Checking/Share Draft Agreement
AGREEMENT: I authorize the Shrewsbury Federal Credit Union to open a checking account for me. The credit union is authorized to pay checks signed by me, and the payments will be charged against my checking account. I agree that:
- Only check blanks and other methods approved by the credit union may be used to withdraw funds from my checking account.
- The credit union is under no obligation to pay a check that exceeds the fully paid and collected share balance in this account. The credit union may, however, pay such check and transfer shares to this account in the amount of the resulting overdraft, plus a service charge, from any other share account from which any of the undersigned is then eligible to withdraw shares.
- The credit union may pay a check on whatever day it is presented for payment, not withstanding the date or any limitation on the time of payment.
- When paid, checks become the property of the credit union and will not be returned either with the periodic statement of this account or otherwise. Photocopies of paid checks will be made available when requested by the member.
- Except for negligence, the credit union is not liable for any action it takes regarding the payment or nonpayment of a check.
- Any objection respecting any item shown on a periodic statement of this account is waived unless made in writing to the credit union before the end of 60 days after the statement is mailed.
- This account is subject to the credit union's right to require advance notice of withdrawal, as provided in its bylaws.
- This account is also subject to such other terms, conditions and service charges as the credit union may establish from time to time.