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Accounts and Services of Arizona Federal Membership AgreementOverview: Periodically, the credit union updates the Accounts & Services Membership Agreement to ensure the content is aligned with forthcoming changes in service offerings and changes to the rules and regulations that govern us. We have made changes to the Membership Agreement and this Change in Terms Notice is a recap of those changes. What this means to you: Some of the changes clarify existing text. For example, text may be bolded to place emphasis on disclosures to help you make the right decisions about managing your account. Other changes include added text based on regulatory requirements. Effective date: The revised Accounts & Services of Arizona Federal Membership Agreement will be effective January 31, 2007. You may obtain a copy of the revised agreement at any branch or by calling (602) 683-1000 and requesting a copy be mailed to you. Changes to the ACCOUNTS & SERVICES OF ARIZONA FEDERAL MEMBERSHIP AGREEMENTIn the Membership, Account and Account Services Agreement section, the text has been modified to add clarity to our obligation under the USA PATRIOT Act. In the “Member” and “Owner” definition sections, the words “entity” and “person or entity” have been added to clarify that membership and account ownership may be established by a business entity. Clarification about ownership of an Individual Retirement Account has also been added. In the Collection of Deposits section the words “other/local” and “agreements” has been added to clarify Clearing House Rules. Text has been added to the Transactions From Your Accounts section to create awareness of liability transfer to the Member when large withdrawals of cash are requested and transported from the Credit Union by the Member. The Rights of Survivorship section now includes a statement that Member Business and/or Member Organization accounts are not subject to a right of survivorship. The Periodic Statement section under the Right to Documentation paragraph clarifies that monthly account statements may be made available to you via a notice of availability. In the Account Statements and Notices section, we added text to clarify the means under which electronic statements may be provided to you and text that explains your duty to promptly examine the statements provided. Please refer to the revised Accounts & Services of Arizona Federal Membership Agreement for the specific terms and conditions. |
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Edited by Jeff Thomason, Kristin Leabo, Kara Kahnke and Melissa Culbertson