Membership Agreement & Disclosure

Truth-In-Savings Disclosure

To open your account, complete the appropriate membership application and return it to our Financial Services Consultant. Please read this agreement completely (and retain it with your personal records). If you would like us to send you a hard copy, please contact us at 800.866.6474.

All agreements and disclosures shall be construed in accordance with the provisions of the California Uniform Commercial Code (UCC). Share “savings” accounts, share draft “checking” accounts and term certificate accounts are subject to the requirements below and such other terms and conditions as established by the Board of Directors and as contained in the account agreements.

Please note that this Agreement contains a BINDING INDIVIDUAL ARBITRATION PROVISION AND JURY AND CLASS ACTION WAIVER which affects your rights with respect to any claims or disputes by or against the Credit Union. You may opt out of that provision as described in the Arbitration and Waiver of Class Action and Jury Trial Section.

Information Regarding Member Identification

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means for our Members: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying objects.

General Information About All of Our Accounts

Par Value
The par value of a savings in the SCE Federal Credit Union is $5.

Accrual of Dividends
Dividends begin to accrue on the business day you deposit cash or non-cash items (e.g., checks) to your account if deposited before close of business. Accrued dividends will be paid if you close your savings and term certificate accounts before dividends are credited.

Dividend Rates
The dividend rate and Annual Percentage Yield on our savings and term certificate accounts are stated on the Rate Schedule found on our website at scefcu.org. Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period.

Balance Information
We compute the balance in our savings, Green Checking and term certificate accounts to determine the dividends you will be paid by using the daily balance method which applies a daily periodic rate to the balance in your account each day.

Bylaw Requirements
The maximum amount of savings which may be held by any one member shall be established from time to time by resolution of the board.

A member who fails to complete payment of one savings within 6 months of his admission to membership, or within 6 months from the increase in the par value in savings, or a member who reduces his savings balance below the par value of one savings and does not increase the balance to at least the par value of one savings within 6 months of the reduction may be terminated from membership at the end of a dividend period.

Savings may be transferred only from one member to another, by written instrument in such form as the Credit Union may prescribe. No transfer of voting rights or other membership privilege is permitted by virtue of transfer to or co-ownership of savings by nonmembers. The Credit Union reserves the right, at any time, to require members to give, in writing, not less than 7 days and not more than 60 days notice of intention to withdraw the whole or any part of the amounts so paid in by them.

No member may withdraw shareholdings that are pledged as required for security on loans without the written approval of the senior loan officer, except to the extent that such savings exceed the member’s total primary and contingent liability to the Credit Union. No member may withdraw any shareholdings below the amount of his/her primary or contingent liability to the Credit Union if he/she is delinquent as a borrower, or if borrowers for whom he/she is comaker, endorser, or guarantor are delinquent, without the written consent of the senior loan officer.

Requirement to Maintain a Savings Account
You must open a Prime Savings Account to open a Vacation Club, Holiday Club, Premier Money Market Account, Super Saver or IRA Account. You must maintain the Prime Savings Account to avoid closure of that account and any subsequent accounts. Inactive Account Fee Accounts with no activity for twelve (12) consecutive months will be assessed the Inactive Account Fee stated on the Schedule of Fees and Charges. You may avoid this fee if you meet any one of the following criteria:

  • You are a member under 18 years of age;
  • You maintain a Credit Union loan account with any balance;
  • You have a Credit Union VISA, Personal Line of Credit or Home Equity Line of Credit account with an available credit limit;
  • You maintain a Credit Union certificate or IRA account with any balance; or
  • You maintain a minimum balance of $250 in your savings or checking account.

Arbitration and Waiver of Class Action and Jury Trial

Please read this provision carefully. It affects your rights and may have a substantial impact on how legal claims you and we have against each other are resolved if you do not opt-out as permitted below.

Arbitration
To the extent permitted by the Federal Arbitration Act (the “FAA”) and any other applicable federal law, binding arbitration may be elected by either party with respect to any past, present or future claim or controversy arising out of or relating to this Agreement and/or a Credit Union account, even if that party has already initiated a lawsuit with respect to a different claim. Arbitration is elected by giving a written demand for arbitration to the other party, by filing a motion to compel arbitration in court, or by initiating arbitration against the other party. You and we agree, upon such written demand, motion or initiation, to submit to, and that such claim shall be settled by, binding arbitration.

The arbitration will be subject to the Rules of the American Arbitration Association (“AAA”) in effect at the time the arbitration is initiated, or such similar rules as may be adopted by AAA. Neither party will demand the arbitration of an action filed in small claims court, or its state’s equivalent court, for any claim or dispute within the scope of the small claims court’s jurisdiction. But if a claim is transferred, removed or appealed to a different court, such claim shall be subject to arbitration.

This arbitration provision shall be interpreted and enforced in accordance with the FAA by a single arbitrator appointed by the AAA. The arbitrator shall be an attorney, retired judge or AAA panel member with experience and knowledge regarding financial institutions and transactions.

Each party shall pay its own fees and costs of the arbitration pursuant to this Agreement unless otherwise required by law.

In each case, each party will pay for its own attorney fees and costs, if any, for prosecuting and defending claims, except that the arbitrator may award the prevailing party all its attorney fees and costs, including expert witness fees.

Arbitration hearings will be held in a location reasonably convenient to your residence, or at another location if mutually agreed. Any issue concerning whether or the extent to which a dispute or claim is subject to arbitration, including issues relating to the validity or enforceability of these arbitration provisions, shall be determined by the arbitrator. Only a court, and not an arbitrator, however, shall determine the validity and effect of the class action and jury trial waivers below. All statutes of limitations or other defenses relating to the timeliness of the assertion of a dispute or claim that otherwise would be applicable to an action brought in a court of law must be followed by the arbitrator, and the commencement of an arbitration under this Agreement shall be deemed the commencement of an action for such purposes. The arbitrator’s decision shall be final and binding and may be entered in any state or federal court having jurisdiction. The arbitrator may award any remedy provided by the substantive law that would apply if the action were pending in court. For more details, check the American Arbitration Association’s website, www.adr.org, OR call the American Arbitration Association’s Customer Service telephone number at (800) 778-7879.

Waiver of Class Action and Jury Trial
WE EACH AGREE THAT ANY AND ALL DISPUTES, WHETHER SUBMITTED TO ARBITRATION OR DECIDED BY A COURT, MUST BE BROUGHT IN THE PARTY'S INDIVIDUAL CAPACITY AND NOT AS A CLASS ACTION PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS OR REPRESENTATIVE PROCEEDING. YOU AGREE TO WAIVE THE RIGHT TO PARTICIPATE IN A CLASS ACTION OR LITIGATE ON A CLASS-WIDE BASIS. YOU AGREE THAT YOU HAVE EXPRESSLY AND KNOWINGLY WAIVED THESE RIGHTS. YOU AND THE CREDIT UNION HEREBY VOLUNTARILY AND KNOWINGLY WAIVE THE RIGHT TO TRIAL BY JURY OF ALL DISPUTES, CONTROVERSIES AND CLAIMS BY, BETWEEN OR AGAINST EITHER YOU OR THE CREDIT UNION WHETHER THE DISPUTE, CONTROVERSY OR CLAIM IS SUBMITTED TO ARBITRATION OR IS DECIDED BY A COURT, TO THE FULLEST EXTENT ALLOWED BY LAW.

Your Right to Opt-Out: Arbitration and Waiver of Class Action and Jury Trial
IF YOU DO NOT WANT THIS ARBITRATION AND WAIVER OF CLASS ACTION AND JURY TRIAL PROVISION TO APPLY, YOU MAY OPT-OUT BY SENDING A WRITTEN REQUEST TO THE CREDIT UNION POSTMARKED WITHIN SIXTY (60) DAYS OF YOUR RECEIPT OF THIS AGREEMENT. THE OPT-OUT MUST INCLUDE YOUR FULL NAME, ADDRESS, TELEPHONE NUMBER, ACCOUNT NUMBER AND PERSONAL SIGNATURE, AND MUST BE MAILED TO THE CREDIT UNION AT: P.O. BOX 8017, EL MONTE, CA 91734. OPTING OUT WILL NOT TERMINATE THIS AGREEMENT OR AFFECT ANY OTHER RIGHTS AND OBLIGATIONS YOU OR THE CREDIT UNION HAVE UNDER THIS AGREEMENT.

This arbitration provision does not preclude you from bringing issues regarding your accounts to the attention of any federal, state or local agency or entity. Such agency or entity may be able to seek relief on your behalf.

Nothing in this arbitration provision shall limit your or our right, whether before, during, or after the pendency of any arbitration proceeding, to exercise any self-help remedies, such as set-off or repossession and sale of collateral, or to obtain provisional remedies (including but not limited to, injunctive relief or interpleader relief). The exercise of such rights will not constitute a waiver of the right to submit any dispute to arbitration.

This Arbitration and Waiver of Class Action and Jury Trial provision shall survive your death, the closing of any of your accounts, the termination of any of your business or transaction(s) with us, and any bankruptcy filing to the extent consistent with applicable bankruptcy law, and shall also survive as to any claim within the scope of this Agreement.

If any term or provision of this Arbitration and Waiver of Class Action and Jury Trial provision is held to be invalid or unenforceable, the remaining provisions shall be enforced without regard to the invalid or unenforceable term or provision.

Savings Accounts

SCE Federal Credit Union’s savings accounts let you deposit your money in a savings account and withdraw your money generally at any time. Our savings accounts are the Prime Savings Account, No Dividend Savings, Youth Savings, Premier Money Market Account, Super Saver, Youth Super Saver, Vacation Club, Holiday Club, and IRA Accounts.

Rate Information
Our savings accounts are designated variable rate accounts on the Rate Schedule. These rates and yields may change at any time at the Credit Union’s discretion.

Transaction Limitations
No more than six preauthorized, automatic, online or telephonic transfers made to another account at the Credit Union or to a third party or no more than six transfers or withdrawals made by check, draft, debit card or similar order payable to a third party may be made from each savings account or money market deposit account in any calendar month. If an Account Holder exceeds, or attempts to exceed, these transfer limits, the excess transfer requests may be refused or reversed, a fee may be imposed on the excess transfer requests, and the Credit Union may reclassify or close the account. Transfers initiated by telephone must be counted among the six monthly transfers, except that there are no limits on the number of withdrawals paid directly to an Account Holder when initiated by mail, telephone or messenger. There are no limits on the number of withdrawals if initiated in person.

PRIME SAVINGS ACCOUNTS

Minimum Balance and Deposit Requirements
The minimum deposit required for you to open your Prime Savings Account is $5. You must maintain a minimum balance of $250 to obtain the Annual Percentage Yield stated on the Rate Schedule. If the account balance falls below the minimum required balance you will not receive any accrued dividends.

Dividend Compounding and Creating
Dividends will be compounded quarterly and will be credited quarterly. For the Prime Savings Account the dividend period is quarterly. For example, the beginning date of the first dividend period of the calendar year is January 1st and the ending date is March 31st. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period. The most recent dividend declaration date is reflected on the Rate Schedule, which may be found on our website at scefcu.org.

Transaction Limitations
The maximum number of withdrawals you may make is 6 within a calendar month. Refer to the Prime Savings Account Agreement section for additional transaction limitations. If you exceed the withdrawal limitations in any calendar month, your account will be subject to the fee stated on the Fee Schedule.

NO DIVIDEND SAVINGS ACCOUNT

Our No Dividend Savings Account is a non-dividend earning account.

Minimum Balance and Deposit Requirements
The minimum deposit required for you to open your No Dividend Savings Account is $5. You must maintain an aggregate balance of $250 in order to avoid a monthly service fee as stated on the Schedule of Fees and Charges.

Transaction Limitations
The maximum number of withdrawals you may make from your No Dividend Savings Account is 6 within a calendar month. Refer to the Savings Account Agreement section for additional transaction limitations. If you exceed the withdrawal limitations in any calendar month, your account will be subject to the fee stated on the Fee Schedule.

YOUTH SAVINGS ACCOUNT

Our Youth Savings Account is a savings account for members under 18 years of age.

Minimum Balance and Deposit Requirements
The minimum deposit required for you to open your Youth Savings Account is $5. You must maintain a minimum balance of $250 to obtain the Annual Percentage Yield stated on the accompanying Rate Schedule.

Dividend Compounding and Crediting
Dividends will be compounded quarterly and will be credited quarterly. For the Youth Savings Account, the dividend period is quarterly. For example, the beginning date of the first dividend period of the calendar year is January 1st and the ending date is March 31st. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period. The most recent dividend declaration date is reflected on the accompanying Rate Schedule.

Transaction Limitations
The maximum number of withdrawals you may make from your Youth Savings Account is 6 within a calendar month. Refer to the Savings Account Agreement section for additional transaction limitations. If you exceed the withdrawal limitations in any calendar month, your account will be subject to the fee stated on the Fee Schedule.

At the age of 18, the Youth Savings Account will be converted to a Prime Savings Account (refer to “Prime Savings Account” for additional account information).

MONEY MARKET ACCOUNT

Our Money Market Account is a tiered variable rate savings account.

Minimum Balance and Deposit Requirements
The minimum deposit required to open a Money Market Account and the minimum balance required to obtain the Annual Percentage Yield are indicated for each tier on the accompanying Rate Schedule. The dividend rate and the Annual Percentage Yield are based on the entire daily balance of the tiered accounts. If your daily balance is increased or decreased, the dividend rate and the Annual Percentage Yield for the appropriate tier will be paid on the entire daily balance in your account.

Dividend Compounding and Crediting
Dividends will be compounded monthly and will be credited monthly. For the Money Market Account the period is monthly. For example, the beginning date of the first dividend period of the calendar year is January 1st and the ending date is January 31st . All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period. The most recent dividend declaration date is reflected on the accompanying Rate Schedule.

Transaction Limitations
No more than six preauthorized, automatic, online or telephonic transfers made to another account at the Credit Union or to a third party or no more than six transfers or withdrawals made by check, draft, debit card or similar order payable to a third party may be made from each savings account or money market deposit account in any calendar month. If an Account Holder exceeds, or attempts to exceed, these transfer limits, the excess transfer requests may be refused or reversed, a fee may be imposed on the excess transfer requests, and the Credit Union may reclassify or close the account. Transfers initiated by telephone must be counted among the six monthly transfers, except that there are no limits on the number of withdrawals paid directly to an Account Holder when initiated by mail, telephone or messenger. There are no limits on the number of withdrawals if initiated in person.

SUPER SAVER ACCOUNT

Minimum Balance and Deposit Requirements
There are no minimum deposit or balance requirements for your Super Saver Account.

Dividend Compounding and Crediting
Dividends will be compounded quarterly and will be credited quarterly. For the Super Saver Account the dividend period is quarterly. For example, the beginning date of the first dividend period of the calendar year is January 1st and the ending date is March 31st. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period. The most recent dividend declaration date is reflected on the accompanying Rate Schedule.

Transaction Limitations
The maximum number of withdrawals you may make is 2 within a calendar year. If you exceed the withdrawal limitations in any calendar year, your account will be subject to the fee stated on the Fee Schedule.

YOUTH SUPER SAVER ACCOUNT

Our Youth Super Saver Account is a savings account for members under 18 years of age.

Minimum Balance and Deposit Requirements
There are no minimum deposit or balance requirements for you to open your Youth Super Saver Account.

Dividend Compounding and Crediting
Dividends will be compounded quarterly and will be credited quarterly. For the Youth Super Saver Account, the dividend period is quarterly. For example, the beginning date of the first dividend period of the calendar year is January 1st and the ending date is March 31st. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period. The most recent dividend declaration date is reflected on the accompanying Rate Schedule.

Transaction Limitations
The maximum number of withdrawals you may make from your Youth Super Saver Account is 4 within a calendar year. If you exceed the withdrawal limitations in any calendar year, your account will be subject to the fee stated on the Fee Schedule.

At the age of 18, the Youth Super Saver Account will be closed and the account balance will be transferred to a Savings Account (refer to “Prime Savings Account” for additional account information).

VACATION CLUB ACCOUNT

Minimum Balance and Deposit Requirements
The minimum deposit required for you to open your Vacation Club Account is $10. There is no minimum balance requirement for our Vacation Club Account.

Dividend Compounding and Crediting
Dividends will be compounded monthly and will be credited monthly. For the Vacation Club Account the dividend period is monthly. For example, the beginning date of the first dividend period of the calendar year is January 1st and the ending date is January 31st. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period. The most recent dividend declaration date is reflected on the accompanying Rate Schedule.

Transaction Limitations
Your Vacation Club Account may be opened at any time. Funds will be disbursed to you on or about June 1st. No withdrawals may be made without penalty. If a withdrawal is necessary, the account will be subject to an early withdrawal fee as stated on the accompanying Fee Schedule.

HOLIDAY CLUB ACCOUNT

Minimum Balance and Deposit Requirements
The minimum deposit required for you to open your Holiday Club Account is $10. There is no minimum balance requirement for our Holiday Club Account.

Dividend Compounding and Crediting
Dividends will be compounded monthly and will be credited monthly. For the Holiday Club Account the dividend period is monthly. For example, the beginning date of the first dividend period of the calendar year is January 1st and the ending date is January 31st. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period. The most recent dividend declaration date is reflected on the accompanying Rate Schedule.

Transaction Limitations
Your Holiday Club Account may be opened at any time. Funds will be disbursed to you on or about November 1st. No withdrawals may be made without penalty. If a withdrawal is necessary, the account will be subject to an early withdrawal fee as stated on the accompanying Fee Schedule.

IRA SAVINGS ACCOUNTS

(Roth, Traditional, and Coverdell Education Savings Accounts (previously Education IRA))

Minimum Balance and Deposit Requirements
There is no minimum deposit required to open your IRA Savings Account. There is no minimum balance required to obtain the Annual Percentage Yield as stated on the accompanying Rate Schedule.

Dividend Compounding and Crediting
Dividends will be compounded monthly and will be credited monthly. For the IRA Savings Accounts the dividend period is monthly. For example, the beginning date of the first dividend period of the calendar year is January 1st and the ending date is January 31st. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period. The most recent dividend declaration date is reflected on the accompanying Rate Schedule.

Incorporation of IRA Agreement and Disclosures
All other terms and disclosures for our Individual Retirement Accounts are contained in the Credit Union’s Individual Retirement Account agreement and disclosure statement, which by this reference is incorporated into this account disclosure in its entirety. When you open your Individual Retirement Account, the Credit Union agreement and disclosure statement will be provided to you.

Checking Accounts

SCE Federal Credit Union’s checking accounts let you withdraw your money and write checks against your account at any time. Our checking accounts are the Free Checking Account, Teen Checking, Fresh Start Checking, Green Checking and Health Savings Checking Account.

FREE CHECKING ACCOUNT

Minimum Balance and Deposit Requirements
There is no minimum balance required to open a Free Checking Account. The Free Checking Account is a non-dividend earning account.

TEEN CHECKING ACCOUNT
Our Youth Checking Account is available to eligible members between 13 to 18 years of age. Upon reaching 18 years old, the Youth Checking Account will convert to a Free Checking Account.

Minimum Balance and Deposit Requirements
There is no minimum balance required to open a Youth Checking Account.

FRESH START CHECKING ACCOUNT

The Fresh Start Checking Account is available to eligible members who have had a record reported to a consumer reporting agency. If the Fresh Start Checking Account is in good standing for one year, the account may be converted to another checking account at the member’s request.

The Fresh Start Checking Account is a non-dividend earning account.

Minimum Balance and Deposit Requirements
There is no minimum deposit required for you to open your Fresh Start Checking Account. There is a monthly service fee as stated on the accompanying Fee Schedule.

GREEN CHECKING ACCOUNT

Minimum Balance and Deposit Requirements
There is no minimum balance required to open your Green Checking Account. There is no minimum balance required to obtain the Annual Percentage Yield stated on the Rate Schedule. You must maintain a monthly electronic deposit of at least $500 and have elected to receive electronic statements (eStatements) to avoid a monthly service fee as stated on the accompanying Fee Schedule.

Rate Information
Our Green Checking Account is designated a variable rate account on the Rate Schedule. These rates and yields may change at any time at the Credit Union’s discretion.

Dividend Compounding and Crediting
Dividends will be compounded monthly and will be credited monthly. For the Green Checking Account the period is monthly. For example, the beginning date of the first dividend period of the calendar year is January 1st and the ending date is January 31st. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period. The most recent dividend declaration date is reflected on the accompanying Rate Schedule.

HEALTH SAVINGS CHECKING ACCOUNT

Minimum Balance and Deposit Requirements
The minimum balance required to open your Health Savings Checking Account is $50. There is no minimum balance required to obtain the Annual Percentage Yield stated on the Rate Schedule.

Rate Information
Our Health Savings Checking Account is designated a variable rate account on the Rate Schedule. These rates and yields may change at any time at the Credit Union’s discretion.

Dividend Compounding and Crediting
Dividends will be compounded monthly and will be credited monthly. For the Health Savings Checking Account the period is monthly. For example, the beginning date of the first dividend period of the calendar year is January 1st and the ending date is January 31st. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period. The most recent dividend declaration date is reflected on the accompanying Rate Schedule.

Incorporation of Health Savings Account Agreement and Disclosures
All other terms and disclosures for our Health Savings Accounts are contained in the Credit Union’s Health Savings Account agreement and disclosure statement, which by this reference is incorporated into this account disclosure in its entirety. When you open your Health Savings Account, the Credit Union agreement and disclosure statement will be provided to you.

Term Certificate Accounts

SCE Federal Credit Union’s term certificate accounts let you deposit your money for a specified period of time. Our term certificate accounts are the Term Certificates, Roth IRA Term Certificates, Coverdell Education Savings Term Certificates, and IRA Term Certificates.

Annual Percentage Yield
The Annual Percentage Yield is based on an assumption that dividends will remain on deposit until maturity. If you make a withdrawal from your account, your earnings will be reduced.

Maturity
Your account will mature as reflected on the Rate Schedule. The maturity date will be stated on the certificate or receipt provided to you at the time of opening your account.

Rate Information
Our term certificates are designated fixed rate accounts on the Rate Schedule. You will be paid these rates and yields until maturity.

Minimum Balance and Deposit Requirements
You must maintain a minimum balance of $1,000 in your term certificate account to obtain the Annual Percentage Yield stated on the Rate Schedule and to avoid closure.

Renewal of Account/Grace Period
Your account will automatically renew at maturity for the same time period as the original term at the prevailing rate unless you withdraw all of the funds in your account at maturity or within a grace period of 10 days after maturity.

Account Limitations
You may not make deposits into this account until the maturity date. See Early Withdrawal Penalties. You may make withdrawals of dividends from your account at any time.

Early Withdrawal Penalty
We may impose a penalty if you withdraw any of the funds from your account before the maturity date. The penalty imposed shall be as follows:

  1. a) If the term of the account is 91 days, the member shall forfeit all dividends earned.
  2. b) If the term of the account is 6 months up to 12 months, the member shall forfeit an amount up to 90 days dividends.
  3. c) If the term of the account is 18 months up to 60 months, the member shall forfeit an amount up to 180 days dividends.

Exceptions to Penalties
The penalties stated below will not apply if:

  1. The withdrawal is made subsequent to the death of any owner of the term certificate account, or is made pursuant to the Credit Union’s bylaws.
  2. The term certificate account is part of a pension plan which qualifies or is qualified for specific tax treatment under Section 401(d) or 408 of the Internal Revenue Code and withdrawal is made to effect distribution of the funds evidenced by such account following the participant’s death or disability or upon attaining not less than 70 1/2 years of age, or
  3. Such withdrawal is made as a result of the voluntary or involuntary liquidation of the Credit Union issuing the account.

Incorporation of IRA Agreement and Disclosures
All other terms and disclosures for our Individual Retirement Accounts are contained in the Credit Union’s Individual Retirement Account agreement and disclosure statement, which by this reference is incorporated into this account disclosure in its entirety. When you open your Individual Retirement Account, the Credit Union agreement and disclosure statement will be provided to you.

91 DAY TERM CERTIFICATES

Dividend Compounding and Crediting
Dividends will be compounded and credited at maturity.

TERM CERTIFICATIONS (6 Month through 60 Month)
Our Term Certificates range from 6 month to 60 month terms.

Dividend Compounding and Crediting
Dividends will be compounded monthly and will be credited monthly. For the Term Certificate the dividend period is monthly.

ROTH IRA TERM CERTIFICATES

Our Roth IRA Term Certificates range from 12 month to 60 month terms.

Dividend Compounding and Crediting
Dividends will be compounded monthly and will be credited monthly. For the Roth IRA Term Certificate the dividend period is monthly.

COVERDELL EDUCATION SAVINGS TERM CERTIFICATE

Our Coverdell Education Savings Term Certificates range from 12 month to 60 month terms.

Dividend Compounding and Crediting
Dividends will be compounded monthly and will be credited monthly. For the Coverdell Education Savings Term Certificate the dividend period is monthly.

IRA TERM CERTIFICATE

Our IRA Term Certificates range from 12 month to 60 month terms.

Dividend Compounding and Crediting
Dividends will be compounded monthly and will be credited monthly. For the IRA Term Certificate the dividend period is monthly.

Electronic Fund Transfer Disclosure and Agreement

This EFT Disclosure and Agreement as amended from time to time (“Agreement”) sets forth the terms and conditions governing the use of the SCE Federal Credit Union electronic transfer services. Disclosure information that applies to all electronic services offered by SCE Federal Credit Union is given below, followed by specific disclosure information for each service. SCE Federal Credit Union may also provide remittance transfers (defined by Regulation E, subpart B, as an “electronic transfer of funds of more than $15 which is requested by a sender and sent to a designated recipient in a foreign country by a remittance transfer provider”). The terms and conditions for such electronic transfers will be disclosed to you separately when you receive those services, and may differ from the terms and conditions disclosed herein. As applicable and to the extent not in conflict with such separately provided disclosures, the terms and conditions herein shall apply to remittance transfers that also meet the definition of an “electronic fund transfer” under Regulation E, subpart A. This Agreement takes the place of all prior agreements and disclosures governing the use of all electronic services. By retaining, using, or allowing others to use the electronic services offered by SCE Federal Credit Union, you are agreeing to be bound by the terms and conditions of this Agreement. In this Agreement, the term “you” and “your(s)” refer to the member, and the terms “we,” “us” and “our(s)” refer to SCE Federal Credit Union.

Personal Identification Number
The Credit Union will issue you a Personal Identification Number (PIN) that must be used with the ATM/Debit Card for transactions that require the use of a PIN. This number should be memorized-DO NOT write it on your ATM/Debit Card. After memorizing your PIN, you should destroy the notice disclosing your PIN. If you forget your PIN, contact the Credit Union and we will issue you a new one.

Right to Receive Documentation of Transactions
You will get a monthly account statement reflecting all of your transactions unless there is no activity in a particular month. In any case you will get the statement at least quarterly. Depending on the terminal, or if the transaction is $15 or less, you may receive a receipt at the time you make a transaction at a terminal. If you do receive a receipt, retain the receipt to compare with your monthly statement from the Credit Union.

Your Liability for Lost, Stolen or Unauthorized Transactions Involving Automated Teller Machine (ATM) Cards
Tell us AT ONCE if you believe your ATM/Debit Card and/or Personal Identification Number (PIN) has been lost or stolen, or if you believe that an electronic transfer has been made without your permission using information from your check. 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 have one with us). If you tell us within two (2) business days, you can lose no more than $50 if someone used your ATM/Debit Card or PIN without your permission. If you DO NOT tell us within two (2) business days after you learn of the loss or theft of your ATM/Debit Card or PIN, and we can prove that we could have stopped someone from using your ATM/Debit Card or PIN 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, 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. If you have authorized someone else to use the ATM/Debit Card and/or PIN, you are responsible for all transactions that person or persons initiates at any time, even if the amount or transactions exceed what you may have authorized.

Your Liability for Lost, Stolen or Unauthorized Transactions Involving Visa Debit Card
Tell us AT ONCE if you believe your Debit Card and/or Personal Identification Number (PIN) has been lost or stolen or if your statement shows an electronic fund transfer has been made without your permission using information from your check. 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 have one with us). If you tell us within 60 days of our sending your statement, you can lose no more than $50 if someone used your debit card without your permission. 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 close of the 60 days and before notice to us. If your delay in notifying us was due to extenuating circumstances beyond your reasonable control, including extended travel, your or a member of your family’s death or serious illness, hospitalization, permanent mental impairment or serious physical impairment, unless the circumstance did not reasonably contribute to your delay in notifying us within the 60-day period, we will extend the 60-day period by a reasonable period.

Special Notice to Visa Debit Cardholders
If there is an unauthorized use of your VISA Debit Card or a Plus network or Interlink transaction, and the transaction takes place on the VISA network, then your liability will be zero ($0.00). This provision limiting your liability does not apply to VISA Corporate Card or VISA Purchasing Card Transactions, ATM cash disbursements processed on non-VISA or non-Plus networks, or non-VISA PIN-less debit transactions. Additionally, your liability with respect to unauthorized transactions may be greater than the above zero ($0.00) liability limit, to the extent allowed under applicable law, if the credit union reasonably determines, based on substantial evidence, that you were grossly negligent or fraudulent in the handling of your account or card. In any case, to minimize your potential liability you should notify us of any unauthorized use no later than 60 days after your statement was mailed to you.

How to Notify the Credit Union in the Event of an Unauthorized Transaction
If you believe your ATM/Debit Card or PIN has been lost or stolen, or that someone has transferred or may transfer money from your account without your permission, call us at (800) 866-6474 or write to us at P. O. Box 8017, El Monte, CA 91734. You should also call the number or write to the address listed above if you believe a transfer has been made using information from your check without your permission.

Business Days
Our business days are Monday through Saturday, excluding holidays.

Our Liability for Failure to Make Transfers
If we do not complete a transaction to or from your savings or checking 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, if:

  1. a) through no fault of ours, you do not have enough money in your account to make the transaction;
  2. b) the transaction would go over the credit limit on your credit line;
  3. c) the terminal where you were making the transaction did not have enough cash;
  4. d) the ATM or network system was not working properly and you were aware of the malfunction when you started the transaction;
  5. e) circumstances beyond our control (such as fire, flood, power failure, or computer down time) prevented the transaction, despite reasonable precautions that we have taken;
  6. f) the money in your account is subject to an uncollected funds hold, legal process or any other encumbrance or agreement restricting a transaction;
  7. g) your ATM/Debit Card has expired, is damaged so that the terminal cannot read the encoding strip, is inactive or because your PIN has been entered incorrectly;
  8. h) your ATM/Debit Card or PIN has been reported lost or stolen and we have blocked the account; or
  9. i) the failure to complete the transaction is done to protect the integrity of the system or to protect the security of your account.

There may be other exceptions not specifically mentioned above.

In Case of Errors or Questions About Your Electronic Transfers
Telephone us at 800.866.6474 or write us at P. O. Box 8017, El Monte, CA 91734 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 tell you the results of our investigation within 10* business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45** days to investigate your complaint or question. If we decide to do this, we will credit your account within 10* business days 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 the error you assert is an unauthorized VISA transaction, other than a cash disbursement at an ATM, we will credit your account within 5 business days unless we determine that the circumstances or your account history warrant a delay, in which case you will receive credit within 10 business days.) 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.

If we decide that there was no error, we will send you a written explanation within three business days after we finish our investigation. You may ask for copies of the documents that we used in our investigation.

*If you give notice of an error within 30 days after you make the first deposit to your account, we will have 20 business days instead of 10 business days.

**If you give notice of an error within 30 days after you make the first deposit to your account, notice of an error involving a point of sale transaction, or notice of an error involving a transaction initiated outside the U.S. its possessions and territories, we will have 90 days instead of 45 days to investigate.

Charges
In order to obtain the electronic services listed, you must open and maintain a savings or checking account. All charges associated with our electronic fund transactions are disclosed in our Rate and Fee Schedule, which may be found on our website at scefcu.org.

Disclosure of Account Information to Third Parties
We will disclose information to third parties about your account or the transfers you make:

  1. a) when it is necessary to complete the transaction;
  2. b) in order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant;
  3. c) in order to comply with government agency or court orders or other legal process; or
  4. d) if you give us your prior oral or written permission.

Address Change
Keep the Credit Union informed of your current address to insure correct mailing of monthly statements. If we do not have your current address on file, you will be assessed the fee as stated on the Schedule of Fees and Charges.

Amendments
The Credit Union may change the terms and conditions of this Agreement from time to time by mailing written notice to your address as it appears on our records. If any change results in greater cost or liability to you or decreases access to your Accounts, you will be given at least twenty-one (21) days prior notice of the change. Prior notice may not be given where an immediate change in terms or conditions is necessary to maintain the integrity of the system and/or the security of ATM Cards, Debit Cards or designated accounts.

Termination
You may terminate this Agreement with us at any time. The Credit Union reserves the right to terminate this Agreement and/or your use of your ATM/Debit Card or PIN with or without cause. We may do so immediately if:

  1. a) you or any authorized user of your ATM/Debit Card, PIN or account breaches this or any other agreement with the Credit Union;
  2. b) we have reason to believe that there has been, or might be, an unauthorized use of your ATM Card, Debit Card, PIN or account; or
  3. c) you or any authorized user of your ATM/Debit Card, PIN or account request that we do so.

Additional Benefits/Card Enhancements
The Credit Union may from time to time offer additional services to your Account. Some may be at no additional cost to you and others may involve a specified fee. You understand that the Credit Union is not obligated to offer such services and may withdraw or change them at any time.

Waiver of Rights
The Credit Union can delay enforcing any of the provisions under this Agreement or the law any number of times without losing its right to enforce them at a later date.

Other Agreements
Except as stated otherwise in the Agreement, this Agreement does not alter or amend any of the terms or conditions of any other agreement you may have with the Credit Union.

Severability
If any part of this Agreement should be held to be unenforceable, the remaining provisions of this Agreement shall remain in full force and effect.

Who is Bound by This Agreement
Each person who signs the Application agrees to be bound by the terms and conditions of this Agreement. If more than one person signs the application, all signers are jointly and severally liable. The Credit Union can waive or delay enforcement of its rights as to one signer without affecting its ability to enforce its rights as to the other signers. The Agreement is also binding upon your heirs, personal representatives and successors.

Signatures
By using your access to the system, or authorizing anyone else to use your access to the system, and/or by signing the application, you agree to be bound by the terms and conditions of this Agreement and Disclosure.

ADDITIONAL DISCLOSURE APPLICABLE TO ACH SERVICES

Documentation of Direct Deposit
If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you can call us at (800) 866-6474 to find out whether or not the deposit has been made. If the only possible transfers to or from your account are direct deposits or preauthorized deposits, you will get at least a quarterly statement from us.

Disclosure of Right to Stop Payment

  1. 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’s how:

    Call us at 800.866.6474, or write to us at PO Box 8017, El Monte, CA 91734, in time for us to receive your request three 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 you call.
     
  2. Notice of varying amounts.

    If these regular payments 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.

Transactions Available
You may use your ACH services to perform the following transactions:

  • Make deposits to your savings, checking account, Money Market, Vacation and Holiday accounts;
  • Make loan payments;
  • Pay bills directly from your savings, checking, or Money Market account in the amounts and on the days you request;
  • Authorize a merchant or other payee to make a one-time electronic payment from your checking account using information from your check to pay bills or pay for purchases; and
  • Authorize a merchant or other payee to debit your checking account for returned check fees or return debit entry fees.

All payments and deposits are subject to later verification by us.

ADDITIONAL DISCLOSURES APPLICABLE TO ATM SERVICES

Rules for Use
By using your ATM/Debit Card with your personal identification number (PIN) at automated teller machines (“ATM’s”) or other electronic terminals operated by a participating institution, network system, or company (collectively “terminals”), you authorize us to effect the transactions from or to your savings or checking account(s) in accordance with the instructions given at the terminals. All ATM/Debit Card transactions are subject to the terms and conditions of your account agreements with us governing the affected accounts.

ATM Fees
When you use an ATM not owned by SCE Federal Credit Union, you may be charged a fee by the ATM operator and you may be charged a fee for a balance inquiry even if you do not complete a fund transfer. A fee will not be imposed for use of an ATM or Debit Card issued by SCE Federal Credit Union for use of an electronic terminal operated by SCE Federal Credit Union.

Transactions Available
You may use your ATM/Debit Card to perform the following transactions:

  • Make deposits to your savings or checking account;
  • Withdraw cash from your savings or checking and loan account;
  • Transfer funds between your savings and checking and loan account;
  • Make point-of-sale payments for goods and services to others from your checking account; and
  • Make account balance inquiries.

Some of the transactions listed above may not be available at all terminals. All payments and deposits are subject to later verification by us.

Limitations on Transactions
You may make ATM cash withdrawals or Debit transactions up to $500 ($110 for Youth Accounts) each 24-hour period as long as your available balance will cover the transaction. Various institutions which participate in networks of which the Credit Union is a member may have withdrawal limits different from the amount set forth herein. In the event that a specific ATM is so limited, you may not be able to withdraw more than the cash limit of that particular ATM.

Access Cards
All ATM Cards/Debit Cards are nontransferable and belong to the Credit Union. The Credit Union may cancel, modify and restrict the use of any ATM/Debit Card upon proper notice or without notice if your account is overdrawn or where necessary to maintain or restore the security of accounts on the ATM system.

ATM Safety
An ATM provides a quick and convenient way to access your money. However, use caution and remember the following safety tips whenever you use an ATM:

  • Be aware of the surroundings, particularly at night.
  • Look for well lighted ATM’s when transacting at night.
  • If you notice anything suspicious when approaching the ATM, return later or use another ATM.
  • Have your transaction ready before you go to the ATM. When you can, fill out any deposit or withdrawal slips/envelopes before leaving your vehicle.
  • Have your ATM Card ready, to avoid going through your purse or searching through the contents of your wallet at the ATM site.
  • If you notice anything suspicious while you are transacting business, immediately stop your transaction, put your ATM Card away and leave.
  • Consider having another person accompany you to the ATM.
  • Immediately report all crimes to the ATM operator and to local law enforcement officials.
  • Stand close to the ATM and away from others in line to avoid detection of your PIN or other account information.
  • Put your cash away as soon as the transaction is complete; count the cash later in the safety of your vehicle or home.
  • Never give information to strangers at the ATM or to anyone over the phone. Be aware of fraud or people who pose as Credit Union employees who try to get information from you. This information should only be discussed in person by you at the Credit Union.
  • Remember to keep your PIN a secret. Make sure not to write it on your ATM Card or anywhere else in your wallet; thieves can easily figure out the reason for “hidden” or “secret” numbers.

ADDITIONAL DISCLOSURES APPLICABLE TO AUDIO REESPONSE

Transactions Available
You may use your Audio Response Service to perform the following transactions:

  • Obtain account, and loan balances;
  • Obtain loan payment due date and pay off information;
  • Obtain last dividend, date and amount;
  • Obtain clearance of specific checks;
  • Request a check withdrawal from your savings, checking or Money Market account;
  • Transfer funds between your savings, checking and Money Market account;
  • Access your Line of Credit Account to request loan advances;
  • Transfer funds from your Line of Credit to your checking and savings accounts.
  • Make loan payments; and
  • Apply for a loan.

All payments and deposits are subject to later verification by us.

Limitations on Transactions
The maximum amount you may withdrawal by check is $20,000 during any 24-hour period.

ADDITIONAL DISCLOSURES APPLICABLE TO VISA DEBIT CARD SERVICES

Issuance of Card
“Card” means the SCE Federal Credit Union VISA Debit Card and any duplicates, renewals or substitutions the Credit Union issue to you; “Account” means the account designated on the application for your Debit Card.

Responsibility for Transactions
You are responsible for all transactions you make with the Card or that you authorize another person to make with the Card. You understand that if you disclose your VISA Debit Card PIN to anyone, they will have access to all accounts identified by your account number. If the Account is a joint account, all transactions involving the account are binding on all Account holders.

Merchant Disputes
For POS transactions directly accessing a line of credit, the credit union is not responsible for the refusal of any merchant or financial institution to honor the card. The credit union is subject to claims and defenses (other than tort claims) arising out of goods or services you purchase with the card if you have made a good faith attempt but have been unable to obtain satisfaction from the merchant or service provider and (a) your purchase was made in response to an advertisement the credit union sent or participated in sending to you or (b) your purchase cost more than $50 and was made in your state or within 100 miles of your home.

Limitations on Dollar Amounts and Frequency of Transactions
Purchases made above the floor limit of the merchant will require an authorization number from VISA.

VISA Debit Card limit is up to $2,000 ($110 for Youth Accounts) for every 24-hour period when used at places that accept VISA Debit Cards as long as your available balance will cover the transaction. You may make up to 15 total transactions per each 24-hour period.

Use of the Card
You may use the Card and PIN to:

  • Withdraw cash from your Account at ATMs, merchants, or financial institutions that accept VISA Debit Cards;
  • Transfer funds between your savings, checking or loan account you have with the Credit Union; and
  • Make deposits to your savings or checking account at the Credit Union.

You may use the Card without the PIN to:

  • Purchase goods or services at places that accept VISA Debit Cards (these are point of sale or POS transactions);
  • Order goods or services by mail or telephone from places that accept VISA Debit Cards;
  • Order goods or services without a PIN by mail, online, or telephone at merchants who offer the payment transactions processed through the STAR, PULSE, CO-OP, ACCEL/Exchange or any other Debit Card network; and
  • Make automatic payments from your Account to pay bills or other charges, providing that the person or organization that you are paying agrees to accept payments this way.

Some of these services may not be available at all terminals.

Use of the Card, the Account number on the Card, the PIN or any combination of the three for payments, purchases, or to obtain cash from merchants, financial institutions or others who honor VISA Debit Cards is an order by you for the withdrawal of the amount of the Transaction from your Account. Each Transaction with the Card will be charged to your Account on the date the Transaction is posted to your Account. When the Credit Union receives notification of a Debit Card transaction, it will put a hold on an equivalent amount of funds in your checking account for 3 days or until the day the transaction is charged to your account.

All Card transactions covered by this Agreement are subject to the terms and conditions of your Account agreements with us governing the affected Accounts, except as modified by this Agreement. Any future changes to your Account agreements may affect the use of the card.

Illegal Use of Visa Debit Card
You agree that your VISA Debit Card Account will not be used to make or facilitate any transaction(s) that are or might be construed to be illegal pursuant to applicable law, rule or ordinance, including but not limited to gambling. Said use, including any such authorized use, will constitute an event of default under this Agreement. You agree that the Credit Union has no liability, responsibility or culpability whatsoever for any such use by you or any authorized user(s). You agree that you are responsible for repayment of any and all debts incurred for these transactions. You further agree to indemnify and hold the Credit Union harmless from any suits, liability, damages or adverse action of any kind that results directly or indirectly from such illegal use.

Overdrafts
You promise to pay the Credit Union immediately upon demand for any negative (overdraft) balance arising in your Account, unless you have available overdraft privileges. If you do not have overdraft privileges, the Credit Union may deduct the amount of any overdraft on your Account from any other account you have with the Credit Union, except an Individual Retirement Account.

Refusal to Honor Card
The Credit Union is not liable for the refusal or inability of any electronic terminal to honor the Card or to complete a withdrawal from your Account, or for their retention of the Card. The Credit Union is also not responsible for the refusal of any merchant or financial institution to honor the Card or for their retention of the Card.

Foreign Transactions
Purchases and cash advances made in foreign currencies will be billed to you in U.S. dollars. Transactions processed outside of the United States, or in a foreign currency may be charged a foreign transaction fee, regardless of whether there is a currency conversion associated with the transaction. The conversion rate in dollars will be a rate selected by VISA from a range of rates available in wholesale currency markets for the applicable Central Processing Date, which rate may vary from the rate VISA itself receives, or the government-mandated rate in effect for the applicable Central Processing Date in each instance, plus a one percentage point (1%) fee charged by the Issuer.

Consumer Reports
The Credit Union makes credit available to its members on a regular basis. The Applicant(s)/Account Holder(s) of the account authorizes the Credit Union to obtain consumer reports in connection with credit and business transactions involving the Applicant(s)/Account Holder(s), including but not limited to applying for membership, the opening of a savings or checking account or the issuance of an ATM Card, Debit Card, or other service provided by the Credit Union, and the Applicant(s)/Account Holder(s) of the account authorize any person, association, or corporation to furnish on request of this Credit Union, information concerning the affairs of the Applicant(s)/Account Holder(s). The Applicant(s)/Account Holder(s) also authorizes the Credit Union to furnish information concerning the account to consumer reporting agencies.

ADDITIONAL DISCLOSURES APPLICABLE TO ONLINE BANKING SERVICES

System Requirements
Online Banking service allows convenient access to your account information 24 hours a day. To use Online Banking you must have a computer, modem, Internet Service, browser, your account number and a PIN or Access Code.

Transactions Available
You may use your Online Banking service to perform the following transactions:

  • Obtain account/loan balance information;
  • Obtain loan payment due date and payoff information;
  • Obtain last dividend, date and amount;
  • Obtain clearance of specific checks;
  • Request check withdrawals from your savings, checking or Money Market accounts;
  • Transfers funds between your savings, checking or Line of Credit;
  • Access your Line of Credit for loan advances by check;
  • Download transaction information to personal financial management software from your savings and checking accounts;
  • Make loan payments;
  • Pay bills through Bill Payer from your savings and checking accounts;
  • Apply for a loan;
  • Reorder checks, print statements, or change your password.

Limitations on Transactions
The following are limitations to the use of the Credit Union’s Online Banking Service:

  • The maximum you may withdraw by check is $20,000 during any 24-hour period.

ADDITIONAL DISCLOSURES APPLICABLE TO BILL PAYER SERVICES

The Credit Union’s Bill Payer service is available to you under guidelines described in this agreement and via the online enrollment disclosure. You authorize the Credit Union to debit your designated Checking Account(s) for any transactions processed through the use of our Bill Payer service, including all charges as shown in the Schedule of Fees and Charges associated with Bill Payer service. Requirements and your responsibilities for use of this service are described below.

System Requirements
To use Bill Payer you must have a computer, modem, Internet Service, browser, your account number and a PIN or Access Code.

Your Payees
Payee records are created by you and should include all the necessary data to make your payment, such as payee name, address, phone number and account number.

You may add and edit payees within the Bill Payer service. The Credit Union may update these records without any further notification to correct errors or update account information as provided by the payee in order to process your payment. Editing payees is limited to your personal information such as: the payee nickname, account number, phone, name on account and payment category. The Credit Union is not responsible if you provide invalid, incomplete or incorrect payee information which results in a Bill Payment that cannot be processed and/or is misrouted.

The payee details will indicate the number of days required for processing. Payments made by check required a minimum of 4 business days for processing and electronic payments require a minimum of 2 business days for processing.

Scheduling a Payment
Payments can be scheduled to any payee from your checking account on any date shown on the bill pay system calendar as an available “deliver by” date. The “deliver by” date is the date the merchant will receive payment and the date the payment will be withdrawn from your account. These dates are limited to Monday through Friday, excluding Federal Holidays.

In order to ensure payments are received by the “deliver by” date, payments are processed (but not charged to your account) two business day before the “deliver by” date after 1:00 PM (PST) for electronic payments and payments made by check are processed four business days before the “deliver by” date after 1:00 PM (PST).

The maximum payment amount is $9,999.99 per transaction.

Bill Payment Withdrawals
Scheduled payments will be withdrawn from your account as early as 4:00 AM (PST) but no later than 9 AM (PST) on the “deliver by” date you have specified. It is your responsibility to have sufficient funds for the payment to be processed. In the event that you do not have sufficient funds then you may be assessed an overdraft, Courtesy Pay or NSF fee as a result of these transactions as disclosed in our Schedule of Fees and Charges. The Credit Union may overdraft from your other share accounts (as applicable) according to the instructions you have given the Credit Union (if any) if there are not sufficient funds in the designated Checking Account.

Transactions Available

  • Add/Edit Payees: Payees refers to the entity to which you pay bills. The payee can be a company, organization, or individual. The Add/Edit Payee feature allows you to add payees to, delete payees from or edit payee information on your personal list of payees.
  • Make nonrecurring payments from your checking: This feature allows you to schedule one-time payments to payees and enable you to specify the amount of the payment and the processing date.
  • Make recurring payments from your checking account: This feature allows you to schedule recurring payments to payees.
  • View History: View History permits you to see payments made over a specified time period.

Limitations on Transactions
The Credit Union will not be held liable under any circumstances for payments made to any of the following:

  • Tax payments (IRS, Franchise Tax Board, Tax Assessor)
  • DMV payments
  • Court ordered payments
  • Security trade purchases
  • Child Support payments
  • Payments outside of the United States

Methods and Restrictions
Payments are made to your payee either electronically via the Automated Clearing House (ACH) or by check or laser draft. The method of payment depends upon the processing method that can be accommodated by the payee or by our bill payment service provider.

It is important that you take into consideration what method of bill payment will be used when scheduling bill payments to ensure payment deadlines are met. If the payee accepts electronic bill payment, the payment may take up to two business days to be delivered. If the payee does not accept electronic bill payment, the payment will be sent in a check form, and may take up to four business days to be delivered. Expedited payment delivery options may be available for an additional charge. The bill pay system will display the expedited delivery date based on the payee payment method, either electronic or check. Refer to the Schedule of Fee and Charges for cost of an expedited electronic and expedited check payment.

This service may be revoked at any time by the Credit Union and any payments scheduled may be cancelled at any time without further notification in the event of misuse, fraud, and/or abuse. The Credit Union may restrict your account from scheduling further payments if you have scheduled a payment and have insufficient funds in your account to cover the Bill Pay payment or in the event you have a delinquent loan or if your account fails to comply with guidelines specified in this disclosure.

Editing or Cancelling a Pending Payment
You may edit or cancel any one time or recurring pending payment via Bill Payer prior to the payment processing date. You may not edit or cancel a payment after the payment has been processed by our Bill Pay service provider.

Stop Payment
You may request a stop payment on a Bill Payer check if the check has not been negotiated. A Stop Payment fee will be charged to your account as stated in the Schedule of Fees and Charges.

To place a stop payment call us at (800) 866-6474 or write to us at P.O. Box 8017, El Monte, CA 91734 Attention: Electronic Services department. If you call, we may also require you to put your request in writing and get it to us within fourteen (14) days after you call.

eMail Notifications
An automated notification will be sent to the primary email address on file whenever any of the following take place:

  • A new payee is added or edited;
  • A payment was made;
  • An automatic payment is scheduled or cancelled;
  • Your Bill Pay funding account is blocked.

Member Responsibilities
You are responsible for:

  • data input of payee information (payment amount(s), name, address and any other pertinent information); you must allow sufficient time for bill payments to be processed so that the funds can be delivered to the merchant on or before the due date;
  • any late payment, late fees, interest payments, and service fees charged by merchant(s) as a result of incorrect information or failing to schedule before the due date;
  • any overdraft, NSF or stop payment fees charged by the Credit Union as a result of these transactions;
  • maintaining a current, valid email address and review of email notifications;
  • reporting any inaccurate or suspicious activity to us by calling us during business hours at (800) 866-6474, Electronic Services department.

Fee Schedule
Refer to the Credit Union’s current Schedule of Fees and Charges to see current fees.

REGULATIONS RELATING TO WIRE (Funds) TRANSFERS

Applicable Law
This agreement and notice applies to funds transfers as defined in the Article 4A of the Uniform Commercial Code and Subpart B of Regulation J of the Board of Governors of the Federal Reserve System.

Funds Transfer Cut-Off Time
The Credit Union may establish or change cut-off times for the receipt and processing of funds transfer requests, amendments, or cancellations. Unless other times are posted for the various types of funds transfers, the cut-off time will be at 1:00 p.m. on each weekday that the Credit Union is open excluding holidays. Payment orders, cancellations, or amendments received after the applicable cut-off time may be treated as having been received on the next funds transfer business day and processed accordingly.

Service Charges/Fees
The Credit Union may charge your account for the amount of any funds transfer initiated by you or by any person authorized by you as a joint tenant or other authorized party with the right of access to the account from which the funds transfer is to be made. Please refer to our Schedule of Fees and Charges for current fees.

Security Procedures
The Credit Union may establish, from time to time, security procedures to verify the authenticity of a payment order. You will be notified of the security procedure, if any, to be used to verify payment orders issued by you or for which your account will be liable. You agree that the authenticity of payment orders may be verified using that security procedure unless you notify the Credit Union in writing that you do not agree to that security procedure. In that event, the Credit Union shall have no obligation to accept any payment order from you or other authorized parties on the account until you and the Credit Union agree, in writing, on an alternate security procedure.

Use of Fedwires
If you send or receive a wire transfer, Fedwire may be used. Regulation J will govern Fedwire transactions, except to the extent of a conflict between Regulation E and Regulation J with respect to remittance transfers, in which case, Regulation E shall govern.

Identification of Beneficiary
If you give the Credit Union a payment order which identifies the beneficiary (recipient of the funds) by both name and identifying or account number, payment may be made by the beneficiary’s bank on the basis of the identifying or bank account number, even if the number identifies a person different than the named beneficiary. This means that you will be responsible to the Credit Union if the funds transfer is completed on the basis of the identification number you provided the Credit Union.

Identification of Beneficiary and Intermediary Bank by Number
If you give the Credit Union a payment order which identifies an intermediary or beneficiary’s bank by both name and an identifying number, a receiving bank may rely on the number as the proper identification even if it identifies a different bank than the named bank. This means that you will be responsible for any loss or expenses incurred by a receiving bank which executes or attempts to execute the payment order in reliance on the identifying number you provided.

Provisional ACH Payments
The Credit Union may at its discretion give you credit for automated clearinghouse (ACH) payments before it receives final settlement of the funds transfer. Any such credit is provisional until the Credit Union receives final settlement of the payment. You are hereby notified and agree, if the Credit Union does not receive such final settlement, that it is entitled to a refund from you of the amount credited to you in connection with that ACH entry. This means that the Credit Union may provide you with access to ACH funds before the Credit Union actually receives the money. However, if the Credit Union does not receive the money, then the Credit Union may reverse the entry on your account and you would be liable to repay the Credit Union.

Notice of Receipt of ACH Funds
ACH transactions are governed by operating rules of the National Automated Clearing House Association. In accordance with these rules, the Credit Union will not provide you with next day notice of receipt of ACH credit transfers to your account. You will continue to receive notices of receipt of ACH items in the periodic account statements which we provide.

Receipt of Incoming (Non-ACH) Funds Transfers
If the Credit Union receives a funds transfer for you or for other persons authorized to have access to your account, you agree that the Credit Union is not obligated to provide you with next day notice of the receipt of the funds transfer. The Credit Union will provide you with notification of the receipt of all funds transfers by including such items in the periodic account statements which we provide. You may, of course, inquire between receipt of periodic statements whether or not a specific funds transfer has been received.

Payment of Dividends (or Interest)
If the Credit Union becomes obligated under Article 4A to pay interest (or dividends) to you, you agree that the rate of interest (or dividends) to be paid shall be equal to the dividend rate, on a daily basis, applicable to the account at the Credit Union to which the funds transfer should have been made or from which the funds transfer was made.

Your Ability to Withdraw Funds

Our policy is to delay the availability of funds that you deposit in your account. During the delay, you may not withdraw the funds in cash and we will not use the funds to pay checks that you have written.

Determining the Availability of a Deposit
The length of the delay is counted in business days from the day of your deposit. Every day is a business day except Saturdays, Sundays, and federal holidays. If you make a deposit prior to the close of business on a business day that we are open, we will consider that day to be the day of your deposit. A 24 hour hold will be placed on the deposit, if deemed necessary, a longer hold will apply.

However, if you make a deposit after the close of business or on a day we are not open, we will consider that the deposit was made on the next business day we are open. A 24-hour hold will be placed on the deposit, if deemed necessary, a longer hold will apply. All deposits made at a non-proprietary (not owned by the Credit Union) ATM will be made available for withdrawal by the fifth business day following the banking day of deposit. The length of the delay varies depending on the type of deposit and is explained below.

Same-Day Availability
Funds from electronic direct deposits to your account will be available on the day we receive the deposit.

Next-Day Availability
Funds from the following deposits are available on the first business day after the day of your deposit:

  • U.S. Treasury checks that are payable to you
  • wire transfers
  • checks drawn on SCE Federal Credit Union

If you make the deposit in person to one of our employees, funds from the following deposits are also available on the first business day after the day of your deposit:

  • cash
  • state and local government checks that are payable to you
  • cashier’s, certified, and teller’s checks that are payable to you
  • Federal Reserve Financial institution checks, Federal Home Loan Financial institution checks, and postal money orders, if these items are payable to you. If you do not make your deposit in person to one of our employees (for example, if you mail the deposit), funds from these deposits will be available on the second business day after the day of your deposit.

Other Check Deposits
Funds from other check deposits will not be available until the second (2nd) business day after the day of your deposit. The first $200 of your deposits, however, will be made available on the first business day.

Longer Delays May Apply
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 communications or computer equipment.

We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the 7th business day after the day of your deposit.

Special Rules for New Accounts
If you are a new member, the following special rules will apply during the first 30 days 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, federal, state and local government checks and United State Postal money orders 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 9th business day after the day of your deposit.

Deposits at Automated Teller Machines
Funds from any deposits (cash or checks) made at automated teller machines (ATM’s) we do not own or operate may not be available until the fifth business day after the day of your deposit. This rule does not apply at ATM’s that we own or operate.

Important Notice About Your Account(s) or Safe Deposit Box (California Residents)

In accordance with California’s Unclaimed Property Law, C.C.P. §1500, et seq., any funds held by the Credit Union (including, without limitation, funds in a share, share draft, certificate, or other account, sums for the payment of cashier’s checks, teller’s checks, etc.) may be transferred to the Unclaimed Property Division of the California State Controller’s Office if no activity occurs in the account within the time period specified by state law. In addition, any property held in a Credit Union safe deposit box may be transferred upon the running of the time period specified by state law from the date any lease or rental period expires or any agreement for the safe deposit box terminates.

Important Notice About Your Account(s) or Safe Deposit Box (Nevada Residents)

The holder(s) of this account shall inform the Credit Union of any change in their address(es). The shares and accumulated dividends earned thereon will escheat to the Office of the State Treasurer if, for a period of three (3) years:

  1. There has been no account activity; or
  2. There has been no written communication by you; or
  3. There has been no other communication with you noted in writing by the Credit Union.
  4. There has been no activity on any other accounts you have with the Credit Union.

In addition, any property held in a Credit Union safe deposit box may be transferred upon the running of the time period specified by state law from the date any lease or rental period expires or any agreement for the safe deposit box terminates.

General Terms and Conditions of Your Credit Union Accounts

Definitions
Account Agreement means any savings, checking, term certificate, trust, totten trust or UTMA account.

TIS Agreement means Truth In Savings Agreement entitled, “About Your Credit Union Accounts.”

Membership Application
The terms, conditions and information contained in the Membership Application, and all amendments thereto, are by this reference hereby incorporated in their entirety into this TIS Agreement and become an integral part of the General Terms and Conditions of the Credit Union Accounts.

Account Ownership
The ownership of trust, totten trust and UTMA accounts shall be governed by the applicable Account Agreement. Unless otherwise specified in the Account Agreement, the parties who sign an Account Agreement agree with each other and with the Credit Union that all funds in the accounts shall be owned as follows:

  • Individual Accounts: The account or certificate is owned by the party named on the Account Agreement (“Account Holder”). Upon the death of the party, ownership passes to the named pay-on-death payee(s), designated as the beneficiary(ies) on the Account Agreement.
  • Joint Accounts: The account or certificate is owned by the parties named on the Account Agreement (“Account Holders”). Upon the death of any of them, ownership passes to the survivor(s). Upon the death of all of them, ownership passes to the named pay-on-death payee(s), designated as the beneficiary named on the Account Agreement.

Special Rules for Joint Accounts
Withdrawals by and Liability of Joint Owners – The Account Holders of an account agree with each other and with the Credit Union that all funds and all accumulations thereon are subject to the withdrawal of or receipt by any of the Account Holders, and payment to any of them shall be valid and discharge the Credit Union from any and all liability for such payment. The Account Holders of an account expressly agree that each Account Holder is jointly and severally liable for any and all overdrafts, losses or charges to an account created by any Account Holder(s).

Deposits – The Credit Union may cash or deposit all checks payable to any signer when endorsed by any other signer.

Disputes – If there is a dispute about ownership or control of an account, the Credit Union may place a hold on the account and not release funds until the Credit Union receives either a court order or an instruction signed by all persons claiming an interest in the account.

Changes in Terms and Conditions
The use of an account is subject to such other terms, conditions and requirements as the Credit Union may establish from time to time. The Credit Union has the right to change the terms and conditions of this Agreement at any time, in any manner, and for any reason. We may delete or modify existing terms. We may add new terms without regard to whether the matter is already addressed by this Agreement. We may offer new or different services at any time, and may convert an existing account or service into a new account or service. We will generally notify you in advance of changes by sending written notice to your address as it appears on our records. However, we may make changes without sending you advance notice, unless such notice is required by law. By continuing to use or keep your account open, you will be deemed to accept and agree to any such changes in terms.

Ordering of Posting; Understanding Your Available and Actual Balance
Order of Posting: 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. We will pay checks, automated debits (ACH), Debit Card transactions, ATM withdrawals and point-of-sale transactions in the order presented to the Credit Union. Multiple checks presented for payment on the same day will be posted in the order received. For ACH transactions, deposits are posted first then debits are posted by settlement date, in the order received from Federal Reserve. For ATM Card and Debit Card transactions, items are posted in the order received. You understand that the order in which items are processed can affect the total amount of fees that may be assessed against your account. The Credit Union reserves the right to adjust the above processing times in its sole discretion.

Actual and Available Balances: It is also important that you understand the difference between your “actual balance” and your “available balance” in order to properly manage the money in your account and avoid overdraft and insufficient fund fees. Your “actual balance” is updated throughout the day as transactions are posted to your account. This balance may not reflect any pending, un-posted transactions. Your "available balance" is the amount you have in your account at a particular time that is available for immediate withdrawal. Your available balance is updated throughout the day to reflect holds and pending transactions. The difference between your actual balance and your available balance is the result of pending activity that has not yet posted to the account (example, any "pending" debit card merchant withdrawals which have been authorized for payment and deposits that have a hold and are not available for immediate withdrawal). We will use the “available balance” in your account to determine if you have sufficient funds to cover your transactions. You can determine your available balance at the ATM, by phone or by accessing your account online or with mobile banking.

You understand that you may be overdrawn even when your actual balance is positive. You also understand that you may still overdraw your account even though the available balance appears to show there are sufficient funds to cover a transaction that you wish to make because your available balance will not reflect all your outstanding checks, automatic bill payments or recent deposits. In addition, your available balance will not reflect all of your debit card transactions. For example, if a merchant obtains your prior authorization but does not submit a one-time debit card transaction for payment within two (2) business days of authorization (or for up to thirty (30) business days for certain types of debit card transactions), we are required to release the authorization hold on the transaction. The available balance will not reflect this transaction once the hold has been released until the transaction has been received by us and paid from your account. You must keep careful records and practice good account management to avoid making transactions without sufficient funds available for withdrawal. For additional details on the availability of your funds for withdrawal, see the section entitled “Your Ability to Withdraw Funds.” If you have additional questions about your available or actual balance, please see a branch representative or call (800) 866-6474.

Notice
Notice to one Account Holder shall constitute notice to all persons authorized to have access to the account.

Ability to Pledge Funds
Any or all of the joint Account Holders may pledge all or any part of the funds as security for a loan or loans with the Credit Union only.

Financial Abuse Reporting
Account Holder(s) understand(s) and agree(s) that the Credit Union may report known or suspected illegal or fraudulent activity including, but not limited to, the following:

  • Financial abuse involving an elder or dependent adult;
  • Where the ownership or collectability of funds are subject to dispute; or
  • Misuse or abuse of account services;

to appropriate law enforcement or government entities, as required or permitted by law. In addition, the Credit Union reserves the right to suspend, restrict, deny or terminate account services and activity, including the placement of an administrative hold (freeze) on account proceeds, or take such other actions as deemed necessary under the circumstances. Account Holder(s) agree(s) to indemnify and hold the credit union harmless from and against all claims, actions, damages, losses, and expenses, including attorneys’ fees, as a result of any action or inaction taken in relation to the matters described here.

Enforcement of Liens
All funds in an account remain subject to any and all liens, including but not limited to statutory liens and/or consensual liens, security interests, rights of offset and charges, notwithstanding the source of the contribution.

Notification of Changes
Each Account Holder agrees to promptly notify us in writing of any change in address(es). If you fail to do so, we may send notices, statements or other important information to the address shown in our records and you agree to release us from any liability for doing so. You also agree to notify us in writing of any change in ownership or authorized signers, or if an owner or authorized signer dies or is placed under legal guardianship or conservatorship. We may, at our option, require a new Account Agreement to be completed before any such change takes effect. Any such changes shall not affect transactions previously made.

Waiver of Certain Rights
The Credit Union reserves the right to waive the enforcement of any of the provisions of this TIS Agreement with respect to any transaction or series of transactions. Any such waiver will not affect the right of the Credit Union to enforce any of its rights with respect to later transactions and is not sufficient to modify the terms and conditions of this TIS Agreement.

Consumer Reports
The Credit Union makes credit available to its members on a regular basis. The Applicant(s)/Account Holder(s) of the account authorizes the Credit Union to obtain consumer reports in connection with credit and business transactions involving the Applicant(s)/Account Holder(s), including but not limited to applying for membership, the opening of a savings or share/draft account or the issuance of an ATM Card, Debit Card, or other service provided by the Credit Union, and the Applicant(s)/Account Holder(s) of the account authorize any person, association, or corporation to furnish on request of this Credit Union, information concerning the affairs of the Applicant(s)/Account Holder(s). The Applicant(s)/Account Holder(s) also authorizes the Credit Union to furnish information concerning the account to consumer reporting agencies.

Negative Credit Reporting
We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit report.

Reporting Inaccurate Information
If you believe the Credit Union is reporting inaccurate information to a credit reporting agency, please notify us at SCE Federal Credit Union, Attention: Account Administration, P.O. Box 8017, El Monte, CA 91734, so we can investigate.

Post-Dated Checks
The Credit Union will treat all checks as though the checks were written on the date presented.

Examination of Statements
The Account Holder(s) to whom the periodic statement of account is sent agree(s) to exercise reasonable care and promptness in examining the statement to discover any errors or discrepancies, and to promptly notify the Credit Union after discovery thereof.

Non-Cash Payments
Non-cash payments deposited into an account may be credited subject to final payment.

Fees and Charges
All accounts shall be subject to service charges in accordance with fee schedules adopted by the Credit Union as amended from time to time.

Attorneys’ Fees
You agree to pay the Credit Union all of our costs and reasonable attorneys’ fees, including all collection costs, litigation costs, skip-tracing fees, and outside services fees incurred while we are enforcing our rights under this Agreement.

Credit Union’s Rights to Offset
Account Holder(s) agrees that the Credit Union has the right to offset against any account of any Account Holder to cover any amount owing to the Credit Union for any reason. Account Holder(s) understand that this means that the Credit Union has the right to impress and enforce a statutory lien against the Account Holder(s’)’s shares and dividends in the event of the failure of the Account Holder(s) to satisfy any financial obligation due and payable to the Credit Union. Account Holder(s) understand that the Credit Union may enforce this right without further notice.

The above-described right to offset shall not apply with respect to any written trust instrument or custodial agreement created or organized in the United States and forming part of a tax-advantaged savings plan which qualifies or qualified for specific tax treatment under sections 223, 401(d), 408, 408A and 530 of the Internal Revenue Code (26 U.S.C. 223, 401(d), 408, 408A and 530).

Governing Law
This TIS Agreement shall be construed in accordance with the laws of the State of California, including the California Uniform Commercial Code (UCC).

SAVINGS ACCOUNT AGREEMENT

Transfers to Third Parties
No more than six preauthorized, automatic, online or telephonic transfers made to another account at the Credit Union or to a third party or no more than six transfers or withdrawals made by check, draft, debit card or similar order payable to a third party may be made from each savings account or money market deposit account in any calendar month. If an Account Holder exceeds, or attempts to exceed, these transfer limits, the excess transfer requests may be refused or reversed, a fee may be imposed on the excess transfer requests, and the Credit Union may reclassify or close the account. Transfers initiated by telephone must be counted among the six monthly transfers, except that there are no limits on the number of withdrawals paid directly to an Account Holder when initiated by mail, telephone or messenger. There are no limits on the number of withdrawals if initiated in person.

Withdrawals, Prior Notice Requirement
The Credit Union reserves the right to require prior written notice of intention to withdraw all or any part of savings not to exceed the notice requirement as set forth in the Credit Union’s bylaws.

CHECKING ACCOUNT AGREEMENT

Withdrawals, Approved Methods
Only checks and other methods approved by the Credit Union may be used to withdraw funds from a checking account.

Electronic Check Conversion
Upon prior notification from the merchant to the Account Holder, a purchase made with a check can be converted to a one-time electronic fund transfer (EFT) if authorized by the Account Holder. The Account Holder may also authorize merchants to electronically debit the account for returned check fees. It is agreed that the Account Holder authorizes the electronic funds transfers if the transaction is completed after being told (orally or by a notice posted) that the transfer may be processed electronically or if the Account Holder signs a written authorization.

Demand Checks
The Credit Union may pay and charge to the applicable checking account, checks drawn by and payable to any person, organization, association or corporation that has been authorized by an Account Holder to be paid, by the provision of MICR encoded information on the account. It is agreed that the Credit Union’s rights in respect to such checks shall be the same as if it were a check drawn and signed by an Account Holder(s) personally. This authority shall remain in effect until revoked by an Account Holder in writing. It is agreed that the Credit Union shall be fully protected in honoring such checks. It is further agreed that if any such check is dishonored, whether with or without cause, and whether intentionally or inadvertently, the Credit Union shall incur no liability whatsoever, even though such dishonor results in the forfeit of insurance, loss or damage of any kind.

Overdrafts
The Credit Union is under no obligation to pay a check which exceeds the balance in an account; the Credit Union may, however, pay such a check and recover or obtain a refund of the amount of the resulting overdraft plus a service charge, (see Schedule of Fees and Charges) from any of the Account Holders of this account, each of whom expressly agrees that each Account Holder is jointly and severally liable for any and all overdrafts of this account and any and all associated costs created by any Account Holder.

Stale-Dated Checks
The Credit Union is under no obligation but may pay a check which is presented more than six (6) months after it is dated. The Credit Union may assess a special handling charge upon receipt of any such item in addition to a service charge upon the account in accordance with the fee schedules adopted by the Credit Union and as amended from time to time.

Stop Payments
Any Account Holder(s) of this account may stop payment of any item drawn against the account. The Stop Payment Order must describe the item with reasonable certainty and must be received in such time and manner as to afford the Credit Union a reasonable opportunity to act upon it. A Stop Payment Order is effective for six (6) months, but it lapses after 14 calendar days if the original order was oral and was not confirmed in writing within that 14 day period. The Stop Payment Order may be renewed in writing for an additional six (6) month period. Written confirmation is not required if the Account Holder submits a Stop Payment Order through one of the available electronic services.

Truncation of Checks
The Account Holder(s) acknowledges that checks are truncated and hereby waives any and all rights to receive the items without prejudice to any of the Credit Union’s defenses available under the California Uniform Commercial Code (UCC).

Liability of Credit Union
Except for its own lack of good faith or failure to exercise ordinary care, the Credit Union is not liable for any action it takes regarding the payment or nonpayment of a check, even if nonpayment results in the forfeit of insurance, loss or damage of any kind.

Closure of Account
The Credit Union may close a checking account at any time. Closure of a checking account will not affect the obligation to pay any outstanding balances or charges owed.

For Checking Accounts with Savings Overdraft Protection
If any Account Holder(s) writes a check that would result in this Checking Account being overdrawn, the Credit Union is authorized to charge the designated share account(s), regardless of which party signed the item, in such multiples as determined by the Credit Union sufficient to permit the Credit Union to honor the check and any associated fees and to credit such charge to this Checking Account. No checking overdraft may be paid by charging a savings account if, as a result of such charge, that share account would be subject in any one month to more than six pre-authorized, automatic or telephonic transfers.

For Checking Accounts with Loan Overdraft Protection
If any Account Holder(s) writes a check which would result in this Checking Account being overdrawn, and if at that time any Account Holder(s) is eligible to receive loan advances from this Credit Union on a loan designated on the Overdraft Agreement, the Credit Union is authorized to make an advance from the designated loan account, and to credit the advance to this Checking Account in such multiples as determined by the Credit Union sufficient to permit the Credit Union to honor such check and any associated fees.

For Checking Accounts with Courtesy Pay
The Credit Union recognizes that sometimes you may overdraw your checking account. In such cases the Credit Union may decide to honor transactions for which there are insufficient funds. This is the Credit Union’s Courtesy Pay Program. The Credit Union provides the Courtesy Pay Program as an accommodation to you and is not obligated to do so, even when it has done so in the past. You do not apply for this service.

Qualification

To be eligible for the Courtesy Pay Program, the member must meet all of the following criteria:

  • Must be a member in good standing;
  • Must be over the age of 18 years old;
  • Cannot not be delinquent on any loans with the Credit Union beyond 15 days; and
  • Account must not be a Fresh Start Checking Account.

Description of Service

By participating in the program, the Credit Union may honor overdrafts, including checks, automated debits (ACH), debit card transactions, bill payments, and point-of-sale transactions.

Unless the Credit Union currently has your affirmative consent (opt-in) on file, we will not approve overdrafts for your debit card transactions. You must tell us you want overdraft coverage for these transactions. To request overdraft coverage for your debit card purchases, contact us at (800) 866-6474 or write to us at P.O. Box 8017, El Monte, CA 91734-2317. Complete and sign the Overdraft Consent Form and return it to any Credit Union branch or mail it to us at the address stated above. The Credit Union will provide you with written confirmation of your opt-in choice.

When an overdraft is covered, the account will be taken negative by the dollar amount of the overdraft plus the amount of the Courtesy Pay fee. If we honor multiple overdrafts we may honor them in any order at the Credit Union’s option or return any such items.

Courtesy Pay limits are:

  • $100, if there are no paychecks or other recurring payments directly deposited into the account each month;
  • $300, if the member has paychecks or other recurring payments directly deposited into the account each month totaling of at least $300, up to $499;
  • $500, if the member has paychecks or other recurring payments directly deposited into the account each month totaling of at least $500, up to $749;
  • $700, if the member has paychecks or other recurring payments directly deposited into the account each month totaling of at least $750, up to $999;
  • $900, if the member has paychecks or other recurring payments directly deposited into the account each month totaling of at least $1,000, up to $1,299;
  • $1,100, if the member has paychecks or other recurring payments directly deposited into the account each month totaling of at least $1,300, up to $1,599;
  • $1,300, if the member has paychecks or other recurring payments directly deposited into the account each month totaling of at least $1,600, up to $1,899;
  • $1,500, if the member has paychecks or other recurring payments directly deposited into the account each month totaling of at least $1,900, up to $2,199;
  • $1,700, if the member has paychecks or other recurring payments directly deposited into the account each month totaling of at least $2,200, up to $2,499;
  • $2,000, if the member has paychecks or other recurring payments directly deposited into the account each month totaling of at least $2,500, up to $2,999;
  • $2,500, if the member has paychecks or other recurring payments directly deposited into the account each month totaling of at least $3,000 or more.

When the Credit Union honors overdraft items, you must deposit funds immediately, but in no case more than thirty (30) days from the date any notice sent to you. If you fail to cover the total overdraft amount within thirty (30) days, the Credit Union may pursue all collection options available to it. The Credit Union may, but is not obligated to, transfer funds from your other accounts with us to cover the overdraft.

The Courtesy Pay Program fee is a flat fee charged regardless of the amount the account is overdrawn and will be charged for each overdraft item presented and paid by the Credit Union. The charge for Courtesy Pay Service is described in our Fee Schedule.

The Courtesy Pay Program service is a discretionary privilege offered members and not a right of membership. The Credit Union encourages you to properly maintain your accounts with us. You agree that the Credit Union will not be held liable for either paying or refusing to pay any overdraft item. The Credit Union reserves the right to discontinue this service at any time without any notice.

If you do not want the Courtesy Pay Program, you must inform the Credit Union by sending written notice to the Credit Union. Your notice should be directed to SCE Federal Credit Union, P.O. Box 8017, El Monte, CA 91734-2317; Attention Electronic Services.

TERM CERTIFICATE ACCOUNT AGREEMENT

Pledging of Funds
Term certificates may not be pledged, transferred, or assigned to any party other than the Credit Union unless otherwise provided by statute. Savings invested for an Individual Retirement Account (IRA) or Keogh Plan may not be pledged as security for any loan. The Credit Union reserves the right to offset this certificate except as otherwise precluded by law. If the Credit Union offsets funds from this certificate, the funds withdrawn are subject to the early withdrawal penalty.