Your Truth-In-Savings Disclosure
To open your account, complete the appropriate account forms with a Member Services Representative. Please read this brochure completely and retain it with your personal records. All agreements and disclosures shall be construed in accordance with the provisions of the California Uniform Commercial Code (UCC). Share and share 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.
GENERAL INFORMATION ABOUT ALL OF OUR ACCOUNTS
The par value of a share in the Mid Cities Credit Union is $5.00.
Accrual of Dividends
Dividends begin to accrue on the business day you deposit non-cash items (e.g., checks) to your account if deposited before close of business. If you close your share or share certificate account before dividends are credited, you will not receive accrued dividends.
The initial dividend rate and annual percentage yield on our share and share certificate accounts are stated on the Rate Schedule accompanying this Disclosure. Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period.
We compute the balance in our share and share 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.
The maximum a mount of shares which may be held by any one member shall be established from time to time by resolution of the board. A member who reduces his share balance below the par value of one share and does not increase the balance to at least the par value of one share within 3 months of the reduction may be terminated from membership at the end of a dividend period. Shares may be transferred only from one member to another, by written instrument in such form as the Credit Union may prescribe. 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 a loan officer, except to the extent that such shares 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 loan officer.
Requirement to Maintain a Master Share Account
You must open a Master Share Account to open any subsequent accounts. You must maintain the Master Share Account to avoid closure of that account and any subsequent accounts.
About our Share Accounts
Mid Cities Credit Union's share accounts let you deposit your money in a savings account and withdraw your money generally at any time. Our share accounts are the Master Share and Summer Savings Accounts.
Fees and Charges
There is no monthly fee assessed to share accounts. For additional fees and charges please refer to our separate fee schedule.
Our share accounts are designated variable rate accounts on the Rate Schedule. This rate and yield may change at any time at the Credit Union's discretion.
Dividend Compounding and Crediting
Dividends will be compounded daily and will be credited quarterly. For our share accounts the dividend period is daily. All other dividend periods follow this same pattern of dates.
The maximum number of withdrawals you may make from a share account is 2 per day. If you exceed the transfer/withdrawal limitations in any day, your account will be subject to the fee stated on the Rate Schedule.
ABOUT OUR MASTER SHARE ACCOUNTS
Minimum Balance and Deposit Requirements
The minimum deposit required for you to open a Master Share Account is $5.00. You must maintain a minimum balance of $5.00 in your account to obtain the annual percentage yield stated on the Rate Schedule and to avoid closure.
ABOUT OUR SUMMER SAVINGS
Minimum Balance and Deposit Requirements
There are no minimum deposit requirements for the Summer Savings Account to open or to earn dividends.
ABOUT OUR SHARE DRAFT (CHECKING) ACCOUNTS
Fees and Charges
There is no monthly fee assessed to this account. For additional fees and charges please refer to our separate fee schedule.
Minimum Balance and Deposit Requirements
An initial deposit of $25.00 is required to open the account with no minimum balance requirement after that.
Dividends are compounded daily and credited monthly. The dividend period is monthly. Refer to the credit union's rate schedule.
No transaction limitations apply to this account unless otherwise stated in the Checking (Share Draft) information, fees & charges disclosure.
ABOUT OUR SHARE CERTIFICATE ACCOUNTS
Mid Cities Financial Credit Union's share certificate accounts let you deposit your money for a specified period of time.
Your account will mature as reflected on the Rate Schedule. The maturity date will be stated on the certificate provided to you at the time of opening your account.
Our share certificate accounts are designated fixed rate accounts on the Rate Schedule. You will be paid this rate and yield until maturity.
Dividend Compounding and Crediting
Dividends will be compounded daily and will be credited monthly. The dividend period for our share certificate accounts is the same as the term of the account.
Minimum Balance and Deposit Requirements
The minimum deposit required for you to open a share certificate account is indicated on the Rate Schedule. You must maintain the minimum balance to obtain the annual percentage yield stated on the Rate Schedule and to avoid closure.
Renewal of Account/Grace Period
Your account will not automatically renew at maturity. If you do not renew your account, your funds will be transferred to your Regular Share Account.
You may not make deposits into this account after opening. You may make withdrawals of credited dividends from your account at any time.
Early Withdrawl Penalty
We may impose a penalty if you withdraw principal from your account before the maturity date. The penalty imposed shall be equal to 31 days dividends.
Exceptions to Penalties
The penalties stated above will not apply if:
- The withdrawal is made subsequent to the death of any owner of the share account or the share certificate account, or is made pursuant to the Credit Union's bylaws.
- The share certificate account is part of a pension plan which qualifies or is qualified to 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
- Such withdrawal is made as a result of the voluntary or involuntary liquidation of the Credit Union issuing the account.
ABOUT VISA Cards
Download the VISA disclosure and agreement PDF
ELECTRONIC FUND TRANSFERS DISCLOSURE AND AGREEMENT
This Disclosure and Agreement as amended from time to time ("Agreement") sets forth the terms and conditions governing the use of Mid Cities Credit Union's electronic transfer services. 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 Mid Cities Credit Union you agree to be bound by the terms and conditions of this Agreement. In this Agreement the terms "you" and "your(s)" refer to the member, and the terms "we", "us" and "our(s)" refer to Mid Cities Credit Union.
Our business days are Monday through Friday, excluding holidays.
RIGHT TO RECEIVE DOCUMENTATION OF TRANSACTIONS
You will get a monthly account statement reflecting all of our transactions (unless there is no activity in a particular month. In any case you will get the statement at least quarterly.)
If we do not complete a transaction to or from your share or share draft 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:
a) through no fault of ours, you do not have enough money in your account to make the transaction;
b) the transaction would go over the credit limit on your credit line;
c) circumstances beyond our control (such as fire, flood, power failure, or computer down-time) prevented the transaction, despite reasonable precautions that we have taken;
d) the money in your account is subject to an uncollected funds hold, legal process or any other encumbrance or agreement restricting a transaction; or e) 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 TRANSACTIONS
Telephone us at (310) 638-5147 or write to us at 325 South Santa Fe Avenue, Compton.CA 90221-3297 as soon as you can if you think your statement is wrong, or if you need information about a transaction listed on the statement or receipt. We must hear from you no later than 60 days after we send the FIRST statement on which the problem or error appears. When you inquire about transactions on your statement
a) tell us your name and account number;
b) describe the error or the transaction you are unsure about and explain as clearly as you can why you believe it is an error or why you need more information; and
c) 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 ten (10) business days.
We will tell you the results of our investigation within 10 business days (20 days for a point-of-sale transaction) 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 re-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 we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not re-credit your account. If we decide that there was no error, we will send you a written explanation within three (3) business days after we finish our investigation. You may ask for copies of the documents that we use in our investigation.
In order to obtain the electronic services listed, you must open and maintain a share account. All charges associated with our electronic fund transactions are disclosed in our Rate and Fee Schedule which accompanies this Disclosure and Agreement.
ACCOUNT INFORMATION DISCLOSURE
We will disclose information to third parties about your account or the transfers you make:
a) when it is necessary to complete the transaction;
b) in order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant;
c) in order to comply with government agency or court orders or other legal process; or
d) if you give us your prior oral or written permission.
Please keep the Credit Union informed of your current address to insure correct mailing of monthly statements.
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. 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 designated accounts.
You may terminate this Agreement with us at anytime. The Credit Union reserves the right to terminate this Agreement with or without cause. We may do so immediately if:
a) you or any authorized user of your account breaches this or any other agreement with the Credit Union;
b) we have reason to believe that there has been, or might be, an unauthorized use of your account; or
c) you or any authorized user of your account request that we do so.
You agree to pay the Credit Union our reasonable expenses, including court costs and attorney's fees, for enforcing our rights under this Agreement.
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.
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. Additional Disclosure Applicable to ACH Services
RIGHT TO DOCUMENTATION
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 (310) 638-5147 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
a) 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 (310) 638-5147 or write to us at 325 South Santa Fe Avenue, Compton, CA 90221-3297, 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.
b) 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.
c) Liability for failure to stop payment of preauthorized transfer.
If you order us to stop one of these payments three business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.
YOUR ABILITY TO WITHDRAW FUNDS
Our policy is to make funds from your deposits available to you on the first business day after the day we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once they are available, you can withdraw the funds.
For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit before close of business on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after 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.
Longer Delays May Apply
In some cases, we will not make all of the funds that you deposit by check available to you on the first business day after the day of your deposit. Depending on the type of check that you deposit, funds may not be available until the fifth business day after the day of your deposit. However, the first $200 of your deposits will be available on the first business day.
If we are not going to make all of the funds from your deposit available on the first business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the day after we receive your deposit.
If you will need the funds from a deposit right away, you should ask us when the funds will be available. In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
- We believe a check you deposit will not be paid.
- You deposit checks totaling more than $5,000 on any one day.
- You redeposit a check that has been returned unpaid.
- You have overdrawn your account repeatedly in the last six months.
- There is an emergency, such as failure of 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 11th business day after the day of your deposit.
Expedited Funds Availability Act and Regulation CC disclosure
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, and federal, state and local government checks will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you (and you may have to use a special deposit slip). The excess over $5,000 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,000 will not be available until the second business day after the day of your deposit. Funds from all other check deposits will be available on the 11th business day after the day of your deposit.
UNCLAIMED PROPERTY LAW – CALIFORNIA
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 State Controller if, after three years:
- There has been no account activity; or
- There has been no written communication by you; or
- There has been no other communication with you noted in writing by the Credit Union.
GENERAL TERMS AND CONDITIONS OF YOUR CREDIT UNION ACCOUNTS
The parties who sign an Account Application agree with each other and with the Credit Union that all funds in the account shall be owned as follows:
- Individual Accounts: The account or certificate is owned by the party named on the Account Application. Upon the death of the party, ownership passes to the named pay-on-death payee(s), i.e. the beneficiary named on the Account Application.
- Joint Accounts: The account or certificate is owned by the parties named on the Account Application. 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), i.e. the beneficiary named on the Account Application.
Notice to the member shall constitute notice to all persons authorized by the member to have access to the account.
Withdrawls By and Liability of Joint Owners
The owner(s) of this account agree with each other and with the Credit Union that all funds and all accumulations thereon are subject to the withdrawal or receipt by any of the owners, and payment to any of them shall be valid and discharge the Credit Union from any liability for such payment. The owner(s) of this account expressly agree that he or she is jointly and severally liable for any and all overdrafts or losses of this account created by any owner.
Enforcement of Statutory Liens
All funds in an account remain subject to liens, security interests, rights of set off and charges, notwithstanding the source of the contribution.
Notification of Changes
The right or authority of the Credit Union under this Agreement shall not be changed or terminated by the owner(s), except by written notice to the Credit Union, which written notice shall not affect transactions previously made. All parties to an account agreement shall keep the Credit Union informed of any change(s) in their address(es).
Waiver of Certain Rights
The Credit Union reserves the right to waive the enforcement of any of the provisions of this Agreement with you 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 with you and is not sufficient to modify the terms and conditions of this Agreement.
The Credit Union makes credit available to its members on a regular basis. The owner(s) of the account authorize the Credit Union to obtain credit reports in connection with possible future credit opportunities, and the owner(s) of the Account authorize any person, association, or corporation to furnish on request of this Credit Union, information concerning the Account owner(s) affairs. The owner(s) also authorize the Credit Union to furnish information concerning the account to credit reporting agencies.
Negative Credit Reporting
Pursuant to State Law, you are hereby notified that a negative credit report reflecting on your credit record may be submitted to a credit reporting agency if you fail to fulfill the terms of your credit obligations.
Membership & Account Application
The terms, conditions and information contained in the Membership & Account Application, and all amendments thereto, are by this reference hereby incorporated in their entirety into this Account Agreement and become an integral part of the General Terms and Conditions of your Credit Union Accounts.
Post-Dated Share Drafts
The Credit Union will treat all share drafts as though the share draft were written on the date presented.
Examination of Statements
The owner(s) to whom the periodic statement of account is sent agree(s) to exercise reasonable care and promptness to examine the statement to discover any errors or discrepancies, and to promptly notify the credit union after discovery thereof.
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.
OTHER 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.
This agreement shall be construed in accordance with the provisions of the UCC. Share Account Agreement
Ability to Pledge Funds
Any or all of the joint owners may pledge all or any part of the funds as security for a loan or loans.
Transfers to Third Parties
No more than six preauthorized, automatic, or telephonic transfers may be made from your savings account to another account at the Credit Union or to a third party in any calendar, month, and no more than three of these six transfers may be made by check, draft, or similar order payable to a third party. If you exceed, or attempt 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 your account.
Withdrawls, Prior Notice Requirement
The credit union reserves the right to require prior written notice of intention to withdraw all or any part of shares not to exceed the notice requirement as set forth in the credit union's bylaws.
SHARE CERTIFICATE ACCOUNT AGREEMENT
Pledging of Funds
Share certificates may not be pledged, transferred, or assigned to any party other than the Credit Union. The Credit Union reserves the right to offset this certificate except as otherwise precluded by law. A share certificate is transferable unless it contains a specific statement on the certificate, instrument, passbook, statement or other form representing the account that it is not transferable.
Share Account Insurance
Your deposits are insured to $250,000 per account. This credit union is not federally insured, and if the institution fails, the Federal Government does not guarantee that depositors will get back their money. Share accounts of Mid Cities Credit Union are guaranteed by American Share Insurance, a private nonprofit corporation owned by member credit unions. The unparalleled level of protection is possible because American Share Insurance (ASI) is the nation's largest private deposit insurer. American Share Insurance is not an instrumentality of nor affiliated with the federal government nor the State of California.