As of October 1, 2003 Alabama River Credit Union must be in compliance with the USA Patriot Act. To help the government fight the funding of terrorism and money laundering activities, Federal Law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

This means before you can open an account* with Alabama River Credit Union we will ask for your name, address, date of birth and other information that will identify you. You will be asked to provide your valid driver's license and /or other identifying documents. Verification of this information will be made against an OFAC listing.

We appreciate your cooperation in this matter.

*Account will refer to deposit, transaction and loan accounts.





The parties signing this Agreement (hereafter “Undersigned,” “You” or Your”) hereby authorize Alabama River Credit Union (hereafter “Credit Union,” “We” or “Us”) to establish this Share Draft Account (hereafter “Account”). You agree that all transactions between the Credit Union and the undersigned with reference to this Account shall be governed by the following terms:

Share Draft Account: The credit union is authorized to pay any share draft signed by any of you and to charge all such payments against the shares in this account. The credit union has the right to supply any missing endorsement, but is not required to do so. Only share draft blanks and other methods approved by the credit union may be used to withdraw funds from this account. The credit union is authorized to refuse to pay any share draft without stating the reason for such refusal. The credit union shall have the right to require 30 day notice of the intent to make a withdrawal from this account.

Dividends: Dividends, if declared on this type of account, shall be payable on the balance of this account at the rate and in the same manner prescribed by the Board of Directors of the Credit Union. Any specified dividend rate may result in a lower effective yield based upon either account activity or the actual amount of shares on which dividends will be paid.

Fees: You agree that fees on this account shall be charged in accordance with the fee schedule provided to you, as it may later be amended, and said fee schedule is hereby incorporated as part of this agreement. You agree to pay all such fees if you use the account after the effective date of the amendment or if the account is not closed prior to the effective date of the amendment.

Payment: The credit union shall incur no liability (except for its lack of good faith or failure to exercise ordinary care) for any action regarding the payment or nonpayment of a share draft regardless of whether you have a share balance in this account sufficient to pay any share draft. In the event the credit union pays a share draft drawn on this account, the credit union may charge this account the amount of such share draft, even if the share draft is presented more than 6 months after its date. If a share draft is presented for payment and the amount of such share draft exceeds the fully paid and collected share balance in this account, the credit union may assess an overdraft fee against you.

Overdrafts: Although the credit union is under no obligation to pay any share draft which exceeds the fully paid and collected share balance in this account, the credit union may at its option, treat such share draft as a request to the credit union for an advance (in multiples of ($25.00) from the loan account identified by you in an amount sufficient to permit the credit union to pay such share draft and credit the loan advance to this account, or the credit union may at its option pay such share draft and transfer shares to this account in the amount of the resulting overdraft, plus a service charge, from any other account in which any of you has an ownership interest or the right to make withdrawals.

Deposits: All non-cash items credited to this account shall be credited conditionally subject to final payment, and such items may be charged back at any time, until the proceeds thereof in money (U.S. Dollars) are received by the credit union. The credit union has the right to decline payment or to delay payment of any share draft drawn against such credits, The credit union shall not be obligated to notify you that a non-cash item has been dishonored or not otherwise collected.

Account Statement: You will be sent a periodic statement of all transactions and activity on the account during the statement period. You are responsible for examining each statement and reporting any irregularities to the credit union. You agree that this statement is sufficient if it provides the item number, amount and the date of payment. The credit union will not be liable for any forged or altered items drawn on or deposited to the account unless you give written notice to the credit union of the forgery or the alteration within thirty (30) days of the statement being mailed or delivered to you, whichever is earlier. You agree that any other objection regarding errors or other objections to the account statement shall be waived unless made in writing to the credit union before the 30th day following the day the statement is mailed or delivered to you, whichever is earlier. The credit union will not be liable for items forged or altered in a manner not detectable by the credit union through reasonable means.

Share Draft: You understand that your original drafts will not be returned to you. The credit union will provide a copy of any paid share draft charged to this account upon receiving a written request from you. You agree that the credit union’s retention of drafts does not alter or waive your responsibility to examine your statements or alter the time limits for notifying the credit union of any forgery, alteration, errors or other objections.

Endorsement: You agree to indemnify the credit union from any loss due to an endorsement or other writing being placed on the share draft in an incorrect manner or place (under the Federal reserve’s Regulation CC or otherwise) before it is accepted for deposit by the credit union. Each of you appoint the other his attorney with power to deposit in this account funds of the other and for that purpose to endorse any instrument payable to the other or to both of you jointly. The credit union will only be responsible for recognizing the identification of the drawer, payee, drawee credit union, bank, or other financial institution on a draft deposited to the account, the amount of the draft, and the information contained in the magnetic coding on the draft. The credit union will not be responsible for recognizing any other information on the draft, such as “Deposit after (a specified length of time)” or other conditions of payment.

Returned Items: If any item deposited in the account is returned unpaid, each of the undersigned is jointly and severally liable to the credit union for the amount of the returned item and any charges, regardless of who deposited or cashed the item or benefited from the transactions. If any joint account owner is indebted to the credit union, the credit union may enforce its right against any or all funds in the account regardless of who contributed the funds to the account.

Stop Payment Orders: You may issue a stop payment order on share drafts from the account which the credit union shall honor to the extent there is a reasonable time (which shall not be less than 2 business days) to honor the order. The stop payment order must be in writing, and shall remain in force for 6 months unless terminated by the person who gave the stop payment order. You agree that unless you give the correct account number, share draft amount, and share draft number, the credit union assumes no responsibility for stopping payment. If the credit union credits your account after paying an item over a valid and timely stop payment order, you agree to assist the credit union if it takes legal action upon the item. You agree to hold harmless and indemnify the credit union against all claims, costs, attorney’s fees, damages and other expenses or losses which may be incurred by the credit union, its employees or agents on account of a stop payment order. You do not have the right to stop payment on a cashier’s check, certified funds, or any draft issued by the credit union.

Security: You herby give the credit union a lien in the account to secure any amounts owing to the credit union not secured by your principal place of dwelling. The funds in this account may not be pledged as security for a debt except for a debt with the credit union.

Joint Accounts: When more than one person signs this agreement, the account created will be a joint ownership account with the right of survivorship. If there are two or more remaining account owners when one owner dies, the remaining owners will hold the account as joint owners with the right of survivorship. Payment to any of you shall discharge the credit union from any liability for payment. Any owner of this account may pledge all, or any part of the shares, deposits or earnings thereon which you now or hereafter have in the account as security for a loan, or loans, without the consent of the other joint owners(s).

Termination: You agree that the Primary owner may authorize the credit union to remove from ownership any account owner or owners. The owner or owners so removed from the account shall have no interest, rights, or privileges in and to the account or assets there of. The revocation shall no affect the credit union’s authority to pay any item issued by any or all of the owners prior to the date of revocation. To be binding on the credit union, the revocation must be executed by signing a revocation agreement provided by the credit union. The credit union reserves the right to require written consent of all account owners for a change of ownership ore termination of an account. If the credit union receives written notice of a dispute between account owners, the credit union may require that all owners agree in writing to any transaction concerning the account or require a court order to act. The credit union has the right to terminate the account and all of its liability hereunder by mailing a check or draft for the balance of the account to the address of any one of you. Termination of the account ore revocation of an account owner shall not affect the validity of any lien created by any account owner prior to the date of termination of revocation.

Death or Incapacity: You agree the credit union may pay a share draft after the death or incapacity of any owner of this account unless the credit union has knowledge of the owner’s death or incapacity and has had a reasonable opportunity, which shall be at least two business days, to act upon the knowledge.

Notice and waiver: You agree notice to any one of you shall constitute notice to all of you. All required written notices to the credit union shall become effective when actually received by the credit union. The credit union may waive or delay enforcing any of its rights under this agreement without losing the right to enforce such rights in the future.

Amendments: The credit union may amend this agreement from time to time by sending you any advance written notice required by law. Your use of the account or any service hereunder will indicate your agreement to the amendment. Any modification of this agreement by you shall be binding only if agreed to in writing by the credit union. This account is subject to such other items, conditions, rules, and requirements as the Board of Directors of the credit union may establish.

Governing Law: The interpretation and construction of this agreement shall be governed by the laws of the State of Alabama. The illegality of any particular provision of this agreement shall not affect the validity of any other provision.

I Accept      I Decline