With this share draft account, original checks will not be returned (safekeeping) to the member. The drafts are a carbonless duplicate form and are truncated at the Federal Reserve from whom copies may be ordered at a nominal charge.
The dividend rate on share draft accounts will be paid at a rate approved by the Board of Directors by vote at the monthly meetings.
Funds accumulated in the share draft account will not be used in the Life Savings Insurance calculation.
Overdraft protection will be offered to those members who have sufficient funds available, and who do not have a history of excessive non-sufficient fund checks. The credit union will make an automatic transfer from a designated share account to cover a non-sufficient fund draft at a cost of $3.00. A notice will be sent if the service is utilized.
A credit report may be run to verify the member’s credit worthiness before a share draft account is opened.
