AGREEMENT: I/We authorize MILLS42 Federal Credit Union to establish this Share Draft Account for me/us. The credit union is authorized to pay share drafts signed by me (or by any of us) and to charge all such payments against the shares in this Account.
It is further agreed that:
- 1. Only share draft blanks and other methods approved by the credit union may be used to make withdrawals from this Account.
- 2. The credit union is under no obligation to pay a share draft that exceeds the fully paid and collected share balance in the Account. The credit union may, however, pay such a share draft and transfer shares to this Account in the amount of the resulting overdraft, plus a service charge from any other share account from which any of the undersigned is then eligible to withdraw shares.
- 3. The Credit Union may pay a share draft on whatever day it is presented for payment, not withstanding the date or any limitation on the time of payment, unless the member has previously provided written timely notification to the Credit Union of a post dating.
- 4. When paid, share drafts become the property of the Credit Union and will not be returned either with the periodic statement of the Account or otherwise, photocopies of paid checks will be made available for a fee.
- 5. Except for negligence, the Credit Union is not liable for any action it takes regarding payment or nonpayment of a share draft.
- 6. Any objection respecting any item shown on a periodic statement of the Account is waived unless made in writing to the Credit Union before the end of 60 days after the statement is mailed.
- 7. This Account is subject to the Credit Union's right to require advance notice of withdrawal, as provided in its bylaws.
- 8. MFCU at its sole discretion may permanently close any checking account it deems fraudulent, abusive, or containing abnormal suspicious activity.
- 9. This account is also subject to such other terms, conditions and service charges (if applicable) as the Credit Union may establish from time to time.