your account (plus your maximum overdraft line of credit).  If you tell us within two business days after you learn of the loss or theft or unauthorized transaction, you can lose no more than $50.00 if someone conducted unauthorized transactions.

If you do NOT tell us within two business days after you learn of the loss or theft or unauthorized transaction, and we can prove we could have stopped someone from doing the unauthorized transaction if you had told us, you could lose as much as $500.

Also, if your statement shows transactions that you did not make, tell us AT ONCE.  If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods.

Contact in Event of Unauthorized Transaction

If you believe your Debit or ATM Card or PIN or Q-Phone password has been lost, stolen, or otherwise compromised, or if you believe that a Debit or ATM Card transaction or a Q-Phone transaction has been made without your permission, please call or write us using the following contact information:

Telephone

1-800-556-9268
Monday thru Thursday: 8:00 a.m. to 5:00 p.m., ET
Friday: 8:00 a.m. to 6:00 p.m., ET
Saturday: 9:00 a.m. to 1:00 p.m., ET
Note: Voicemail system provided for all other hours.

Email

electronic@imcu.com

Mail

Indiana Members Credit Union
Electronic Services Department
5055 Madison Avenue
Indianapolis, IN 46227

You should also call the number or write to the address listed above if you believe a transfer has been made using the information from your check without your permission.

Error Resolution Procedures

If you believe you have found an error regarding a Debit or ATM transaction, or regarding electronic transfers on your account, notify us of the error, loss, theft, or possible unauthorized use at 1-800-556-9268 or write us at: Member Services, 5055 Madison Avenue, Indianapolis, IN 46227.  We must hear from you no later than 60 days after we send the first statement on which the problem or error appeared.  When you notify us:

1. Tell us your name and account number.

2. Describe the error of the transaction you are unsure about, and explain as clearly as you can why you believe there is an error or why you need more information.

3. Tell us the dollar amount of the suspected error. If you tell us orally, we may require you to send us your complaint or question in writing within ten business days.  We will investigate your complaint and will correct any error promptly.  We will attempt to give you an answer within ten business days.

If we need more time, however, we may take up to 45 days to investigate your complaint or question.  If we decide to do this, we will provisionally re-credit your account within ten business days for the amount you think is in error, so that you will have use of the money during the time it takes us to complete our investigation.  If we ask you to put your complaint or question in writing and we do not receive it within ten business days, we may not re-credit your account.  For errors involving point-of-sale or foreign initiated transactions, we may take up to 90 days to investigate your complaint or question.  If we decide that there was no error, we will send you a written explanation within three business days after we finish our investigation.  If your account has been re-credited and no error is found, the funds will be withdrawn at the time the written explanation is sent.  You may ask for copies of the documents that we used in our investigation.

New Services

We may, from time to time, introduce new services or enhance existing services.  We shall notify you of the existence of these new or enhanced services.  By using these services when they become available, you agree to be bound by the terms and conditions regarding these services, which will be disclosed to you.

Preauthorized Transfers

Preauthorized Credits – If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you can call our Member Services at 1-800-556-9268 to find out whether or not the deposit has been made.

Your Right to Stop Payment on Preauthorized Payments  – To initiate a stop payment on a preauthorized payment, you may call us at 1-800-556-9268 or write us at: Member Services, 5055 Madison Avenue, Indianapolis, IN 46227, in time for us to receive your request three business days or more before the payment is scheduled to be made.  If you call, you must also put your request in writing so that we receive it within 14 days after you call.  An oral stop-payment order ceases to be binding after 14 days if you fail to provide the request in writing.  Stop payment fees are covered in the Fee Disclosure.

Liability for Failure to Stop Payment of Preauthorized Transfer – If you order us to stop a payment, as described above, three business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.

Fee for Negative Balance Caused by Preauthorized Debit Clearing – If you initiate a preauthorized debit which, upon clearing, causes a negative balance in your account, a related service charge will occur, as noted in the Fee Disclosure.

Fee for Preauthorized Debit Returned Due to Non-Sufficient Funds – If you initiate a preauthorized debit which we return due to non-sufficient funds, a related service charge will occur, as noted in the Fee Disclosure.

Member Agreement for Using the Debit Card and ATM Card

You will receive your Debit Card or ATM Card and Personal Identification Number (PIN), encoded to enable you to make loan advances against your Open-End Credit Plan agreement with Indiana Members Credit Union at automated teller machines.  You understand that:

The card and machines are provided as a convenience to you for making deposits and transfers of funds between your Savings, Checking and Open-End Credit Plan, as encoded on your Debit or ATM Card.  All terms and agreements between yourself and Indiana Members Credit Union regarding your savings and loan accounts shall govern all transactions for which you use your Debit or ATM Card.  You shall be bound by these terms and agreements.

You understand that your Debit or ATM Card, supplied by Indiana Members Credit Union remains the property of the credit union as are any renewal or replacement cards, and that the location and usage of any machines shall be determined and/or changed by Indiana Members Credit Union at any time, without prior notice.  Indiana Members Credit Union may terminate usage of the Debit or ATM Card at any time for any reason without notice.  Upon demand, you will immediately return the Debit or ATM Card to Indiana Members Credit Union.  All rights and privileges extended under this Agreement shall terminate on any expiration date determined by Indiana Members Credit Union or upon termination of any agreements relating to the use of machines between IMCU and any financial institutions making services available to IMCU members.  It is specifically agreed that Indiana Members Credit Union would not issue the Debit or ATM Card were it not for the member’s agreement to the matters stated in this paragraph.

The machine shall be operated only according to the instructions furnished to you and only for transactions programmed by Indiana Members Credit Union.  These transactions are subject to limitations on dollar amounts and frequency of use, as determined by IMCU.  The accounts to be used in conjunction with the machine will be those agreed to between you and Indiana Members Credit Union.  Use of the machine shall be evidenced by a record of each transaction.  All transactions will be verified by IMCU and entered into the credit union’s account records.  Any deposit receipts issued by the machine are subject to verification to effect daily reconciliation of cash actually received.

You authorize Indiana Members Credit Union to charge your Open-End Credit Plan account for cash advances dispensed to you by the machine through the use of your Debit or ATM Cards(s), not to exceed the limit established in your current Open-End Credit Plan agreement with the credit union.  Cash withdrawals from your Savings or Checking Account will not affect your Open-End Credit Plan account, unless the amount withdrawn is in excess of the amount on deposit at Indiana Members Credit Union.  In that case, IMCU is authorized to add to your loan, charging the amount to your Open-End Credit Plan account and depositing the proceeds from the loan advance to your Savings or Checking Account to cover the overdraft.  Any cash received by you through the use of your Debit or ATM Card(s) in conjunction with your loan account or which is deposited in your Savings or Checking Account to prevent an overdraft, shall bear interest at the rates set forth in your Open-End Credit Plan agreement and shall be treated as such a loan, subject to all its terms and conditions.  Should you receive cash in excess of the loan limit established under your Open-End Credit Plan agreement, under a point-of-sale program, or under any program involving the use of any financial transaction machine, you agree that Indiana Members Credit Union may withdraw the amount (in excess of the loan limit) from your Savings Account or any other funds on deposit which you are signed a joint owner, and apply this amount to your loan account to prevent the loan limit from being exceeded.  Indiana Members Credit Union’s liability is limited to its undertakings in the current written agreements executed by you and IMCU.

Indiana Members Credit Union shall have no additional liability through issuance of the Debit or ATM Card, or under this Agreement, the credit union's only liability being that established in various agreements executed by you and IMCU.  IMCU makes no warranty through the issuance of the Debit or ATM Card, this Agreement, or any rules and regulations imposed by IMCU regarding a member’s use of the Debit or ATM Card or machine.  The Debit or ATM Card is being issued and use of the machine is being authorized only as a convenience to you, as a member(s) of Indiana Members Credit Union.  By retaining and using your IMCU Debit or ATM Card you agree that:

1. You will not use the card in any manner that will overdraw your Savings Account, Checking Account, or loan under the IMCU Open-End Credit Plan agreement.

2. If you overdraft your Savings, Checking, or loan account in violation of this Agreement, you will repay IMCU all such amounts on demand, in addition to reasonable attorney’s fees and costs, as well as any related IMCU service charges disclosed on the Fee Disclosure.

All provisions of this Agreement are subject to change by Indiana Members Credit Union after written notice to members by mail, with postage prepaid, addressed to the member’s latest address on record with the credit union, effective on the date specified on the notice.

You need not be bound by the provisions of the amended agreement, provided you immediately cease to use the card and return it to Indiana Members Credit Union.  You understand that retention and use of the card shall constitute written agreement with any specified provisions of an existing or newly revised agreement as presented.

If any loan installment is not paid when due, you agree to pay all the costs and expenses incurred in the collection of any sum due, including reasonable attorney’s fees and costs.

Any monies disbursed or goods or services received by the use of this card shall be secured by the property listed in any security instrument heretofore or hereafter executed by you and Indiana Members Credit Union.

Disclosure statement pursuant to the Federal Truth in Lending Act.  You (shall be responsible for the advances, whether with knowledge of the advance or not) promise to pay to Indiana Members Credit Union all sums advanced from time to time under your Open-End Credit Plan agreement and/or all sums advanced to you from your Savings or Checking Account in excess of the amounts on deposit in your Savings or Checking Account plus a finance charge (interest) at the periodic rate of .049315% per day on any unpaid principal balance computed by the period such balance is outstanding.  This is an ANNUAL PERCENTAGE RATE OF 18%.  The FINANCE CHARGE is calculated at the time a payment is made.

Transactions at merchants outside the United States.  If you incur charges in a currency other than U.S. dollars, MasterCard will convert the charges into U.S. dollars.  MasterCard’s currency conversion procedure includes the use of either a government-mandated exchange rate, or a wholesale exchange rate selected by MasterCard.  The rate MasterCard uses for a particular transaction is a rate selected by MasterCard for the applicable currency on the day the transaction is processed, which may differ from the rate applicable on the date the transaction occurs or the date the transaction is posted to the cardholder’s account.  Transactions at merchants outside the United States are subject to a fee of up to 1% of the transaction amount for conversion and/or processing, regardless of whether currency conversion is performed.  These fees will be itemized and identified separately on your periodic statement.

Member Agreement for Using Q-Phone

You will obtain a Personal Identification Number (PIN) to enable you to use Q-Phone.  You understand you are responsible for the safekeeping of your PIN and for all transactions by the use of Q-Phone.  You understand that your PIN is not transferable, and you will not disclose the PIN or permit any unauthorized uses thereof.  However, if you disclose you PIN to anyone, you understand that you have given that person access to your account via Q-Phone and that you are responsible for any such transaction.  You further agree to notify Indiana Members Credit Union immediately and send written confirmation if your PIN is disclosed to anyone who is not authorized to use your account.

You understand that Indiana Members Credit Union reserves the right to discontinue access to Q-Phone without notice and will not be liable for failure to honor any Q-Phone transactions.  You understand that any transaction made after 6:00 p.m. (Indianapolis, Indiana time) will be processed the following business day.  A withdrawal by check, requested on a given business day, will be processed the following business day.  You understand the total dollar amount of transactions via Q-Phone is subject to limits set by IMCU, and sufficient verified funds must be available to satisfy your transaction instructions.  All quoted balances may not include current day activities, including items that have not cleared.

By agreeing to the Member Agreement for Using Q-Phone, you also agree to be bound by the NetTeller and iPay Services Terms and Conditions, a copy of which is available upon request.

NETTELLER (online banking) & iPAY SERVICES (bill payment)

The “NetTeller and iPay Services Terms and Conditions” is separate from this document.  Members who enroll in NetTeller or iPay Services must agree to these terms and conditions prior to using the related services.  The “NetTeller and iPay Services Terms and Conditions” document is available upon request.

MOBILE BANKING

The “Mobile Banking Terms and Conditions” is separate from this document.  Members who enroll in Mobile Banking must agree to these terms and conditions prior to using the related services.  The “Mobile Banking Terms and Conditions” document is available upon request.

PRIVACY NOTICE

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing.

Federal law also requires us to tell you how we collect, share, and protect your personal information.

The types of personal information we collect and share depend on the product or service you have with us.

This information can include:

  • Social Security number and income
  • Account balances and payment histories
  • Credit histories and credit scores

All financial companies need to share customers’ personal information to run their everyday business.

Below we list 1) the reasons we can share your personal information, 2) whether we share it, and 3) whether you can limit this sharing.

Reasons We Can Share
Your Personal Information

Does IMCU Share This Information? 

Can You Limit This Sharing? 

For our everyday business purposes such as to process your transactions, maintain your accounts, respond to court orders
and legal investigations or report to credit bureaus
YES NO
For our marketing purposes-to offer you our products and services YES  NO 
For joint marketing with other financial companies  YES NO
For our affiliates' everyday business purposes-information about your transaction and experiences  NO  N/A 
For our affiliates' everyday business purposes-information about your creditworthiness  NO  N/A 
For our affiliates to market to you  NO N/A
For non affiliates to market to you  NO N/A 

To protect your personal information from unauthorized access and use, we use security measures that comply with federal law.

These measures include computer safeguards and secured files and buildings.

We collect your personal information, for example, when you:

• Open an account or deposit money        • Pay your bills or apply for a loan       • Use your credit or debit card

We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.

Federal law gives you the right to limit only:

• Sharing for affiliates’ everyday business purposes—information about your creditworthiness

• Affiliates from using your information to market to you

• Sharing for non affiliates to market to you

Privacy Notice Definitions:

Affiliates—companies (financial or non financial) related by common ownership or control

Non affiliates—companies (financial or non financial) not related by common ownership or control

Joint Marketing—a formal agreement between non affiliated financial companies that together market financial products or services to you.

Questions? Please call Member Services at 1-800-556-9268.

TRUTH IN SAVINGS DISCLOSURE

Membership Savings Account

Rate Information – The Membership Savings Account is a variable-rate account, and the dividend rate and annual percentage yield may change.  Rate changes are solely within the discretion of Indiana Members Credit Union, and the credit union reserves the right to change rates at any time.

Compounding and Crediting Frequency – Dividends will be compounded monthly and credited to your account on the last day of every month.  Accrued dividends will be forfeited if the account is closed any time during the month.

Minimum Balance to Open the Account – A minimum deposit of $50 is required to open a Membership Savings Account.

Minimum Balance to Obtain the Annual Percentage Yield – To obtain the stated annual percentage yield, you will need to keep a balance of $50 or more in the account each and every day of the statement period.

Dividend Computation Method – Dividends are calculated by using the daily balance method.  This method applies a daily periodic rate to the principal in the account each day.

Accrual of Dividends – Dividends begin to accrue on the business day either cash or a noncash item is deposited into your account.

Transaction Limitations – You are allowed three withdrawals per month before the Excess Savings Withdrawals Fee is charged.  You are allowed six withdrawals or transfers per month to another credit union account of yours or to a third party by means of pre-authorized or automatic transfer or telephonic order or instruction.  Refer to “Regulation D Limitations” section within GENERAL TERMS above for details about actions that we take when you exceed this limitation.

Fees – Please refer to the separate Fee Disclosure for a listing of fees related to this account.

Nature of Dividends – Dividends will be paid from current income and available earnings, after required transfers to reserves at the end of the dividend period.

Regular Checking Account

Minimum Balance to Open Account – A minimum deposit of $25 is required to open a Regular Checking Account.

Fees – Please refer to the separate Fee Disclosure for a listing of fees related to this account.

Fresh Start Checking

Minimum Balance to Open Account – A minimum deposit of $60 is required to open a Fresh Start Checking.

Fees – Please refer to the separate Fee Disclosure for a listing of fees related to this account.

Transaction limitations – You may not make deposits into your account through the ATM. Extended holds on deposited checks will be used. Courtesy Pay will not be offered when the account is opened.

Review date – Your account will be reviewed at the one year anniversary date. At the time of the review, if the account has been in good standing for one year (with no end-of-day negative balances and no NSF activity), it will be converted to a Regular Checking Account. Otherwise, the account will remain a Fresh Start Checking until, at a minimum, the next review date.

Preferred Checking Account

Rate Information – The Preferred Checking Account is a variable-rate account, and the dividend rate and annual percentage yield may change.  Rate changes are solely within the discretion of Indiana Members Credit Union, and the credit union reserves the right to change rates at any time.

Compounding and Crediting Frequency – Dividends will be compounded monthly and credited to your account on the last day of every month.  Accrued dividends will be forfeited if the account is closed any time during the month.

Minimum Balance to Open the Account – A minimum deposit of $1,000 is required to open a Preferred Checking Account.

Minimum Balance to Avoid a Fee – A balance of $1,000 will need to be maintained in the account to avoid the Preferred Checking Low Balance Fee.

Minimum Balance to Obtain the Annual Percentage Yield – To obtain the stated annual percentage yield, you will need to keep a balance of $1,000 or more in the account each and every day of the statement period.

Dividend Computation Method – Dividends are calculated by using the daily balance method.  The method applies a daily periodic rate to the principal in the account each day.

Accrual of Dividends – Dividends begin to accrue on the business day either cash or a noncash item is deposited into your account.

Fees – Please refer to the separate Fee Disclosure for a listing of fees related to this account.

Nature of Dividends – Dividends will be paid from current income and available earnings, after required transfers to reserves at the end of the dividend period.

Money Market Account

Rate Information – The Money Market Account is a variable-rate account, and the dividend rate and annual percentage yield may change.  Rate changes are solely within the discretion of Indiana Members Credit Union, and the credit union reserves the right to change rates at any time.

Compounding and Crediting Frequency – Dividends will be compounded monthly and credited to your account on the last day of every month.  Accrued dividends will be forfeited if the account is closed any time during the month.

Minimum Balance to Open the Account – A minimum deposit of $2,500 is required to open a Money Market Account.

Minimum Balance to Avoid a Fee – A balance of $2,500 will need to be maintained in the account to avoid the MoneyMkt Low Balance Fee.

Minimum Balance to Obtain the Annual Percentage Yield (for the Lowest-Yielding Tier) – To obtain the stated annual percentage yield (for the lowest-yielding tier), you will need to keep a balance of $2,500 or more in the account each and every day of the statement period.

Dividend Computation Method – Dividends are calculated by using the daily balance method.  This method applies a daily periodic rate to the principal in the account each day.

Accrual of Dividends – Dividends begin to accrue on the business day either cash or noncash item is deposited into your account.

Transaction Limitations – You are allowed six withdrawals or transfers per month to another credit union account of yours or to a third party by means of pre-authorized or automatic transfer or telephonic order or instruction.  Refer to “Regulation D Limitations” section within GENERAL TERMS above for details about actions that we take when you exceed this limitation.

Fees – Please refer to the separate Fee Disclosure for a listing of fees related to this account.

Nature of Dividends – Dividends will be paid from current income and available earnings, after required transfers to reserves at the end of the dividend period.

Christmas Club Account

Rate Information – The Christmas Club Account is a variable-rate account, and the dividend rate and annual percentage yield may change.  Rate changes are solely within the discretion of Indiana Members Credit Union, and the credit union reserves the right to change rates at any time.

Compounding and Crediting Frequency – Dividends will be compounded monthly and credited to your account on the last day of every month.  Accrued dividends will be forfeited if the account is closed any time during the month.

Minimum Balance to Open the Account – A minimum deposit of $5 is required to open a Christmas Club Account.

Dividend Computation Method – Dividends are calculated by using the daily balance method.  This method applies a daily periodic rate to the principal in the account each day.

Accrual of Dividends – Dividends begin to accrue on the business day either cash or noncash item is deposited into your account.

Transaction Limitations – You are allowed six withdrawals or transfers per month to another credit union account of yours or to a third party by means of pre-authorized or automatic transfer or telephonic order or instruction.  Refer to “Regulation D Limitations” section within GENERAL TERMS above for details about actions that we take when you exceed this limitation.

Fees – Please refer to the separate Fee Disclosure for a listing of fees related to this account.

Nature of Dividends – Dividends will be paid from current income and available earnings, after required transfers to reserves at the end of the dividend period.

Certificate Account

Rate Information – The dividend rate on your Certificate Account is ________%, with an annual percentage yield of ________%.  You will be paid this rate until maturity.  The annual percentage yield is based on the assumption that dividends remain on deposit until maturity.  A withdrawal will reduce earnings.

Compounding and Crediting Frequency – Dividends will be compounded monthly and credited to your account on the last day of every month.

Minimum Balance to Open the Account – A minimum deposit of $1,000 is required to open a Certificate Account.

Minimum Balance to Obtain the Annual Percentage Yield – To obtain the stated annual percentage yield, you will need to keep a balance of $1,000 or more in the account each and every day of the statement period.

Dividend Computation Method – Dividends are calculated by using the daily balance method.  This method applies a daily periodic rate to the principal in the account each day.

Accrual of Dividends – Dividends begin to accrue on the business day either cash or noncash item is deposited into your account.

Nature of Dividends – Dividends will be paid from current income and available earnings, after required transfers to reserves at the end of the dividend period.

Transaction Limitations – You may not make any deposits into your account before maturity.  You may not make any withdrawals of principal from your account before maturity unless we agree at the time you request the withdrawal, in which case you will have to withdraw all funds and close the Certificate Account.  We will impose a penalty if we grant your request.  You may not make withdrawals of dividends from your account before maturity unless at account opening you elect for monthly dividend payments to be transferred into your Savings Account.

Maturity Date – Your Certificate Account will mature on ____/____/____.

Early Withdrawal Penalty – We will impose a penalty if you close your Certificate Account before the maturity date.  The penalty is based on the original term, and it may reduce your principal balance.  Certificate Accounts with an original term of less than 1 year will be assessed a penalty equal to 90 days dividends.  Certificate Accounts with an original term of 1 year or more, but less than 3 years, will be assessed a penalty equal to 6 months dividends.  Certificate Accounts with an original term of 3 years or more, but less than 7 years, will be assessed a penalty equal to 12 months dividends.  Certificate Accounts with an original term of 7 years will be assessed a penalty equal to 18 months dividends.

Non-Automatically Renewable  – Your Certificate Account will not automatically renew at maturity.  At the maturity date, your Certificate Account balance will be transferred into your account.

Automatically Renewable – Your Certificate Account will automatically renew at maturity.  You may prevent renewal if you withdraw the funds in the Certificate Account at maturity (or within the grace period mentioned below) or we receive written notice from you within the grace period written below.  We can prevent renewal if we mail notice to you at least 30 calendar days before maturity.  If either you or we prevent renewal, your funds will be transferred to your account at maturity.

Terms of Renewal - Each renewal term will be the same as the original term, beginning on the maturity date.  The dividend rate will be the same we offer on new Certificate Accounts on the maturity date which have the same term, minimum balance and other features as the original Certificate Account.

Grace Period - You will have a grace period of ten calendar days after maturity to withdraw the funds without being charged an early withdrawal penalty.

IRA Savings Account

Rate Information – The IRA Savings Account is a variable-rate account, and the dividend rate and annual percentage yield may change.  Rate changes are solely within the discretion of Indiana Members Credit Union, and the credit union reserves the right to change rates at any time.

Compounding and Crediting Frequency – Dividends will be compounded monthly and credited to your account on the last day of every month.  Accrued dividends will be forfeited if the account is closed any time during the month.

Dividend Computation Method – Dividends are calculated by using the daily balance method.  This method applies a daily periodic rate to the principal in the account each day.

Accrual of Dividends – Dividends begin to accrue on the business day either cash or noncash item is deposited into your account.

Transaction Limitations – Please refer to the disclosures attached to the IRA Trust Application Packet for transaction limitations.

Fees – Please refer to the separate Fee Disclosure for a listing of fees related to this account.

Nature of Dividends – Dividends will be paid from current income and available earnings, after required transfers to reserves at the end of the dividend period.

IRA Certificate Account

Rate Information – The dividend rate on your IRA Certificate Account is ________%, with an annual percentage yield of ________%.  You will be paid this rate until maturity.  The annual percentage yield is based on the assumption that dividends remain on deposit until maturity.  A withdrawal will reduce earnings.

Compounding and Crediting Frequency – Dividends will be compounded monthly and credited to your account on the last day of every month.

Minimum Balance to Open the Account – A minimum deposit of $1,000 is required to open an IRA Certificate Account.

Minimum Balance to Obtain the Annual Percentage Yield – To obtain the stated annual percentage yield, you will need to keep a balance of $1,000 or more in the account each and every day of the statement period.

Dividend Computation Method – Dividends are calculated by using the daily balance method.  This method applies a daily periodic rate to the principal in the account each day.

Accrual of Dividends – Dividends begin to accrue on the business day either cash or noncash item is deposited into your account.

Nature of Dividends – Dividends will be paid from current income and available earnings, after required transfers to reserves at the end of the dividend period.

Transaction Limitations – You may not make any deposits into your account before maturity.  You may not make any withdrawals of principal from your account before maturity unless we agree at the time you request the withdrawal, in which case you will have to withdraw all funds and close the IRA Certificate Account.  We will impose a penalty if we grant your request.  You may not make withdrawals of dividends from your account before maturity unless at account opening you elect for monthly dividend payments to be transferred into your IRA Savings Account.  Also, please refer to the disclosures attached to the IRA Trust Application Packet for additional transaction limitations.

Maturity Date – Your IRA Certificate Account will mature on ____/____/____.

Early Withdrawal Penalty – We will impose a penalty if you close your IRA Certificate Account before the maturity date.  The penalty is based on the original term, and it may reduce your principal balance.  IRA Certificate Accounts with an original term of less than 1 year will be assessed a penalty equal to 90 days dividends.  IRA Certificate Accounts with an original term of 1 year or more, but less than 3 years, will be assessed a penalty equal to 6 months dividends.  IRA Certificate Accounts with an original term of 3 years or more, but less than 7 years, will be assessed a penalty equal to 12 months dividends. IRA Certificate Accounts with an original term of 7 years will be assessed a penalty equal to 18 months dividends.

        Non-Automatically Renewable  – Your IRA Certificate Account will not automatically renew at maturity.  At the maturity date, your IRA Certificate Account balance will be transferred into your account.

        Automatically Renewable – Your IRA Certificate Account will automatically renew at maturity.  You may prevent renewal if you withdraw the funds in the IRA Certificate Account at maturity (or within the grace period mentioned below) or we receive written notice from you within the grace period written below.  We can prevent renewal if we mail notice to you at least 30 calendar days before maturity.  If either you or we prevent renewal, your funds will be transferred to your IRA Share Account at maturity.

Terms of Renewal - Each renewal term will be the same as the original term, beginning on the maturity date.  The dividend rate will be the same we offer on new IRA Certificate Accounts on the maturity date which have the same term, minimum balance and other features as the original IRA Certificate Account.

Grace Period - You will have a grace period of ten calendar days after maturity to withdraw the funds without being charged

Health Savings Account

Rate Information – The Health Savings Account is a variable-rate account, and the dividend rate and annual percentage yield may change.  Rate changes are solely within the discretion of Indiana Members Credit Union, and the credit union reserves the right to change rates at any time.

Compounding and Crediting Frequency – Dividends will be compounded monthly and credited to your account on the last day of every month.  Accrued dividends will be forfeited if the account is closed any time during the month.

Dividend Computation Method – Dividends are calculated by using the daily balance method.  This method applies a daily periodic rate to the principal in the account each day.

Accrual of Dividends – Dividends begin to accrue on the business day either cash or noncash item is deposited into your account.

Transaction Limitations – Please refer to the disclosures attached to the Health Savings Account Trust Application Packet for transaction limitations.

Fees – Please refer to the separate Fee Disclosure for a listing of fees related to this account.

Nature of Dividends – Dividends will be paid from current income and available earnings, after required transfers to reserves at the end of the dividend period.

YOUR ACCOUNT

These are the accounts you have opened or inquired about. Further details about these accounts are inside this brochure.

Membership Savings Account

The dividend rate for your account is _______% with an annual percentage yield of _______%.

Preferred Checking Account

The dividend rate for your account is _______% with an annual percentage yield of _______%.

Money Market Account

Tier 1 ($2,500 - $9,999):

The dividend rate for your account is _______% with an annual percentage yield of _______%.

Tier 2 ($10,000 - $19,999):

The dividend rate for your account is _______% with an annual percentage yield of _______%.

Tier 3 ($20,000 - $99,999):

The dividend rate for your account is _______% with an annual percentage yield of _______%.

Tier 4 ($100,000 and greater):

The dividend rate for your account is _______% with an annual percentage yield of _______%.

Christmas Club Account

The dividend rate for your account is _______% with an annual percentage yield of _______%.

Certificate Account

The dividend rate for your 6-Month Certificate Account is _______% with an annual percentage yield of _______%.

The dividend rate for your 1-Year Certificate Account is _______% with an annual percentage yield of _______%.

The dividend rate for your 2-Year Certificate Account is _______% with an annual percentage yield of _______%.

The dividend rate for your 3-Year Certificate Account is _______% with an annual percentage yield of _______%.

The dividend rate for your 4-Year Certificate Account is _______% with an annual percentage yield of _______%.

The dividend rate for your 5-Year Certificate Account is _______% with an annual percentage yield of _______%.

The dividend rate for your 7-Year Certificate Account is _______% with an annual percentage yield of _______%.

The dividend rate for your ___-Month Certificate Account is _______% with an annual percentage yield of _______%.

IRA Savings Account

The dividend rate for your IRA Savings Account is _______% with an annual percentage yield of _______%.

IRA Certificate Account

The dividend rate for your 6-Month IRA Certificate Account is _______% with an annual percentage yield of _______%.

The dividend rate for your 1-Year IRA Certificate Account is _______% with an annual percentage yield of _______%.

The dividend rate for your 2-Year IRA Certificate Account is _______% with an annual percentage yield of _______%.

The dividend rate for your 3-Year IRA Certificate Account is _______% with an annual percentage yield of _______%.

The dividend rate for your 4-Year IRA Certificate Account is _______% with an annual percentage yield of _______%.

The dividend rate for your 5-Year IRA Certificate Account is _______% with an annual percentage yield of _______%.

The dividend rate for your 7-Year IRA Certificate Account is _______% with an annual percentage yield of _______%.

The dividend rate for your ___-Month IRA Certificate Account is _______% with an annual percentage yield of _______%.

Health Savings Account

The dividend rate for your Health Savings Account is _______% with an annual percentage yield of _______%.

These dividend rates and annual percentage yields are accurate as of _____/_____/_____.  You may call our Member Services Phone Center at (317) 248-8556 or 1-800-556-9268 or your local branch to determine if any of these rates have changed.

Rev 2/16