Open an Account

 Sign In

Tools & Resources

About Us
Contact Us
Financial Library

Savings & Checking Loans

Business

Visa Home Loans

Business Account Disclosures

 Business Terms and Conditions of Your Account

IMPORTANT INFORMATION ABOUT PROCEDURES FOR 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 (for individuals), and other information that will allow us to identify you. We may also
ask to see your driver’s license (for individuals) or other identifying documents. 

MEMBERSHIP ELIGIBILITY: 

To become a member of MSUFCU, you must satisfy the membership requirements, including
the opening and maintenance of at least one (1) regular business share account as set forth in
the MSUFCU Bylaws. You authorize us to verify your membership qualifications or any other
products or services you apply for by reviewing your account, credit and employment history,
and by obtaining information from third parties, including, but not limited to, credit-reporting
companies. 

RESPONSIBLE INDIVIDUALS AND AUTHORIZED SIGNERS: 

We allow the following two access levels for accounts: responsible individuals and authorized
signers. Each person with access to the account has the ability to withdrawal funds, write
checks and make other transactions on the business’ behalf. We require that each account
have a minimum of one (1) responsible individual, that person will be held personally liable for
all obligations created by the business’ account, including, but not limited to overdraft situations
and returned deposited items, regardless of the individual who caused such situation.
Authorized signers will not be held liable for the obligations of the business to the extent that
they have not otherwise agreed to be held liable. 

AGREEMENT - This document, along with any other documents we give you pertaining to your
account(s), is a contract that establishes rules which control your account(s) with us. Please
read this carefully and retain it for future reference. If you sign the signature card or open or
continue to use the account, you agree to these rules. You will receive a separate schedule of
rates, qualifying balances, and fees if they are not included in this document. If you have any
questions, please call us. 

This agreement is subject to applicable federal laws, the laws of the state of Michigan and
other applicable rules such as the operating letters of the Federal Reserve Banks and payment
processing system rules (except to the extent that this agreement can and does vary such
rules or laws). The body of state and federal law that governs our relationship with you,
however, is too large and complex to be reproduced here. The purpose of this document is to: 

(1) summarize some laws that apply to common transactions; 

(2) establish rules to cover transactions or events which the law does not regulate; 

(3) establish rules for certain transactions or events which the law regulates but permits
variation by agreement; and 

(4) give you disclosures of some of our policies to which you may be entitled or in which you
may be interested. 

If any provision of this document is found to be unenforceable according to its terms, all
remaining provisions will continue in full force and effect. We may permit some variations from
our standard agreement, but we must agree to any variation in writing either on the signature
card for your account or in some other document. 

As used in this document the words “we,” “our,” and “us” mean the financial institution and the
words “you” and “your” mean the account holder(s) and anyone else with the authority to
deposit, withdraw, or exercise control over the funds in the account. However, this agreement
does not intend, and the terms “you” and “your” should not be interpreted, to expand an
individual’s responsibility for an organization’s liability. If this account is owned by a corporation,
partnership or other organization, individual liability is determined by the laws generally
applicable to that type of organization. The headings in this document are for convenience or
reference only and will not govern the interpretation of the provisions. Unless it would be
inconsistent to do so, words and phrases used in this document should be construed so the

 
 
singular includes the plural and the plural includes the singular. 

BYLAWS - Our bylaws, which we may amend from time to time, establish basic rules about
our credit union policies and operations which affect your account and membership. You may
obtain a copy of the bylaws on request. Our right to require you to give us notice of your
intention to withdraw funds from your account is described in the bylaws. Unless we have
agreed otherwise, you are not entitled to receive any original item after it is paid, although you
may request that we send you an item(s) or a copy of an item(s). 

LIABILITY - You agree, for yourself (and the person or entity you represent if you sign as a
representative of another) to the terms of this account and the schedule of charges. You
authorize us to deduct these charges, without notice to you, directly from the account balance
as accrued. You will pay any additional reasonable charges for services you request which are
not covered by this agreement. 

Each of you also agrees to be jointly and severally (individually) liable for any account shortage
resulting from charges or overdrafts, whether caused by you or another with access to this
account. This liability is due immediately, and can be deducted directly from the account
balance whenever sufficient funds are available. You have no right to defer payment of this
liability, and you are liable regardless of whether you signed the item or benefited from the
charge or overdraft. 

You will be liable for our costs as well as for our reasonable attorneys’ fees, to the extent
permitted by law, whether incurred as a result of collection or in any other dispute involving
your account. This includes, but is not limited to, disputes between you and another joint
owner; you and an authorized signer or similar party; or a third party claiming an interest in
your account. This also includes any action that you or a third party takes regarding the
account that causes us, in good faith, to seek the advice of an attorney, whether or not we
become involved in the dispute. All costs and attorneys’ fees can be deducted from your
account when they are incurred, without notice to you. 

DEPOSITS - We will give only provisional credit until collection is final for any items, other than
cash, we accept for deposit (including items drawn “on us”). Before settlement of any item
becomes final, we act only as your agent, regardless of the form of indorsement or lack of
indorsement on the item and even though we provide you provisional credit for the item. We
may reverse any provisional credit for items that are lost, stolen, or returned. Actual credit for
deposits of, or payable in, foreign currency will be at the exchange rate in effect on final
collection in U.S. dollars. We are not responsible for transactions by mail or outside depository
until we actually record them. We will treat and record all transactions received after our “daily
cutoff time” on a business day we are open, or received on a day we are not open for business,
as if initiated on the next business day that we are open. At our option, we may take an item for
collection rather than for deposit. If we accept a third-party check for deposit, we may require
any third-party indorsers to verify or guarantee their indorsements, or indorse in our presence. 

WITHDRAWALS 

Generally - Unless clearly indicated otherwise on the account records, any of you, acting
alone, who signs to open the account or has authority to make withdrawals may withdraw or
transfer all or any part of the account balance at any time. Each of you (until we receive written
notice to the contrary) authorizes each other person who signs or has authority to make
withdrawals to indorse any item payable to you or your order for deposit to this account or any
other transaction with us. 

Postdated checks - A postdated check is one which bears a date later than the date on which
the check is written. We may properly pay and charge your account for a postdated check even
though payment was made before the date of the check, unless we have received written
notice of the postdating in time to have a reasonable opportunity to act. Because we process
checks mechanically, your notice will not be effective and we will not be liable for failing to
honor your notice unless it precisely identifies the number, date, amount and payee of the item. 

Checks and withdrawal rules - If you do not purchase your check blanks from us, you must
be certain that we approve the check blanks you purchase. We may refuse any withdrawal or
transfer request which you attempt on forms not approved by us or by any method we do not
specifically permit. We may refuse any withdrawal or transfer request which is greater in
number than the frequency permitted, or which is for an amount greater or less than any
withdrawal limitations. We will use the date the transaction is completed by us (as opposed to
the date you initiate it) to apply the frequency limitations. In addition, we may place limitations
on the account until your identity is verified. Even if we honor a nonconforming request, we are
not required to do so later. If you violate the stated transaction limitations (if any), in our
discretion we may close your account or reclassify it as a transaction account. If we reclassify
your account, your account will be subject to the fees and earnings rules of the new account
classification. 

If we are presented with an item drawn against your account that would be a “substitute
check,” as defined by law, but for an error or defect in the item introduced in the substitute
check creation process, you agree that we may pay such item. 

See the funds availability policy disclosure for information about when you can withdraw funds
you deposit. For those accounts to which our funds availability policy disclosure does not apply,
you can ask us when you make a deposit when those funds will be available for withdrawal.
We may determine the amount of available funds in your account for the purpose of deciding
whether to return an item for insufficient funds at any time between the time we receive the
item and when we return the item or send a notice in lieu of return. We need only make one
determination, but if we choose to make a subsequent determination, the account balance at
the subsequent time will determine whether there are insufficient available funds. 

A temporary debit authorization hold affects your account balance - On debit card
purchases, merchants may request a temporary hold on your account for a specified sum of
money, which may be more than the actual amount of your purchase. When this happens, our
processing system cannot determine that the amount of the hold exceeds the actual amount of
your purchase. This temporary hold, and the amount charged to your account, will eventually
be adjusted to the actual amount of your purchase, but it may be up to three days before the
adjustment is made. Until the adjustment is made, the amount of funds in your account
available for other transactions will be reduced by the amount of the temporary hold. If another
transaction is presented for payment in an amount greater than the funds left after
the deduction of the temporary hold amount, that transaction will be a nonsufficient funds
(NSF) transaction if we do not pay it or an overdraft transaction if we do pay it. You will be
charged an NSF or overdraft fee according to our NSF or overdraft fee policy. You will be
charged the fee even if you would have had sufficient funds in your account if the amount of

the hold had been equal to the amount of your purchase.  

Overdrafts - You understand that we may, at our discretion, honor withdrawal requests that
overdraw your account. However, the fact that we may honor withdrawal requests that
overdraw the account balance does not obligate us to do so later. So you can NOT rely on us
to pay overdrafts on your account regardless of how frequently or under what circumstances
we have paid overdrafts on your account in the past. We can change our practice of paying
overdrafts on your account without notice to you. You can ask us if we have other account
services that might be available to you where we commit to paying overdrafts under certain
circumstances, such as an overdraft protection line-of-credit or a plan to sweep funds from
another account you have with us. You agree that we may charge fees for overdrafts, except
for overdrafts caused by ATM withdrawals or one-time debit card transactions if you have not
opted-in to that service. We may use subsequent deposits, including direct deposits of social
security or other government benefits, to cover such overdrafts and overdraft fees. 

Multiple signatures, electronic check conversion, and similar transactions - An electronic
check conversion transaction is a transaction where a check or similar item is converted into an
electronic fund transfer as defined in the Electronic Fund Transfers regulation. In these types of
transactions the check or similar item is either removed from circulation (truncated) or given
back to you. As a result, we have no opportunity to review the check to examine the signatures
on the item. You agree that, as to these or any items as to which we have no opportunity to
examine the signatures, you waive any requirement of multiple signatures. 

BUSINESS, ORGANIZATION AND ASSOCIATION ACCOUNTS - Earnings in the form of
interest, dividends, or credits will be paid only on collected funds, unless otherwise provided by
law or our policy. You represent that you have the authority to open and conduct business on
this account on behalf of the entity. We may require the governing body of the entity opening
the account to give us a separate authorization telling us who is authorized to act on its behalf.
We will honor the authorization until we actually receive written notice of a change from the
governing body of the entity. 

STOP PAYMENTS - Unless otherwise provided, the rules in this section cover stopping
payment of items such as checks and drafts. Rules for stopping payment of other types of
transfers of funds, such as consumer electronic fund transfers, may be established by law or
our policy. If we have not disclosed these rules to you elsewhere, you may ask us about those
rules. 

We may accept an order to stop payment on any item from any one of you. You must make
any stop-payment order in the manner required by law and we must receive it in time to give us
a reasonable opportunity to act on it before our stop-payment cutoff time. Because stop-
payment orders are handled by computers, to be effective, your stop-payment order must
precisely identify the number, date, and amount of the item, and the payee. You may stop
payment on any item drawn on your account whether you sign the item or not. Generally, if
your stop-payment order is given to us in writing it is effective for six months. Your order will
lapse after that time if you do not renew the order in writing before the end of the six-month
period. If the original stop-payment order was verbal your stop-payment order will lapse after
14 calendar days if you do not confirm your order in writing within that time period. We are not
obligated to notify you when a stop-payment order expires. A release of the stop-payment
request may be made only by the person who initiated the stop-payment order. 

If you stop payment on an item and we incur any damages or expenses because of the stop
payment, you agree to indemnify us for those damages or expenses, including attorneys’ fees.
You assign to us all rights against the payee or any other holder of the item. You agree to
cooperate with us in any legal actions that we may take against such persons. You should be
aware that anyone holding the item may be entitled to enforce payment against you despite the
stop-payment order. 

TRANSFER LIMITATIONS - For savings and money market accounts you may make up to six
transfers or withdrawals by means of a preauthorized, automatic, or telephonic transfer to
another account of yours or to a third party or by check, debit card, or similar order to a third
party during any calendar month (or statement cycle of at least four weeks). A preauthorized
transfer includes any arrangement with us to pay a third party from your account at (i) a
predetermined time; (ii) on a fixed schedule or (iii) upon oral or written orders including orders
received through the automated clearing house (ACH). If the transfer or withdrawal is initiated
in person, by mail, or at an ATM then there is no limit on the number of payments that may be
made directly to you, directly to us for amounts you owe us, or transfers to other accounts you
have with us. Withdrawals by phone are also unlimited if you are requesting that a check be
mailed to you. 

AMENDMENTS AND TERMINATION - We may change our bylaws and any term of this 
agreement. Rules governing changes in rates are provided separately in the Truth-in-Savings
disclosure or in another document. For other changes we will give you reasonable notice in
writing or by any other method permitted by law. We may close this account if your
membership in the credit union terminates, or by giving reasonable notice to you and tender of
the account balance personally or by mail. Items presented for payment after the account is
closed may be dishonored. When you close your account, you are responsible for leaving
enough money in the account to cover any outstanding items and charges to be paid from the
account. Reasonable notice depends on the circumstances, and in some cases such as when
we cannot verify your identity or we suspect fraud, it might be reasonable for us to give you
notice after the change or account closure becomes effective. For instance, if we suspect
fraudulent activity with respect to your account, we might immediately freeze or close your
account and then give you notice. At our option, we may suspend your rights to member
services if you violate the terms of this agreement. You must keep us informed of your current
address at all times. Notice from us to any one of you is notice to all of you. If we have notified
you of a change in any term of your account and you continue to have your account after the
effective date of the change, you have agreed to the new term(s). 

STATEMENTS - Statements are a valuable tool to help prevent fraudulent or mistaken
transfers. Your statement will show the transactions that occurred in connection with your
account during the statement period. 

Your duty to report unauthorized signatures, alterations and forgeries - Your statement
will provide sufficient information for you to reasonably identify the items paid (item number,
amount, and date of payment). You should keep a record of each transaction as it is made so
that when we give you the information in the statement, you will have a complete
understanding of each transaction listed. 

You have some responsibilities in connection with your statement. You must examine your
statement with “reasonable promptness.” Also, if you discover (or reasonably should have

discovered) any unauthorized signatures or alterations, you must promptly notify us of the
relevant facts. As between you and us, if you fail to do either of these duties, you must bear the
loss entirely yourself or share the loss with us (we may have to share some of the loss if we
failed to use ordinary care and if we substantially contributed to the loss). The loss you might
bear, in whole or part, could be not only with respect to items listed on the statement, but also
other items with unauthorized signatures or alterations by the same wrongdoer. Of course, an
attempt can be made to recover the loss from the thief, but this is often unsuccessful. 

You agree that the time you have to examine your statement and report to us will depend on
the circumstances, but you will not, in any circumstance, have a total of more than 30 days
from when we first send or make the statement available to you. 

You further agree that if you fail to report any unauthorized signatures, alterations or forgeries
in your account within 60 days of when we first send or make the statement available, you
cannot assert a claim against us on any items in that statement, and as between you and us
the loss will be entirely yours. This 60-day limitation is without regard to whether we exercised
ordinary care. The limitation in this paragraph is in addition to those contained in the second
paragraph of this section. 

Contact us if you do not receive your regular statement. If this is a business account, you agree
that you will have at least two people review your statements, notices, and returned checks, or
in the alternative, the person who reviews these will be someone who does not have authority
to transact business on the account. 

Your duty to report other errors - In addition to the Commercial Code and other state law,
you agree there is a common law duty to promptly review your statement for errors in addition
to unauthorized signatures, alterations or forgeries. Promptly reviewing your statement is
valuable to both you and us because it can help identify, correct and prevent future mistakes. 

In addition to your duty to review your statements for unauthorized signatures, alterations and
forgeries, you agree to examine your statement with reasonable promptness for any other error
- such as an encoding error. You agree that the time you have to examine your statement and
report to us will depend on the circumstances. However, such time period shall not exceed 60
days. Failure to examine your statement and report any such errors to us within 60 days of
when we first send or make the statement available precludes you from asserting a claim
against us for any such errors on items identified in that statement and as between you and us
the loss will be entirely yours. If a good reason (such as a long trip or a hospital stay) kept you
from telling us, we will extend the 60 day time period to report other errors. 

ACCOUNT TRANSFER - If you attempt to transfer or assign all or a part of your account, we
will not be bound by the transfer or assignment until we agree in writing to the transfer or
assignment. We are not required to accept or recognize any transfer or assignment. Unless we
agree otherwise in writing, any rights of a transferee or assignee will be subject to our right of
setoff or prior security interest. We have no obligation to notify you or any other person before
disbursing any funds from your account in accordance with what we in good faith believe to be
the terms of the transfer or assignment. 

DIRECT DEPOSITS - If we are required for any reason to reimburse the federal government
for all or any portion of a benefit payment that was directly deposited into your account, you
authorize us to deduct the amount of our liability to the federal government from the account or
from any other account you have with us, without prior notice and at any time, except as
prohibited by law. We may also use any other legal remedy to recover the amount of our
liability. 

RIGHT TO REPAYMENT OF INDEBTEDNESS - You each agree that we may (without prior
notice and when permitted by law) charge against and deduct from this account any due and
payable debt owed to us now or in the future, by any of you having the right of withdrawal, to
the extent of such persons’ or legal entity’s right to withdraw. If the debt arises from a note,
“any due and payable debt” includes the total amount of which we are entitled to demand
payment under the terms of the note at the time we charge the account, including any balance
the due date for which we properly accelerate under the note. 

In addition to these contract rights, we may also have rights under a “statutory lien.” A “lien” on
property is a creditor’s right to obtain ownership of the property in the event a debtor defaults
on a debt. A “statutory lien” is one created by federal or state statute. If federal or state law
provides us with a statutory lien, then we are authorized to apply, without prior notice, your
shares and dividends to any debt you owe us, in accord with the statutory lien. 

Neither our contract rights nor rights under a statutory lien apply to this account if prohibited by
law. For example, neither our contract rights nor rights under a statutory lien apply to this
account if: (a) it is an Individual Retirement Account or similar tax-deferred account, or (b) the
debt is created by a consumer credit transaction under a credit card plan (but this does not
affect our rights under any consensual security interest), or (c) the debtor’s right of withdrawal
arises only in a representative capacity. We will not be liable for the dishonor of any check or
draft when the dishonor occurs because we charge and deduct an amount you owe us from
your account. You agree to hold us harmless from any claim arising as a result of our exercise
of our right to repayment. 

RESTRICTIVE LEGENDS - The automated processing of the large volume of checks we
receive prevents us from inspecting or looking for special instructions or “restrictive legends” on
every check. Examples of restrictive legends placed on checks are “must be presented within
90 days” or “not valid for more than $1,000.00.” For this reason, we are not required to honor
any restrictive legend placed on checks you write unless we have agreed in writing to the
restriction. We are not responsible for any losses, claims, damages, or expenses that result
from your placement of these or other special instructions on your checks. 

CHECK PROCESSING - We process items mechanically by relying solely on the information
encoded in magnetic ink along the bottom of the items. This means that we do not individually
examine all of your items to determine if the item is properly completed, signed and indorsed or
to determine if it contains any information other than what is encoded in magnetic ink. You
agree that we have not failed to exercise ordinary care solely because we use our automated
system to process items and do not inspect all items processed in such a manner. Using an
automated process helps us keep costs down for you and all account holders. 

CHECK CASHING - We may charge a fee for anyone that does not have an account with us
who is cashing a check, draft or other instrument written on your account. We may also require
reasonable identification to cash such a check, draft or other instrument. We can decide what
identification is reasonable under the circumstances and such identification may be
documentary or physical and may include collecting a thumbprint or fingerprint. 

TRUNCATION, SUBSTITUTE CHECKS, AND OTHER CHECK IMAGES - If you truncate an
original check and create a substitute check, or other paper or electronic image of the original
check, you warrant that no one will be asked to make payment on the original check, a
substitute check or any other electronic or paper image, if the payment obligation relating to the
original check has already been paid. You also warrant that any substitute check you create
conforms to the legal requirements and generally accepted specifications for substitute checks.
You agree to retain the original check in conformance with our internal policy for retaining
original checks. You agree to indemnify us for any loss we may incur as a result of any
truncated check transaction you initiate. We can refuse to accept substitute checks that have
not previously been warranted by a bank or other financial institution in conformance with the
Check 21 Act. Unless specifically stated in a separate agreement between you and us, we do
not have to accept any other electronic or paper image of an original check. 

FACSIMILE SIGNATURES - Unless you make advance arrangements with us, we have no
obligation to honor facsimile signatures on your checks or other orders. If we do agree to honor
items containing facsimile signatures, you authorize us, at any time, to charge you for all
checks, drafts, or other orders, for the payment of money, that are drawn on us. You give us
this authority regardless of by whom or by what means the facsimile signature(s) may have
been affixed so long as they resemble the facsimile signature specimen filed with us, and
contain the required number of signatures for this purpose. You must notify us at once if you
suspect that your facsimile signature is being or has been misused. 

REMOTELY CREATED CHECKS - Like any standard check or draft, a remotely created check
(sometimes called a telecheck, preauthorized draft or demand draft) is a check or draft that can
be used to withdraw money from an account. Unlike a typical check or draft, however, a
remotely created check is not issued by the paying bank and does not contain the signature of
the account owner (or a signature purported to be the signature of the account owner). In place
of a signature, the check usually has a statement that the owner authorized the check or has
the owner’s name typed or printed on the signature line. For example, if a person provides an
account number in response to a telephone solicitation, the telephone solicitor can use the
account number to issue a remotely created check to withdraw money from that account. 
You warrant and agree to the following for every remotely created check we receive from you
for deposit or collection: (1) you have received express and verifiable authorization to create
the check in the amount and to the payee that appears on the check; (2) you will maintain proof
of the authorization for at least 2 years from the date of the authorization, and supply us the
proof if we ask; and (3) if a check is returned you owe us the amount of the check, regardless
of when the check is returned. We may take funds from your account to pay the amount you
owe us, and if there are insufficient funds in your account, you still owe us the remaining
balance. 

UNLAWFUL INTERNET GAMBLING NOTICE - Restricted transactions as defined in Federal
Reserve Regulation GG are prohibited from being processed through this account or
relationship. Restricted transactions generally include, but are not limited to, those in which
credit, electronic fund transfers, checks, or drafts are knowingly accepted by gambling
businesses in connection with the participation by others in unlawful Internet gambling. 

FIDUCIARY ACCOUNTS - Accounts may be opened by a person acting in a fiduciary capacity.
A fiduciary is someone who is appointed to act on behalf of and for the benefit of another. This
account may be opened and maintained by a person or persons named as a trustee under a
written trust agreement, or as executors, administrators, or conservators under court orders.
You understand that by merely opening such an account, we are not acting in the capacity of a
trustee in connection with the trust nor do we undertake any obligation to monitor or enforce
the terms of the trust or letters. 

TELEPHONIC INSTRUCTIONS - Unless required by law or we have agreed otherwise in
writing, we are not required to act upon instructions you give us via facsimile transmission or
leave by voice mail or on a telephone answering machine. 

WAIVER OF NOTICES - You waive any notice of non-payment, dishonor or protest regarding
any items credited to or charged against your account. 

FUNDS TRANSFERS - The terms used in this section have the meaning given to them in
Article 4A of the Uniform Commercial Code - Funds Transfers (UCC 4A). This section will
generally not apply to you if you are a consumer. However, even if you are a consumer, this
section will apply to that part of any funds transfer that is conducted by Fedwire. This section is
subject to UCC 4A as adopted in the state in which you have your deposit with us. This
agreement is also subject to all clearing house association rules, rules of the Board of
Governors of the Federal Reserve System and their operating circulars. If any part of this
agreement is determined to be unenforceable, the rest of the agreement remains effective.
This agreement controls funds transfers unless supplemented or amended in a separate
written agreement signed by us. 

Funds transfer - A funds transfer is the transaction or series of transactions that begin with the
originator’s payment order, made for the purpose of making payment to the beneficiary of the
order. A funds transfer is completed by the acceptance by the beneficiary’s bank of a payment
order for the benefit of the beneficiary of the originator’s order. Generally, a funds transfer does
not include any transaction if any part of the transfer is covered by the Electronic Fund Transfer
Act of 1978, as amended from time to time. You may give us a payment order orally,
electronically, or in writing, but your order cannot state any condition to payment to the
beneficiary other than the time of payment. 

Authorized account - An authorized account is a deposit account you have with us that you
have designated as a source of payment of payment orders you issue to us. If you have not
designated an authorized account, any account you have with us is an authorized account to
the extent that payment of the payment order is not inconsistent with the use of the account. 

Acceptance of your payment order - We are not obligated to accept any payment order that
you give us, although we normally will accept your payment order if you have a withdrawable
credit in an authorized account sufficient to cover the order. If we do not execute your payment
order, but give you notice of our rejection of your payment order after the execution date or
give you no notice, we are not liable to pay you as restitution any interest on a withdrawable
credit in a non-interest-bearing account. 

Cutoff time - If we do not receive your payment order or communication canceling or
amending a payment order before our cutoff time on a funds transfer day for that type of order
or communication, the order or communication will be deemed to be received at the opening of
our next funds transfer business day. 

Payment of your order - If we accept a payment order you give us, we may receive payment
by automatically deducting from any authorized account the amount of the payment order plus
the amount of any expenses and charges for our services in execution of your payment order.
We are entitled to payment on the payment or execution date. Unless your payment order
specifies otherwise, the payment or execution date is the funds transfer date we receive the
payment order. The funds transfer is completed upon acceptance by the beneficiary’s bank.
Your obligation to pay your payment order is excused if the funds transfer is not completed, but
you are still responsible to pay us any expenses and charges for our services. However, if you
told us to route the funds transfer through an intermediate bank, and we are unable to obtain a
refund because the intermediate bank that you designated has suspended payments, then you
are still obligated to pay us for the payment order. You will not be entitled to interest on any
refund you receive because the beneficiary’s bank does not accept the payment order. 

Security procedure - As described more fully in a separate writing, the authenticity of a
payment order or communication canceling or amending a payment order issued in your name
as sender may be verified by a security procedure. You affirm that you have no circumstances
which are relevant to the determination of a commercially reasonable security procedure
unless those circumstances are expressly contained in a separate writing signed by us. You
may choose from one or more security procedures that we have developed, or you may
develop your own security procedure if it is acceptable to us. If you refuse a commercially
reasonable security procedure that we have offered you, you agree that you will be bound by
any payment order issued in your name, whether or not authorized, that we accept in good
faith and in compliance with the security procedure you have chosen. 

Duty to report unauthorized or erroneous payment - You must exercise ordinary care to
determine that all payment orders or amendments to payment orders that we accept that are
issued in your name are authorized, enforceable, in the correct amount, to the correct
beneficiary, and not otherwise erroneous. If you discover (or with reasonable care should have
discovered) an unauthorized, unenforceable, or erroneously executed payment order or
amendment, you must exercise ordinary care to notify us of the relevant facts. The time you
have to notify us will depend on the circumstances, but that time will not in any circumstance
exceed 14 days from when you are notified of our acceptance or execution of the payment
order or amendment or that your account was debited with respect to the order or amendment.
If you do not provide us with timely notice you will not be entitled to interest on any refundable
amount. If we can prove that you failed to perform either of these duties with respect to an
erroneous payment and that we incurred a loss as a result of the failure, you are liable to us for
the amount of the loss not exceeding the amount of your order. 

Identifying number - If your payment order identifies an intermediate bank, beneficiary bank,
or beneficiary by name and number, we and every receiving or beneficiary bank may rely upon
the identifying number rather than the name to make payment, even if the number identifies an
intermediate bank or person different than the bank or beneficiary identified by name. Neither
we nor any receiving or beneficiary bank have any responsibility to determine whether the
name and identifying number refer to the same financial institution or person. 

Record of oral or telephone orders - You agree that we may, if we choose, record any oral or
telephone payment order or communication of amendment or cancelation. 

Notice of credit - If we receive a payment order to credit an account you have with us, we are
not required to provide you with any notice of the payment order or the credit. 

Provisional credit - You agree to be bound by the automated clearing house association
operating rules that provide that payments made to you or originated by you by funds transfer
through the automated clearing house system are provisional until final settlement is made
through a Federal Reserve Bank or otherwise payment is made as provided in Article 4A-
403(a) of the Uniform Commercial Code. 

Refund of credit - You agree that if we do not receive payment of an amount credited to your
account, we are entitled to a refund from you in the amount credited and the party originating
such payment will not be considered to have paid the amount so credited. 

Amendment of funds transfer agreement - From time to time we may amend any term of
this agreement by giving you reasonable notice in writing. We may give notice to anyone who
is authorized to send payment orders to us in your name, or to anyone who is authorized to
accept service. 

Cancelation or amendment of payment order - You may cancel or amend a payment order
you give us only if we receive the communication of cancelation or amendment before our
cutoff time and in time to have a reasonable opportunity to act on it before we accept the
payment order. The communication of cancelation or amendment must be presented in
conformity with the same security procedure that has been agreed to for payment orders. 

Intermediaries - We are not liable for the actions of any intermediary, regardless of whether or
not we selected the intermediary. We are not responsible for acts of God, outside agencies, or
nonsalaried agents. 

Limit on liability - You waive any claim you may have against us for consequential or special
damages, including loss of profit arising out of a payment order or funds transfer, unless this
waiver is prohibited by law. We are not responsible for attorney fees you might incur due to
erroneous execution of payment order. 

Erroneous execution - If we receive an order to pay you, and we erroneously pay you more
than the amount of the payment order, we are entitled to recover from you the amount in
excess of the amount of the payment order, regardless of whether you may have some claim to
the excess amount against the originator of the order. 

Objection to payment - If we give you a notice that reasonably identifies a payment order
issued in your name as sender that we have accepted and received payment for, you cannot
claim that we are not entitled to retain the payment unless you notify us of your objection to the
payment within one year of our notice to you. 

Payable on Death Account for Sole Proprietorships - If a Beneficiary has been designated
on the Business Account Application in the case of an account opened for a Sole
Proprietorship only, a Payable on Death (POD) account is established in order to designate
any surviving POD beneficiary. If more than one POD beneficiary is named, the ownership of
account balances passes to all such beneficiaries without rights of survivorship and in the
fractional shares as indicated on the Business Account Application, upon the death of the last
surviving owner of the Sole Proprietorship. If no percentages are listed on the Business
Account Application, each named beneficiary will take an equal share in the account balances.

If no named POD beneficiary is living at the time of death of the last surviving owner of the
Sole Proprietorship, the account shall be considered as a part of the last surviving owner of the
Sole Proprietorship’s estate. 

Death of an Account Owner of Sole Proprietorship (this provision applies to Sole
Proprietorship Accounts only) - If the account was opened for a Sole Proprietorship, you
irrevocably waive the right to make a testamentary disposition of any account with the Credit
Union now or in the future. You agree that upon your death, your account will be payable in
accordance with any existing account designations and the terms of the Agreement. Upon the
death of an account owner, funds in the account shall be payable to multiple party account
owners or any POD beneficiaries in accordance with this Agreement and Michigan law. We
may honor checks or accept payments or transfers drawn by you until ten (10) days after we
learn of your death. We require any person claiming an interest in the deceased member’s
account to provide us proof of their right to the account and may require that person to
indemnify us from any losses incurred as a result of honoring that claim. The conditions of this
Business Membership and Account Agreement shall be binding upon any heirs, personal
representatives, and successors of any account owner after his or her death. 

Termination of Account - We may close your account at any time without informing you or
may order you to close your account and open a new account if: (1) you wish to change
Authorized Signers or the ownership of the business entity or other legal entity has changed;
(2) we have been informed of a fraud or forgery perpetrated against your account; (3) there is a
disagreement as to who owns the account or the funds in the account; (4) any checks are lost
or stolen; (5) if there is an excessive amount of unhonored items that are not included under an
overdraft protection account; (6) any information has been falsified or there has been any other
misuse of your account; or (7) we objectively conclude that the account will cause a loss to us.
We are not required to honor any check, withdrawal, or other item following the closure of your
account. However, you are required to reimburse us if we choose to honor an item after your
account has been closed. 

Termination of Membership - Unless a written resolution from the business entity is provided,
a Responsible Individual’s signature is required if you wish to voluntarily terminate your
membership. MSUFCU may suspend services to you or expel you from membership, for any
reason as permitted by law, including causing a loss to the Credit Union. 

Indemnity - If by following your instructions we are exposed to a claim or suit by an adverse
claimant, you shall hold us harmless and indemnify us from any such losses, expenses,
liabilities, or damages including actual attorney’s fees. 

PLEDGES - Each owner of this account may pledge all or any part of the funds in it for any
purpose to which we agree. Any pledge of this account must first be satisfied before the rights
of any surviving account owner or account beneficiary become effective. For example, if an
account has two owners and one of the owners pledges the account (i.e., uses it to secure a
debt) and then dies, (1) the surviving owner’s rights in this account do not take effect until the
debt has been satisfied, and (2) the debt may be satisfied with the funds in this account. 

STALE-DATED CHECKS - We are not obligated to, but may at our option, pay a check, other
than a certified check, presented for payment more than six months after its date. If you do not
want us to pay a stale-dated check, you must place a stop-payment order on the check in the
manner we have described elsewhere. 

NCUA INSURANCE - Funds in your account(s) with us are insured by the National Credit
Union Administration (NCUA) and backed by the full faith and credit of the United States. The
amount of insurance coverage you have depends on the number of accounts you have with us
that are of different “ownership.” An individual account is one unique form of “ownership”; a
joint account, a pay-on-death account, and a self directed qualified retirement account (e.g., an
IRA) are examples of some of the others. Share insurance for a person’s self directed qualified
retirement account is up to $250,000. (An IRA is a self directed qualified retirement account as
is any account where the owner decides where and how to invest the balance.) Share
insurance for the other ownerships is at least $250,000 per interest of the owner. If you want a
more detailed explanation or additional information, you may ask us or contact the NCUA. You
can also visit the NCUA website at www.ncua.gov and click on the Share Insurance link. The
link includes detailed contact information as well as a share insurance estimator. 

INDORSEMENTS - We may accept for deposit any item payable to you or your order, even if
they are not indorsed by you. We may give cash back to any one of you. We may supply any
missing indorsement(s) for any item we accept for deposit or collection, and you warrant that
all indorsements are genuine. 

To ensure that your check or share draft is processed without delay, you must indorse it (sign it
on the back) in a specific area. Your entire indorsement (whether a signature or a stamp) along
with any other indorsement information (e.g. additional indorsements, ID information, driver’s
license number, etc.) must fall within 1½” of the “trailing edge” of a check. Indorsements must
be made in blue or black ink, so that they are readable.

As you look at the front of a check, the “trailing edge” is the left edge. When you flip the check
over, be sure to keep all indorsement information within 1½” of that edge.
It is important that you confine the indorsement information to this area since the remaining
blank space will be used by others in the processing of the check to place additional needed
indorsements and information. You agree that you will indemnify, defend, and hold us harmless
for any loss, liability, damage or expense that occurs because your indorsement, another
indorsement or information you have printed on the back of the check obscures our
indorsement. 

These indorsement guidelines apply to both personal and business checks. 

DORMANT ACCOUNT - We will consider an account to be dormant if there are no deposits or
withdrawals for a period of eighteen (18) months. Exceptions are loan accounts and
Certificates. 

When an account becomes dormant and has a balance of less than $500.00, we will charge a
monthly dormant account fee as stated in the Business Fee Schedule, unless restricted by law.
The fee will be charged until the account becomes active or there are no funds available to pay
the fee. You authorize us to transfer funds from other accounts of yours to cover any service
fees we may impose upon the account deemed dormant. To the extent allowed by law, we
reserve the right to transfer account funds to an account payable and suspend any further
account statements. We will attempt to notify you prior to your account becoming dormant. If a
deposit or withdrawal has not been posted to your account for thirty-six (36) consecutive
months, and we have not had any other contact with you, we will consider your account
abandoned. We will report and disburse the funds from an abandoned account in accordance
with Michigan law. Dormant accounts receive only an annual statement. 

DEATH OR INCOMPETENCE - You agree to notify us promptly if any person with a right to
withdraw funds from your account(s) dies or becomes legally incompetent. We may continue to
honor your checks, items, and instructions until: (a) we know of your death or incompetence,
and (b) we have had a reasonable opportunity to act on that knowledge. You agree that we
may pay or certify checks drawn on or before the date of death or legal incompetence for up to
ten (10) days after your death or legal incompetence unless ordered to stop payment by
someone claiming an interest in the account. 

CASH TRANSACTION REPORTING - To help law enforcement agencies detect illegal
activities, the law requires all financial institutions to gather and report information on some
types of cash transactions. If the information we need to complete the report is not provided,
we are required to refuse to handle the transaction. If you have any questions regarding these
rules, please contact your local Internal Revenue Service office. 

BACKUP WITHHOLDING/TIN CERTIFICATION - Federal tax law requires us to report interest
payments we make to you of $10 or more in a year, and to include your taxpayer identification
number (TIN) on the report (the taxpayer identification number is your social security number if
you are an individual). Interest includes dividends, interest and bonus payments for purposes
of this rule. Therefore, we require you to provide us with your TIN and to certify that it is
correct. In some circumstances, federal law requires us to withhold and pay to the IRS a
percentage of the interest that is earned on funds in your accounts. This is known as backup
withholding. We will not have to withhold interest payments when you open your account if you
certify your TIN and certify that you are not subject to backup withholding due to underreporting
of interest. (There are special rules if you do not have a TIN but have applied for one, if you are
a foreign person, or if you are exempt from the reporting requirements.) We may subsequently
be required to begin backup withholding if the IRS informs us that you supplied an incorrect
TIN or that you underreported your interest income. 

CREDIT VERIFICATION - You agree that we may verify credit and employment history by any
necessary means, including preparation of a credit report by a credit reporting agency. 

LOST, DESTROYED, OR STOLEN CERTIFIED, CASHIER’S, OR TELLER’S CHECKS -
Under some circumstances you may be able to assert a claim for the amount of a lost,
destroyed, or stolen certified, cashier’s or teller’s check. To assert the claim: (a) you must be
the remitter (or drawer of a certified check) or payee of the check, (b) we must receive notice
from you describing the check with reasonable certainty and asking for payment of the amount
of the check, (c) we must receive the notice in time for us to have a reasonable opportunity to
act on it, and (d) you must give us a declaration (in a form we require) of your loss with respect
to the check. You can ask us for a  declaration form. Even if all of these conditions are met,
your claim may not be immediately enforceable. We may pay the check until the ninetieth day

after the date of the check (or date of acceptance of a certified check). Therefore, your claim is
not enforceable until the ninetieth day after the date of the check or date of acceptance, and
the conditions listed above have been met. If we have not already paid the check, on the day
your claim is enforceable we become obligated to pay you the amount of the check. We will
pay you in cash or issue another certified check. 

At our option, we may pay you the amount of the check before your claim becomes
enforceable. However, we will require you to agree to indemnify us for any losses we might
suffer. This means that if the check is presented after we pay your claim, and we pay the
check, you are responsible to cover our losses. We may require you to provide a surety bond
to assure that you can pay us if we suffer a loss. 

CHANGING ACCOUNT PRODUCTS - We may change your account to another product
offered by us at any time by giving you notice that your account will be changed to another
product on a specified date. If your account is a time account, the change will not occur before
the next maturity date of your account. If you do not close your account before the date
specified in the notice, we may change your account to that other product on the date specified
in the notice. 

TRANSACTIONS BY MAIL - You may deposit checks by mail. You should indorse the check
being sent through the mail with the words “For Deposit Only” and should include your correct
account number underneath to ensure the check is credited to the correct account. You should
use the pre-encoded checking deposit slips found behind your checks in your checkbook. If
you do not use your deposit slip or provide us with instructions indicating how or where the
check should be credited, we may apply it to any account or any loan balance you have with us
or we may return the check to you. Receipts for such transactions will be mailed to you only if a
self-addressed stamped envelope is provided. Following your deposit, examine your statement
carefully or call us to ensure that we received the item. Do not send cash through the mail for
deposit. 

LEGAL ACTIONS AFFECTING YOUR ACCOUNT - If we are served with a subpoena,
restraining order, writ of attachment or execution, levy, garnishment, search warrant, or similar
order relating to your account (termed “legal action” in this section), we will comply with that
legal action. Or, in our discretion, we may freeze the assets in the account and not allow any
payments out of the account until a final court determination regarding the legal action. We
may do these things even if the legal action involves less than all of you. In these cases, we
will not have any liability to you if there are insufficient funds to pay your items because we
have withdrawn funds from your account or in any way restricted access to your funds in
accordance with the legal action. Any fees or expenses we incur in responding to any legal
action (including, without limitation, attorneys’ fees and our internal expenses) may be charged
against your account. The list of fees applicable to your account(s) provided elsewhere may
specify additional fees that we may charge for certain legal actions. 

CHECK STORAGE AND COPIES - You agree that you will not receive your canceled checks.
We will store your canceled checks or copies of them for a reasonable retention period. You
may request copies from us in the manner we require. 

SECURITY - It is your responsibility to protect the account number(s) and access device(s)
(e.g., an ATM card, point-of-sale card and/or PIN) for your account(s). Do not discuss,
compare, or share information about your account number(s) or access device(s) with anyone
unless you are willing to give them full use of your money. Checks and electronic withdrawals
are processed by automated methods, and anyone who obtains your account number or
access device could use it to withdraw money from your account, with or without your
permission. 

You agree that if we offer you services appropriate for your account to help identify and limit
fraud or other unauthorized transactions against your account, such as positive pay or
commercially reasonable security procedures, and you reject those services, you will be
responsible for any fraudulent or unauthorized transactions which could have been prevented
by the services we offered, unless we acted in bad faith or to the extent our negligence
contributed to the loss. 

Account numbers - Thieves can encode your account number on a check which looks and
functions like an authorized check and can be used to withdraw money from your account.
Your account number can also be used to issue a “remotely created check.” Like a typical
check, a remotely created check (sometimes called a telecheck, preauthorized draft or demand
draft) is a draft or check that can be used to withdraw money from your account. Unlike a
typical check or draft, however, a remotely created check is not issued by the paying bank and
does not contain the signature of the account owner (or a signature purported to be the
signature of the account owner). For example, if you provide your account number in response
to a telephone solicitation, the telephone solicitor can use the account number to issue a
remotely created check to withdraw money from your account. If you have truly authorized the
remotely created check (to purchase a service or merchandise, for example), it is properly
payable. But it can be risky to authorize a remotely created check. A swindler could issue a
remotely created check in an amount greater than you authorized, or issue additional remotely
created checks that you have not authorized. We will not know if the withdrawal is
unauthorized or in an amount greater than the amount you have authorized. Payment can be
made from your account even though you did not contact us directly and order the payment. 

Access devices - If you furnish your access device and grant actual authority to make
transfers to someone who then exceeds that authority, you will be liable for the transfers unless
we have been notified that transfers by that person are no longer authorized. Please review the
additional information you have received or will receive regarding transfers by access device. 

Blank checks - You must also take precaution in safeguarding your blank checks. Notify us at
once if you think your blank checks have been lost or stolen. As between you and us, if you are
negligent in safeguarding your checks, you must bear the loss entirely yourself, or share the
loss with us if we failed to use ordinary care which substantially contributes to the loss. 

MONITORING AND RECORDING TELEPHONE CALLS - We may monitor or record phone
calls for security reasons and to ensure that you receive courteous and efficient service. You
consent in advance to any such recording. We need not remind you of our recording before
each phone conversation. 

CLAIM OF LOSS - If you claim a credit or refund because of a forgery, alteration, or any other
unauthorized withdrawal, you agree to cooperate with us in the investigation of the loss,
including giving us an affidavit containing whatever reasonable information we require
concerning your account, the transaction, and the circumstances surrounding the loss. You will
notify law enforcement authorities of any criminal act related to the claim of lost, missing, or

stolen checks or unauthorized withdrawals. We will have a reasonable period of time to
investigate the facts and circumstances surrounding any claim of loss. Unless we have acted in
bad faith, we will not be liable for special or consequential damages, including loss of profits or
opportunity, or for attorneys’ fees incurred by you. 

You agree that you will not waive any rights you have to recover your loss against anyone who
is obligated to repay, insure, or otherwise reimburse you for your loss. You will pursue your
rights or, at our option, assign them to us so that we may pursue them. Our liability will be
reduced by the amount you recover or are entitled to recover from these other sources. 

EARLY WITHDRAWAL PENALTIES (and involuntary withdrawals) - We may impose early
withdrawal penalties on a withdrawal from a time account even if you don’t initiate the
withdrawal. For instance, the early withdrawal penalty may be imposed if the withdrawal is
caused by our setoff against funds in the account or as a result of an attachment or other legal
process. We may close your account and impose the early withdrawal penalty on the entire
account balance in the event of a partial early withdrawal. See your notice of penalty for early
withdrawals for additional information. 

ADDRESS OR NAME CHANGES - You are responsible for notifying us of any change in your
address or your name. Unless we agree otherwise, change of address or name must be made
in writing by at least one of the account holders. Informing us of your address or name change
on a check reorder form is not sufficient. We will attempt to communicate with you only by use
of the most recent address you have provided to us. If provided elsewhere, we may impose a
service fee if we attempt to locate you. 

RESOLVING ACCOUNT DISPUTES - We may place an administrative hold on the funds in
your account (refuse payment or withdrawal of the funds) if it becomes subject to a claim
adverse to (1) your own interest; (2) others claiming an interest as survivors or beneficiaries of
your account; or (3) a claim arising by operation of law. The hold may be placed for such period
of time as we believe reasonably necessary to allow a legal proceeding to determine the merits
of the claim or until we receive evidence satisfactory to us that the dispute has been resolved.
We will not be liable for any items that are dishonored as a consequence of placing a hold on
funds in your account for these reasons. 

INTERNATIONAL ACH TRANSACTIONS - Financial institutions are required by law to
scrutinize or verify any international ACH transaction (IAT) that they receive against the
Specially Designated Nationals (SDN) list of the Office of Foreign Assets Control (OFAC). This
action may, from time to time, cause us to temporarily suspend processing of an IAT and
potentially affect the settlement and/or availability of such payments.

Rev. 1/13

 Business Electronic Correspondence Disclosure & Agreement

 Visa Debit Card for Business Agreement Terms and Conditions

 Business Account Fee Schedule

 Business Account Privacy Policy

 Business Availability of Funds at Michigan State University Federal Credit Union

 Platinum Resource Visa Credit Agreement and Truth-in-Lending Disclosure

 DocuSign Disclosure

Connect with us!

Like us on Facebook

Like

Share

15K people like this. Sign Up to see
what your friends like.

TOP

 Live Chat

 Contact Us

517-333-2424 

800-678-4968

 Visit a Branch

 Find an ATM

 
 
Disclosures

Privacy Policy

Site Map

Copyright © 2017 MSU Federal Credit Union. All Rights Reserved.

MSU Federal Credit Union savings are Federally insured to at least $250,000 by
the NCUA and backed by the full faith and credit of the United States
Government. APR = Annual Percentage Rate. APY = Annual Percentage Yield.
View our Privacy Policy and read our disclaimer regarding links to other
sites.