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This Agreement establishes the basic terms of the relationship
between Michigan State University Federal Credit Union (hereafter
“MSUFCU”) and your business—be it a corporation, partnership,
sole proprietorship, or other legal entity. Accounts established
for personal, family or household purposes, or Trust and Asset
Management accounts are covered by separate agreements.
Specically, this Agreement provides the terms for the maintenance
and operation of your accounts as well as the terms governing the
provision of certain services to you. Please read this information
carefully and keep it with your other business records. In this
Agreement the words “we,” “us,” and “our” refer to MSUFCU. The
words “you” and “yours”, “business” or “organization” mean any
member of MSUFCU.
Your account plan(s) and the characteristics of your ownership
rights are specied on your Business Account Application and
Business Membership and Account Agreement. Your signature(s) on
the Business Membership and Account Agreement guarantees your
agreement, each jointly and severally, to the terms and conditions
stated in this Business Membership and Account Agreement,
the Business Account Application, the Business Truth in Savings
Disclosure, the Business Account Fee Schedule, the Business Rate
Schedule, and any Account receipt included with this Agreement,
the MSUFCU Bylaws, Policies and Procedures, and any changes
made periodically to these terms and conditions, which collectively
dictate your Membership and Accounts.
Certain specic information will be required in connection with
the opening of your accounts, which MSUFCU has in its discretion
agreed to open for you. Such documentation may include evidence
that your representatives are authorized to open accounts and take
other actions on your behalf, and may be in the form of resolutions,
certicates, signature cards, or other documents acceptable to
MSUFCU. MSUFCU is authorized to rely on the authority of each
person designated in such documentation to act with respect
to your accounts until it receives written notice of a change in
such authority and has had a reasonable time to act on it. You
agree to furnish any other documents in such form as MSUFCU
may reasonably request from time to time. You conrm that your
accounts have been established for legitimate business purposes
only.
1. Membership Eligibility. To become a member of MSUFCU,
you must satisfy the membership requirements, including the
opening and maintenance of at least one (1) regular business
share account as set forth in the MSUFCU Bylaws, and the
payment of a $1.00 non-refundable membership fee. You
authorize us to verify your membership qualications or any
other products or services you apply for by reviewing your
account, credit, and employment history, and by obtaining
information from third parties, including, but not limited to,
credit-reporting companies.
2. Taxpayer Identication Numbers and Backup Withholding.
If you cannot furnish your taxpayer identication number
(TIN) to us, we may not permit you to open an account until
you can provide us with it. Incorrect TINs may cause backup
withholding. Backup withholding on your account requires us
to deduct a percentage of your dividends, interest, and certain
other payments and remit such amount to the Internal Revenue
Service (IRS).
3. Ownership of Account/Guaranty. The account established for
the business will be owned by the business. While generally
the individuals who comprise an organization, incorporated or
otherwise, shall not be joint owners on an account created for
the organization, each of the individuals of the organization
signing the Business Membership and Account Agreement
personally guarantees any obligation created by the
organization owing to MSUFCU as a result of the establishment
of a membership and account in MSUFCU for the organization.
4. Account Disputes. If we form a reasonable belief of a dispute
between any authorized signers, principals of the business, or
other persons concerning ownership of or respective control
over money in an account, any proposed withdrawal, or any
previous withdrawals from the account, we may refuse to
make payment from the account. If we so refuse under those
circumstances, we will notify the interested parties of the basis
for refusal, and may refuse to allow any such payment until all
interested parties consent in writing to the requested payment,
or a court with competent jurisdiction orders us to do so. You
agree that we are not liable to any party for any damages
resulting from an action taken under this subsection, and you
agree to reimburse us our reasonable attorney’s fees for any
legal services obtained pursuant to any such dispute.
5. Payable on Death Account for Sole Proprietorships. If a
Beneciary has been designated on the Business Account
Application in the case of an account opened for a Sole
Proprietorship only, a Payable on Death (POD) account
is established in order to designate any surviving POD
beneciary. If more than one POD beneciary is named, the
ownership of account balances passes to all such beneciaries
without rights of survivorship and in the fractional shares as
indicated on the Business Account Application, upon the death
of the last surviving owner of the Sole Proprietorship. If no
percentages are listed on the Business Account Application,
each named beneciary will take an equal share in the account
balances. If no named POD beneciary is living at the time of
death of the last surviving owner of the Sole Proprietorship,
the account shall be considered as a part of the last surviving
owner of the Sole Proprietorship’s estate.
6. Requirements for Depositing Funds. You may deposit funds
into any account using any approved method consistent with
the conditions set forth by MSUFCU in the Business Truth in
Savings Disclosure. If we feel there is a reason, we may refuse,
limit, or return any deposit.
a. Endorsements. We have the right to refuse to accept any
deposit and we specically reserve the right to refuse to accept
checks for deposit that have more than one endorsement. We
may require all items presented for deposit, including items
payable to cash or bearer, to be endorsed in our presence by
the person depositing them. We may, in our sole discretion,
supply any missing endorsements on items requested for
deposit. If an insurance check, a government check, or other
check or draft species endorsement requirements on the
back of the check or draft, we may require exact endorsement
as stated on the item. We require that endorsements be made
on the back of the check or draft within 1 inch from the upper
edge, but we may choose to receive items that have been
endorsed outside of that space. However, you are liable for
any loss we incur from any delay or processing error due to
an incorrect endorsement or other marks made by you or any
previous endorser.
b. Collection of Items. So long as we exercised reasonable care,
we are not accountable for handling items for deposit or
collection, as we serve only as your agent. We do not claim
responsibility for a deposit made by mail or at an Automated
Teller Machine (ATM) until the item is in our possession. We
are not accountable for any mishandling of an item by another
party or its loss in transit. Each separate party will only be
accountable for its own negligence. We reserve the right to
send any item for collection. Items drawn on an institution
not located in the United States are exclusively processed
on a collection basis. You forgo the right to any notice of
nonpayment, presentment, protest, or dishonor regarding
the items we buy or acquire for credit or collection to your
account.
c. Final Payment. Until we collect final payment, all items
deposited or Automatic Clearing House (ACH) transfers posted
to your account are provisional. We may charge your account
the total amount of such items or ACH transfers and assess a
returned item fee to your account, as stated in the Business
Account Fee Schedule, if nal payment is not received. Any
collection charges we incur may be charged to your account.
We reserve the right to reject or return any item or funds
transfer or to close your account.
d. Direct Deposits. We may accept direct deposits (e.g., payroll
checks, Social Security or retirement checks, or other
government checks) or pre-approved transfers from other
accounts. You must approve each direct deposit or automatic
transfer beforehand by completing a form provided by us
or the organization from which you receive the payment. A
separate form must be completed for each direct deposit or
automatic transfer. To cancel or modify a direct deposit or
automatic transfer, you must notify the organization from
which the payment is originated. If applicable, you must notify
MSUFCU at least thirty (30) days prior to any direct deposit
of pre-approved transfer if you wish to cancel or change the
direct deposit or transfer. If you le bankruptcy, all direct
deposits that you have authorized will remain unchanged
unless you cancel them. If it becomes mandatory that we
reimburse the U.S. Government for any payment made directly
to your account, we may take the amount to be remunerated
from any of your accounts, unless restricted by law.
e. Crediting of Deposits. Refer to our Business Account Disclosure
Terms & Conditions Truth In Savings & Funds Availability
Disclosure for information regarding the crediting and
availability of deposits.
7. Account Access.
a. Authorized Signature. Only those individuals identied as
Authorized Signers on the Business Account Application can
access your account. We will not be responsible for refusing to
accept any item or direction if we think it does not contain an
authentic signature. You agree that we may accept a facsimile
signature of an Authorized Signer, and that we may accept
any draft with a facsimile signature that appears to match
an Authorized Signer’s signature on the Business Account
Application, even if an unauthorized person made it. If you
or any Authorized Signer gives your account information to a
third party, you allow us to perform transactions originated by
that person, even if you do not authorize a specic transaction.
b. Access Methods. You may withdraw or transfer funds from your
account(s) by any method we oer e.g., at an ATM, Business
Visa Debit Card, check, in person, by mail, Green on the Go
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mobile banking, MoneyLine, or ComputerLine, as applicable.
We may refuse to honor any draft drawn on a form we do not
supply, and you are liable for any loss we incur handling such
an item. We have the right to examine and authorize any form
of power of attorney, and we may limit account withdrawals
or transfers. We are not required to recognize any power
of attorney. If any of your accounts become delinquent or
overdrawn, we may restrict use of any and all access methods
until such accounts are brought current.
c. ACH and Wire Transfers. You may originate or collect debits
or credits to your account through Automated Clearing
House (ACH) or wire transfers. We are not obligated to inform
you at the time funds are received through an ACH or wire
transfer; however, the transfer will be listed on your periodic
statement. We may provisionally credit your account for an
ACH transfer before we obtain nal payment. We may reverse
the provisional credit, or you will reimburse us for the amount
credited to your account, if we do not obtain nal payment.
When you order a wire transfer, you may specify either the
recipient or any nancial institution by name, an account
number or identifying number. MSUFCU, and other nancial
institutions, may accept the account number or identifying
number as the true identication of the recipient, even if
the name and nancial institution do not agree with the
information you provide us. An authorized signature may be
required to complete a wire transfer from your account. Wire
transfers are governed by Federal Reserve Regulation J if the
transfer is cleared through the Federal Reserve, or by Article 4A
of the Michigan Uniform Commercial Code. ACH transactions
are governed by the National Automated Clearing House
Association and applicable local ACH rules.
d. Transactions by Mail. Except as otherwise provided in this
Agreement, MSUFCU may permit you to make deposits,
transfers, and withdrawals by mail. Transfers and withdrawals
by mail will require a signed request by you. Such transactions
will be posted to your account as of the day the transaction is
processed at MSUFCU.
8. Account Rates and Fees. We pay dividends and charge fees
against your account as stated in our Business Rate Schedule
and the Business Account Fee Schedule. We may revise the
Business Rate Schedule or the Business Account Fee Schedule at
any time, and we will inform you of those changes as provided
by law. You hereby agree that MSUFCU may impose fees and
charges for the deposit account services provided to you and
you agree to pay all such fees. You hereby acknowledge receipt
of the current Business Rate Schedule and the Business Account
Fee Schedule, which has been provided to you separately.
9. Share Certicates. Any Share Certicate we oer is bound by
the terms of this Business Account Membership and Account
Agreement, the Business Account Disclosure Terms and
Conditions Truth in Savings and Funds Availability, and the
Business Rate Schedule and Business Account Fee Schedule
for each account, the details of which are incorporated herein
by reference.
10. Transaction Limitations.
a. Withdrawal Limitations. We allow withdrawals only if your
account has adequate, available funds to cover the entire
amount of the withdrawal, or if you have set up an overdraft
protection account. As stated in our Business Account Fee
Schedule, drafts, other transfers, or payment orders drawn
against insucient funds may be subject to fees. If there are
adequate funds to cover some, but not all, of your withdrawals,
we may clear those withdrawals for which there are enough
funds in any order in our discretion. All of your accounts are
subject to MSUFCU’s right to require advance notice of any
withdrawal as provided in the Bylaws.
b. Regulation D Transfer Limitations. For any Business savings
accounts (non-transaction accounts), you may make a
maximum of six (6) pre-approved automatic, telephone
request, Green on the Go
®
mobile banking, MoneyLine, or
ComputerLine transfers between all your accounts, or to
a third party during any calendar month. A pre-approved
transfer includes any agreement with us to pay a third party
from your account upon written request, including requests
obtained through ACH. You are allowed unrestricted transfers
between any of your accounts, payments to any MSUFCU loan
account, and withdrawals from your account, as long as the
transfers are made in person, by mail, or at an ATM. We reserve
the right to reject or return any transfer that surpasses these
limitations and may charge fees, as stated in the Business
Account Fee Schedule, and place a hold on or terminate your
account.
11. Member’s Responsibility For Business Checking Accounts.
1. You must keep your checking records up-to-date so that
you are aware of what funds you have in your checking
account at all times. You must not write checks that exceed
the amount in your checking account unless the amount is
available via the optional overdraft protection.
2. By following a very simple procedure, the checking
account should be reconciled each month. A reconciliation
form is provided on the back of each statement for your
convenience. Questions on specific items should be
directed to MSUFCU.
3. There will be a fee charged for assistance to reconcile your
account.
12. Overdrafts.
a. Overdraft Liability. If on any day, you do not have adequate
funds in your business checking account to cover checks,
fees or other items drawn on your account including, but
not limited to, ATM withdrawals, Business Visa Debit Card
transactions, pre-authorized debits or POS transactions, (due
to non-sucient funds, uncollected funds, or postdating),
we will process those amounts according to our overdraft
procedures or an overdraft line-of-credit account that you
have set up. We may ascertain that an account lacks sucient
funds to cover an item anytime we attempt to process the
item. Only one review of the account balance is required
during that time. We are not required to inform you if your
checking account lacks sucient funds to cover an item.
Regardless of whether we pay the item or reject it, you agree
to pay any fee we may assess to your account as stated in
the Business Account Fee Schedule. Except as noted in a
written agreement, we, by paying one or any overdraft, do
not consent to honor overdrafts in the future and may cease
paying overdrafts at any time, without notice. If we cover a
check or charge a fee that would overdraw your account, you
promise to repay the overdrawn amount to us immediately.
We have the right to seek collection of earlier dishonored
items not covered, at any time, including granting a payer
bank additional time past any deadline.
b. Automatic Transfer Overdraft Protection. Advances from your
line of credit, up to your approved limit, and/or transfers from
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your savings account(s) will be made in increments of $100.00
and deposited to your checking account. If there are not
sucient funds available in your checking account and your
designated overdraft account(s), your checks may be returned
marked “Non-Sucient Funds” (NSF).
An automatic transfer to your checking account can be
established in the event you do not have sucient funds
to cover outstanding checks, ACH transactions, or Business
Visa Debit Card transactions. If you elect to receive a paper
notice, a fee is charged for each automatic transfer from your
savings or loan account to your checking account. For each
notice of transfer from a loan account, a fee is charged to your
checking account. If you elect not to receive notication at
the time the overdraft occurs from a savings or loan account,
the transfer will be listed on your monthly statement and no
fee will be charged. Or, you may elect to receive an electronic
correspondence notice at the time the overdraft occurs and
no fee is charged.
13. Postdated and Stale Dated Checks. We may honor any draft
without consideration of the date. We will honor your written
request not to pay a post-dated check until the date on the
check, but only if such written request is received prior to the
check being presented to MSUFCU. We are not required to
honor any check drawn on your account, which is presented
more than six (6) months beyond the date of the check.
14. Chargebacks. You are responsible for all checks you cash or
deposit into your account. If we cash a check for you, or accept
it for deposit to your account, and it is returned to us unpaid, we
will charge any of your accounts for the amount of the unpaid
check. We may, at our option, resubmit the returned check
without notication to you.
15. Incomplete and Conditional Items and Restrictive Legends.
If you write any item that is incomplete, conditional, or contains
a restrictive legend (such as “void after 90 days” or “not valid
over $500"), then you agree that (a) any such requirements
are solely for your own internal purposes and (b) MSUFCU
may pay or refuse to pay such item without regard to any such
requirements.
16. Facsimile Signatures. If your items are signed using any
facsimile signature or other non-manual form of signature,
you acknowledge that its use is solely for your benet and
convenience. You accept sole responsibility for maintaining
security over any device for axing a signature. Such signature
will be eective as your signature regardless of whether the
person axing it was authorized to do so.
17. Multiple Signers and Dollar Restrictions. If you establish an
account which purports to require two (2) or more signatures
on any items drawn on the account or purports to limit the
maximum amount for which any person can sign an item, then
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you acknowledge that any such requirements are solely for your
own internal control purposes. You agree that MSUFCU will not
be liable for paying any item (a) lacking the required number of
signatures, or (b) in an amount exceeding the maximum limit
assigned to the signer.
18. Stop Payment Orders.
a. Stop Payment Requests. You may ask us to stop payment
on any check drawn on your account. To be eective you
must provide the account number, check number, and the
exact amount of the check. You acknowledge that accurate
information is required for MSUFCU’s computer system to
distinguish the check. We are not liable for failing to stop
payment on a check if you provide inaccurate or incomplete
information to us. If we re-credit your account after honoring
a check over a legitimate and timely stop payment request,
you promise to sign a statement detailing the disagreement
with the payee, to assign to us all of your rights against the
payee or other holders of the check and to aid us in any legal
proceedings.
b. Duration of Order. A stop payment request is valid for six (6)
months and may be renewed by contacting MSUFCU for an
additional six (6) months. We are not obligated to inform you
when a stop payment request expires.
c. Liability. Fees for stop payment requests are stated in the
Business Account Fee Schedule. Requests for stop payments
on cashier’s checks, MSUFCU checks, or any check or payment
guaranteed by us are not permitted. Although a stop payment
request has been honored, you may continue to be obligated
to pay any holder of the item, including MSUFCU. You agree to
indemnify and hold MSUFCU harmless from all costs, including
attorney’s fees, damages or claims due to our stopping
payment of an item, including claims of any multiple party
account owner, payee, or endorser in failing to stop payment
on an item as consequence of inaccurate information provided
by you.
19. MSUFCU Liability. We will be responsible for your losses
or damages, up to the amount of a transaction, if we fail to
execute a transaction properly by the use of ordinary care,
unless otherwise provided by law. We will not be liable if:
(1) your account lacks adequate funds for the transaction;
(2) situations, of which we have no control, prevent us from
completing the transaction; (3) you or another financial
institution’s negligence causes the loss; or (4) your account
is subject to legal proceedings or other claims. We are not
responsible for consequential damages, except liability for
wrongly rejecting payment of items. You grant us the right, in
making payments of deposited funds, to rely exclusively on the
form of the account and the terms of this Account Agreement.
Any conict between oral representations made by you or
MSUFCU employees and any written form will be resolved by
reference to this Agreement and applicable written form. We
will be deemed to have exercised ordinary care if our actions
or non-actions follow applicable state or federal law, Federal
Reserve regulations and operating letters, clearing house rules
and general banking practices. Ordinary care shall also be
measured by the standard of the reasonableness of policies and
procedures established for the transaction involved, and mere
clerical error, computer malfunction, inadvertence, or oversight
without malice or an honest mistake of judgment shall not be
or constitute as to any transactions, a failure to perform such
obligations, or a failure to exercise ordinary care, and in no case
shall be deemed wrongful.
20. Lien and Oset. You may not withdraw funds that are pledged
as required on security on loans without the written approval
of a loan ocer, except to the extent that such funds exceed
your total primary and contingent liability to MSUFCU. If you or
any guarantor of your account are indebted to us as a borrower,
guarantor, endorser or otherwise, we have a lien on funds in
any account (except IRAs) in which you or the guarantor are a
primary or joint owner, despite the source of those funds, unless
restricted by law. We may access those funds in order to pay
o the remaining amount you owe us including any costs or
attorney’s fees incurred by MSUFCU in enforcing its rights. If we
do not enforce our lien, we do not waive our right to enforce our
lien at a later date. Furthermore, you and any guarantor of your
account agree that MSUFCU has security interest in all funds
in your or any guarantor’s account regardless of their source,
and we may access those account funds to repay any debt
or amount now, or in the future, owed to MSUFCU, including
costs or attorney’s fees incurred by MSUFCU in enforcing its
rights, except for debts secured by your primary residence,
unless restricted by law. All accounts are non-assignable and
non-transferable to third parties. You agree to hold us harmless
from any claim arising as a result of our exercise of our right to
oset.
21. Legal Proceedings. If legal proceedings are brought against
your account, we may pay funds as ordered by the court or
withhold payments until the disagreement is settled. We may
charge against your account any expenses or legal fees we incur
in connection with such legal proceedings, unless restricted by
applicable law. Any legal process brought against your account
is subject to our lien and security interest.
22. Recording. You agree that MSUFCU may, but is not obligated
to, record and retain any telephone conversations between
you, including your purported representatives and agents, and
MSUFCU.
23. Account Information. If you request, we will provide you with
the name and address of each company from which we receive
a credit report concerning your account.
24. Notices.
a. Name and Address Change. You are required to notify us
when you have a name or address change. MSUFCU is only
obligated to try to correspond with you at the most current
address we have on le for your account. Changes may be
accepted over the telephone or via the Internet. In some cases,
we may require an address or name change to be in writing
and include your signature. If we attempt to locate you, we
may impose a fee as set forth in the Business Account Fee
Schedule.
b. Notice of Amendments. We may revise any of the terms of this
Business Account Membership and Account Agreement at any
time, unless restricted by applicable law. You will be informed,
as may be required by law, of any revisions to account
conditions, rates and fees. We may waive any conditions in
this Agreement, but by doing so, we are not prohibited from
enforcing such terms in the future.
c. Eect of Notice. Any written notication you provide to us is
not valid until we receive it. A written notice from us to you is
valid when it is placed in the U.S. Mail, with postage paid and
addressed to you at the most current address we have on le
for your account.
25. Account Statements.
a. Contents. We will provide you with a periodic statement
detailing all transactions and activity posted to your account
within the statement period, as provided by law. You may
elect to receive your periodic statement electronically. We will
send you an email notice informing you that your eStatement
is ready to view. For checking accounts, you acknowledge
that we assume ownership of your original check as soon
as the item has been paid, and we will not return the check
to you. However, you may request copies of a check at any
time. A fee may be assessed for check copies as stated in the
Business Account Fee Schedule. Additional statements may
be requested from MSUFCU, and a fee may be charged for
additional statements as stated in the Business Account Fee
Schedule.
b. Account Owner Inspection. It is your responsibility to inspect
each statement and inform us of any discrepancies between
your records and the statement. You are in the best position to
detect any unauthorized signature. You have the responsibility
for any fraud loss if you fail to exercise reasonable care
in examining the statement or fail to report forgeries or
alterations to MSUFCU within forty-ve (45) days of the mailing
date of the earliest statement containing those items. We are
not liable for any forged or altered items such that the fraud
or alteration could not be detected by a reasonable nancial
institution.
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c. Notice to MSUFCU. Your obligation to review your statement
and inform us of any discrepancies, in a timely manner, is not
changed because we retain your check. We will assume all
information contained in your statement is accurate, unless
you notify us of any discrepancies within the time limit set
forth in the above paragraph. You are obligated to inform us
when you have not received a statement within fourteen (14)
days of when you usually receive it.
26. Dormant Account. We will consider an account to be dormant
if there are no deposits or withdrawals for a period of eighteen
(18) months. Exceptions are loan accounts, Certicates, and
IRAs/HSAs.
When an account becomes dormant and has a balance of less
than $500.00, we will charge a monthly dormant account fee
as stated in the Business Fee Schedule, unless restricted by law.
The fee will be charged until the account becomes active or
there are no funds available to pay the fee. You authorize us to
transfer funds from other accounts of yours to cover any service
fees we may impose upon the account deemed dormant. To
the extent allowed by law, we reserve the right to transfer
account funds to an account payable and suspend any further
account statements. We will attempt to notify you prior to your
account becoming dormant. If a deposit or withdrawal has not
been posted to your account for thirty-six (36) consecutive
months, and we have not had any other contact with you,
we will consider your account abandoned. We will report and
disburse the funds from an abandoned account in accordance
with Michigan law. Dormant accounts receive only an annual
account statement.
27. Checks. If you choose to use checks from a direct mail company
or other source, you will be liable for charges or damages
resulting from checks not reading properly on automated
equipment, or being imprinted with the wrong information.
If you have a problem with checks you do not receive from
our check printing vendor or us, it will be your responsibility
to resolve such problems and not MSUFCU. Checks may be
purchased from us or our vendor for a fee. Original checks are
stored electronically as a permanent record. Copies of such
checks are available for a fee. Canceled checks are available on
ComputerLine. You may print this image if necessary to verify
a payment. There is no charge for accessing canceled checks
through ComputerLine.
28. Federal Share Insurance. Your business savings in MSUFCU
are insured by the National Credit Union Share Insurance
Fund, which is administered by the National Credit Union
Administration, an agency of the U.S. Government.
29. Termination of Account. We may close your account at any
time without informing you or may order you to close your
account and open a new account if: (1) you wish to change
Authorized Signers or the ownership of the business entity or
other legal entity has changed; (2) we have been informed of
a fraud or forgery perpetrated against your account; (3) there
is a disagreement as to who owns the account or the funds in
the account; (4) any checks are lost or stolen; (5) if there is an
excessive amount of unhonored items that are not included
under an overdraft protection account; (6) any information
has been falsied or there has been any other misuse of your
account; or (7) we objectively conclude that the account will
cause a loss to us. We are not required to honor any check,
withdrawal, or other item following the closure of your account.
However, you are required to reimburse us if we choose to
honor an item after your account has been closed.
30. Termination of Membership. Unless a written resolution
from the business entity is provided, an Authorized Signer’s
signature is required if you wish to voluntarily terminate your
membership. MSUFCU may suspend services to you or expel
you from membership, for any reason as permitted by law,
including causing a loss to MSUFCU.
31. Death of an Account Owner of Sole Proprietorship (this
provision applies to Sole Proprietorship Accounts only). If the
account was opened for a Sole Proprietorship, you irrevocably
waive the right to make a testamentary disposition of any
account with MSUFCU now or in the future. You agree that
upon your death, your account will be payable in accordance
with any existing account designations and the terms of the
Agreement. Upon the death of an account owner, funds in the
account shall be payable to multiple party account owners or
any Payable on Death (POD) beneciaries in accordance with
this Agreement and Michigan law. We may honor checks or
accept payments or transfers drawn by you until ten (10) days
after we learn of your death. We require any person claiming
an interest in the deceased member’s account to provide us
proof of their right to the account and may require that person
to indemnify us from any losses incurred as a result of honoring
that claim. The conditions of this Business Membership and
Account Agreement shall be binding upon any heirs, personal
representatives, and successors of any account owner after his
or her death.
32. Severability. If a court refuses to recognize any segment of
this Business Account Membership and Account Agreement
as valid or enforceable, the remainder of this Agreement and
other MSUFCU disclosures shall remain valid and enforceable
and will be in complete eect.
33. Enforcement. If you fail to abide by the terms, provisions, and
conditions set forth in this Business Account Membership and
Account Agreement, you are responsible to us for any loss, cost,
or expense we incur resulting from your lack of compliance.
To recoup any such loss, cost, or expense, you authorize us
to deduct such amounts from funds in your account, without
prior notice to you. If we begin legal proceedings to collect
any amount owed to us or to enforce this Agreement, we
shall be entitled to recover reasonable attorney’s fees, costs
and expenses, including fees incurred in connection with any
appeal, bankruptcy, proceedings, and post-judgment collection
action. Such fees, costs, and expenses are considered a debt
owed to MSUFCU and subject to the right of oset as set forth
in Section 20.
34. Indemnity. If by following your instructions we are exposed to a
claim or suit by an adverse claimant, you shall hold us harmless
and indemnify us from any such losses, expenses, liabilities, or
damages including actual attorney’s fees.
35. Agreement. The Agreement shall be eective as of the revision
date of this Agreement, and, except as otherwise expressly
provided in this agreement governs all of your deposit accounts
with us. By signing the membership agreement, making
deposits and withdrawals, or leaving amounts on deposit, you
agree to the terms of this Agreement. This Agreement shall
supersede all previous agreements for such accounts.
36. Amendment. We may change any of the items of this
Agreement at any time without prior notice to you if the change
is favorable to you. We may make changes that are adverse to
you only if we provide you with notice required by law. You may
close the account if you do not agree to changes we make; if you
maintain your account and continue to use it after the eective
date of the change, you will be deemed to have agreed to the
changes.
37. Governing Law. This Business Account Membership and
Account Agreement shall be governed and construed under
MSUFCU’s Bylaws, applicable federal laws and regulations, the
laws of the State of Michigan and local clearing house rules, as
modied or amended from time to time. You consent and agree
that any legal proceedings relating to this Agreement shall be
brought in Ingham County, Michigan, unless prohibited by
applicable law.
Business Account
Membership
&
Account
Agreement
Federally insured
by the NCUA
10%
