| General Policy |
General:
The board of Directors of the Galveston School Employees Federal
Credit Union recognizes the need to make a member’s
funds more accessible. In this regard, the board is authorizing
the establishment of a Share Draft Program or Checking. The
detail provisions of the Share Draft Program will be enumerated
in the account agreement document. Each member will receive
a copy of the account agreement at the time the Share Draft
Account is opened. |
Eligibility:
Share Draft accounts will be made available to members who
are in good standing with the Credit Union and have not had
a history of writing bad checks with their prior or current
account holder. The Credit Union will employ the services
of Telecheck to determine the members checking history. Members
applying of a Share Draft Account, who do not currently have
a checking account, will be evaluated on the basis of their
credit report and how they have maintained their current Credit
Union account. |
Types
of Accounts:
Credit Union members will be allowed to establish a single
party or a multiple party account. Business accounts will
not be authorized. Accounts will be allowed for minors under
conditions founding account agreement documents. |
Types
of Deposits:
Deposits in the form of US Treasury checks, wire transfers,
direct deposits form employers, cash, and checks drawn on
the Galveston School Employees FCU, money orders and cashier’s
checks issued to the account holder will be accepted. Third
party checks will be accepted but funds will not be released
until the check has cleared. The Credit Union will not be
obligated to pay checks more than six months old. |
Fees
and Charges:
Fees and charges will be assessed for NSF (nonsufficient funds
returns), stop payment, and overdraft protection from savings
and for the cost of printing checks. Fees and charges may
change without notice. All charges and fees will be in accordance
with an adopted schedule. |
Statements:
Statements will be mailed monthly. The Credit Union member
will be responsible for reconciling his/her statement. The
Credit Union will not assume any responsibility for errors
reported after 60 days of receipt of the statement unless
the error was made by the Credit Union. |
Closing
Accounts:
Any Share Draft Account may be closed by the Credit Union
due to the misuse of any Credit Union account. This shall
include, but not be limited to excessive NSF checks in a statement
period, use of the account for any illegal purpose or delinquency
on a Credit Union loan. |
Automated
Clearing House:
All checks will be cleared through Southwest Corporate Central
Federal Credit Union |
