Common use of Important terms Clause in Contracts

Important terms. For the purposes of this Agreement, the following terms will apply: Account refers to share, or deposit account includes, but is not limited to, accounts such as share, share draft, checking, and term share accounts. Account Statement summarizes all account transactions delivered to the member monthly or quarterly via their selected delivery method. Account Research occurs when we search your history and records for account transactions based on a specific inquiry. Affiliate is a company related by common ownership or control such as certain credit union service organizations. They can be financial and nonfinancial companies. Annual Percentage Yield (APY) is a percentage rate reflecting the total amount of dividend paid on the account, based on the dividend rate and frequency of compounding. Automated Clearing House (ACH) is a network that coordinates the transmission and exchange of electronic payments or transfer of funds. Available Balance is your current balance minus any charges you have made that have not cleared your account or are on hold. Bank Secrecy Act (BSA) is a government regulation that addresses the funding of terrorism and money laundering activities. Beneficiary is the person or business who receives the payment may also refer to the person/party who benefits from a Trust or Payable on Demand designation. Bill Pay is a bill payment service that allows you to pay bills online from one account. Business Day: Monday through Friday, excluding Federal Holidays. The credit union processes external transactions and payments on business days. Bylaws mean established rules about our credit union policies and operations which govern your account and membership. Checking Account is a term used to describe your Share Draft Account(s) with us (also referred to as Spending accounts). Check Conversion allows a financial institution to convert paper checks into electronic ones and then send them to the appropriate receiving bank. The electronic check is forwarded on via the automated clearing house. Check 21 is a federal law that went into effect in 2004, giving financial institutions the ability to create electronic image copies of consumers’ checks. Currency Transaction Report (CTR) is reporting required for certain cash transactions. Daily Balance Method for a statement cycle – we use the application of a daily periodic rate to the full amount of principal in the account each day. Debit card transaction is any purchase or bill payment using your debit card. A debit card transaction may be a one-time (non- repeating) purchase transaction or a repeating payment, such as a monthly bill. Deposited Item is an item collected for you or accepted by us to deposit to your account. Direct deposit is an automated electronic deposit made through the ACH network to your account by someone else, such as an employer issuing payroll. Dividend is any declared or prospective earnings on a member's shares in a credit union to be paid to a member or the member's account. Dividend Rate is the declared or prospective annual dividend rate paid on an account, which does not reflect compounding. Dormant Account is an account that has one (1) year (365 days) without member-initiated transaction activity. Electronically Created Item (ECI) is an electronic image with all the attributes of an electronic check but is not originally derived from a paper check. Fixed-Rate Account means an account that is not a variable rate account. Frequently Asked Questions (FAQs) is a list of questions and answers relating to a particular subject or topic. Funds Transfer is the process of carrying out a payment order that leads to paying a beneficiary. Item includes all orders and instructions for the payment and transfer or withdrawal of funds from an account. Examples include, a check, substitute check, purported substitute check, electronic transaction (including an ACH transaction, ATM withdrawal or transfer, or point. Interactive Teller Machine (ITM) is a system that uses a combination of touch screens and video technology to offer a virtual version of the in-person banking experience. Ledger Balance is your balance calculated at the end of each business day by a financial institution and includes all debits and credits. Member is an individual or entity qualifying within a credit union’s field of membership that maintains at least one membership share in the credit union and pays any applicable membership fee and meets any other conditions as required by the bylaws. Money Service Businesses (MSBs) can include check cashers, currency dealer/currency exchanger/currency transfers, prepaid cards, any transactions dealing with virtual currency (i.e., Bitcoin). Non-Bank Financial Institution (NBF) is an entity other than banks or credit unions offering financial services. Examples include: securities investments, pawn brokers, seller/exchanger of precious metals including gold and silver, used car lots (buy here, pay here). Non-sufficient Funds (NSF) refers to the status of a checking account that does not have enough money to cover transactions. Notification is any contact made to you by us regarding an item(s) or any other information regarding your account. Office of Foreign Asset Control (OFAC) administers and enforces economic and trade sanctions based on US foreign policy and national security goals. Official Check refers to checks issued by a financial institution that serves as a guarantee of funds, for example, Cashier’s Checks. Overdraft or Overdrawn occurs when you do not have a sufficient available balance in your account to cover a transaction at the time it is presented to us for payment. Party means a person who, by the terms of an account, has a present right, subject to request, to payment from the account other than as a beneficiary or agent. Payment Order is the set of instructions given to us to transfer. Personal Account/Consumer Account is an account owned by a natural person and established primarily for personal, family, or household purposes. Personal Identification Number (PIN) is a number allocated to an individual and used to validate electronic transactions. Primary Savings Account is a deposit share that establishes membership with a credit union. Processing Day is a day the credit union processes internal transactions and payments. (Sunday through Saturday) Savings Account is a term that may be used to describe your Share Account(s) with us. Service is any service provided by us to you, including but not limited to Account Research.

Important terms. For the purposes of this Agreement, the following terms will apply: Account refers to share, or deposit account includes, but is not limited to, accounts such as share, share draft, checking, and term share accounts. Account Statement summarizes all account transactions delivered to the member monthly or quarterly via their selected delivery method. Account Research occurs when we search your history and records for account transactions based on a specific inquiry. Affiliate is a company related by common ownership or control such as certain credit union service organizations. They can be financial and nonfinancial companies. Annual Percentage Yield (APY) is a percentage rate reflecting the total amount of dividend paid on the account, based on the dividend rate and frequency of compounding. Automated Clearing House (ACH) is a network that coordinates the transmission and exchange of electronic payments or transfer of funds. Available Balance is your current balance minus any charges you have made that have not cleared your account or are on hold. Bank Secrecy Act (BSA) is a government regulation that addresses the funding of terrorism and money laundering activities. Beneficiary is the person or business who receives the payment may also refer to the person/party who benefits from a Trust or Payable on Demand designation. Bill Pay is a bill payment service that allows you to pay bills online from one account. Business Day: Monday through Friday, excluding Federal Holidays. The credit union processes external transactions and payments on business days. Bylaws mean established rules about our credit union policies and operations which govern your account and membership. Checking Account is a term used to describe your Share Draft Account(s) with us (also referred to as Spending accounts). Check Conversion allows a financial institution to convert paper checks into electronic ones and then send them to the appropriate receiving bank. The electronic check is forwarded on via the automated clearing house. Check 21 is a federal law that went into effect in 2004, giving financial institutions the ability to create electronic image copies of consumers’ checks. Currency Transaction Report (CTR) is reporting required for certain cash transactions. Daily Balance Method for a statement cycle – we use the application of a daily periodic rate to the full amount of principal in the account each day. Debit card transaction is any purchase or bill payment using your debit card. A debit card transaction may be a one-time (non- repeating) purchase transaction or a repeating payment, such as a monthly bill. Deposited Item is an item collected for you or accepted by us to deposit to your account. Direct deposit is an automated electronic deposit made through the ACH network to your account by someone else, such as an employer issuing payroll. Dividend is any declared or prospective earnings on a member's shares in a credit union to be paid to a member or the member's account. Dividend Rate is the declared or prospective annual dividend rate paid on an account, which does not reflect compounding. Dormant Account is an account that has one (1) year (365 days) without member-initiated transaction activity. Electronically Created Item (ECI) is an electronic image with all the attributes of an electronic check but is not originally derived from a paper check. Fixed-Rate Account means an account that is not a variable rate account. Frequently Asked Questions (FAQs) is a list of questions and answers relating to a particular subject or topic. Funds Transfer is the process of carrying out a payment order that leads to paying a beneficiary. Item includes all orders and instructions for the payment and transfer or withdrawal of funds from an account. Examples include, a check, substitute check, purported substitute check, electronic transaction (including an ACH transaction, ATM withdrawal or transfer, or point. Interactive Teller Machine (ITM) is a system that uses a combination of touch screens and video technology to offer a virtual version of the in-person banking experience. Ledger Balance is your balance calculated at the end of each business day by a financial institution and includes all debits and credits. Member is an individual or entity qualifying within a credit union’s field of membership that maintains at least one membership share in the credit union and pays any applicable membership fee and meets any other conditions as required by the bylaws. Money Service Businesses (MSBs) can include check cashers, currency dealer/currency exchanger/currency transfers, prepaid cards, any transactions dealing with virtual currency (i.e., Bitcoin). Non-Bank Financial Institution (NBF) is an entity other than banks or credit unions offering financial services. Examples include: securities investments, pawn brokers, seller/exchanger of precious metals including gold and silver, used car lots (buy here, pay here). Non-sufficient Funds (NSF) refers to the status of a checking account that does not have enough money to cover transactions. Notification is any contact made to you by us regarding an item(s) or any other information regarding your account. Office of Foreign Asset Control (OFAC) administers and enforces economic and trade sanctions based on US foreign policy and national security goals. Official Check refers to checks issued by a financial institution that serves as a guarantee of funds, for example, Cashier’s Checks. Overdraft or Overdrawn occurs when you do not have a sufficient available balance in your account to cover a transaction at the time it is presented to us for payment. Party means a person who, by the terms of an account, has a present right, subject to request, to payment from the account other than as a beneficiary or agent. Payment Order is the set of instructions given to us to transfer. Personal Account/Consumer Account is an account owned by a natural person and established primarily for personal, family, or household purposes. Personal Identification Number (PIN) is a number allocated to an individual and used to validate electronic transactions. Primary Savings Account is a deposit share that establishes membership with a credit union. Processing Day is a day the credit union processes internal transactions and payments. (Sunday through Saturday) Savings Account is a term that may be used to describe your Share Account(s) with us. Service is any service provided by us to you, including but not limited to Account Research. Branch means any Wellby branch. Substitute Check is a special paper copy of the front and back of an original check. Tiered Rate Account means an account with two or more dividend rates that apply to specified balance levels. Preauthorized EFT (Electronic Fund Transfer) is an electronic transfer authorized in advance to recur at regular intervals (weekly, monthly, etc.)