Common use of Account Description Clause in Contracts

Account Description. Checking accounts are available to members 18 years of age or older as set forth below. CU Succeed teen members are eligible at age 13 with a parent or guardian as a joint signer. Checking accounts consist of a transaction sub account and a savings sub account. Funds not routinely needed to pay debits may be transferred to a savings sub account. We may periodically transfer funds between these two sub accounts. If your account is a plan on which dividends are paid, your dividend rate and dividend calculation will remain the same. This process will not affect your available balance, the dividends you may earn, NCUA insurance protection, your monthly statement or any other features of this account. Otherwise, the savings sub account will be non-dividend bearing. The saving sub account will be governed by the rules governing our other savings accounts indicated within the Withdrawals Section of your account agreement.