Credit Union Blog

NOTICE of Change in Terms of your Membership Agreement

December 31st, 2022 by Catherine James

The credit union revised your Membership Account Agreement and Disclosures. The following notes the changes. Please read the whole of your Agreement which can be found on our website: We will provide you a printed copy, if you wish, by contacting the credit union at a branch office or by telephone at 800.336.6309 or by mailing us your request. These changes take effect 30 days after 12/31/2022, which is the date this Change of Terms notice is provided to all members.

MEMBERSHIP AGREEMENT AND DISCLOSURES (Individual Membership), Item 6, Section C

c. Agreed Exception to Privacy Restrictions – Fraud or Financial Exploitation: It is agreed that fraud and financial exploitation are serious matters that can expose both members and the Credit Union to risks and losses. This particularly affects the elderly but can harm anyone. To help combat suspected fraud and financial exploitation it is agreed that the Credit Union may report such suspicions to persons (including but not limited to family members) who we in good faith believe may be able to provide assistance and/or protections. The option to so report is completely voluntary and imposes no obligations on the Credit Union. 

TRUTH-IN-SAVINGS ACT DISCLOSURE, Item 11, language added for clarification

11. Step-Up Share Term Certificates: During your original Step-Up Share Term Certificate term, and if the Credit Union is offering a higher Step-Up Share Term Certificate dividend rate, you may request a one-time increase to the then published higher Step-Up Share Term Certificate dividend rate. The one-time increase will be effective no later than one business day after we receive, and can act upon, your request. The Step-up dividend rate applies to your certificate rate going forward, not in arrears. Your maturity date will not change. The credit union may honor the one-time step-up request for a dividend rate change by any joint owner of this certificate without first obtaining consent of all certificate owners. These terms and conditions shall govern our agreements, together with the other terms and conditions in the Membership Agreements and Rate and Fee Schedules to the extent same are consistent with the foregoing. Renewal Policy:  Your Certificate will automatically renew/rollover at maturity as a Step-Up Share Term Certificate with similar term length, if still offered, and will retain the one-time increase feature during the renewal term. Your Step-Up Share Term Certificate will renew/rollover to the then published Step-Up Share Term Certificate dividend rate. You will have a grace period of ten (10) business days after the maturity date to withdraw the funds in the account without being charged an early withdrawal penalty should you decide not to renew your Share Term Certificate.