TRANSIT OPERATIONS FEDERAL CREDIT UNION
SHARE DRAFT POLICY

1.  A deposit of at least $20 must be made at the time the share draft is opened to cover the first order of share drafts (checks ).

2.  Monthly statements are provided no later than the 10th day of the following month.

3.  Share drafts are duplicates.  Members will always have the carbon duplicate.  We do not store the original draft.  Copies of the original can be obtained at $7.00 per copy.

4.  Statement reconciliation is the member's responsibility.  The Credit Union does provide register balancing at $20.00 per hour (minimum charge $20.00).

5.  Account histories can be requested and will be provided at $2 per page printed.

6.  Members must notify the Credit Union in writing of any discrepancy on their statement within 60 days of the date of the statement in question.  Procedures are found on the back side of the statement pages.

7.  There is a $6.00 fee to cover overdrafts on the account with your share savings account.  We can automatically transfer from your share savings "A".  There is no charge if you transfer on your own BEFORE an overdraft.  

8.  There is a $30.00 per draft fee to cover overdrafts on the account.  This includes deposits to cover drafts that need to be paid that day.  Deposits must be recived by 11.30 a.m. in order to pay such drafts.  

9.  NSF drafts will be returned and assessed a fee of $30.00 per item.  Charges for overdrafts will be deducted from the share draft account first.  If funds are not available in the account, charges will be deducted from the share savings account.  The member will not be notified by mail – activity can be seen online.

10.  Stop payments are guaranteed after 24 hours from the time you notify the Credit Union.  Stop payment orders will be charged $30.  In the case of a series of checks, the fee will be based on the fees charged the Credit Union by our processor.  This will be quoted per incident.  Stop payment orders must be received prior to 2:00 p.m..

11.  Direct deposit is available through payroll deductions / direct deposit / ACH.

12.  Line of Credit Loans (overdraft protection) are available.  You must complete a loan application to be reviewed by the Loan Department.  Line of Credit Loans must be paid in full upon closing of a share draft account.

13.  Funds availability policy applies to the share draft account.  We reserve the right to place a hold of 3 to 11 days on deposited checks for clearing.

14.  If a share draft account is closed the $35.00 share account balance must be maintained for at least 3 days before that account can be closed.  If a share draft account is closed all fees incurred must be paid immediately.

15.  Share draft printing (check printing) must be ordered by the printer provided by the Credit Union.  Ordering checks on your own is prohibited and fees incurred are your responsibility.

16.  The Credit Union reserves the option to close the share draft account if circumstances indicate that the member is in violation of state or federal law.  The member will be notified by mail.  There may be other laws or policies governing the share draft account that is not included on this sheet.

17.  Excessive NSF activity or a pattern of NSF activity will force us to close the share draft account.  Unacceptable NSF activity will be the opinion of the Credit Union.  The member will have an opportunity to correct any problems but if an account is closed, the member will not be able to open another share draft account for 6 months, if approved by the Credit Union.  

18.  The share draft account is a valuable asset when handled properly.  Please be prudent in your use of the account.  Misuse of the account can cause you problems in the future, especially if we are forced to close it.

SIGNED:

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MEMBER					/ JOINT MEMBER