PRIVACY   PRIVACY   PRIVACY
NOTICE OF YOUR FINANCIAL
PRIVACY RIGHTS
We, our, and  us, when  used  in  this  notice,  mean  IBM
Southeast Employees’ Federal Credit Union.
This is our privacy notice for our Members. When we use the
words  “you”  and  “your”  we  mean  the  following  types  of
Members:

• Our  consumer  Members  who  have  a  continuing
relationship by purchasing or holding financial products
or services such as a(n):
• Share account
• Loan account
• Credit card account
• Safe deposit box
• Automobile lease we service
• Financial, investment, or economic advisory services
• Mortgage brokerage services

We  will  tell  you  the  sources  of  the  information  we  collect
about you. We will tell you what measures we take to secure
that information.
We  will  tell  you  what  information  we  share  about  you  with
other entities. We will explain what your rights are, and how
you can exercise them. If you share an account relationship
with  someone  else,  such  as  a  joint  account  holder  or  co-
borrower,  we  suggest  that  you  share  this  information  with
such  persons  to  ensure  that  each  of  you  is  aware  of  our
policy and your options.
We first define some terms.

Nonpublic  personal  information means  information
about  you  that  we  collect  in  connection  with  providing  a
financial  product  or  service  to  you.  Nonpublic  personal
information does not include information that is available
from  public  sources,  such  as  telephone  directories  or
government  records.  Hereafter,  we  will  use  the  term
“information” to  mean  nonpublic  personal  information  as
defined in this section.
An affiliate is a company we own or control.
A nonaffiliated third party is a person we do not employ
or a company that is not an affiliate of ours. This is also
known  as  nonaffiliated  third  party,  or  simply,  an  “other
party.”
Opt out means a choice you can make to prevent certain
sharing  of  information.  We  will  explain  how  you  can
exercise this choice.

THE INFORMATION WE COLLECT
We collect information about you from the following sources:
• Information you give us on applications or other forms
• Information about your transactions with us
• Information about your transactions with our affiliates
• Information about your transactions with other parties
• Information from a consumer reporting agency
• Information  we 

through  our  Customer

receive 
Identification Program (CIP)

THE CONFIDENTIALITY, SECURITY, AND INTEGRITY
OF YOUR INFORMATION
We  restrict  access  to  information  about  you  to  those
employees  who  need  to  know  that  information  to  provide
products or services to you. We maintain physical, electronic,
and procedural safeguards to protect this information.

YOUR INFORMATION AND OUR AFFILIATES
We may disclose information about you to our affiliates. Here
are  the  kinds  of  information  and  the  source  of  that
information:

Transaction and experience information from our account
records:
• Information  about  your  transactions  and  experience

with us, such as:
• Name
• Address

Federal  law  allows  us  to  disclose  the  information  listed
above  with  our  affiliates.  However,  we  will  allow  you  to
opt  out  of  the  disclosure  of  this  information  to  our
affiliates.

Types Of Affiliates
We  may  disclose  information  about  you  to  the  following
types of affiliates:

• Financial service providers, such as:

• Credit Union Service Organization (CUSO)

Reasons For Disclosure
We  may  disclose  information  about  you  to  our  affiliates  to
provide  you  with  information  about  additional  products  and
services.

YOUR INFORMATION AND OTHER PARTIES
We will not disclose information about you to anyone except
as disclosed in this policy or as permitted by law. Examples
of  this  might  include  disclosures  necessary  to  service  your
account or prevent unauthorized transactions.

INFORMATION ABOUT FORMER MEMBERS
We  do  not  disclose  information  about  former  Members,
except as permitted by law.

AUTHORIZED SHARING - OUTSIDE MARKETING
SERVICES
We may disclose the following information to companies that
perform marketing services on our behalf:

• Information about your transactions with us, such as:

• Name
• Address
• Account balances
• Types of accounts
• Credit card usage

We  may  disclose  the  information  listed  above  with
companies  that  perform  marketing  services  on  our  behalf.
You  do  not  have  a  right  to  opt  out  of  the  disclosure  of  this
information. We may also disclose information about you to
other outside marketing services as permitted by law.
Types of Businesses
Here  are  the  types  of  businesses  with  whom  we  may
disclose information for outside marketing purposes:

• Service  providers  that  perform  marketing  services  for

us, such as:
• Marketing Research companies

Reasons For Disclosing
We  may  disclose  information  about  you  to  companies  that
perform marketing services on our behalf to provide you with
information about additional products and services.

YOUR RIGHT TO BLOCK THE DISCLOSURE
OF YOUR INFORMATION
Affiliates.  We  may  disclose  your  information  with  our
affiliates. If you do not want us to disclose your information
with  our  affiliates,  you  can  block  the  disclosure  of  this
information. This is known as your right to “opt out.”

Your decision to block the disclosure of your information will
apply to information collected from all products and services
you receive from us.
If you have obtained one or more products or services jointly,
an opt out instruction by any party will be effective for all of
that  party’s  information  we  have  collected  and  for  all
information  collected  in  conjunction  with  the  product  or
service for all other joint parties. If one of you chooses to opt
out,  no  information  we  have  collected  about  you  will  be
shared,  nor  will  we  share  information  about  any  other  joint
party collected in conjunction with the product or service.
If  you  wish  to  opt  out  of  the  disclosure  of  your  information,
you may do so by calling this toll free number: 800-873-5100
or 561-982-4700
2.1/2469 

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, retain, and record
information  that  identifies  each  person  who  opens  an  account  in  accordance  with  the
USA  PATRIOT Act.  These  requirements  must  be  met  by  you  and  all  joint  signer(s)  or
other parties associated with any accounts that you now have, or may have in the future.
What  this  means  for  you:  When  you  open  an  account,  we  will  ask  for  your  name,
residential  and  mailing  address,  date  of  birth,  tax  identification  number,  and  other
information  that  will  allow  us  to  identify  you.  We  may  also  ask  to  see,  and  make  a
photocopy of, your driver's license or other identifying documents.
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. 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 and the laws of the state of Florida
(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.  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.  “Party”  means  a  person  who,  by  the  terms  of  an
account, has a present right, subject to request, to payment from the account other than
as a beneficiary or agent.
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). Dividends are based on current earnings and available earnings of the credit
union,  after  providing  for  required  reserves.  For  more  information  on  current  dividend
rates,  fees  and  service  charges  please  contact  our  office  or  refer  to  the  “Common
Features” section of this disclosure.
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 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 also be liable for our costs to collect the
deficit  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
including,  but  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.

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2

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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”). 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.
WITHDRAWALS - Unless clearly indicated otherwise on the account records, any of you,
acting alone, who signs in the space designated for signatures on the signature card 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 signing the signature
card to endorse any item payable to you or your order for deposit to this account or any
other transaction with us. We may charge your account for a 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. We may refuse any withdrawal
or transfer request which you attempt on forms not approved by us, by any method we do
not  specifically  permit,  (such  as  postdated  or  staledated  checks,  as  allowable  under
UCC§4-401 and UCC§4-404.) which is greater in number than the frequency permitted, or
which is for an amount greater or less than any withdrawal limitations. Even if we honor a
nonconforming request, we may treat continued abuse of the stated limitations (if any) as
your act of closing the account. We will use the date the transaction is completed by us (as
opposed to the date you initiate it) to apply the frequency limitations. The fact that we may
honor withdrawal requests that overdraw the available account balance does not obligate
us  to  do  so  later.  See  the  funds  availability  policy  disclosure  “YOUR  ABILITY  TO
WITHDRAW  FUNDS”  and  the  “COMMON  FEATURES”  sections  contained  elsewhere  in
this  brochure  for  information  about  when  you  can  withdraw  funds  you  deposit.  For  those
accounts for 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.
OWNERSHIP OF ACCOUNT AND BENEFICIARY DESIGNATION - These rules apply to
this  account  depending  on  the  form  of  ownership  and  beneficiary  designation,  if  any,
specified on the account records. We reserve the right to refuse some forms of ownership
on  any  or  all  of  our  accounts.  We  make  no  representations  as  to  the  appropriateness  or
effect of the ownership and beneficiary designations, except as they determine to whom we
pay the account funds.
Single-Party Account - Such an account is owned by one party.
Multiple-Party Account - Such an account is payable on request to one or more of two or
more parties, whether or not a right of survivorship is mentioned.
Multiple-Party  Account  -  Tenancy  by  the  Entireties  - The  parties  to  the  account  are
husband and wife and hold the account as tenants by the entirety.
RIGHTS AT DEATH - Single-Party Account - At the death of a party, ownership passes
as part of the party’s estate. 
Multiple-Party  Account  With  Right  of  Survivorship  - At  death  of  party,  ownership
passes to the surviving party or parties.
Multiple-Party  Account  Without  Right  of  Survivorship  - At  death  of  party,  deceased
party’s ownership passes as part of deceased party’s estate. 
Single-Party Account With Pay-on-Death Designation - At death of the party, ownership
passes to the designated pay-on-death beneficiaries and is not part of the party’s estate. 
Multiple-Party  Account  With  Right  of  Survivorship  and  Pay-on-Death  Designation  -
At death  of  last  surviving  party,  ownership  passes  to  the  designated  pay-on-death
beneficiaries and is not part of the last surviving party’s estate. 
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. 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. If  you  are  opening  a  business  account,  you  must  provide
proper documentation that the account is for business purposes only, and is not included
under  your  personal  Membership  with  us.  For  more  information  on  Business  Accounts
please refer to the separate disclosure, “All About Your Business Accounts”.
STOP PAYMENTS - 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.  To  be  effective,  your  Stop  Payment  Order  must  precisely
identify the number, date and amount of the item, and the payee.
A Stop  Payment  Order  is  effective  24  hours  from  time  of  acceptance.  A  verbal  Stop
Payment Order may automatically terminate fourteen (14) calendar days from the date of
the  order,  unless  confirmed  in  writing  within  that  period.  Unless  cancelled  or  renewed  in
writing,  a  Stop  Payment  Order  will  be  in  effect  for  six  (6)  months,  and  will  thereafter
automatically  expire  in  accordance  with  UCC§4-403.  A  Stop  Payment  Fee  may  be
deducted from your account; please refer to a current fee schedule for the applicable fee
amount.
You may stop payment on any item drawn on your account whether you sign the item or
not, if you have an equal or greater right to withdraw from this account than the person who
signed the item. A release of the Stop Payment Request may be made only by the person
who  initiated  the  Stop  Payment  Order.  The  Credit  Union  is  not  responsible  for  notifying
other signers of a Stop Payment Order, that responsibility lies with the person who initiated
the Stop Payment Order.
Our Stop Payment Cutoff Time is one hour after the opening of the next banking day after
the banking day on which we receive the item. IBM Southeast EFCU assumes no liability
for any action the Credit Union takes regarding the payment or non-payment of an item as
it  pertains  to  a  Stop  Payment  Order.  The  account  holder  agrees  to  pay  IBM Southeast
EFCU for any costs and expenses the Credit Union may incur, including attorney fees and
expenses, as a result of honoring a Stop Payment Order, through refusing payment of an
item. Additional limitations on our obligation to stop payment are provided by law (e.g., we
paid  the  item  in  cash  or  we  certified  the  item).  These  requirements  pertain  to  Stop
Payments Orders made verbally, requested in writing with a “Stop Payment Order” form, or
those made electronically via Online Banking.
TELEPHONE  TRANSFERS  - A telephone  transfer  of  funds  from  this  account  to  another
account with us, if otherwise arranged for or permitted, may be made by the same persons
and under the same conditions generally applicable to withdrawals made in writing. Unless
a different  limitation  is  disclosed  in  writing,  we  restrict  the  number  of  transfers  from  a
savings account to another account or to third parties, to a maximum of six per month (less
the  number  of  “preauthorized  transfers”  during  the  month).  Other  account  transfer
restrictions may be described elsewhere.

AMENDMENTS AND TERMINATION - We may change our bylaws and any term of this
agreement. Rules governing changes in rates are provided separately. For other changes
we will give you reasonable notice in writing or by any other method permitted by law. We
may  close  all  of  your  accounts  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. At
our option, we may suspend or revoke your rights to Member products or services, if you
violate the terms of this agreement, or as a result of any conduct which we determine to be
abusive,  dangerous,  detrimental  or  unlawful.  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.
DORMANT ACCOUNTS - An account is considered “Dormant” when no Member-initiated
monetary  transactions  (deposit,  transfer,  or  withdrawal)  have  occurred  within  the  past  12
months (1 year). Dormant Account Status may also occur in cases where the Credit Union
does not have your current mailing address, and your mail is being returned to us as non-
deliverable by the United States Postal Service (USPS). An account under Dormant Status
is disabled  from  any  and  all  transactions,  and  requires  the  intervention  of  a  Credit  Union
Representative  in  response  to  an  action  by  you,  be  it  a  monetary  transaction  or  written
correspondence.  A  non-refundable  Dormant  Fee  may  be  applied  against  your  dormant
share/savings  and/or  share  draft/checking  account(s)  each  month  that  the  account(s)
remain  inactive.  This  fee  is  charged  in  an  effort  to  offset  the  costs  associated  with
maintaining your Dormant/Inactive account(s). Please refer to a current fee schedule for the
applicable  fee  amount.  If  an  account  balance  reaches  $0.00,  we  may  close  the  account
without further notice to you; this includes the termination of the one share that entitles you
to Membership and its privileges.
ABANDONED  ACCOUNTS  - An  account  is  considered  “Abandoned”  when  the  Credit
Union  has  had  no  written  record  of  contact  with  the  Member,  and  no  Member-initiated
monetary  transaction  (deposit,  transfer,  or  withdrawal)  has  occurred  within  the  past  60
months  (5  years).  The  account(s)  will  be  presumed  abandoned,  and  the  funds  will  be
remitted  to  the  State  of  Florida  in  accordance  with  Florida  law.  Accounts  and/or  Safety
Deposit Box contents classified as abandoned and remitted to the State of Florida, can be
recovered  by  contacting  the  State  of  Florida’s  Department  of  Banking  and  Finance
Unclaimed Property Bureau.
STATEMENTS  -  Your  duty  to  report  unauthorized  signatures,  alterations  and
forgeries - You must examine your statement of account with “reasonable promptness.” 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 will have to either share the loss with us, or bear the
loss entirely yourself (depending on whether we used 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  with  unauthorized  signatures  or  alterations  by  the  same
wrongdoer. 
You agree that the time you have to examine your statement and report to us will depend
on  the  circumstances,  but  will  not,  in  any  circumstance,  exceed  a  total  of  30  days  from
when the statement is first sent or made 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  used  ordinary  care.  The  limitation  in  this  paragraph  is  in  addition  to  that
contained in the first paragraph of this section.
Your duty to report other errors - 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. 
Errors relating to electronic fund transfers or substitute checks - For information on
errors relating to electronic fund transfers (e.g., computer, debit card or ATM transactions)
refer  to  your  Electronic  Fund  Transfers  disclosure  and  the  sections  on  consumer  liability
and error resolution. For information on errors relating to a substitute check you received,
refer to your disclosure entitled Substitute Checks and Your Rights.
ACCOUNT  TRANSFER  - This  account  may  not  be  transferred  or  assigned  without  our
prior written consent. 
DIRECT DEPOSITS - If, in connection with a direct deposit plan, we deposit any amount in
an account which should have been returned to the Federal Government for any reason,
you authorize us to deduct the amount of our liability to the Federal Government from 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.
TEMPORARY  ACCOUNT  AGREEMENT  -  If  this  option  is  selected,  this  is  a  temporary
account agreement. Each person who signs to open the account or has authority to make
withdrawals  (except  as  indicated  to  the  contrary)  may  transact  business  on  this  account.
However, we may at some time in the future restrict or prohibit further use of this account if
you fail to comply with the requirements we have imposed within a reasonable time.
RIGHT OF OFFSET FOR 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.
You understand and acknowledge that the collateral also secures any other obligations that
you  may  now  or  in  the  future  have  with  us,  including,  without  limitation,  additional  loans
(except  real  and/or  other  residential  property  securing  such  loans),  and  fees  and  costs
charged against your account(s).
Our right to repayment arising under this section does not apply to this account if: (a) it is an
Individual Retirement Account or other tax-deferred retirement account, or (b) 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.

You understand and acknowledge that if you are in default on a financial obligation to us,
Federal  Law  gives  us  the  right  to  apply  the  balance  of  shares  and  dividends  in  your
account(s) at the time of default to satisfy that obligation. Once you are in default, we may
exercise this right without further notice to you. For further information, please refer to the
separate disclosure, “Your Loan Disclosures,” under the subsections titled Security.
CONVENIENCE  ACCOUNT  AGENT  (Single-Party  Accounts  only)  - A convenience
account,  as  defined  by  Florida  law,  means  a  deposit  account  other  than  a  certificate  of
deposit,  in  the  name  of  one  individual,  in  which  one  or  more  individuals  have  been
designated as agent with the right to make deposits to and withdraw funds from or draw
checks  on  such  account  on  the  owner’s  behalf.  A  single  individual  is  the  owner,  and  the
agent is merely designated to conduct transactions on the owner’s behalf. Only the owner
may  designate,  substitute,  or  remove  an  agent.  We  undertake  no  obligation  to  monitor
transactions to determine that they are on the owner’s behalf.
RESTRICTIVE LEGENDS - We are not required to honor any restrictive legend on checks
you  write  unless  we  have  agreed  in  writing  to  the  restriction.  Examples  of  restrictive
legends are “must be presented within 90 days” or “not valid for more than $1,000.00.”
PAYMENT  ORDER  OF  ITEMS  - The  law  permits  us  to  pay  items  (such  as  checks  or
drafts) drawn on your account in any order. To assist you in handling your account with us,
we are  providing  you  with  the  following  information  regarding  how  we  process  the  items
that  you  write.  When  processing  items  drawn  on  your  account,  our  policy  is  to  pay  them
according to the dollar amount. We pay the largest items first. The order in which items are
paid is important if there is not enough money in your account to pay all of the items that
are  presented.  Our  payment  policy  will  cause  your  largest,  and  perhaps  more  important,
items  to  be  paid  first  (such  as  your  rent  or  mortgage  payment),  but  may  increase  the
overdraft or NSF fees you have to pay if funds are not available to pay all of the items. If an
item  is  presented  without  sufficient  funds  in  your  account  to  pay  it,  we  may,  at  our
discretion, pay the item (creating an overdraft) or return the item (NSF). The amounts of the
overdraft  and  NSF  fees  are  disclosed  elsewhere.  We  encourage  you  to  make  careful
records and practice good account management. This will help you to avoid writing checks
or drafts without sufficient funds and incurring the resulting fees. 
PLEDGES - Unless we agree otherwise in writing, 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.
CHECK  PROCESSING  -  We  may  process  items  mechanically  by  relying  on  the
information  encoded  along  the  bottom  of  the  items.  This  means  that  we  may  not
individually examine all of your items to determine if the item is properly completed, signed
and indorsed. You agree that we have not failed to exercise ordinary care solely because
we use an automated system to process items and do not inspect all items processed in
such  a  manner.  We  reserve  the  right  not  to  inspect  each  item  because  using  an
automated process helps us keep costs down for you and all account holders. 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.
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.
ACH  AND  WIRE  TRANSFERS  -  This  agreement  is  subject  to  Article  4A  of  the  Uniform
Commercial Code - Fund Transfers as adopted in the state in which you have your account
with us. If you originate a fund transfer for which Fedwire is used, and you identify by name
and  number  a  beneficiary  financial  institution,  an  intermediary  financial  institution  or  a
beneficiary,  we  and  every  receiving  or  beneficiary  financial  institution  may  rely  on  the
identifying  number  to  make  payment.  We  may  rely  on  the  number  even  if  it  identifies  a
financial institution, person or account other than the one named. You agree to be bound
by automated clearing house association rules. These rules provide, among other things,
that  payments  made  to  you,  or  originated  by  you,  are  provisional  until  final  settlement  is
made through a Federal Reserve Bank or payment is otherwise made as provided in Article
4A-403(a)  of  the  Uniform  Commercial  Code.  If  we  do  not  receive  such  payment,  we  are
entitled  to  a  refund  from  you  in  the  amount  credited  to  your  account  and  the  party
originating such payment will not be considered to have paid the amount so credited. If we
receive a payment order to credit an account you have with us by wire or ACH, we are not
required to give you any notice of the payment order or credit.
FACSIMILE SIGNATURES - You authorize us, at any time, to charge you for all checks,
drafts,  or  other  orders,  for  the  payment  of  money,  that  are  drawn  on  us  regardless  of  by
whom or by what means the facsimile signature(s) may have been affixed so long as they
resemble the facsimile signature specimen filed with us, and contain the required number
of signatures for this purpose.
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.  
ACCOUNT  MAINTENANCE  - Account  maintenance;  such  as  Address  Changes*,  Name
Changes,  or  changes  to  Individual  or  Joint  Account  Ownership,  will  not  be  processed  or
accepted  without  written  instructions  from  you  authorizing  us  to  make  these  changes  on

your  behalf.  These  instructions  must  be  in  writing  and  bear  your  signature,  which  must
resemble the signature currently on file in our records.
- Name  changes  due  to  Marriage,  Divorce,  or  Court  Order  require:  copies  of  the  legal
documents involved as proof of the change, proof of identification in your new name, and
the completion of an updated Membership/Loan Application.
- Changes  in  Account  Ownership  due  to  Death  or  Divorce  require:  copies  of  the  legal
documents  involved  as  proof  of  the  change,  such  as  an  original  Death  Certificate  or
Divorce  Decree,  proof  of  your  identification,  and  any  Joint  Owner’s  identification,  and  the
completion of an updated Membership/Loan Application, which may be used to close the
existing  account(s)  and  open  any  new  account(s).  In  some  instances,  verification  of  your
employment and income may also be required.
- Changes  in  Account  Ownership  due  to  a  Power  of  Attorney  that  you  have  legally
executed naming an individual or attorney to act on your behalf must include: an original
copy  of  the  Power  of  Attorney  legal  documents  dated  and  drawn  within  the  past  two  (2)
years, and must specifically state the rights to Individual Retirement Accounts (IRA) and/or
Safety Deposit Boxes where applicable.
- Additional  information  may  be  necessary,  and  further  conditions  may  apply,  in  the
establishment of the following account types: Trust, Estate, Custodial, Guardianship, Power
of Attorney, Representative Payee.
- We will accept these changes with the documents as stated above: in person at any of
our  offices  or  by  mail  to  IBM  Southeast  EFCU,  Attn:  Member  Service,  P.  O.  Box  5090,
Boca Raton, FL, 33431-0890.
- *You  may  process  your  own  Address  Changes  by  using  your  Member  Number  and
Personal Identification Number (PIN) to access the Account Maintenance section of Online
Banking. Please be sure to keep your account records up to date by providing us with your
current  residential  and  mailing  address,  home  and  office  telephone  numbers,  and  e-mail
address. Inaccurate addresses may result in a USPS “Return To Sender”, in which case
you  would  no  longer  receive  your  account  statements,  notices,  credit  and/or  debit  cards,
etc. Be advised, mail returned from the USPS may result in a Returned Mail Fee. Failure to
provide us with these changes may result in a Dormant Account Status, making you liable
for Dormant Account Fees and other account penalties that may result in the termination of
your Membership. Please refer to a current fee schedule for the applicable fee amounts.
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.
OVERDRAFT  PROTECTION - You  may  elect  to  have  Overdraft  Protection  for  your
Checking,  Grand  Checking  or  Money  Market  account  to  pay  ACH,  billpay,  check,
checkcard and other items that may be returned if there are insufficient funds available in
your account. The sources eligible for overdraft are Savings, Line of Credit, Credit Card and
Home Equity Line of Credit. Checking and Money Market accounts are generally prohibited
as  overdraft  sources.  Use  of  the  Overdraft  Protection  service  may  result  in  an  Overdraft
Transfer  Fee.  Please  refer  to  a  current  fee  schedule  for  the  applicable  fee  amount.
Additional fees, such as finance charges, may apply when using your Line of Credit, Credit
Card or Home Equity Line of Credit loan as your overdraft source. For details, please refer
to a current loan disclosure. Contact the Credit Union for more information, and to register
for Overdraft Protection.

—————————————
NOTICE OF NEGATIVE INFORMATION
Federal  law  requires  us  to  provide  the  following  notice  to  Members  before  any  "negative
information"  may  be  furnished  to  a  nationwide  consumer  reporting  agency.  "Negative
information"  includes  information  concerning  delinquencies,  overdrafts  or  any  form  of
default.  This  notice  does  not  mean  that  we  will  be  reporting  such  information  about  you,
only that we may report such information about Members that have not done what they are
required to do under our agreement.
After  providing  this  notice,  additional  negative  information  may  be  submitted  without
providing another notice. 
We may provide negative information to credit bureaus or other reporting agencies about
you and any joint signers regarding an insolvency, negative balance, NSF history, or other
defaults  or  negative  activities  on  your  account(s)  to  be  included  in  your  credit  report  and
financial  records,  in  accordance  with  Regulation  V  and  the  Fair  and  Accurate  Credit
Transactions Act (FACTA).

—————————————
ELECTRONIC FUND TRANSFERS
YOUR RIGHTS AND RESPONSIBILITIES
Indicated  below  are  types  of  Electronic  Fund  Transfers  we  are  capable  of  handling,
some  of  which  may  not  apply  to  your  account.  Please  read  this  disclosure  carefully
because it tells you your rights and obligations for the transactions listed. You should keep
this notice for future reference.
Electronic Fund Transfers Initiated By Third Parties. You may authorize a third party to
initiate electronic fund transfers between your account and the third party’s account. These
transfers  to  make  or  receive  payment  may  be  one-time  occurrences  or  may  recur  as
directed by you. These transfers may use the Automated Clearing House (ACH) or other
payments network. Your authorization to the third party to make these transfers can occur
in  a  number  of  ways.  For  example,  your  authorization  to  convert  a  check  or  draft  to  an
electronic fund transfer or to electronically pay a returned check or draft charge can occur
when  a  merchant  provides  you  with  notice  and  you  go  forward  with  the  transaction
(typically,  at  the  point  of  purchase,  a  merchant  will  post  a  sign  and  print  the  notice  on  a
receipt).  In  all  cases,  these  third  party  transfers  will  require  you  to  provide  the  third  party
with your account number and credit union information. This information can be found on
your check or draft as well as on a deposit or withdrawal slip. Thus, you should only provide
your  credit  union  and  account  information  (whether  over  the  phone,  the  Internet,  or  via
some  other  method)  to  trusted  third  parties  whom  you  have  authorized  to  initiate  these
electronic fund transfers. Examples of these transfers include, but are not limited to:

• Preauthorized credits. You may make arrangements for certain direct deposits  to

be accepted into your checking or savings account(s).

4

5

6

7

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-
-
-
-
-

-

-

-

• Preauthorized  payments.  You  may  make  arrangements  to  pay  certain  recurring

bills from your checking or savings account(s).

• Electronic  check  or  draft  conversion.  You  may  authorize  a  merchant  or  other
payee  to  make  a  one-time  electronic  payment  from  your  checking  or  share  draft
account using information from your check or draft to pay for purchases or pay bills.
• Electronic  returned  check  or  draft  charge.  You  may  authorize  a  merchant  or
other payee to initiate an electronic funds transfer to collect a charge in the event a
check or draft is returned for insufficient funds. 

Telephone Banking Transfers - types of transfers - You may access your account by
telephone 24 hours a day at (561) 997-0779, (800) 888-3900 or (770) 429-6520 in Atlanta,
using your personal identification number, a touch tone phone, and your account numbers,
to:

transfer funds from checking to savings
transfer funds from savings to checking
transfer funds from savings to savings
transfer funds from line of credit to checking
transfer funds from line of credit to savings

•
•
•
•
•
• make payments from checking to loan accounts with us
• make payments from savings to loan accounts with us
• get information about:

the account balance of checking accounts
the last ten deposits to checking accounts
the last ten withdrawals from checking accounts
the account balance of savings accounts
the last ten deposits to savings accounts
the last ten withdrawals from savings accounts

ATM  Transfers  -  types  of  transfers  and  dollar  limitations  - You  may  access  your
account(s) by ATM using your ATM card and personal identification number or your Check
Card and personal identification number, to:

• make deposits to checking account(s)
• make deposits to savings account(s)
• get cash withdrawals from checking account(s)

you may withdraw no more than $500.00 aggregate per business day

• get cash withdrawals from savings account(s)

you may withdraw no more than $500.00 aggregate per business day 

• purchase traveler’s checks with funds from checking account(s)

you may purchase no more than $500.00 aggregate per business day 

• purchase traveler’s checks with funds from savings account(s)

you may purchase no more than $500.00 aggregate per business day 

-
transfer funds from savings to checking account(s)
transfer funds from checking to savings account(s) 
transfer funds from line of credit to checking account(s)

•
•
•
• make payments from checking account(s) to a loan account with us
• get information about:

-

the account balance of your checking and savings accounts

Some of these services may not be available at all terminals.
Types  of  ATM Card  Point-of-Sale  Transactions  - You  may  access  your  checking  or
savings  account(s)  to  purchase  goods  (in  person),  pay  for  services  (in  person),  and  get
cash from a merchant, if the merchant permits, or from a participating financial institution.
We  encourage  you  to  make  careful  records  of  your  ATM Card  Point-of-Sale  transactions
and  practice  good  account  management.  This  will  help  you  to  avoid  returned  checks  or
drafts  due  to  insufficient  funds  and  incurring  the  resulting  fees.  Abuse  of  these  privileges
will result in the closure of your ATM Card and any and all penalties and/or fees.
Point-of-Sale Transactions - dollar limitations - Using your ATM card:
• you may not exceed the amount available in your account 
• you may not exceed $1,000.00 in transactions per business day 
Using your Visa Check Card:
• you may not exceed the amount available in your account 
• you may not exceed $1,500.00 in transactions per business day

Types of Visa Check Card Transactions - You may access your checking account(s) to
purchase goods (in person, online, or by phone), pay for services (in person, online, or by
phone), get cash from a merchant, if the merchant permits, or from a participating financial
institution, and do anything that a participating merchant will accept. We encourage you to
make  careful  records  of  your  Visa  Check  Card  transactions  and  practice  good  account
management. This will help you to avoid returned checks or drafts due to insufficient funds
and incurring the resulting fees. Abuse of these privileges will result in the closure of your
Visa Check Card and any and all penalties and/or fees.
Check Card Transactions - dollar limitations - Using your Visa Check Card:

• you may not exceed the amount available in your account
• you may not exceed $3,000.00 in transactions per business day

Currency  Conversion  and  International  Transactions. Purchases  and  withdrawals
made with your Visa Check Card in foreign countries and foreign currencies will be posted
to  your  account  in  U.S.  Dollars.  The  conversion  exchange  rate  between  the  transaction
currency  and  the  billing  currency  used  for  processing  international  transactions  to  U.S.
Dollars  will  be  from  a  range  of  rates  which  may  vary  selected  by  VISA  USA  from  the
wholesale  currency  market  rate  or  the  government-mandated  rate  in  effect  for  the
applicable Central Processing Date (CPD), in each instance, plus or minus any adjustment
determined  by  the  Credit  Union  as  a  VISA  Issuer.  A  VISA International  Service
Assessment (ISA) Fee will be billed to you separately as the Foreign Currency Conversion
Fee on all cross-border transactions. This supports the implementation of the International
Service Assessment (ISA) Fee for international transactions. Please refer to a current fee
schedule for the applicable fee amount.
Advisory  Against  Illegal  Use. You  agree  not  to  use  your  card(s)  for  illegal  gambling  or
other illegal purpose. Display of a payment card logo by, for example, an online merchant
does  not  necessarily  mean  that  transactions  are  lawful  in  all  jurisdictions  in  which  the
cardholder may be located.
Online Banking Transfers - www.ibmsecu.org - types of transfers - You may access
your  account(s)  by  computer  using  your  personal  identification  number,  your  account
numbers, your social security number, and internet access, to:

•
•
•
•

transfer funds from checking to checking
transfer funds from checking to savings
transfer funds from savings to checking
transfer funds from savings to savings

8

transfer funds from line of credit to checking
transfer funds from line of credit to savings

•
•
• make payments from checking to loan accounts with us
• make payments from checking to third parties
• make payments from savings to loan accounts with us
• make payments from savings to third parties
• get information about:

-
-
-
-
-
-

the account balance of checking accounts
the last 60 days deposits to checking accounts
the last 60 days withdrawals from checking accounts
the account balance of savings accounts
the last 60 days deposits to savings accounts
the last 60 days withdrawals from savings accounts

FEES

• We do not charge for direct deposits to any type of account.
• We do not charge for preauthorized payments from any type of account.
• Please refer to our separate fee schedule for additional information about fees.
Except as indicated elsewhere, we do not charge for these electronic fund transfers.
You must be 18 years of age or older to apply for the ATM card and Visa Check Card

service.
ATM  Operator/Network  Fees.  When  you  use  an  ATM  not  owned  by  us,  you  may  be
charged a fee by the ATM operator or any network used (and you may be charged a fee for
a balance inquiry even if you do not complete a fund transfer).
ATM Surcharge/Convenience Fees. When you use a Card not issued by us at an ATM
owned and operated by IBM Southeast EFCU you will be subject to a network usage fee.

• Terminal  transfers.  You  can  get  a  receipt  at  the  time  you  make  a  transfer  to  or
from your account using an automated teller machine. However, you may not get a
receipt if the amount of the transfer is $15 or less.

DOCUMENTATION 

• 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, the person
or company making the deposit will tell you every time they send us the money, or
you can contact us via Telephone Banking at (561) 997-0779, (800) 888-3900, or
(770)  429-6520  in  Atlanta,  via  Online  Banking  at  www.ibmsecu.org,  via  e-mail  to
serviceplus@ibmsecu.org,  or  by  contacting  the  credit  union  directly  at  (561)  982-
4700 or (800) 873-5100 to find out whether or not the deposit has been made.

• Periodic statements.

You will get a monthly account statement from us for all of your accounts by
USPS  mail,  unless  you  have  requested  your  statements  electronically  via  Online
Banking and/or eMessenger.

PREAUTHORIZED PAYMENTS

• Right  to  Stop  Payment  and  procedure  for  doing  so. If  you  have  told  us  in
advance to make regular payments out of your account, you can stop any of these
payments. Here is how:

Call or write us at the telephone number or address listed in this brochure in
time for us to receive your request 3 business days or more before the payment is
scheduled to be made. If you call, we may also require you to put your request in
writing and get it to us within 14 days after your call.

Please refer to our separate fee schedule for the amount we will charge you for

each Stop Payment Order you give.

• Notice  of  varying  amounts. If  these  regular  payments  may  vary  in  amount,  the
person you are going to pay will tell you, 10 days before each payment, when it will
be made and how much it will be. (You may choose instead to get this notice only
when  the  payment  would  differ  by  more  than  a  certain  amount  from  the  previous
payment, or when the amount would fall outside certain limits that you set.)

• Liability for failure to stop payment of preauthorized transfer. If you order us to
stop  one  of  these  payments  3  business  days  or  more  before  the  transfer  is
scheduled, and we do not do so, we will be liable for your losses or damages.
FINANCIAL INSTITUTION'S LIABILITY

Liability  for  failure  to  make  transfers. If  we  do  not  complete  a  transfer  to  or  from
your account on time or in the correct amount according to our agreement with you, we will
be liable for your losses or damages. However, there are some exceptions. We will not be
liable, for instance:

(1)

(2)
(3)

(4)

(5)

If,  through  no  fault  of  ours,  you  do  not  have  enough  money  in  your  account  to
make the transfer.
If you have an overdraft line and the transfer would go over the credit limit.
If the automated teller machine where you are making the transfer does not have
enough cash.
If  the  terminal  or  system  was  not  working  properly  and  you  knew  about  the
breakdown when you started the transfer.
If  circumstances  beyond  our  control  (such  as  fire  or  flood)  prevent  the  transfer,
despite reasonable precautions that we have taken.

(6) There may be other exceptions stated in our agreement with you.

We  will  disclose  information  to  third  parties  about  your  account  or  the  transfers  you

CONFIDENTIALITY

make:

(1) where it is necessary for completing transfers; or
(2)

in order to verify the existence and condition of your account for a third party, such
as a credit bureau or merchant; or
in order to comply with government agency or court orders; or

(3)
(4) as explained in the Privacy Disclosure contained elsewhere in this document.
UNAUTHORIZED TRANSFERS

(a) Consumer liability. 
• Generally. Tell us AT ONCE if you believe your card and/or code has been lost or
stolen,  or  if  you  believe  that  an  electronic  fund  transfer  has  been  made  without  your
permission  using  information  from  your  check  or  draft.  Telephoning  is  the  best  way  of
keeping  your  possible  losses  down.  You  could  lose  all  the  money  in  your  account  (plus
your maximum overdraft line of credit). If you tell us within 2 business days after you learn
of the loss or theft of your card and/or code, you can lose no more than $50 if someone
used your card and/or code without your permission.

If you do NOT tell us within 2 business days after you learn of the loss or theft of your
card and/or code, and we can prove we could have stopped someone from using your card
and/or code without your permission if you had told us, you could lose as much as $500.

Also, if your statement shows transfers that you did not make, including those made by
card,  code  or  other  means,  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

• Additional  Limit  on  Liability  for  Visa  Check  Card. Unless  you  have  been  grossly
negligent or have engaged in fraud, you will not be liable for any unauthorized transactions
using your lost or stolen Visa Check Card. This additional limit on liability does not apply to
ATM  transactions  or  to  transactions  using  your  Personal  Identification  Number  which  are
not processed by VISA®.

(b) Contact in event of unauthorized transfer. If you believe your card and/or code
has been lost or stolen, call or write us at the telephone number or address listed in this
brochure. You should also call the number or write to the address listed in this brochure if
you  believe  a  transfer  has  been  made  using  the  information  from  your  check  or  draft
without your permission.

ERROR RESOLUTION NOTICE

In Case of Errors or Questions About Your Electronic Transfers, Call or write us at the
telephone number or address listed in this brochure, as soon as you can, if you think your
statement or receipt is wrong or if you need more information about a transfer listed on the
statement or receipt. We must hear from you no later than 60 days after we sent the FIRST
statement on which the problem or error appeared.

(1) Tell us your name and account number (if any).
(2) Describe the error or the transfer you are unsure about, and explain as clearly as

you can why you believe it 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  that  you  send  us  your  complaint  or  question  in

writing within 10 business days.

We will determine whether an error occurred within 10 business days (20 business days
if  the  transfer  involved  a  new  account)  after  we  hear  from  you  and  will  correct  any  error
promptly. If we need more time, however, we may take up to 45 days (90 days if the transfer
involved  a  new  account,  a  point-of-sale  transaction,  or  a  foreign-initiated  transfer)  to
investigate  your  complaint  or  question.  If  we  decide  to  do  this,  we  will  credit  your  account
within  10  business  days  (20  business  days  if  the  transfer  involved  a  new  account)  for  the
amount  you  think  is  in  error,  so  that  you  will  have  the  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  10  business  days,  we  may  not  credit  your  account.
Your account is considered a new account for the first 30 days after the first deposit is made,
unless each of you already has an established account with us before this account is opened.
We  will  tell  you  the  results  within  three  business  days  after  completing  our

investigation. If we decide that there was no error, we will send you a written explanation.

You may ask for copies of the documents that we used in our investigation.

IBM SOUTHEAST EMPLOYEES’ FEDERAL CREDIT UNION
P.O. BOX 5090
BOCA RATON, FLORIDA 33431-0890
Business Days: Monday through Friday
Excluding Federal Holidays
Phone: (561) 982-4700 or (800) 873-5100

www.ibmsecu.org

MORE DETAILED INFORMATION IS AVAILABLE ON REQUEST

—————————————
YOUR ABILITY TO WITHDRAW FUNDS

This policy statement applies to all accounts.
Our policy is to make funds from your cash and check deposits available to you on the
first business day after the day we receive your deposit. Electronic direct deposits will be
available  on  the  day  we  receive  the  deposit.  Once  the  funds  are  available,  you  can
withdraw them in cash and we will use the funds to pay checks that you have written.

Please remember that even after we have made funds available to you, and you have
withdrawn the funds, you are still responsible for checks you deposit that are returned to us
unpaid and for any other problems involving your deposit. 

For determining the availability of your deposits, every day is a business day, except
Saturdays,  Sundays,  and  federal  holidays.  If  you  make  a  deposit  before  closing  on  a
business  day  that  we  are  open,  we  will  consider  that  day  to  be  the  day  of  your  deposit.
However, if you make a deposit after closing or on a day we are not open, we will consider
that the deposit was made on the next business day we are open.

If  you  make  a  deposit  at  an  ATM  before  2:30  P.M.  on  a  business  day  that  we  are
open,  we  will  consider  that  day  to  be  the  day  of  your  deposit.  However,  if  you  make  a
deposit at an ATM after 2:30 P.M. or on a day we are not open, we will consider that the
deposit was made on the next business day we are open.

If  we  cash  a  check  for  you  that  is  drawn  on  another  bank,  we  may  withhold  the
availability  of  a  corresponding  amount  of  funds  that  are  already  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. 

If we accept for deposit a check that is drawn on another bank, we may make funds
from the deposit available for withdrawal immediately but delay your availability to withdraw
a corresponding amount of funds that you have on deposit in another account with us. The
funds in the other account would then not be available for withdrawal until the time periods
that are described elsewhere in this disclosure for the type of check that you deposited.

LONGER DELAYS MAY APPLY

Case-by-case  delays. In  some  cases,  we  will  not  make  all  of  the  funds  that  you
deposit by check available to you on the first business day after the day of your deposit.
Depending  on  the  type  of  check  that  you  deposit,  funds  may  not  be  available  until  the
second  business  day  after  the  day  of  your  deposit.  The  first  $100  of  your  deposits,
however, will be available on the first business day.

If  we  are  not  going  to  make  all  of  the  funds  from  your  deposit  available  on  the  first
business  day,  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  one  of  our
employees, or if we decide to take this action after you have left the premises, we will mail
you the notice by the day after we receive your deposit.

If you will need the funds from a deposit right away, you should ask us when the funds

will be available.

Safeguard exceptions. In addition, funds you deposit by check may be delayed for a

longer period under the following circumstances:

We believe a check you deposit will not be paid. 
You deposit checks totaling more than $5,000 on any one day.
You redeposit 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 computer or communications equipment.
We will notify you if we delay your ability to withdraw funds for any of these reasons,
and  we  will  tell  you  when  the  funds  will  be  available.  They  will  generally  be  available  no
later than the seventh business day after the day of your deposit.

If you are a new Member, the following special rules will apply during the first 30 days

SPECIAL RULES FOR NEW ACCOUNTS

your account is open.

Funds from electronic direct deposits to your account will be available on the day we
receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,000 of a
day’s  total  deposits  of  cashier’s,  certified,  teller’s,  traveler’s,  and  federal,  state  and  local
government checks will be available on the first business day after the day of your deposit if
the deposit meets certain conditions. For example, the checks must be payable to you (and
you may have to use a special deposit slip). The excess over $5,000 will be available on
the ninth business day after the day of your deposit. If your deposit of these checks (other
than a U.S. Treasury check) is not made in person to one of our employees, the first $5,000
will not be available until the second business day after the day of your deposit.

Funds from all other check deposits will be available on the seventh business day after

the day of your deposit.

—————————————
SUBSTITUTE CHECKS AND YOUR RIGHTS

As our Member we think it’s important for you to know about substitute checks. As a
result, we want to advise you that you may begin to see differences when you view your
account information online or request a copy of your original check for proof of payment.
The  following  Substitute  Check  Disclosure  provides  information  about  substitute  checks
and your rights. So you will recognize a substitute check should you ever receive one, we
have included a copy of the front side of a substitute check along with an explanation of the
substitute check’s components.
What is a substitute check?

To make check processing faster, federal law permits banks to replace original checks
with “substitute checks.” These checks are similar in size to original checks with a slightly
reduced image 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 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  that  you  receive  back  from  us  may  be  substitute  checks.
This  notice  describes  rights  you  have  when  you  receive  substitute  checks  from  us.  The
rights in this notice do not apply to original checks or to electronic debits to your account.
However, you have rights under other law with respect to those transactions.
What are my 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 also are entitled to interest on
the  amount  of  your  refund  if  your  account  is  an  interest-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 interest if
your account earns interest) within 10 business days after we received your claim and the
remainder  of  your  refund  (plus  interest  if  your  account  earns  interest)  not  later  than  45
calendar days after we received your claim.

We may reverse the refund (including any interest on the refund) if we later are able to

demonstrate that the substitute check was correctly posted to your account.
How do I make a claim for a refund?

If  you  believe  that  you  have  suffered  a  loss  relating  to  a  substitute  check  that  you

received and that was posted to your account, please contact us at:

IBM Southeast Employees’ Federal Credit Union
Attn: Electronic Processing
PO Box 5090
Boca Raton, FL  33431-0890
(800) 873-5100 or (561) 982-4700
serviceplus@ibmsecu.org

You  must  contact  us  within  40  calendar  days  of  the  date  that  we  mailed  (or  otherwise
delivered by a means to 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 —
•

•
•

•

A description of why you have suffered a loss (for example, you think the amount
withdrawn was incorrect);
An estimate of the amount of your loss;
An explanation of why the substitute check you received is insufficient to confirm
that you suffered a loss; and
A copy of the substitute check or the following information to help us identify the
substitute  check:  the  check  number,  the  amount  of  the  check,  the  date  of  the
check, the name of the person to whom you wrote the check, and the checking
account number.

9

10

11

SUBSTITUTE CHECK IMAGE
Below is an image of a sample substitute check. The numbers 
listed below the image correspond with the numbers on or near
the substitute check image and the corresponding text explains 
the various components of a substitute check.

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These numbers correspond with the numbers on the Substitute Check Image:
1

An  image  of  the  original  check  appears  in  the  upper  right-hand  corner  of  the
substitute check.
A substitute check is the same size as a standard business check.
The  information  in  asterisks  relates  to  the  “reconverting  bank”—the  financial
institution that created the substitute check.
The  information  in  brackets  (appears  sideways  facing  check  image)  relates  to  the
“truncating  bank”—the  financial  institution  that  took  the  original  check  out  of  the
check processing system.
The Legal Legend states: This is a LEGAL COPY of your check. You can use it the
same way you would use the original check.
The MICR lines at the bottom of the image of the original and at the bottom of the
substitute check are the same except for the “4” at the beginning of the MICR line
on  the  substitute  check,  which  indicates  that  it  is  a  substitute  check  being  moved
forward  for  collection  purposes.  It  is  also  possible  for  the  MICR  line  on  the
substitute  check  to  begin  with  a  “5”  if  the  item  is  being  returned.  The  rest  of  the
MICR line is the same as the original check to ensure that it is processed as though
it were the original.

—————————————
TRUTH-IN-SAVINGS DISCLOSURE
MEMBERSHIP ACCOUNT

Rate Information:
The dividend rate and annual percentage yield may change every dividend period. We
may change the dividend rate for your account as determined by the credit union board
of directors.
Compounding and crediting - Dividends will be compounded every quarter. Dividends
will be credited to your account every quarter.
Dividend period - For this account type, the dividend period is quarterly, for example,
the beginning date of the first dividend period of the calendar year is January 1, and the
ending date of such dividend period is March 31. All other dividend periods follow this
same  pattern  of  dates.  The  dividend  declaration  date  is  the  last  day  of  the  dividend
period, and for the example above is March 31.
Minimum balance requirements:
The  minimum  required  to  open  this  account  is  the  purchase  of  a  share  in  the  credit
union.  Please  see  the  bylaw  requirements  in  the  Common  Features  section  for
additional information.
You must maintain a minimum average monthly balance of $300.00 in your Membership
account  to  avoid  a  Share  Account  Monthly  Service  Fee,  please  refer  to  a  current  fee
schedule  for  the  applicable  fee  amount.  If,  during  any  month,  you  do  not  meet  the
minimum  balance  requirement,  your  account  may  be  subject  to  a  Share  Account
Monthly Service Fee for that month.
Daily  balance  computation  method  - Dividends  are  calculated  by  the  daily  balance
method which applies a daily periodic rate to the balance in the account each day.
Accrual  of  dividends  on  noncash  deposits  -  Dividends  will  begin  to  accrue  on  the
first business day after the banking day you place noncash items (for example, checks)
to your account.
Transaction limitations:
No transaction limitations apply to this account unless otherwise stated in the Common
Features section.
Par value of a share:
The par value of a share in this account is $5.00.

SAVINGS ACCOUNT
(Share Account)

Rate Information:
The dividend rate and annual percentage yield may change every dividend period. We
may change the dividend rate for your account as determined by the credit union board
of directors.
Compounding and crediting - Dividends will be compounded every quarter. Dividends
will be credited to your account every quarter.
Dividend period - For this account type, the dividend period is quarterly, for example,
the beginning date of the first dividend period of the calendar year is January 1, and the
ending date of such dividend period is March 31. All other dividend periods follow this
same  pattern  of  dates.  The  dividend  declaration  date  is  the  last  day  of  the  dividend
period, and for the example above is March 31.
Minimum balance requirements:
No minimum balance requirements apply to this account.
Daily  balance  computation  method  - Dividends  are  calculated  by  the  daily  balance
method which applies a daily periodic rate to the balance in the account each day.
Accrual  of  dividends  on  noncash  deposits  -  Dividends  will  begin  to  accrue  on  the
first business day after the banking day you place noncash items (for example, checks)
to your account.
Transaction limitations:
No transaction limitations apply to this account unless otherwise stated in the Common
Features section.

SAVINGS PLUS ACCOUNT
(Share Account) 

Rate Information:
The dividend rate and annual percentage yield may change every dividend period. We
may change the dividend rate for your account as determined by the credit union board
of directors.
Compounding and crediting - Dividends will be compounded every quarter. Dividends
will be credited to your account every quarter.
Dividend period - For this account type, the dividend period is quarterly, for example,
the beginning date of the first dividend period of the calendar year is January 1, and the
ending date of such dividend period is March 31. All other dividend periods follow this
same  pattern  of  dates.  The  dividend  declaration  date  is  the  last  day  of  the  dividend
period, and for the example above is March 31.
Minimum balance requirements:
No  minimum  balance  is  required  to  open  this  account.  However,  you  must  maintain  a
minimum  daily  deposit  balance  from  $0.01  to  $500.00  in  this  account  in  order  to  earn

the higher dividend rate and annual percentage yield. Additionally, any balance over the
initial  $500.00  will  earn  the  standard  savings  account  dividend  rate  and  annual
percentage  yield.  Please  refer  to  a  share  account  rate  sheet  for  the  current  dividend
rate and annual percentage yield.
Daily  balance  computation  method  - Dividends  are  calculated  by  the  daily  balance
method which applies a daily periodic rate to the balance in the account each day.
Accrual  of  dividends  on  noncash  deposits  - Dividends  will  begin  to  accrue  on  the
first business day after the banking day you place noncash items (for example, checks)
to your account.
Transaction limitations:
No transaction limitations apply to this account unless otherwise stated in the Common
Features section.
Account  limitations: Limit  one  (1)  account  per  Member.  By  acceptance  of  this
account,  you  agree  to  receive  electronic  rather  than  paper  statements,  and  agree  to
provide  a  valid  e-mail  address  for  eStatement  delivery  through  the  Online  Banking
system.  Failure  to  abide  by  this  account  limitation  may  result  in  a  reduction  of  the
dividend rate and annual percentage yield, and other actions as deemed necessary by
the credit union, including but not limited to the closure of this account.

IRA SHARE ACCOUNT

Rate Information:
The dividend rate and annual percentage yield may change every dividend period. We
may change the dividend rate for your account as determined by the credit union board
of directors.
Compounding and crediting - Dividends will be compounded every quarter. Dividends
will be credited to your account every quarter.
Dividend period - For this account type, the dividend period is quarterly, for example,
the beginning date of the first dividend period of the calendar year is January 1, and the
ending date of such dividend period is March 31. All other dividend periods follow this
same  pattern  of  dates.  The  dividend  declaration  date  is  the  last  day  of  the  dividend
period, and for the example above is March 31.
Minimum balance requirements:
The minimum balance required to open this account is $100.00.
Daily  balance  computation  method  - Dividends  are  calculated  by  the  daily  balance
method which applies a daily periodic rate to the balance in the account each day.
Accrual  of  dividends  on  noncash  deposits  -  Dividends  will  begin  to  accrue  on  the
first business day after the banking day you place noncash items (for example, checks)
to your account.
Transaction limitations:
You may not make any withdrawals or transfers to another credit union account of yours
or to a third party by means of a preauthorized or automatic transfer, telephonic order or
instruction, or similar order to a third party.

MORTGAGE CLEARING ACCOUNT

Rate Information: Dividends are not paid on this account.
Minimum balance requirements:
No minimum balance required.
Transaction limitations:
This  account  acts  strictly  as  a  processing  link  between  the  Credit  Union  and  its  First
Mortgage  system.  Payments  made  to  the  Mortgage  Clearing  Account  will  transfer
overnight and will have a zero balance the day after making a payment, which means
that the payment has been applied to your First Mortgage loan.

CHECKING ACCOUNT
(Share Draft)

Rate Information: Dividends are not paid on this account.
Minimum balance requirements:
The minimum balance to open this account is $25.00.
You must maintain a minimum daily balance of $500.00 in your account to avoid a low
balance  fee.  If,  during  any  month,  your  account  balance  falls  below  the  required
minimum daily balance, your account will be subject to a low balance fee for that month. 
Transaction limitations:
Transaction  limitations  may  apply  to  this  account  as  stated  in  the  Common  Features
section.

CHECKING PLUS ACCOUNT
(Share Draft) 

Rate Information:
The dividend rate and annual percentage yield may change every dividend period. We
may change the dividend rate for your account as determined by the credit union board
of directors.
Compounding and crediting - Dividends will be compounded every quarter. Dividends
will be credited to your account every quarter.
Dividend period - For this account type, the dividend period is quarterly, for example,
the beginning date of the first dividend period of the calendar year is January 1, and the
ending date of such dividend period is March 31. All other dividend periods follow this
same  pattern  of  dates.  The  dividend  declaration  date  is  the  last  day  of  the  dividend
period, and for the example above is March 31.
Minimum balance requirements:
No  minimum  balance  is  required  to  open  this  account.  However,  you  must  maintain  a
minimum  daily  deposit  balance  from  $0.01  to  $500.00  in  this  account  in  order  to  earn
the higher dividend rate and annual percentage yield. Additionally, any balance over the
initial $500.00 will earn a lower dividend rate and annual percentage yield. Please refer
to a share account rate sheet for the current dividend rate and annual percentage yield.
Daily  balance  computation  method  - Dividends  are  calculated  by  the  daily  balance
method which applies a daily periodic rate to the balance in the account each day.
Accrual  of  dividends  on  noncash  deposits  - Dividends  will  begin  to  accrue  on  the
first business day after the banking day you place noncash items (for example, checks)
to your account.
Transaction limitations:
During  any  month,  you  may  not  make  more  than  three  (3)  check  withdrawals.  If  you
exceed  the  transaction  limitation  in  any  month,  your  account  may  be  subject  to  a  Per
Check  Fee.  Please  refer  to  a  fee  schedule  for  the  current  fee  amount.  Additional
limitations may apply to this account, as stated in the Common Features section.
Account  limitations: Limit  one  (1)  account  per  Member.  By  acceptance  of  this
account,  you  agree  to  receive  electronic  rather  than  paper  statements,  and  agree  to
provide  a  valid  e-mail  address  for  eStatement  delivery  through  the  Online  Banking

system. You further agree to receive a debit card and personal identification number, for
noncheck  transaction  processing.  Additional  transactions  may  be  made  through  the
automated  clearing  house  network.  Failure  to  abide  by  these  account  limitations,  may
result in a reduction of the dividend rate and annual percentage yield, and other actions
as deemed necessary by the credit union, including but not limited to the closure of this
account.

GRAND CHECKING ACCOUNT
(Grand Share Draft)

Rate Information:
The dividend rate and annual percentage yield may change every dividend period. We
may change the dividend rate for your account as determined by the credit union board
of directors.
Compounding and crediting - Dividends will be compounded every quarter. Dividends
will be credited to your account every quarter.
Dividend period - For this account type, the dividend period is quarterly, for example,
the beginning date of the first dividend period of the calendar year is January 1, and the
ending date of such dividend period is March 31. All other dividend periods follow this
same  pattern  of  dates.  The  dividend  declaration  date  is  the  last  day  of  the  dividend
period, and for the example above is March 31.
Minimum balance requirements:
The minimum balance required to open this account is $1,000.00. You must maintain a
minimum  daily  balance  of  $1,000.00  in  your  account  to  avoid  a  Monthly  Minimum
Balance  Violation  Fee.  If,  during  any  month,  your  account  balance  falls  below  the
required  minimum  daily  balance,  your  account  may  be  subject  to  a  Monthly  Minimum
Balance  Violation  Fee  for  that  month.  Please  refer  to  a  current  fee  schedule  for  the
applicable  fee  amount.  Your  repeated  failure  to  maintain  the  required  minimum  daily
balance  in  your  account  may  result  in  the  closure  of  your  Grand  Checking  account,
which would then be replaced with a standard checking account.
Daily  balance  computation  method  - Dividends  are  calculated  by  the  daily  balance
method which applies a daily periodic rate to the balance in the account each day.
Accrual  of  dividends  on  noncash  deposits  - Dividends  will  begin  to  accrue  on  the
first business day after the banking day you place noncash items (for example, checks)
to your account.
Transaction limitations:
No transaction limitations apply to this account unless otherwise stated in the Common
Features section.

MONEY MARKET ACCOUNT

Rate Information:
The dividend rate and annual percentage yield may change every dividend period. We
may change the dividend rate for your account as determined by the credit union board
of directors.
Compounding and crediting - Dividends will be compounded every month. Dividends
will be credited to your account every month.
Dividend  period  - For  this  account  type,  the  dividend  period  is  monthly,  for  example,
the beginning date of the first dividend period of the calendar year is January 1, and the
ending date of such dividend period is January 31. All other dividend periods follow this
same  pattern  of  dates.  The  dividend  declaration  date  is  the  last  day  of  the  dividend
period, and for the example above is January 31.
Minimum balance requirements:
The  minimum  balance  required  to  open  this  account  is  $500.00.  You  must  maintain  a
minimum daily balance of $500.00 in your account to avoid a Monthly Minimum Balance
Violation  Fee.  If,  during  any  month,  your  account  balance  falls  below  the  required
minimum  daily  balance,  your  account  may  be  subject  to  a  Monthly  Minimum  Balance
Violation  Fee  for  that  month.  Please  refer  to  a  current  fee  schedule  for  the  applicable
fee  amount.  Your  repeated  failure  to  maintain  the  required  minimum  daily  balance  in
your account may result in the closure of your Money Market account, which would then
be replaced with a standard checking account.
Daily  balance  computation  method  - Dividends  are  calculated  by  the  daily  balance
method which applies a daily periodic rate to the balance in the account each day.
Accrual  of  dividends  on  noncash  deposits  -  Dividends  will  begin  to  accrue  on  the
first business day after the banking day you place noncash items (for example, checks)
to your account.
Transaction limitations:
During any statement cycle, you may not make more than six withdrawals or transfers
to another credit union account of yours or to a third party by means of a preauthorized,
automatic, or computer transfer, telephonic order or instruction, or by check, draft, debit
card (if applicable), or similar order to a third party. If you exceed the transfer limitations
set forth above, you may be subject to an Excess Transaction Fee per each violation,
and your account may be subject to closure by the credit union.

MONEY MARKET MAXIMUM (MAX) ACCOUNT

Rate Information:
The dividend rate and annual percentage yield may change at any time, as determined
by the credit union board of directors.
Compounding and crediting - Dividends will be compounded every month. Dividends
will be credited to your account every month.
Dividend  period  - For  this  account  type,  the  dividend  period  is  monthly,  for  example,
the beginning date of the first dividend period of the calendar year is January 1, and the
ending date of such dividend period is January 31. All other dividend periods follow this
same  pattern  of  dates.  The  dividend  declaration  date  is  the  last  day  of  the  dividend
period, and for the example above is January 31.
Minimum balance requirements:
The minimum balance required to open this account is $10,000.00. You must maintain a
minimum daily balance of $500.00 in your account to avoid a Monthly Minimum Balance
Violation  Fee.  If,  during  any  month,  your  account  balance  falls  below  the  required
minimum  daily  balance,  your  account  may  be  subject  to  a  Monthly  Minimum  Balance
Violation  Fee  for  that  month.  Please  refer  to  a  current  fee  schedule  for  the  applicable
fee  amount.  Your  repeated  failure  to  maintain  the  required  minimum  daily  balance  in
your account may result in the closure of your Money Market Max account, which would
then be replaced with a standard checking account.
Daily  balance  computation  method  - Dividends  are  calculated  by  the  daily  balance
method which applies a daily periodic rate to the balance in the account each day.
Accrual  of  dividends  on  noncash  deposits  - Dividends  will  begin  to  accrue  on  the
business day you place noncash items (for example, checks) to your account.

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Transaction limitations:
During any statement cycle, you may not make more than six withdrawals or transfers
to another credit union account of yours or to a third party by means of a preauthorized,
automatic, or computer transfer, telephonic order or instruction, or by check, draft, debit
card (if applicable), or similar order to a third party. If you exceed the transfer limitations
set forth above, you may be subject to an Excess Transaction Fee per each violation,
and  your  account  may  be  subject  to  closure  by  the  credit  union.  Please  refer  to  a
current fee schedule for the applicable fee amount.

CERTAIN SAVER ACCOUNT 

Rate Information:
The dividend rate and annual percentage yield may change every dividend period. We
may change the dividend rate for your account as determined by the credit union board
of directors.
Compounding and crediting - Dividends will be compounded every quarter. Dividends
will be credited to your account every quarter.
Dividend period - For this account type, the dividend period is quarterly, for example,
the beginning date of the first dividend period of the calendar year is January 1, and the
ending date of such dividend period is March 31. All other dividend periods follow this
same  pattern  of  dates.  The  dividend  declaration  date  is  the  last  day  of  the  dividend
period, and for the example above is March 31.
Minimum balance requirements:
The minimum balance required to open this account is $200.00.
Daily  balance  computation  method  - Dividends  are  calculated  by  the  daily  balance
method which applies a daily periodic rate to the balance in the account each day.
Accrual  of  dividends  on  noncash  deposits  -  Dividends  will  begin  to  accrue  on  the
first business day after the banking day you place noncash items (for example, checks)
to your account.
Transaction limitations:
Withdrawal transactions are limited to the transfer of funds to initiate a share certificate,
transfer to a Money Market, or to a Money Market Max account within the credit union or
to close the account. A Certain Saver withdrawal funds transfer fee will be charged for all
other withdrawals or transfers, unless otherwise stated in the Common Features section.
SHARE CERTIFICATE
Rate  Information  - See  accompanying  rate  disclosure.  You  will  be  paid  this  rate  until
first maturity.
Compounding  frequency  - Unless  otherwise  paid,  dividends  will  be  compounded
every day.
Crediting frequency - You may choose to have dividends credited monthly, quarterly,
semi-annually, annually or at maturity. Alternatively, you may choose to have dividends
paid  to  you  or  to  another  account  monthly,  quarterly,  semiannually,  or  annually  rather
than credited to this account.
Dividend  period  - For  this  account,  the  dividend  period  varies.  Your  dividend  period
may be monthly, quarterly, semiannually, or annually.
Minimum balance requirements:
The  minimum  balance  required  to  open  this  account  is  $1,000.00,  except  on  the
$25,000 Access Certificate(s). You must maintain the minimum balance in this account
daily to earn the disclosed annual percentage yield.
Daily  balance  computation  method  - Dividends  are  calculated  by  the  daily  balance
method which applies a daily periodic rate to the balance in the account each day.
Accrual  of  dividends  on  noncash  deposits  -  Dividends  will  begin  to  accrue  on  the
first business day after the banking day you place noncash items (for example, checks)
to your account.
Transaction limitations:
After  the  account  is  opened,  you  may  not  make  additions  into  the  account  until  the
maturity date stated on the account.
Partial  withdrawals  of  principal,  $500.00  or  more,  plus  any  accrued  dividends  on  the
amount withdrawn, will be allowed from share certificates. A penalty may be imposed on
the  amount  of  the  withdrawal  only.  See  penalty  disclosure  for  specific  penalty  details
based on terms. The withdrawal amount cannot take the certificate below the minimum
amount required to establish the certificate at opening or renewal.
You can only withdraw dividends before maturity if you make arrangements with us for
periodic payments of dividends in lieu of crediting.
Time requirements - The maturity date on your account will depend on the term of the
account. See the accompanying rate disclosure for time requirements.
Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity) - 

•

If your account has an original maturity of one year or less:

The  penalty  on  all  early  withdrawals  is  ninety  (90)  days’  dividends  or  any
dividends  earned  if  less  than  ninety  (90)  days’,  with  a  minimum  of  seven  (7)
days’ dividends.

•

If your account has an original maturity of more than one year:

The  penalty  on  all  early  withdrawals  is  one  hundred  and  eighty  (180)  days’
dividends  or  any  dividends  earned  if  less  than  one  hundred  and  eighty  (180)
days’, with a minimum of seven (7) days’ dividends.

In  certain  circumstances  such  as  the  death  or  incompetence  of  an  owner  of  this
account, the law permits, or in some cases requires, the waiver of the early withdrawal
penalty. Other exceptions may also apply, for example, if this is part of an IRA or other
tax-deferred savings plan.
□ Withdrawal of dividends prior to maturity - The annual percentage yield is based
on an assumption that dividends will remain in the account until maturity. A withdrawal
will reduce earnings.
Automatically renewable account - This account will automatically renew at maturity.
You may prevent renewal if you withdraw the funds in the account at maturity (or within
the grace period mentioned below, if any) or we receive written notice from you within
the grace period mentioned below, if any. We can prevent renewal if we mail notice to
you  at  least  30  calendar  days  before  maturity.  If  either  you  or  we  prevent  renewal,
dividends will not accrue after final maturity.
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 term share accounts on the maturity
date  which  have  the  same  term,  minimum  balance  (if  any)  and  other  features  as  the
original term share account. 
You will have a grace period of seven calendar days after maturity to withdraw the funds
without being charged an early withdrawal penalty.

"CHOICE" SHARE CERTIFICATE
Choice  Certificate  Option  Plan  and  Rate  Information  - See  accompanying  rate
disclosure. You will be paid this rate until first maturity.
The dividend rate and annual percentage yield may change. We will not change the rate
on  your  account  during  the  term  of  the  account.  However,  you  have  the  option  during
the first term of this account to exchange this dividend rate for a new dividend rate. The
available rate at the time of your rate adjustment option will be the prevailing one-year
share  certificate  fixed  rate.  This  exchange  will  be  at  no  cost  to  you.  If  you  make  an
exchange,  the  maturity  date  of  this  account  will  remain  the  same  as  originally
scheduled. You may exercise this exchange option once during the first term and once
during each renewal term.
Compounding  frequency  - Unless  otherwise  paid,  dividends  will  be  compounded
every day.
Crediting  frequency  - Dividends  will  be  credited  to  your  account  monthly,  quarterly,
semiannually, annually, or at maturity. Alternatively, you may choose to have dividends
paid  to  you  or  to  another  account  monthly,  quarterly,  semiannually,  or  annually  rather
than credited to this account. 
Dividend  period  - For  this  account,  the  dividend  period  varies.  Your  dividend  period
may be monthly, quarterly, semiannually, or annually.
Minimum balance requirements:
The minimum balance required to open this account is $1,000.00.
You must maintain a minimum daily balance of $1,000.00 in your account each day to
obtain the disclosed annual percentage yield.
Daily  balance  computation  method  - Dividends  are  calculated  by  the  daily  balance
method which applies a daily periodic rate to the balance in the account each day.
Accrual  of  dividends  on  noncash  deposits  -  Dividends  will  begin  to  accrue  on  the
first business day after the banking day you place noncash items (for example, checks)
to your account.
Transaction limitations:
After  the  account  is  opened,  you  may  make  additions  into  the  account,  in  minimum
increments  of  $1,000.00,  until  the  maturity  date  stated  on  the  account  (but  the  total
balance  of  this  account  may  not  exceed  $250,000.00).  No  additional  funds  may  be
added to this account after the rate change option has been exercised.
There are no limitations on the frequency or timing of additions, except that no additions
can be made in the last seven days before maturity.
You  may  make  withdrawals  of  principal  from  your  account  before  maturity  only  if  we
agree  at  the  time  you  request  the  withdrawal.  Principal  withdrawn  before  maturity  is
included in the amount subject to early withdrawal penalty.
You can only withdraw dividends before maturity if you make arrangements with us for
periodic payments of dividends in lieu of crediting.
Early  withdrawal  penalties (a  penalty  may  be  imposed  for  withdrawals  before
maturity) - 
•

If your account has an original maturity of one year or less:

The  penalty  we  may  impose  is  ninety  (90)  days’  dividends  on  the  amount
withdrawn  or  any  dividends  earned  if  less  than  ninety  (90)  days’,  with  a
minimum of seven (7) days’ dividends.

•

If your account has an original maturity of more than one year:

The penalty we may impose is one hundred and eighty (180) days’ dividends
or any dividends earned if less than one hundred and eighty (180) days’, with a
minimum of seven (7) days’ dividends.

In  certain  circumstances  such  as  the  death  or  incompetence  of  an  owner  of  this
account, the law permits, or in some cases requires, the waiver of the early withdrawal
penalty. Other exceptions may also apply, for example, if this is part of an IRA or other
tax-deferred savings plan.
For any account which earns a dividend rate that may vary from time to time during the
term, the dividend rate we will use to calculate this early withdrawal penalty will be the
dividend rate in effect at the time of the withdrawal.
Withdrawal of dividends prior to maturity - The annual percentage yield is based on
an assumption that dividends will remain in the account until maturity. A withdrawal will
reduce earnings.
Automatically renewable account - This account will automatically renew at maturity.
You may prevent renewal if you withdraw the funds in the account at maturity (or within
the grace period mentioned below, if any) or we receive written notice from you within
the grace period mentioned below, if any. We can prevent renewal if we mail notice to
you  at  least  30  calendar  days  before  maturity.  If  either  you  or  we  prevent  renewal,
dividends will not accrue after final maturity.
Variable  Rate  - This  certificate  will  automatically  renew  for  the  maximum  term  of  730
days (24 months) unless written instructions are received prior to the maturity date.
You will have a grace period of seven calendar days after maturity to withdraw the funds
without being charged an early withdrawal penalty.

IRA SHARE CERTIFICATE
Rate  Information  (fixed  rate  account)  - See  accompanying  rate  disclosure.  You  will
be paid this rate until first maturity.
Rate  Information  (variable  rate  account)  - See  accompanying  rate  disclosure.  The
dividend  rate  and  annual  percentage  yield  may  change  every  week.  We  may  change
the dividend rate for your account as determined by the credit union board of directors.
Compounding  frequency  - Existing  IRA  Share  Certificates,  as  of  1/1/95,  do  not
compound. At time of renewal, or at time of opening a new IRA Share Certificate, daily
compounding will automatically occur.
Crediting frequency - Dividends will be credited to your account at maturity.
Dividend period - For this account type, the dividend period is at maturity.
Minimum balance requirements:
The minimum balance required to open this account is $1,000.00.
You must maintain a minimum daily balance of $1,000.00 in your account each day to
obtain the disclosed annual percentage yield.
Daily  balance  computation  method  - Dividends  are  calculated  by  the  daily  balance
method which applies a daily periodic rate to the balance in the account each day.
Accrual  of  dividends  on  noncash  deposits  -  Dividends  will  begin  to  accrue  on  the
first business day after the banking day you place noncash items (for example, checks)
to your account.
Transaction limitations:
For a fixed rate IRA Share Certificate, you may not make additions into the account until
the maturity date stated on the account. 

For a variable rate IRA Share Certificate, you may make additions to the account. The
minimum amount you can deposit is $500.00.
There are no limitations on the frequency or timing of additions, except that no additions
can be made in the last seven days before maturity.
You  may  make  withdrawals  of  principal  from  your  account  before  maturity  only  if  we
agree  at  the  time  you  request  the  withdrawal.  Principal  withdrawn  before  maturity  is
included in the amount subject to early withdrawal penalty.
You can only withdraw dividends before maturity if you make arrangements with us for
periodic payments of dividends in lieu of crediting.
Time requirements - The maturity date on your account will depend on the term of the
account. See the accompanying rate disclosure for time requirements.
Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity) - 

•

If your account has an original maturity of one year or less:

The  penalty  on  all  early  withdrawals  is  ninety  (90)  days’  dividends  or  any
dividends  earned  if  less  than  ninety  (90)  days’,  with  a  minimum  of  seven  (7)
days’ dividends.

•

If your account has an original maturity of more than one year:

The  penalty  on  all  early  withdrawals  is  one  hundred  and  eighty  (180)  days’
dividends  or  any  dividends  earned  if  less  than  one  hundred  and  eighty  (180)
days’, with a minimum of seven (7) days’ dividends.

In  certain  circumstances  such  as  the  death  or  incompetence  of  an  owner  of  this
account, the law permits, or in some cases requires, the waiver of the early withdrawal
penalty. Other exceptions may also apply, for example, if this is part of an IRA or other
tax-deferred savings plan.
For any account which earns a dividend rate that may vary from time to time during the
term, the dividend rate we will use to calculate this early withdrawal penalty will be the
dividend rate in effect at the time of the withdrawal.
□ Withdrawal  of  dividends  prior  to  maturity  - The  annual  percentage  yield  is
based  on  an  assumption  that  dividends  will  remain  in  the  account  until  maturity.  A
withdrawal will reduce earnings.
Automatically renewable account - This account will automatically renew at maturity.
You may prevent renewal if you withdraw the funds in the account at maturity (or within
the grace period mentioned below, if any) or we receive written notice from you within
the grace period mentioned below, if any. We can prevent renewal if we mail notice to
you at least 30 days before maturity. If either you or we prevent renewal, dividends will
not accrue after final maturity.

□ Variable Rate - Each automatic renewal term will be the same as the original
term,  beginning  on  the  maturity  date.  Dividends  will  be  calculated  on  the  same
basis as during the original term.
□ Fixed  Rate  - Each  automatic  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 term share accounts on the maturity date which have the same term, minimum
balance (if any) and other features as the original term share account. 

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

COMMON FEATURES

Bylaw requirements:
You must complete payment of the following as a condition of admission to Membership:
one $5.00 share in your Membership account. If the balance in the account falls below
what is required for Membership, you may be terminated from Membership immediately,
and forfeit any and all Membership rights and privileges, such as loan product eligibility.
Cash  withdrawal  transactions  -  Cash  withdrawal  transactions  of  $2,000.00  or  more
require  advance  notice  of  at  least  one  (1)  business  day,  and  are  subject  to  funds
availability in your account.
Transaction limitation - We reserve the right to at any time require not less than seven
days  notice  in  writing  before  each  withdrawal  from  a  dividend-bearing  account  other
than a time deposit, or from any other savings account as defined by Regulation D.
Nature of dividends - Dividends are paid from current income and available earnings,
after  required  transfers  to  reserves  at  the  end  of  a  dividend  period.  (This  disclosure
further explains the dividend feature of your non-term share account(s).)
National Credit Union Share Insurance Fund - Member accounts in this credit union
are federally insured by the National Credit Union Share Insurance Fund.
The  following  fees  may  be  assessed  against  your  account  and  the  following
transaction limitations, if any, apply to your account.
Check printing .....................................................(fee depends on style of check ordered)
Please  refer  to  our  separate  fee  schedule  “Membership  Account  Fees  and  Service
Charges” for additional information about fees and charges.
Please refer to our separate Share Account Rate Sheet for additional information about
rates and Annual Percentage Yield (APY).
For  more  information  on  fees,  charges  and  rates,  please  contact  our  office.  This
information  is  also  available  via  Telephone  Banking  and  Online  Banking,  and  on  our
Web site at www.ibmsecu.org.

YOUR LINKS TO YOUR CREDIT UNION:

Telephone Banking 24-hour access:
(800) 888-3900, (561) 997-0779, or
in Atlanta, (770) 429-6520

Member Service Call Center:
(800) 873-5100 or (561) 982-4700
fax: (561) 226-5415
e-mail: serviceplus@ibmsecu.org

TDD for hearing impaired: (561) 241-2992

Online Banking: www.ibmsecu.org
To apply for a loan online, view your statements,
or for account inquiries and transactions.

Your savings federally insured to at least $250,000
and backed by the full faith and credit of the United States Government

NCUA

National Credit Union Administration, a U.S. Government Agency

2016846-020
© 1988, 1993, 1996 Wolters Kluwer Financial Services – Bankers Systems™
Form AIB-TIS-CU  9/3/96   3o  Custom TCM-10CUm,2ba,8d,4q,9a

A426  R09/09

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