Truth-In-Savings | Easy Money Fund | Bill Payer Agreement | Estatements | ATM | VISA

REGULAR SHARE ACCOUNT - VARIABLE ACCOUNT

VARIABLE RATE INFORMATION
The prospective dividend rate on your account is 0.750% with an anticipated annual percentage yield of 0.750%. The dividend rate and APY Annual Percentage Yield may change every quarter based on the determination of the Credit Union Board of Directors.

NATURE OF DIVIDENDS
Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.

COMPOUNDING AND CREDITING
Dividends will be compounded quarterly and will be credited quarterly.  For this account type, the dividend period is quarterly, for example, the beginning of the first dividend period of the calendar year is 01/01/08 and the ending dividend period is 03/31/08.  All other dividend periods follow this same pattern of dates.  The dividend declaration dates follows the ending date of a dividend period, and for the example of 04/01/2008.  If you close this share account before dividends are paid, you will not receive the accrued dividends.

MINIMUM BALANCE REQUIREMENTS
To be a member and maintain accounts at our credit union you must purchase 1 share(s) in the credit union. The par value of a share in this credit union is $5.00.  The minimum amount  required to open this account is $5.00. To be a member and maintain accounts at the credit union you must maintain a minimum average daily balance of $50.00 in your account to obtain the disclosed annual percentage yield.  The only exception will be Youth Accounts (17 years old and under), where there is no minimum average balances.

BALANCE COMPUTATION METHOD
The average daily balance method requires the application of a periodic rate to the average daily balance in the account for the average daily balance calculation period.  The average daily balance is determined by adding the full amount of the principle in the account for each day of the period and dividing the figure by the number of days in the period.

ACCRUAL ON NONCASH DEPOSITS
Dividends will begin to accrue on the business day you deposit noncash items (e.g. checks) to your account.

FEES AND CHARGES
Please click here to veiw our Account(s) Schedule of Fees

Easy Money Fund Disclosure/Condition for use

Description
Easy Money fund is a special savings account that will provide excellent return on savings and still be available for ready access by the member.  Funds a member has in the Easy Money account are guaranteed by the National Credit Union Administration, a U.S. Government Agency, as a part of the $100,000.00 coverage provided to each member.  The Easy Money Fund is a Share Account.
The special Share Account is a sub-account (suffix M) under a member's regular Share Account number.  The Easy Money Fund offers the high return and flexibility of the new generation type savings now available and provides more.

Eligibility
In order for a member to have an Easy Money Fund, the only requirements are:
1.  Be a member in good standing
2.  Make an initial deposit of at least $2,500.00
3.  Maintain a minimum of $2,500.00 in the Easy Money Fund.  If the balance is below $2,500.00 at any time, the funds will be transferred to the regular share account.

Dividend
Dividends will be calculated on the daily balance in the Easy Money Fund and the amount of the dividend earned will be accrued and posted to the account balance on the last day of the month.  The rate at which the dividend is calculated may vary up and down from day to day.  The rate will be established by the Credit Union at it's sole discretion, based on yields it receives on investments, less the Credit Union's expense in the administration of these accounts and such other conditions and criteria as the Credit Union deems appropriate.  The dividend rate will at least equal the rate on Regular Shares.

Deposits
Deposits may be made at the Credit Union office or by mail.  For your convenience, deposits may be made by payroll deduction or any other direct deposit method available.  Any amount may be deposited.  All non-cash payments received in the Credit Union will be credited subject to final payment.

Withdrawals
Transfers or withdrawals from the Easy Money Fund are limited to (3) three per month.  More than three transfers or withdrawals during a given month is not permitted.  This Credit Union reserves the right to require a seven day notice of intended withdrawal prior to withdrawal.

Transfers
Transfers will be made from the Easy Money Fund to the Share Draft in increments of $100.00 to cover share drafts presented for payment.  There will be a limit of (3) three transfers per month with no service charges. The use of the Easy Money Fund is subject to other terms, conditions and requirements as the Credit Union may establish from time to time.

Statements
The Easy Money Fund statements will be mailed monthly and will be listed with the other accounts.

Fees and Objections
The Easy Money Fund may be subject to a service charge in accordance with the rate schedules adapted by the Credit Union from time to time, but the Credit Union will provide reasonable notice prior to the effective date of any changes to be instituted or changed.

Any objection respecting any item shown on a statement of the Easy Money Fund will be waived unless made in writing to the Credit Union on or before the twentieth day following the day the statement mailed.


Joint Account Agreement
The Preferred Federal Credit Union is hereby authorized to recognize any of the signatures subscribed hereto 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 said Credit Union that all sums now paid in or heretofore or hereafter paid in by any or all of said joint owners to their credit as such joint owners will 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(s) shall be valid and discharge said Credit Union from any liability for such payment.

The right of authority of the Credit Union within this agreement shall not be changed or terminated by said owners or any of them except by written notice to said Credit Union which shall not effect transactions made.

Beneficiary Information
Upon the death of the owner, or the last surviving owner if there is more than one, the funds covered by this agreement shall become the property of the beneficiary(ies) listed below who are alive at the time.  In addition, each such beneficiary shall have the power to withdraw only his or her equal share of the remaining account balance together with any accumulations on such amount.  No beneficiary shall have any right under any circumstances to change the terms and conditions of this agreement.

ATM AGREEMENT AND DISCLOSURE AGREEMENT

Preferred Federal Credit Union will be providing to our members, upon written application request from those members, plastic CO-OP Network cards, which may become available to the Credit Union.
This disclosure is furnished to you as a member of Preferred Federal Credit Union to satisfy the requirements of the federal and Michigan statutes relating to electronic funds transfers (EFT Services).  Your use of such account(s) after receipt of this disclosure constitutes your acceptance of these terms and conditions.  However, the account agreements you have previously made with us continue in effect to the extent they may be modified by this disclosure. All references to "ATM" refer to affiliated automated teller machines.   All references to "we", "us", or "our" refers to Preferred Federal Credit Union.

Credit Union Policy: 
ATM cards will be issued to members in "good standing" only as follows:
1.  Active Regular Savings or Share Draft Checking Accounts.
2.  No delinquent loans including VISA
3.  At least 18 years of age.

In addition, no member that has caused a loss to a Credit Union will be issued an ATM card.

General Provisions: 
You, as a member of Preferred Federal Credit Union, agree to the following terms and conditions governing the use of your CO-OP Network cards made available and their respective ATM's.  The card and personal identification number (PIN) remain the property of the Credit Union, and the Credit Union may terminate your right to use the card at any time.  If you terminate this agreement, you agree to surrender the card to us immediately.

Machine Transactions and Verification: 
The machine shall be operated according to instructions furnished to you and may be used for the following transactions depending upon the accounts you have designated.
1.  Deposits to Share Draft Accounts and Regular Share Accounts.
2.  Cash withdraws from Share Draft Accounts and Regular Share Accounts.
3.  Transfers from your Regular Share Account to you Share Draft Account or from your Share Draft Account to your Regular Share Account.
4.  Point of sale (P.O.S.) transactions.  If you have an ATM card for which we have issued a PIN, may use it to pay for purchases at places that have agreed to accept cards CO-OP Network access.  Payments may only be made from funds in your checking account.  Access to other accounts is not permitted for point of sale transactions.

You have the right to designate which accounts you want to be accessible through an ATM and we will follow your instructions in that regard.  We reserve the right to add or discontinue any types of transactions available in an ATM.  We will notify you of any transaction that we may discontinue before it is discontinued; however, immediate action may be taken without notice if you overdraw your account.  You have the right to a receipt for each transaction processed at a machine as well as a periodic statement describing each transaction made at a machine during the statement period.  Such statements will be furnished monthly (or not less than quarterly), during any month in which a machine transaction will be furnished to you.  Usually it will be provided by the ATM at the time you make the transaction.  If the machine fails to provide a receipt at that time, please contact us and we will promptly send you a proper receipt.

Secrecy of PIN: 
When a secret personal identification number (called a PIN) is also provided to a member, the ATM card and the PIN can used in any CO-OP Network ATM to electronically make transactions at the machine.

General Rule: 
You may be responsible for money taken from your account through an unauthorized electronic fund transfer made with your card.

BILL PAYER AGREEMENT

This is your bill paying agreement with Preferred Federal Credit Union. You may use Preferred Federal Credit Union's Billpayer Service, to direct Preferred Federal Credit Union to make payments from your designated savings account or checking account to the Merchants  you choose in accordance with this agreement.  The terms and conditions of this Agreement are in addition to the Account agreements, disclosures and other documents in effect from time to time governing your Account (the Account Rules).

"You" or "your" means each person who signs the bill paying enrollment form or is otherwise authorized to use the Service.  "Merchant" means anyone, including the Financial Institution, you designate and the Financial Institution accepts as a payee.

HOW TO SET UP MERCHANTS/PAYMENTS
Complete a bill paying enrollment form.  You may add a new fixed payment to a Merchant, only if the Merchant is on your authorized list of payees, and by accessing the Service and entering the appropriate information.  IF YOU WANT TO ADD A NEW MERCHANT TO YOUR LIST OF AUTHORIZED PAYEES, YOU SUBMIT YOUR REQUEST IN WRITING, USE "ADD MERCHANT" BUTTON ON THE INTERNET OR SPEAK TO A SERVICE REPRESENTATIVE.  Most other additions, deletions, or changes can be made in writing or by using the Service.  The Financial Institution reserves the right to refuse the designation of a Merchant for any reason.  Each Merchant accepted by the Financial Institution will be assigned a merchant code.

The Financial Institution is not responsible if a Bill Payment can not be made due to incomplete, incorrect, or outdated information provided to you regarding a Merchant or if you attempt to pay a Merchant that is not on your Authorized Payee list.

ACCESSING THE SERVICE
When you complete your bill paying enrollment form, you will be given an opportunity to select a temporary Subscriber I.D. and Personal Identification Number (PIN).  The Financial Institution will make every effort to accommodate your request.

Each time you access the Service, you will be asked to enter your Subscriber ID (must be 4-10 in length, alpha or numeric or a mix), and PIN (must be 4-10 in length, alpha or numeric or a mix).  Correct responses will give you access to the Service.

THE BILL PAYING PROCESS
The Financial Institution will process variable payments on the business day (generally Monday through Friday, except holidays) you designate the bill to be processed, provided the payment request is received prior to the cut-off time set by the Financial Institution, which is currently 4:00 p.m. EST.  Variable bill requests received after the business day cut off time, or at any time on a non-business day will be processed on the next business day.  The Financial Institution reserves it right to change the cut-off time by giving you notice if it changes.

FOR RECURRING PAYMENT REQUESTS, IF YOU DESIGNATE A PROCESSING DATE OF THE 28TH THROUGH THE 31ST OF A MONTH, PROCESSING WILL BE INITIATED ON THE LAST CALENDAR DAY OF THE MONTH.  Otherwise, recurring payment requests will be processed on the dates you have designated, unless such date falls on a non-business day resulting in your payment being processed on the next business day.

YOU MUST ALLOW AT LEAST FIVE (5) BUSINESS DAYS, PRIOR TO THE DUE DATE, FOR EACH BILL PAYMENT (RECURRING OR VARIABLE) TO REACH THE MERCHANT, HOWEVER, PAYMENTS TRAVELING MORE THAN 4 STATES AWAY, YOU SHOULD ALLOW MORE TIME.  (IT IS THE RESPONSIBILITY OF THE MEMBER TO SCHEDULE/ACTIVATE RECURRING PAYMENTS).

You agree to have available and collected funds on deposit in the account you designate in amounts sufficient to pay for all Bill Payments requested, as well as, any other payment obligations you have to the Financial Institution.  The Financial Institution reserves the right, without liability, to reject or reverse a Bill Payment if you fail to comply with this requirement or any other terms of this agreement.  If you do not have sufficient funds in the Account and the Financial Institution has not exercised its right to reverse or reject a Bill Payment, you agree to pay for such payment obligations on demand.  You further agree the Financial Institution, as its option, may charge any of your accounts with the Financial Institution to cover such payment obligations.

Any Bill Payment can be changed or canceled, provided you access the Service prior to the cut-off time on the business day prior to the business day the Bill Payment is going to be initiated.

Governing Law. This agreement, including the validity of any signatures or consents, any claim, or disputes arising hereunder shall be construed in accordance with and governed by the Laws of the State of Michigan.

LIABILITY

You are solely responsible for controlling the safekeeping of, and access of, your Personal Identification Number (PIN).  You are liable for all transactions you make or that you authorize another person to make even if that person exceeds his or her authority.  If you want to terminate another person's authority, you must notify the Financial Institution and arrange to change your PIN.  You will be responsible for any Bill Payment request you make that contains an error or is a duplicate of another Bill Payment.  The Financial Institution is not responsible for a Bill Payment that is not made if you did not properly follow the instructions for making a Bill Payment.  The Financial Institution is not liable for any failure to make a Bill Payment if you fail to promptly notify the Financial Institution after you learn that you have not received credit from a Merchant for a Bill Payment.  The Financial Institution is not responsible for your acts or omissions or those of any other person, including, without limitation, any transmission or communications facility, and no such party shall be deemed to be the Financial Institution's agent.  In any event, the Financial Institution will not be liable for any special, consequential, incidental, or punitive losses, damages, or expenses in connection with this Agreement or the Service, even if the Financial Institution has knowledge of the possibility of them.  The Financial Institution is not liable for any act, failure to act or delay in acting if it is caused, in whole or in part, by any cause beyond the Financial Institution's reasonable control.

Amendment and Termination
The Financial Institution has the right to change this Agreement at any time by notice mailed to you at the last address shown for the Account on the Financial Institution's records, by posting notice in branches or the Financial Institution, or as otherwise permitted by law.

The Financial Institution has the right to terminate this Agreement at any time.  You may terminate this Agreement by written notice to the Financial Institution.  The Financial Institution is not responsible for any fixed payment made before the Financial Institution has a reasonable opportunity to act on your termination notice.  You remain obligated for any payments made by the Financial Institution on your behalf.

Fees
FREE

Additional Charges for Customer requested Services and Other Items
These charges will only be assessed if you request one or more of the services listed here.  There will be NO Charge for any item if needed to correct a Financial Institution error.

The Financial Institution reserves the right to charge you for research time involving payments no longer available in your screen history.  You will be informed of any such charges before they are incurred.

Special Disclosures Regarding telephone bill paying
Bill payments are processed by Electronic Fund Transfers (EFT).  Please see the Electronic Transfers Disclosure Statement included, or, received when you opened your account, which discloses important information concerning your rights and obligations.

VISA Credit Disclosures

Preferred FCU