Custodial Accounts and Rep Payee Disclosure 072720

[Pages:3]Custodial and Representative Payee Account Disclosure of Fees, Terms and Conditions

(Truth-in-Savings Disclosure)

How Your Account Works for You

Wright-Patt Credit Union is committed to helping you Save Better, Borrow Smarter and Learn a Lot! The following Disclosure will help you understand exactly how your Custodial and Representative Payee accounts works, how to avoid fees, and how to grow your money. For complete terms governing your account, please see your "Important Account Information" document.

OPENING AND USING

YOUR ACCOUNT

YOUR ACCOUNT: FEES, TERMS, AND CONDITIONS

Custodial Account

Representative Payee

Minimum Balance to Open Your Account1

$5.00

$5.00

Monthly Service Charge

$0

$0

Dividends Earned on Your Account2 Minimum Avg. Daily Balance Required to Earn Dividends

Dividend Rate Qualification

Balance Computation Method4 How Dividends are Compounded and Credited

Transaction Limits

The anticipated dividend rate and annual percentage yield (APY) on this account are

listed on the current rate sheet. The applicable dividend rate is paid on the entire balance in your account.

$.01

$.01

The following qualifications must be met to earn "TrueSaverTM" dividend rates. All other accounts will earn interest at rates specified for Secondary Share Accounts.

Custodial member must provide Social Security number for the primary member (minor).

Accounts wherein the primary member is 17 years of age or younger will automatically qualify for TrueSaverTM rates.

Primary member must provide a Social Security number or taxpayer ID number.

Accounts wherein the primary member is 17 years of age or younger will automatically qualify for TrueSaverTM rates.

When primary member reaches the age of 18, the share account must meet minimum

When primary member reaches the age of 18, the share account must

qualifications detailed in TrueSaverTM Account Disclosure.

meet minimum qualifications detailed in the TrueSaverTM Account Disclosure. Primary members with more than one qualifying account will receive TrueSaverTM dividend rate on the account with the oldest open date.

Accounts wherein the primary member is 18 years of age or older must maintain an active checking account and have at least one (1) direct deposit item within a 45 day period or be set up to receive eStatements. Active checking account is defined as an account that has a minimum of four (4) qualifying transactions per calendar month.3

Dividends are calculated using the average daily balance method which applies a

periodic rate to the average daily balance in your account for the dividend period. The

average daily balance is calculated by adding the balance in your account for each

day of the period and dividing that figure by the number of days in that period. Dividends will begin to accrue on the business day you make a deposit to your account.

Dividends are compounded monthly. The dividend declaration date is the last day of period on the last day of each month. Dividends are credited to your account at the

end of the calendar month. If you close your account before the dividends are credited, you will not receive the accrued dividends.

Federal regulations limit this account The primary member (beneficiary of Social

to six (6) electronic withdrawals or transfers per month by means of fax, telephone, online, or pre-authorization transfers. If you exceed the transaction limitation in any calendar month, your account will be subject to closure.

Security funds) is not permitted to withdraw funds from the account. The Representative Payee has the right to hold, manage, pledge, invest and reinvest funds received from the Social Security Administration (SSA) on behalf of the beneficiary. A maximum of six (6) electronic withdrawals or transfers per calendar month are permitted.

1 The minimum balance to open your account represents the purchase of one membership share. 2 Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period. Dividends are based on the Credit Union's earnings at the end of a dividend period and cannot be guaranteed. The dividend rate and the APY may change at any time at the sole discretion of the CreditUnion. 3 Qualifying transactions are Bill Pay transactions, ACH deposits and withdrawals, debit card transactions and cleared drafts. 4 The average daily balance is calculated by adding the balance in your account for each day of the period and dividing that figure by the number of days in that period.

YOUR ACCOUNT: FEE SCHEDULE FOR CUSTODIAL & REPRESENTATIVE PAYEE ACCOUNTS

Stop Payment Fee

$25.00

CUSTODIAL & REPRESENTATIVE

PAYEE FEES

Non-Sufficient Fund (NSF) ACH Fee Deposited Item Return Fee Overdraft ATM/Debit Fee

Teller Assisted (excluding deposits) 5

$25.00

$10.00 $19.00 Advantage and Premier members: $0 Associate members: $2.00 Partner members: First four (4) free per month; $2.00 per transaction thereafter SEE MEMBER CHOICE BROCHURE FOR MEMBER CHOICE TIERREQUIREMENTS

FUNDS AVAILABILITY

POLICY

FUNDS AVAILABILITY POLICY

When Funds Deposited to Your Account Are Available Deposits made at Wright-Patt Credit Union member centers, ATMs, PTMs, and through night depositories will be available for withdrawal based on the type and amount of the deposit. Please refer to the "Funds Availability" section of our "Important Account Information" booklet. This booklet is available in our member centers and online at wpcu.coop, or may be requested by emailing us at ContactUs@wpcu.coop, or by calling our Member Help Center at (937) 912-7000 or (800) 762-0047.

HOW ITEMS ARE POSTED

YOUR ACCOUNT: TRANSACTION POSTING ORDER

How Transaction Items are Posted to Your Account

Transactions can be posted to your account in two different ways. "Real time" transactions are posted as they occur

throughout the day. Other transactions are posted to your account in a batch process. The order we use for posting

batch transactions is described below.

Posting

Item Type

Order

Real Time Transactions

Deposits; ATM and Debit Card Transactions;

In-Branch Transactions; Wires; Overdraft and

Non-Sufficient Funds (NSF) Fees; Immediate

WPCU to WPCU Share Transfers

1

Scheduled and Automated Account Transfers between WPCU accounts

Posted chronologically based on the date and time our records indicate the transaction was initiated or authorized.

Scheduled WPCU to WPCU share and loan transfers are posted at the beginning of each business day.

Items Posted in Batch

ACH Credits and Debits; Electronic Funds 2 Transfers (EFT); External Share Transfers,

Pop Money Transfers

3 Checks

ACH credits post prior to ACH debits; All ACH

transactions post in order from the smallest dollar amount to the largest (includes Bill Pay ACH).

Posted in numerical check order on or after 4:00 p.m. EST (includes checks initiated by Bill Pay).

4

Non-Sufficient Funds (NSF) Fee (excludes Overdraft Fees)

Posted at the time a transaction is processed that causes a negative account balance.

HOW FEES ARE COLLECTED

HOW FEES ARE COLLECTED

Fees incurred in connection with your Custodian or Representative Payee savings account will be deducted from your savings account. Cash withdrawal fees, Cashier's Check fees, or fees associated with a Share Certificate or IRA will be deducted from your checking account. If you do not have a checking account or funds are not available, such fees will be deducted from your share account.

5 Teller assisted transactions conducted at WPCU member centers, PTMs, and Member HelpCenter.

WITHDRAWAL RESTRICTIONS

WITHDRAWAL RESTRICTIONS

The Credit Union reserves the right, at any time, to require members to give, in writing, not less than seven (7) days notice of intention to withdraw the whole or any part of the amounts so paid in the member's TrueSaverTM account. No member may withdraw shareholdings that are pledges as required on secured loans without written approval, except to the extent that such shares exceed the member's total primary and contingent liability to the Credit Union. No member may withdraw any shareholdings below the amount of his/her primary or contingent liability to the Credit Union if he/she is delinquent as a borrower, or if borrowers for whom he/she is a co-maker, endorser, or guarantor are delinquent, without written approval.

OTHER TERMS AND

CONDITIONS

OTHER TERMS AND CONDITIONS

Custodial Account

Changes in the terms and conditions of this account may be made at the discretion of the Credit Union. The Credit Union will give you advance notice of changes if required to do so under applicable law.

By opening an account and signing the Account Card, you acknowledge that you have received and agree to theadditional terms and conditions as stated in the Membership and Account Agreement, General Fee Schedule, and Rate Sheet which are incorporated by reference into this Disclosure.

Custodian accounts are not accessible by Shared Branching or at an ATM.

Custodian accounts do have inquiry access through Call-24, Online Banking and Mobile Banking.

Representative Payee Account

A Representative Payee is appointed by the SSA to handle Social Security benefits only. A Representative Payee has no legalauthority to manage non-Social Security income. In order to manage other funds, the Representative Payee must have a Power-of-Attorney and open a separate account. The SSA does not recognize a Power-ofAttorney for managing a Beneficiary's funds.

Representative Payee accounts are not Joint accounts with rights of survivorship, but rather, single ownership accounts. A Representative Payee account is insured through NCUA as a single ownership account for the Beneficiary.

The Beneficiary cannot withdraw funds or close the account. While the Beneficiary retains ownership interest in the account, this type of account does not permit him/her to have direct access to the funds. However, the Credit Union is under no obligations to monitor the proper use of such funds for the purposes of the Beneficiary.

When the Beneficiary dies, the Social Security funds in the account DO NOT belong to the Representative Payee. A `Payable On Death' beneficiary can be named so that the account does not proceed to probate court. If no beneficiary is named, the funds must be turned over to the legal representative of the estate.

When a Representative Payee resigns or passes away, any benefits, including interest and cash on hand, must be returned to the SSAand the funds will then be reissued to the beneficiary or to the new Representative Payee.

Changes in the terms and conditions of this account may be made at the discretion of the Credit Union. The Credit Union will give you advance notice of changes if required to do so under applicable law.

By opening an account and signing the Account Agreement, you acknowledge that you have received and agree to the additional terms and conditions as stated in the Important Account Information document, General Fee Schedule, and Rate Sheet which are incorporated by reference into this Disclosure.

Representative Payee accounts are not accessible by Shared Branching or at an ATM.

Representative Payee accounts do have inquiry access through Call24, Online Banking and Mobile Banking.

By opening an account and signing the Master Membership and Account Agreement, you acknowledge that you have

received and agree to the additional terms and conditions stated in this Disclosure and the "Important Account Information" document.

DISPUTE RESOLUTION

DISPUTE RESOLUTION

To report an error or dispute, please contact us at (800)762-0047.

If you have a dispute with the Credit Union and we are not able to resolve the dispute informally, you agree that the dispute will be resolved through an arbitration process further detailed in the Dispute Resolution section of the Account Agreement. If a claim is eligible to be resolved in small claims court, you may pursue the claim in small claims court.

Wright-Patt Credit Union, Inc. | 3560 Pentagon Boulevard | Beavercreek, Ohio 45431 (937)912-7000 | (800)762-0047 |TDD (937)912-7001 | wpcu.coop

Federally Insured by NCUA

As of 06/2020

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