Dear Credit Union Member:

 This online brochure contains the rules which govern your account(s) with us.  Please read this brochure carefully.  If you sign your membership card or continue to have an account with us, you agree to these rules, our by-laws, and any by-law amendments.  You agree to pay the fees we charge and you give us the right to collect any fees, as earned, directly from the account balances, and fees if they are not included in this brochure.  If you have any questions, please call us. 

This agreement is subject to applicable federal laws and the laws of the state of Louisiana (except to the extent that this agreement can and does vary such rules or laws).  The body of state and federal law that governs our relationship with you, however, is too large and complex to be reproduced here. The purpose of this brochure is to:

 (1)     summarize the existing rules applicable to the more common transactions;

(2)     establish rules to govern transactions or events which the law does not regulate;

(3)     establish rules for certain events or transactions which the law already regulates but permits variation by agreement; and

(4)     give you our funds availability, electronic fund transfer and/or truth-in-savings policy disclosures.

We may permit some variations from this standard agreement, but any variations must be agreed to in writing either on our signature card for the account or in some other written form.

As used in this brochure, the words “we,” “our,” and “us” mean the credit union and the words “you” and “your” mean the owner(s) of this account and any “agent” appointed by or on behalf of the owner(s) to sign on the account in a representative capacity.  “Access” means the right to deposit and withdraw funds from the account (by whatever methods we make available), obtain information about the account, stop payment, and in all other respects to deal with the account and its balance.  It also means the power (though not the right) to cause an overdraft or   nonsufficient funds item.

BYLAWS- Our bylaws, which we may amend from time to time, establish basic rules about our credit union policies and operations which affect your account and membership.  You may obtain a copy of the bylaws on request.  Our right to require you to give us notice of your intention to withdraw a large amount of funds from your account is described in the bylaws.  Unless we have agreed otherwise, you are not entitled to receive any original item after it is paid, although you may request that we send you an item(s) or a copy of an item(s).  Dividends are based on current earnings and available earnings of the credit union, after providing for required reserves.

LIABILITY - Each of you agrees for yourself (and the person or entity you represent if you sign as a representative of another) to the terms of this account and the schedule of charges that we impose.  You authorize us to deduct these charges as accrued directly from the account balance.  You also agree to pay additional reasonable charges we may impose for services you request which are not covered by this agreement.  Each of you also agrees to be jointly and individually (in solido) liable for any account deficit resulting from charges or overdrafts, whether caused by you or another authorized to withdraw from this account, and our costs to collect the deficit including, to the extent permitted by law, our reasonable attorney’s fees.  You agree that at our option we may suspend your membership rights if you violate the terms of this agreement.

DEPOSIT - Any items, other than cash, accepted for deposit (including items drawn “on us”) will be given provisional credit only until collection is final (and actual credit for deposits of, or payable in, foreign currency will be at the exchange rate in effect on final collection in U.S. dollars).  We are not responsible for transactions initiated by mail or outside depository until we actually record them.  All transactions received after our “daily cut-off time” on a business day we are open, or received on a day in which we are not open for business, will be treated and recorded as if initiated on the next following business day that we are open.  We are prohibited by law from guaranteeing the payment of dividends or that dividends we do pay will be at the contracted rate.  We must base our dividend payments to you upon the money we actually earn and that is available for distribution at the end of a dividend period.  Unless otherwise agreed, you waive any right to receive any original item after it is paid.

WITHDRAWALS – Unless otherwise clearly indicated to the contrary, any one of you who signs in the space designated for signatures on the signature card, including any agent, acting alone, has complete access to the account.  Each of you (until we receive written notice to the contrary) authorizes each other person signing on the signature card to endorse any item payable to you or your order for deposit to this account or any other transaction with us.  The fact that we may honor withdrawal requests which overdraw the finally collected account balance does not obligate us to do so, unless required by law.  Withdrawals will first be made from collected funds, and we may, unless prohibited by law or our written policy, refuse any withdrawal request against uncollected funds, even if our general practice is to the contrary.  We reserve the right to refuse any withdrawal or transfer request which is attempted by any method not specifically permitted, which is for an amount less than any minimum withdrawal requirement, or which exceeds any frequency limitations.  Even if we honor a nonconforming request, repeated abuse of the stated limitations (if any) may eventually force us to close the account.  We will use the date a transaction is completed by us (as opposed to the day you initiate it) to apply the frequency limitations.  We reserve the right to require you to notify us of your intention to withdraw shares or deposits from this account as explained in our by-laws.  Withdrawals from a time deposit prior to maturity or prior to the expiration of any notice period may be restricted and may be subject to penalty.  See your notice of penalties for early withdrawal.

OWNERSHIP OF ACCOUNT AND BENEFICIARY DESIGNATION – These are rules which govern who have access to an account (depending on which “ownership” you select).  Individual Account – This is an account in the name of one person.  Unless you appoint an authorized signer (agent), only one person has access to such an account (you).  Joint Account – This is an account in the names of two or more persons.  Any one of such persons, acting alone, has complete access to the account.  Upon the death of any party to such account, we are permitted to pay the account balance to the surviving parties, but this authority protects us only.  The surviving joint parties may be liable to the heirs, legatees or creditors of the deceased party to the extent the funds withdrawn by the survivors were owed to the deceased.  If any party to a joint account sends notice to us to prevent withdrawals from the account by another party or parties, we may require the party to withdraw the balance and close the account or we may refuse to allow any further withdrawals from the account except upon the written consent of all parties to it.  The remedy we choose is entirely at our discretion.

JOINT ACCOUNT- This is an account in the names of two or more persons.  Any one of such persons, acting alone, has complete access to the account.  Upon the death of any party to such account, we are permitted to pay the account balance to the surviving parties,

CORPORATE, PARTNERSHIP, AND OTHER ORGANIZATIONAL ACCOUNTS – We will usually require a separate authorization form designating the person permitted and conditions required for withdrawal from any account in the name of a legal entity such as a partnership, corporation, or other organization.  We will honor such authorization according to its terms until it is amended or terminated in writing by the governing body of such organization.

PLEDGES, ASSIGNMENTS, AND TRANSFERS – You cannot pledge, assign or transfer any account or any interest in an account (other than to us) unless you first get our written consent.  We have the right to refuse a request for any reason or no reason whatsoever.  Your ability to pledge or assign an account or an interest in it is equal to your right of access to the account (and is subject to our right to refuse to permit it).

ACH AND WIRE TRANSFER-- This agreement is subject to Article 4A of the Uniform Commercial Code – Fund Transfers as adopted in the state in which you have your account with us.  If you originate a fund transfer for which Fedwire is used, and you identify by name and number a beneficiary financial institution, an intermediary financial institution or a beneficiary, we and every receiving or beneficiary financial institution may rely on the identifying number to make payment.  We may rely on the number even if it identifies a financial institution, person or account other than the one named. You agree to be bound by automated clearing house association rules. These rules provide, among other things, that payments made to you, or originated by you, are provisional until final settlement is made through a Federal Reserve Bank or payment is otherwise made as provided in Article 4A-403(a) of the Uniform Commercial Code.  If we do not receive such payment, we are entitled to a refund from you in the amount credited to your account and the party originating such payment will not be considered to have paid the amount so credited.  If we receive a credit to an account you have with us by wire or ACH, we are not required to give you any notice of the payment order or credit.

STOP-PAYMENTS – A stop-payment order must be given in the matter required by law and must be received in time to give us a reasonable opportunity to act on it before our stop-payment cut-off time.  Our stop-payment cut-off time is one hour after the opening of the next banking day after the banking day on which we receive the item.  Additional limitations on our obligation to stop-payment are provided by law.  A stop-payment order must precisely identify the number, date and amount of the item, and the payee.  We will honor a stop-payment request by the person who signed the particular item, and, by any other person, even though such other person did not sign the item, if such other person has as equal or greater right to withdraw from the account than the person who signed the item in question.  A release of the stop-payment request may be made only by the person who initiated the stop-payment.

TELEPHONE TRANSFERS – A telephone transfer of funds from this account to another account with us, if otherwise permitted or arranged for, may be made by the same persons and under the same conditions generally applicable to withdrawals made in writing.  We restrict the number of transfers from a saving account to another account, or third parties, to a maximum of six per month (less the number of certain “preauthorized transfers” during the month).  Other account transfer restrictions are described elsewhere in this brochure.

AMENDMENTS AND TERMINATION – We may change our by-laws and any term of this agreement.  Rules governing changes in dividend rates have been provided separately.  For other changes we will give you reasonable notice in writing or by any other method permitted by law.  We reserve the close this account if your membership in this credit union terminates.  You agree to keep us informed about your current address at all times.  Notice from us to any one of you is notice to all of you. 

STATEMENTS – You must examine your statement of account with “reasonable promptness.”  If you discover (or reasonably should have discovered) any unauthorized payments or alterations, you must promptly notify us of the relevant facts.  If you fail to do either of these duties, you will have to either share the loss with us, or bear the loss entirely yourself (depending on whether we exercised ordinary care and, if not, whether we substantially contributed to the loss).  The loss could be not only with respect to items on the statement but other items forged or altered by the same wrongdoer.  You agree that the time you have to examine your statement and report to us will depend on the circumstances, but that such time will not, in any circumstance, exceed a total of 30 days from when the statement is first made available to you.

You further agree that if you fail to report any unauthorized signatures, alterations, forgeries or any other errors in your account within 60 days of when we make the statement available, you cannot assert a claim against us on any items in that statement, and the loss will be entirely yours.  This 60 day limitation is without regard to whether we exercised ordinary care.  The limitation in this paragraph is in addition to that contained in the first paragraph of this section.

DIRECT DEPOSITS – If, in connection with a direct deposit plan, we deposit any amount in this account which should have been returned to the Federal Government for any reason, you authorize us to deduct the amount of our liability to the Federal Government from this account or from any other account you have with us, without prior notice and at any time, except as prohibited by law.  We may also use any other legal remedy to recover the amount of our liability.

TEMPORARY ACCOUNT AGREEMENT – If this option is selected, this is a temporary account agreement.  Each person who signs in the space designated for signatures on the signature card (except as indicated to the contrary) may transact business on this account.  However, we may at some time in the future restrict or prohibit further use of this account if you fail to comply with the requirements we have imposed within a reasonable time.

RESTRICTIVE LEGENDS – We are not required to honor any restrictive legend on items you write unless we have agreed to the restriction in a writing signed by an officer of the credit union.  Examples of restrictive legends are “must be presented within 90 days” or “not valid for more than $1,000.00.”

FACSIMILE SIGNATURES – You authorize us, at any time, to charge you for all checks, drafts, or other orders, for the payment of money, that are drawn on us regardless of by whom or by what means the facsimile signature(s) may have been affixed so long as they resemble the facsimile signature specimen on the signature card or that are files separately with us, and contain the required number of signatures for this purpose.

RIGHT TO REPAYMENT OF INDEBTEDNESS – You each agree that we may (without prior notice and when permitted by law) charge against and deduct from this account any due and payable debt owed to us now or in the future, by any of you having the right of withdrawal, to the extent of such persons’ or legal entity’s right to withdraw.  If the debt arises from a note, “any due and payable debt” includes the total amount of which we are entitled to demand payment under the terms of the note at the time we charge the account, including any balance the due date for which we properly accelerate under the note.

Our right to repayment does not apply to this account if: (a) it is an individual Retirement Account or other tax-deferred retirement account, or (b) the debt is created by a consumer credit transaction under a credit card plan, or (c) the debtor’s right of withdrawal arises only in a representative capacity.  We will not be liable for the dishonor of any check or draft when the dishonor occurs because we charge and deduct an amount you owe us from your account.  You agree to hold us harmless from any claim arising as a result of our exercise of our right to repayment.

AGENTS – An agent is someone who you authorize to have access to this account on your behalf.  (We, however, have no duty or agreement whatsoever to monitor or insure that the acts of the agent are for your benefits.)  This may be done by allowing your agent to sign on the space as an authorized signer on the signature card, or by separate form (such as a power of attorney).  An agent is not an owner of the account.  We will allow agents to be appointed only on individual accounts unless each owner of a joint account has executed a separate power of attorney naming an agent.  We may refuse to accept an agent, or an agency account.

ELECTRONIC FUND TRANSFERS

YOUR RIGHTS AND RESPONSIBILITIES

Indicated below are types of Electronic Fund Transfers we are capable of handling, which may not apply to your account.  Please read this disclosure carefully because it tells you your rights and obligations for the transactions listed.  You should keep this notice for future reference. 

Electronic Funds Transfers Initiated By Third Parties.  You may authorize a third party to initiate electronic funds transfers between your account and the third party’s account. These transfers to make or receive payment may be one-time occurrences or may recur as directed by you. These transfers may use the Automated Clearing House (ACH) or other payments network. Your authorization to the third party to make these transfers can occur in a number of ways. In some cases, your authorization can occur when the merchant posts a sign informing you of their policy. In all cases, the transaction will require you to provide the third party with your account number and credit union information. This information can typically be found on your check or draft as well as on a deposit or withdrawal slip. Thus, you should only provide your credit union and account information (whether over the phone, the Internet, or via some other method) to trusted third parties whom you have authorized to initiate these electronic funds transfers. Examples of these transfers include, but are not limited to:

• Preauthorized credits.  You may make arrangements for certain direct deposits (such as U.S. Treasury (Social Security) or some employers (payroll)) to be accepted into you share draft or share savings account(s).
• Preauthorized payments. You may make arrangements to pay certain recurring bills from your share draft or share savings account(s).
• Electronic check or draft conversion. You may provide your check or draft to a merchant or service provider who will scan the check or draft for the encoded credit union and the account information. The merchant or service provider will then use this information to convert the transaction into an electronic funds transfer. This may occur at the point of purchase, or when you provide your check or draft by other means such as by mail or drop box.
• Electronic returned check or draft charge. Some merchants or service providers will initiate an electronic funds transfer to collect a charge in the event a check or draft is returned for insufficient funds.

ATM Transfers – types of transfers, dollar limitations – You may access your account(s) by ATM using your MasterCard® Check Card and personal identification number, to:

• get cash withdrawals from share draft or share saving  account(s) with a DEBIT CARD – you may withdraw no more than  $400 per day.

• get cash withdrawals from share savings account(s) with a ATM CARD -you may withdraw no more than  $400 per day

• get information about:

-    the account balance of your share draft account(s)

-    the account balance of your share savings account(s)

Some of these services may not be available at all terminals.

FOR REGULATION RESERVE REQUIREMENTS ELECTRONIC TRANSFERS

Regulation “REG” D addresses the allowance of electronic transfers mandated by the Federal Reserve.  Reg D stipulates that financial institutions must limit the number of transfers and/or withdrawals an individual is allowed to make from any savings account to another account or as payment to a third party by means of pre-authorized, automatic or telephonic agreement, order or instruction.  This limit has been set at six (6) per month with no more than three of those six transfers being made by check, draft, debit card or similar order payable to a third party.

IN OTHER WORDS….

Reg D limits the number of transfers or withdrawals to six (6) per month when you utilize the following electronic services to transfer funds from a saving account to other accounts or for payment to a third party:

• Electronic Audio Response System
• Telephone transactions (excluding check mailed directly to member)
• Automated Clearing House (ACH) debits
• Overdraft transfers from a savings account to a checking account
• Debit card – transfer from savings account to checking
• Internet Home Banking (excluding check mailed directly to member)
• E-Mail
• Fax Machine

REG D DOES NOT EFFECT TRANSFERS FOR:

• Bill Payer Service
• Transfer from a checking account to another account or third party
• Reg D directly affects transfer from a savings account, not checking
• Checking withdrawals/payments by check or master card debit card
• Overdrafts from a line of credit
• Payroll Deduction/Direct Deposit
• ATM transactions
• Automatic loan payments

Use direct deposit/payroll deduction, and have your monies deposited to your checking account.  You can transfer funds as often as you like from a checking account.

Types of MasterCard® Check Card Point-of-Sale Transactions – You may access your share draft account(s) to purchase goods (in person or by phone), pay for services (in person or by phone), get cash from a merchant, if the merchant permits, or from a participating financial institution, and do anything that a participating merchant will accept.  Point of Sale limit is $1000 per day.

Currency Conversion. When you use you MasterCard® Check Card at a merchant that settles in currency other than US dollars, the charge will be converted into the US dollar amount. The currency conversion rate used to determine the transaction amount in US dollars is either a rate selected by MasterCard from the range of rates available in wholesale currency markets for the applicable central processing date, which rates may vary from the rate MasterCard itself receives, or the government-mandated rate in effect for the processing date, plus 1%. The conversion rate in effect on the processing date may different from the rate in effect on the transaction date or posting date. 

Advisory Against Illegal Use. You agree not to use you card(s) for illegal gambling or other illegal purpose. Display of a payment card logo by, for example, an online merchant does not necessarily mean that transactions are lawful in all jurisdictions in which the cardholder may be located. 

Online Banking Computer Transfers – types of transfers – You may access your share draft account(s) by computer through the internet by logging on to our website at www.saiffcu.com and using your personal identification number and your password to:

• request funds from share draft to share draft
• request funds from share draft to share savings
• request funds from share savings to share draft
• request funds from share savings to share savings
• request funds from line of credit to share draft
• request funds from line of credit to share savings
• make payments from share draft to loan account(s) with us
• make payments from share savings to loan account(s) with us

• get information about:

-         the account balance of share draft account(s)

-         the last six months deposits to share draft accounts

-         the last six months withdrawals from share draft accounts

-         the account balance of share savings account(s)

-         the last six months deposits to share savings accounts

-         the last six months withdrawals from share savings accounts

CHARGES FOR ELECTRONIC FUND TRANSFERS

·        We do not charge for direct deposits to any type of account.

·        We do not charge for preauthorized payments from any type of account.

Except as indicated elsewhere, we do not charge for electronic fund transfers.

ATM Operator/Network Fees. When you use an ATM not owned by us, you may be charged a fee by the ATM operator or any network used (and you may be charged a fee for a balance inquiry even if you do not complete a fund transfer). 

RIGHT TO DOCUMENTATION

·        TERMINAL TRANSFERS.  You can get a receipt at the time you make any transfer to or from your account using any automated teller machines or point-of-sale terminals. 

·        PREAUTHORIZED CREDIT-  If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you can call us at 1- 225-292-5490 to find out whether or not the deposit has been made.

      Lobby Hours 8:00 a.m. - 4:30 p.m.
Drive-In-Window 8:00a.m.- 4:30 p.m.
Phone: 225-292-5490

·        Direct Deposits.  If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you can call us at (225) 292-5490 to find out whether or not the deposit has been made.  If the only possible transfers to or from your account are direct deposits, you will get a quarterly statement from us.

·        Periodic Statements.  You will get a monthly account statement from us for your Share Draft (Checking) accounts.  You will get a quarterly account statement from us for your Regular Share or Joint Share accounts, if the only possible electronic transfer to or from the account are preauthorized deposits.·         

STOP PAYMENT PROCEDURES AND NOTICE OF VARYING AMOUNTS

·        Right to Stop Payment and Procedure for Doing So.  If you have told us in advance to make regular payments out of your account, you can stop any of these payments.  Here is how:

Call or write us at the telephone number or address listed in this brochure in time for us to receive your request three business days or more before the payment is schedules to be made.  If you call, we may also require you to put your request in writing and get it to us within 14 days after you call.

·        Notice of Varying Amounts.  If these regular payments may vary in amount, the person you are going to pay will tell you, 10 days before each payment, when it will be made and how much it will be.  (You may choose instead to get this notice only when the payment would different by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.)

·        Liability for Failure to Stop Payment of Preauthorized Transfer.  If you order us to stop one of these payments three business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.

OUR LIABILITY 

Liability for Failure to Make Transfers.  If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages.  However, there are some exceptions.  We will NOT be liable, for instance:

(1)    If, through no fault of ours, you do not have enough money in your account to make the transfer.

(2)    If you have an overdraft line and the transfer would go over the credit limit.

(3)    If the transfer would go over the credit limit on your overdraft line.

(4)    If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions we have taken.

(5)    There may be other exceptions stated in our agreement with you.

DISCLOSURE OF ACCOUNT INFORMATION TO THIRD PARTIES

We will disclose information to third parties about your account or the transfers you make:

(1)            where it is necessary for completing transfers;

(2)            in order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant;

(3)            in order to comply with government agency or court orders; or

(4)            if you give us written permission.

UNAUTHORIZED TRANSFERS 

If your statement shows transfers that you did not make, tell us at once.  If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time.

If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time period.

If you believe that someone has transferred or may transfer money from your account without your permission, call or write us at the telephone number or address listed in this brochure.

ERROR RESOLUTION 

In case of errors or questions about your electronic transfers, call or write us at the telephone number or address listed in this brochure, as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt.  We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared.

(1)      Tell us your name and account number (if any).

(2)      Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information.

(3)      Tell us the dollar amount of the suspected error.

If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days.

We will tell you the results of our investigation within 10 business days (20 business days if the transfer involved a point-of-sale transaction or a foreign initiated transfer) after we hear from you and will correct any error promptly.  If we need more time, however, we may take up to 45 days (90 days if the transfer involved a point-of-sale transaction or a foreign initiated transfer) to investigate your complaint or question.  If we decide to do this we will recredit your account within 10 business days (20 business days if the transfer involved a point-of-sale transaction or a foreign initiated transfer) for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation.  If we ask you to put your complaint or questions in writing and we do not receive it within 10 business days, we may not recredit your account.

If we decide that there was no error, we will send you a written explanation within three business days after we finish our investigation.  You may ask for copies of the documents that we used in our investigation. 

SAIF FEDERAL CREDIT UNION

MEMBER SERVICES

10190 MAYFAIR DRIVE

BATON ROUGE, LOUISIANA 70809

Cora K. Pania / CEO

Lobby Hours 8:00 a.m.  – 4:30 p.m.
Drive-In-Window 8:00 a.m.  -  4:30 p.m.                                                     Phone: 225-292-5490

MORE DETAILED INFORMATION IS AVAILABLE

FUNDS AVAILABILITY DISCLOSURE

This policy statement applies to “transaction” accounts.  Transaction accounts, in general, are accounts which permit an unlimited number of payments to third persons and an unlimited number of telephone and preauthorized transfers to other accounts of yours with us.  Share draft accounts are the most common transaction accounts.  Feel free to ask us whether any of your other accounts might also be under this policy.

Our policy is to make funds from your deposits available to you immediately.  At that time, you can withdraw the funds in cash and we will use the funds to pay checks that you have written. 

Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.

For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays.  If you make a deposit before closing on a business day that we are open, we will consider that day to be the day of your deposit.  However, if you make a deposit after closing or on a day we are not open, we will consider that the deposit was made on the next business day we are open.

If we cash a check for you that is drawn on another bank, we may withhold the availability of a corresponding amount of funds that are already in your account.  Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it.

If we accept for deposit a check that is drawn on another bank, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us.  The funds in the other account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited.

LONGER DELAYS MAY APPLY

In some cases, we will not make all of the funds that you deposit by check available to you immediately.  Depending on the type of check that you deposit, funds may not be available until the fifth business day after the day of your deposit.  However, the first $100 of your deposits will be available immediately.

If we are not going to make all of the funds from your deposit available immediately, we will notify you at the time you make your deposit.  We will also tell you when the funds will be available.  If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the day after we receive your deposit.

If you will need the funds from a deposit right away, you should ask us when the funds will be available.

In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:

·        We believe a check you deposit will not be paid.

·        You deposit checks totaling more than $5,000 on any one day.

·        You redeposit a check that has been returned unpaid.

·        You have overdrawn your account repeatedly in the last six months.

·        There is an emergency, such as failure of communications or computer equipment.

We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available.  They will generally be available no later than the eleventh business day after the day of your deposit.

TRUTH-IN-SAVINGS DISCLOSURE

REGULAR SHARE ACCOUNT

Rate Information: 

The dividend rate and annual percentage yield may change every quarter.  We may charge the dividend rate for your account as determined by the credit union board of directors.

Compounding and crediting – Dividends will be compounded every quarter.  Dividends will be credited to your account every quarter.

Dividend period – For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31.  All other dividend periods follow the same pattern of dates.  The dividend declaration date is in the second week of the last month of the dividend period.  For the example above, for the calendar year 2006, the dividend declaration date is in the week of March 15.

If you close your share account before dividends are paid, you will not receive the accrued dividends. 

Minimum balance requirements: 

The minimum required to open this account is $25.00.

You must maintain a minimum balance of $25.00 in your account for the account to remain active. However if you have a loan you must maintain $100.00. The lowest share balance required for dividend calculation is $100.00

Average daily balance computation method – Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period.  The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period.  The period we use is the quarterly statement cycle.

Accrual of dividends on noncash deposits – Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account. 

Par value of share: 

The par value of a share in this account is $25.00

JOINT SHARE ACCOUNT

Rate Information:

The dividend rate and annual percentage yield may change every quarter.  We may change the dividend rate for your account as determined by the credit union board of directors.

Compounding and crediting – Dividends will be compounded every quarter.  Dividends will be credited to your account every quarter.

Dividend period – For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31.  All other dividend periods follow this same pattern of dates.  The dividend declaration date is in the second week of the last month of the dividend period.  For the example above, for the calendar year 2006 the dividend declaration date is in the week of March 15.

If you close your share account before dividends are paid, you will not receive the accrued dividends.

Minimum balance requirements: 

The minimum required to open this account is $25.00.

You must maintain a minimum balance of $25.00 in your account for the account to remain active. However if you have a loan , you must maintain $100.00. The lowest share balance required for dividend calculation is $100.00.

Average daily balance computation method – Dividend are calculated by the average daily balance method which applies a periodic rate to average daily balance in the account for the period.  The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period.  The period we use is the quarterly statement cycle.

Accrual of dividends on noncash deposits – Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.

Par value of share 

The par value of a share in this account is $25.00.

 MINOR ACCOUNT

Rate Information:

The dividend rate and annual percentage yield may change every quarter.  We may change the dividend rate for your account as determined by the credit union board of directors.

Compounding and crediting – Dividends will be compounded every quarter.  Dividends will be credited to your account every quarter.

Dividend period – For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31.  All other dividend periods follow this same pattern of dates.  The dividend declaration date is in the second week of the last month of the dividend period.  For the example above, for the calendar year 2006, the dividend declaration date is in the week of March 15.

If you close your share account before dividends are paid, you will not receive the accrued dividends.

Minimum balance requirements:

The minimum required to open this account is $25.00.  You must maintain a minimum balance of $25.00 in your account for the account to remain active.  The lowest share balance required for dividend calculation is $100.00.

Average daily balance computation method – Dividend are calculated by the average daily balance method which applies a periodic rate to the balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period.  The period we use is the quarterly statement cycle.

Accrual of dividends on noncash deposits – Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account. 

Par value of share: 

The par value of a share in this account is $25.00.

CLUB ACCOUNT

Rate Information:

The dividend rate and annual percentage yield may change every quarter.  We may change the dividend rate for your account as determined by the credit union board of directors.

Compounding and crediting – Dividends will be compounded every quarter.  Dividends will be credited to your account every quarter.

Dividend period – For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31.  All other dividend periods follow this same pattern of dates.  The dividend declaration date is in the second week of the last month of the dividend period.  For the example above, for the calendar year 2006, the dividend declaration date is in the week of March 15.

If you close your share account before dividends are paid, you will not receive the accrued dividends.

Minimum balance requirements:

The minimum balance required to open this account is $100.00

You must maintain a minimum balance of $100.00 in your account for the account to remain active.  The lowest share balance required for dividend calculation is $100.00.

Average daily balance computation method – Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period.  The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period.  The period we use is the quarterly statement cycle.

Accrual of dividends on noncash deposits – Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account. 

Par value of a share:

The par value of share in this account is $100.00.

CHRISTMAS CLUB ACCOUNT

Rate Information:

The dividend rate and annual percentage yield may change every quarter.  We may change the dividend rate for your account as determined by the credit union board of directors.

Compounding and crediting – Dividends will be compounded every quarter.  Dividends will be credited to your account every quarter.

Dividend period – For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31.  All other dividend periods follow this same pattern of dates.  The dividend declaration date is in the second week of the last month of the dividend period.  For the example above, for the calendar year 2006 the dividend declaration date is in the week of March 15.

If you close your share account before dividends are paid, you will not receive the accrued dividends.

Minimum balance requirements:

The minimum balance required to open this account is $25.00.

You must maintain a minimum balance of $25.00 in your account for the account to remain active.  The lowest share balance required for dividend calculation is $100.00.

Average daily balance computation method – Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period.  The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period.  The period we use is the quarterly statement cycle.

Accrual of dividends on noncash deposits – Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.

Transaction limitations:

You may not make any withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party.

If any withdrawal is made from this account before October 31, then this account may be closed. 

Par value of a share:

The par value of a share in this account is $25.00. 

On October 31 of each year, all funds on deposit in your Christmas Club account will be withdrawn by us and our check will be mailed to you for that amount.

ESCROW ACCOUNT

Rate Information:

The dividend rate and annual percentage yield may change every quarter.  We may change the dividend rate for your account as determined by the credit union board of directors.

Compounding and crediting – Dividends will be compounded every quarter.  Dividends will be credited to your account every quarter.

Dividend period – For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31.  All other dividend periods follow the same pattern of dates.  The dividend declaration date is in the second week of the last month of the dividend period.  For the example above, for the calendar year 2006, the dividend declaration date is in the week of March 15.

If you close your share account before dividends are paid, you will not receive the accrued dividends.

Minimum balance requirements:

The minimum balance required to open this account is $25.00.

You must maintain a minimum average daily balance of $100.00 in your account to obtain the disclosed annual percentage yield.

Average daily balance computation method – Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period.  The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period.  The period we use is the quarterly statement cycle.

Accrual of dividends on noncash deposits – Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.

Par value of a share:

The par value of a share in this account is $25.00.

SHARE DRAFT ACCOUNT

Minimum balance requirements:

The minimum balance required to open this account is $100.00.

Monthly service fee is $6.00.

No service fee on share draft accounts with a balance of $300 or more for entire month.
No service fee for anyone 55 years of age or older.

Transaction limitations:

No transaction limitations apply to this account unless otherwise stated in the Common Features section.

IRA RETIREMENT ACCOUNT

Rate Information: 

The dividend rate and annual percentage yield may change every quarter.  We may change the dividend rate for your account as determined by the credit union board of directors.

Compounding and crediting – Dividends will be compounded every quarter.  Dividends will be credited to your account every quarter.

Dividend period – For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date for such dividend period is March 31.  All other dividend periods follow this same pattern of dates.  The dividend declaration date is in the week of March 15. 

If you close your share account before dividends are paid, you will not receive the accrued dividends.

Minimum balance requirements:

·        The minimum balance required to open this account is $200.00.

·        You must maintain a minimum average daily balance of $200.00 in your account to obtain the disclosed annual percentage yield.

Average daily balance computation method – Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period.  The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period.  The period we use is the quarterly statement cycle.

Accrual of dividends on noncash deposits – Dividends will begin to accrue on the business day you place non cash items (for example, checks) to your account.

Transaction Limitations:

No transaction limitations apply to this account unless other wise stated in the Common Features

COMMON FEATURES

Bylaw requirements:

You must complete payment of one share in your Regular Share or Joint Share account(s) as a condition of admission to membership.

Transaction limitation – We reserve the right to at any time require not less than seven days notice in writing before each withdrawal from an interest-bearing account other than a time deposit, or from any other savings account as defined by Regulation D.

Nature of dividends – Dividends are paid from current income and available earnings, after required transfer to reserves at the end of a dividend period.  (This disclosure further explains the dividend feature of your non-term share account(s).

National Credit Union Share Insurance Fund – Member accounts in this credit union are federally insured by the National Credit Union Share Insurance Fund. 

YOUR ACCOUNT

These are the accounts you have opened or inquired about.  Further details about the  different accounts, please see the insert that is with this disclosure or you periodic statement.   Dividends are declared quarterly on all saving accounts  except money market certificate.  Money market certificate are paid monthly.

REGULAR SHARE ACCOUNT     

JOINT SHARE ACCOUNT

CLUB ACCOUNT
SHARE DRAFT ACCOUNT
CHRISTMAS CLUB ACCOUNT

ESCROW ACCOUNT
IRA RETIREMENT ACCOUNT
MINOR ACCOUNT

TERMS AND CONDITIONS

IMPORTANT INFORMATION

Federal Government REGULATION D restricts telephone initiated and pre-authorized withdrawals and transfers from savings type share accounts to no more than three within a calendar month. If you attempt to exceed three, the transaction may reject and you should call our regular telephone number during office hours for assistance. Your Checking Account is Not Affected by This Regulation. Federal Government REGULATION E (Electronic Funds Transfer) requires that this special disclosure be provided to members.

1. TERMS: The Credit Union reserves the right to change the terms of this Agreement from time to time. Reasonable notice will be given before any changes are to take effect.

2. BUSINESS DAYS: The Credit Union’s business days are Monday through Friday, excluding holidays.

3. ACCOUNT STATEMENTS: You will receive a statement of your account at least quarterly.

Checking and Visa accounts statements are mailed monthly. Open end credit statements are mailed quarterly.

4. LIABILITY FOR UNAUTHORIZED TRANSFERS: You will be liable for unauthorized use of your personal access code to the extent allowed by applicable federal and state law. The following description of your liability for unauthorized use of your personal access code is required by federal law: Tell us AT ONCE if you believe your personal access code has been lost or stolen. Telephoning is the fastest way of notifying us. If you tell us within two (2) business days after you learn of the loss or theft, you can lose no more that $50.00 if someone used your personal access code without your permission. If you DO NOT tell us within two (2) business days after you learn of the loss or theft, and we can prove we could have stopped someone from using your personal access code without your permission if you had told us, your loss could be greater. If you believe that your personal access code has been lost or stolen or that someone has transferred or may transfer money from your account without your permission: call us at (225) 292-5490 or write us at SAIF FEDERAL CREDIT UNION, P.O. BOX 77959, BATON ROUGE, LA. 70879-7959.

5. TRANSACTIONS THAT ARE NOT COMPLETED: If you properly instruct us to perform an Audio Response Teller transaction and we do not complete it on time or in the correct amount, and we have agreed to perform it, with certain exceptions, we will be liable by law for your losses or damages. We will not be liable to you or any other party if:

            (a) We have terminated this Agreement for any reason.

            (b) If the funds in your account are subject to legal process or other
encumbrance restricting the transaction.

            (c) If circumstances beyond our control (such as fire, flood, computer breakdown, or changes in our operation as required by law) prevent the transfer, despite reasonable  precautions we have taken.

            (d) The account has insufficient funds to complete the transaction.

            (e) Such transaction would exceed an established credit limit.

6. IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC TRANSFERS:
Telephone us at (225) 292-5490 or you may write us at: SAIF FEDERAL CREDIT UNION, P.O.BOX 77959, BATON ROUGE, LA 70879-7959 as soon as you can, if you think your statement is wrong or if you need more information about a transfer listed on the statement. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared.

            (a) Tell us your name and member number.

            (b) Describe the error or transfer you are unsure about, explain as clearly as you can why you believe it is an error, or why you need more information.

            (c) Tell us the dollar amount of the suspected error. If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days. We will tell you the results of our investigation within 10 business days after we hear  from you and will correct any error promptly. If we need more time, however, we may take up to 45 days (90 days if the transfer involved an account which has been opened for 30 days or less, a point-of-sale transaction, or a foreign initiated transfer) to investigate your complaint or question. If we decide to do this, we will re-credit your account within 10 business days (20 business days if your account has been open for 30 days or less) for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not re-credit your account. If we decide there is no error, we will send you a written explanation within 3 business days after we finish our investigation.

7. JOINT ACCOUNTS: All persons who are authorized to transact business on your accounts, expressly and impliedly agree that you (and all other persons authorized by you) may use your personal access code to complete transactions on your accounts.

8. DISCLOSURE OF INFORMATION ABOUT YOUR ACCOUNT: In the ordinary course of business, we may disclose information to third parties about your accounts or the transfers you make:

            (a) Where it is necessary for completing transfers or resolving transfers.

            (b) In order to verify the existence and condition of your account for a third party, such as a consumer reporting agency for a merchant.

            (c) In order to comply with orders or subpoenas of government agencies or courts.

            (d) If you give us written permission

9. EVIDENCE: If we go to court for any reason, we can use a copy, microfilm, or microfiche of any document to prove what you owe or that a transaction has taken place, and any copy, microfilm or microfiche will have the same validity as the original document.

10. COLLECTION EXPENSES: If we have to file a lawsuit to collect whatever you owe us, you will pay our reasonable expenses, including attorneys’ fees. 

SAIF AUDIO RESPONSE TELLER AGREEMENT

Your initial four digit personal access code is the last four digits of your social security  number. It is very important that you dial into SART and change this number immediately to a number that only you know. I hereby apply for SART services, SAif’s  Audio Response Teller System.  This will be used to access my account via a touch-tone telephone. I agree to the following: 

            1. I agree to hold in strict confidence my personal access code. SAIF FCU is not responsible for any use Of  SART due to negligence on my part in releasing, voluntary or accidentally, my personal access code to a third party.  

            2. SAIF FCU reserves the right to change the terms and conditions of these services, and I will be notified of such changes.

            3. SAIF FCU reserves the right to terminate these services without notice if:

                        (a) It has been determined that there has been unauthorized use on my account, or

                        (b) It has been determined that there has been abuse of these services on my part or any joint owners of my account.

ON LINE BILL PAY

See online billing pay Agreement & Disclosure at Credit Union website….. www.saiffcu.com