HEW Federal Credit Union

Money Management Disclosure

Money Management Account

Accountholder (s) must maintain a minimum balance of $1,000 to earn dividends at Money Management rates. No dividends will be earned for the period of time that the balance remains below the required balance.
Dividends will be computed on the actual dollar amount for each day funds are on deposit in the account. Dividends will be paid and compounded monthly and will be credited to the account as of the first day of the month following the end of the dividend period. Dividends will be available to the accountholder (s) anytime after the payment.
The average daily dividend rate on balances of $1,000 or more (Money Management Rates) will be based on money market conditions and on the average daily yield of the short-term investment portfolio maintained by HEWFCU. These investments are usually comprised of, but not limited to, U.S. Government Agency securities and obligations, U.S. Treasury bills and notes, insured certificates of deposit, common trust investments and such similar investments. As with Share Accounts at HEWFCU, dividends are based upon the Credit Union's earnings and cannot be guaranteed. For purposes of computing dividend rates, the rate calculation period shall extend from the 1st day of the month to and including the last day of the month for which dividends are to be computed.
Additional deposits will be accepted for credit to the Money Management Share Draft Account in any amount. Deposits may be made in person at any HEWFCU office during normal business hours, by mail, wire transfer from another institution, or by payroll allotment/direct deposit. Deposits received prior to 4:00 p.m. any business day will be credited to the account effective the day of receipt. Funds received after 4:00 p.m. will be credited as of the next business day.
All non-cash payments received for credit to the Money Management Share Draft Account are credited subject to final payment. Withdrawals may not be made on such items deposited in this account until collected. Any amount not collected, plus expenses incurred, may be charged back to this account or any account at HEWFCU held in the name (s) of the accountholder (s).
Withdrawals from this account may be made for amounts of $200 or more. There are no limitations as to the number of withdrawals that may be made in person or by mail. Withdrawal of funds from the Money Management Share Draft Account by draft is subject to the following:

a. Only drafts and other methods approved by HEWFCU may be used.
b. Each negotiated draft will be charged to the Money Management Share Draft Account as of the date of receipt by HEWFCU.
c. HEWFCU is authorized to refuse any share draft, which exceeds funds available in the Money Management Share Draft Account.
d. HEWFCU may, at its option, pay a draft, which exceeds the balance in the Money Management Share Draft Account by transferring the amount of the resulting overdraft from any other share account from which the person (s) who signed the combined application is/are entitled to withdraw shares. Such transfers shall not exceed three per month. A fee in an amount established by HEWFCU may be assessed for each transfer.
e. The minimum amount that you must withdraw at any one time is $200. If a share draft in an amount less than $200 drawn on your Money Management Share Draft Account is presented to the Credit Union for payment; a nominal service charge will be assessed.
f. HEWFCU is under no obligation to pay a Money Management Share Draft on which the date is more than six (6) months old.

a. Except for negligence, HEWFCU is not liable for any action it takes regarding the payment or nonpayment of a Money Management Share Draft.
b. The accountholder (s) may request that payment of a share draft be stopped by providing written notification to HEWFCU. Verbal requests by telephone may be made to initiate a stop payment order; however, it must be followed in writing (signed letter or stop payment order form) and received by HEWFCU within seventy-two (72) hours or the order shall be deemed invalid. A service charge in an amount established by HEWFCU may be assessed for each stop payment request.
c. Paid share drafts will not be returned by HEWFCU; however, the accountholder (s) may request copies of paid share drafts when required. A service charge in an amount established by the Credit Union may be assessed for each copy provided.
d. The number of share drafts presented for payment against funds in the Money Management Share Draft Account may not exceed three (3) each month. A service charge in an amount established by HEWFCU may be assessed for excessive drafts.

Pre-authorized/telephone transfers of funds to a Share Draft Account and other accounts with HEWFCU or to other institutions (wire transfer) shall not exceed three (3) each month. A transfer authorization form shall be filed with HEWFCU prior to any requests. HEWFCU shall not be liable for loss or damage that results from a failure to complete a transfer in accordance with this agreement if circumstances beyond HEWFCU's control prevent the transfer. A fee in an amount established by HEWFCU may be assessed for each transfer.
Statements of transactions on Money Management Share Draft Accounts will be provided monthly. Any objection respecting any item shown on a statement of Money Management Share Draft Account shall be waived unless made in writing to HEWFCU on or before the last day of the month following the day that the statement was mailed.
Funds in the Money Management Share Draft Account may not be assigned or transferred, except on the books of HEWFCU, and may not be used as collateral for loans. In the event any indebtedness to HEWFCU is in default, HEWFCU may offset from this account any amounts necessary to cure default and/or to satisfy said indebtedness.
At the option of HEWFCU, a seven (7) day notice may be imposed for the withdrawal of funds.
This account is not a mutual fund or investment security. It is a special Share Draft account and is federally insured to $350,000 by the National Credit Union Administration, a U.S. Government agency, and Excess Share Insurance, a private insurer.
HEWFCU reserves the right to terminate this agreement or change the terms and conditions upon which this account is offered. Accountholder (s) will be given reasonable notice before any termination or change becomes effective.

Holiday Account
An initial payment of $5.00 is required.
Funds in this account are to be transferred to the Share Savings account (suffix 0) in early November.
A Holiday Share Savings Account is a share account maintained for a specific purpose. Dividends are earned on a daily basis and are paid and compounded quarterly (periods ending March 31, June 30, September 30 and December 31), subject to minimum balance requirements, if any.
The Holiday Share Savings Account is non-transferable.
The Holiday Share Savings Account may not be used as a automatic overdraft account.

Joint Account
HEWFCU is hereby authorized to recognize any of the signatures subscribed on the combined application 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 on shares, or theretofore paid in on shares by any or all said joint owners to their credit as such joint owners with 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 or survivors shall be valid and discharge said Credit Union from any liability for such payment.
Any or all of said joint owners may pledge all or any part of the shares in this account as collateral security to a loan or loans with HEWFCU.
The right or authority of the Credit Union under 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 affect transactions theretofore made.