Policies and Disclosures

• Terms and Conditions for Depositors & EFT Agreement
• Loan Contract Terms
• Truth in Savings Account Disclosures
• Deposit Insurance
• Savings Account Regulation D
• Your Billing Rights
• Visa Credit Card Agreement
• Visa Gift Card Terms and Conditions

Terms and Conditions for Depositors & Electronic Funds Transfer Agreement

To comply with the USA Patriot Act, Federal law requires us to obtain, verify, and record information that identifies each member applying for and opening new accounts or services with our credit union.

Non-member transactions

The credit union will obtain a person's thumbprint when:

• A nonmember seeks to cash a member's check drawn on the credit union, or the credit union's cashier's check or corporate check; or
• A nonmember seeks to exchange a member's check for the credit union's cashier's check, corporate check, or money order. We will not be liable for refusing to honor any item or instructions if we believe the signature is not genuine.

Click here to view a PDF of our Terms and Conditions for Depositors & Electronic Funds Transfer Agreement.

Loan Contract Terms

Click here to view a PDF of our Contract Terms for borrowers.

Truth in Savings Account Disclosures

Except as specifically described, the following disclosures apply to all accounts at School Employees Credit Union of Washington.

1. Rate Information.
   The Dividend Rate and Annual Percentage Yield on your accounts are set forth in the Account Rates and Terms section of this schedule. The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period. For all accounts, the Dividend Rate and Annual Percentage Yield are variable and may change at any time at the discretion of the credit union's Board of Directors.
2. Nature of Dividends.
   Dividends are paid from current income and available earnings after providing for required reserves. The Dividend Rate and Annual Percentage Yields are the prospective rates and yields that the credit union anticipates paying for the applicable dividend period.
3. Compounding and Crediting.
   The Account Rates and Terms section identifies the Dividend Period for each account and how often dividends will be compounded and credited. The Dividend Period begins on the first calendar day of the Dividend Period and ends on the last calendar day of the Dividend Period.
4. Balance Information.
   The minimum balance required to open each account is set forth in the Account Rates and Terms section. Dividends are calculated by the Daily Balance method, which applies a daily periodic rate to the principal in the account each day. No minimum balance is required. For Regular Checking Accounts, there is a minimum daily balance requirement of $300 in order to avoid a service fee. If your balance falls below the minimum requirement on any day during the month, a monthly service fee will be imposed.
5. Accrual of Dividends.
   Dividends will begin to accrue on deposits (cash and non-cash) on the business day you make the deposit to your account.
6. Account Limitations.
   No more than six withdrawals or transfers from your Savings Account may be made each month by phone, Telephone Banking, Online Banking, e-mail, fax, preauthorized withdrawals by draft or ACH, and certain automated transfers. If you exceed these limitations, your account may be subject to Regulation D fees.

Deposit Insurance (NCUA and ESI)

Between October 3, 2008 and December 31, 2009, each member's deposits and IRAs are insured up to $500,000.

When your credit union opened in 1936, it promised members "a safe place to save and a good place to borrow." That philosophy is as strong as ever. Your credit union is one of the safest, soundest financial institutions in the country.

Each account is federally insured by NCUA for $250,000 and privately insured by ESI for up to an additional $250,000, providing up to $500,000 in protection for each account. Additionally, each IRA account is insured by the NCUA for $250,000 and privately insured by ESI for up to an additional $250,000, providing up to $500,000 in protection. This combined coverage assures our members' savings are protected with the highest level of federal and private insurance available.

Your Credit Union is state-chartered and state-regulated.

Savings Account Regulation D

Federal regulations govern the transactions we can allow members to make from their savings accounts. One regulation (called Regulation D) states that certain withdrawals and/or transfers must not exceed six per month.

The types of savings withdrawals and/or transfers that must not exceed six per month are:

• Transfers from savings to checking by phone, Telephone Banking, Online Banking, e-mail, fax or automatic transfer.
• Savings to Savings transfers.
• Savings withdrawals to pay a bill or other third party by phone, e-mail, or fax.
• Preauthorized withdrawals from savings to pay a bill or other third party.
• Transfers from savings to another member's account.

The types of savings withdrawals and/or transfers that are not limited:

• Any transfer from savings to your credit union loan account.
• Any withdrawal checks payable directly to you.
• Any withdrawals or transfers requested in person, requested by mail, or made using an ATM.

Here are some suggestions to help you avoid Regulation D penalties:

• When transferring money from savings to checking, increase the amount so transfers won't be needed as often.
• Add Overdraft Protection (a line of credit) to your checking account.
• Keep more funds in your checking account instead of savings.
• Transfer funds while you're at the ATM.
• Change preauthorized withdrawals so they're taken from checking rather than savings.

Your Billing Rights

This notice contains important information about your rights and our responsibilities under the Fair Credit Billing Act.

NOTIFY US IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR BILL
If you think your bill is wrong, or if you need more information about a transaction on your bill, write to us (on a separate sheet) at P.O. Box 576, Seattle, WA 98111-0576. Write to us as soon as possible. We must hear from you no later than 60 days after we sent you the first bill on which the error or problem appeared. You can telephone us, but doing so will not preserve your rights.

In your letter, please give us the following information:

• Your name and account number
• The dollar amount of the suspected error
• Describe the error and explain, if you can, why you believe there is an error.

If you need more information, describe the item you are not sure about. If you have authorized us to pay your credit card bill automatically from your savings or checking account, you can stop the payment on any amount you think is wrong. To stop the payment, your letter must reach us three business days before the automatic payment is scheduled to occur.

YOUR RIGHTS AND OUR RESPONSIBILITIES AFTER WE RECEIVE YOUR WRITTEN NOTICE
We must acknowledge your letter within 30 days, unless we have corrected the error by then. Within 90 days, we must either correct the error or explain why we believe the bill was correct. After we receive your letter, we can't try to collect any amount you question or report you as delinquent. We can continue to bill you for the amount you question, including finance charges, and we can apply any unpaid amount against your credit limit.

You don't have to pay any questioned amount while we are investigating, but you still are obligated to pay the parts of your bill that aren't in question. If we find that we made a mistake on your bill, you won't have to pay any finance charges related to any questioned amount. If we didn't make a mistake, you may have to pay finance charges, and you will have to make any missed payments on the questioned amount. In either case, we will send you a statement of the amount you owe and the date it's due.

If you fail to pay the amount we think you owe, we may report you as delinquent. However, if our explanation doesn't satisfy you and you write to us within 10 days telling us you still refuse to pay, we must tell anyone we report you to that you have questions about your bill. And, we must tell you the name of anyone we reported you to. We must tell anyone we report you to that the matter has been settled between us when it finally is.

If we don't follow those rules, we can't collect the first $50 of the questioned amount, even if your bill was correct.

SPECIAL RULE FOR CREDIT CARD PURCHASES
If you have a problem with the quality of property or services you purchased with a credit card, and you have tried in good faith to correct the problem with the merchant, you may have the right not to pay the remaining amount due on the property or services. There are two limitations on this right:
(a) You must have made the purchase in your home state or, if not within your home state, within 100 miles of your current mailing address; and
(b) The purchase price must have been more than $50.

Those limitations don't apply if we own or operate the merchant, or if we mailed you the advertisement for the property or services.

Visa Credit Card Account Agreement

Click here to view a PDF of our Visa Credit Card Account Agreement.

Visa Gift Cards Terms and Conditions

Click here to view a PDF of our Visa Gift Cards Terms and Conditions.