Share Draft/Smarty Debit Card Agreement
Please read before submitting your application!
I/we hereby acknowledge receipt of and agree to abide by the rules and regulations
of the credit union as evidenced by the provisions of this agreement shown
below, as well as any changes or additions as hereafter adopted by the credit
union. In this agreement, the words "I" or "my" mean each person who signs
this application or who uses the Smarty debit card or duplicate card. The words
"share drafts" refer to paper drafts and electronic transactions made with
a Smarty debit card.
Items
received for deposit or collection are accepted on the following conditions:
The Credit Union acts only as applicant's collecting agent and assumes no
responsibility beyond its exercise of due care. All drafts and items other
than coin and currency received for deposit or collection are credited with
the express agreement that credit is issued subject to final proof and payment
and to receipt of proceeds of final payment in cash or solvent credits by
the Credit Union at its own office, and applicant agrees that all such items
are handled by the Credit Union subject to the following conditions:
(a)
Only share draft blanks and other methods approved by the Credit Union may
be used to withdraw funds from this Share Draft Account;
(b)
The Credit Union is under no obligation to pay a share draft which exceeds
the balance in the Share Draft Account. The Credit Union may, however, pay
such a share draft and charge the amount of the resulting overdraft plus a
service charge to my Credit Union account. The Credit Union is under no obligation
to pay a share draft on which the date is more than six months old; however,
the Credit Union may pay a share draft on whatever day it is presented for
payment, notwithstanding the date (or any other limitation on the time of
payment) appearing on the share draft. The Credit Union is not liable for
paying a share draft over stop payment unless the Applicant is able to show
actual loss;
(c)
Except for negligence, the Credit Union is not liable for any action it takes
regarding the payment or nonpayment of a share draft;
(d)
I authorize MATCU to charge my account for any fees applicable to the share
draft account.
(e)
Any objection respecting any item shown on a monthly statement of the Share
Draft Account shall not be waived unless made in writing to the Credit Union
on or before the twentieth day following the date the statement is mailed;
(f)
Non-cash payments received on shares in the Share Draft Account will be credited
subject to final payment;
(g)
In the event that I write a share draft which would result in this Share Draft
Account being overdrawn, and if at the time I am eligible to receive advances
from this Credit Union to be applied to my Overdraft Loan, such share draft
shall be deemed to be a request to the Credit Union to prepare an application
for an advance under such loan account sufficient to permit the Credit Union
to honor such share drafts. Upon approval the advance will be credited to
the Share Draft Account;
(h)
In case of default, I agree that any sums due will be secured by the shares
and deposits in all joint and individual accounts I have with the credit union
now and in the future, as well as any other collateral pledged to the credit
union now or in the future. If MATCU is forced to take collection action,
I agree to pay all court costs and collection fees, including reasonable attorney's
fees and costs whether or not there is litigation including such fees on a
trial and on any appeal.
(i)
The Credit Union reserves the right to close the Account if I have excessive
insufficient share drafts.
(j)
Each collecting institution is severally the agent of Applicant, but no agent
shall be liable for any loss growing out of neglect, default or failure of
another agent; and,
(k)
If this is a joint account, this agreement is subject to the additional terms
and conditions of any joint share account agreement that applies to a share
account in their joint names; or, if there is no such agreement, this agreement
is subject to the additional terms and conditions printed below:
Joint
Share Agreement
The Credit Union is hereby authorized to recognize any of the signatures subscribed
on the signature card in the payment of funds or the transaction of any business
for this account. The joint owners of this Account hereby agree with each
other and with the Credit Union that all sums now paid in on shares, or heretofore
or hereafter paid in on shares by any or all of said joint owners to their
credit as such joint owners with all accumulations thereon, are and shall
be owned by them jointly, with right of survivorship and be subject to the
withdrawal or receipt of any of them, and payment to any of them or the survivor
or survivors shall be valid and discharge the Credit Union from any liability
for such payment.
The
right or authority of the Credit Union under this agreement shall not be changed
or terminated by said owners, or any of them except by written notice to the
Credit Union which shall not affect transactions theretofore made.
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