Common use of Returned Instruments Clause in Contracts

Returned Instruments. If an Instrument is returned unpaid, we will reverse the credit (and may reverse any interest paid on that credit) to your account. We may send you either notice of the returned Instrument or the returned Instrument the same way we send your statement of account. The Credit Union may require you to come to a branch to conduct a transaction and may refuse a deposit to an account or refuse to accept any item for deposit. The Credit Union may require up to 30 days’ notice for you to withdraw monies from your accounts. Access to your account may be subject to daily or Interest is paid on accounts at rates that vary from time to time. The interest rates and manner of computing and determining the rate may change. Our current rates are available in our branches or through our telephone or Online/Telephone Banking services. If you have an interest bearing account you may not receive interest when your balance falls below a certain level. You are responsible for the care and control of your cheques and statements. You must maintain your cheques and statement safely at all times. Your cheques are for your use only. If someone else uses them, you will be required to prove that you took all reasonable precautions to protect them. If it has not already been paid, you may ask us to place a stop payment on a cheque(s) or pre- authorized payment(s) drawn on any of your accounts. You must tell us the exact amount of the item, cheque number if applicable, date of item, payee and the account on which it was drawn. If the information you give us is not correct, if you did not give us other reasonable information when requested about the item, or the item was final and irrevocable, we will not be responsible if we are not able to effect the stop payment. You are in the best position to discover forged or unauthorized cheques or other Instruments drawn on your account. All transactions with your cheques will be reflected in your account, even if you did not perform or authorize the transaction. You are responsible for all use, including any forgery, of your cheques or other Instruments, and we will have no responsibility for such use, including any forgery, unless you prove you took reasonable precautions to protect them and that you exercised reasonable care in examining your statements or transaction information. You must promptly notify us of any forged or unauthorized Instrument or material alteration as soon as you discover it. You agree you are responsible for verification of the authenticity and validity of all cheques and instruments both deposited and drawn on your account(s). The Credit Union shall have no duty, responsibility or obligation to review, examine or confirm the payee name, endorsement, signature, amount or other information appearing on any cheque or other instrument and you release the Credit Union from all claims concerning the number of endorsements or signatures required on any cheque or other instrument even if the Credit Union did not verify the information. For clarity, where more than one to sign is specified, this is for your own internal control purposes only. The Credit Union does not monitor for multiple signatures and may honour, rely and act upon only one authorized signature. We will provide you a monthly account statement in an electronic format which is accessible to you through your online banking service. Your first month’s statement will be displayed after sign-up however over time you will be able to view up to a maximum of 24 months of statements (based on calendar year). If you choose to receive a paper statement instead of an electronic format we will send you account statements by ordinary mail to the most recent address you have given us. Account statements sent in an electronic format will be considered to have been received by you 3 business days after your normal statement processing date. Account statements sent by ordinary mail will be considered to have been received by you 3 business days after mailing. Undeliverable mailed statements will be available to you at your branch for pick-up. If a statement of your account is not received within 12 days after the end of the month (for that month) or for any other period that we usually prepare account statements for, you will promptly notify us. Unless you have previously instructed us in writing, we may deliver in an electronic format or by regular mail or hand out your account statement to any person signing Part IIl of this Agreement or to any other individual designated by your written instructions. The Credit Union may in connection with online banking services permit you to view and print images drawn on the account and such images may be made available before we have determined whether the instrument will be accepted. You acknowledge and agree that such images are made available by the Credit Union as a service to you and providing such an image does mean that the transaction has been processed, nor does it in any way oblige us to accept the instrument. You will promptly and carefully examine your account transaction information in your statement. You will notify us in writing of any errors in the account transaction information or the instruments. If we don’t receive notice from you within 30 days of the statement date you accept the statement update, transaction information, and instruments as valid and correct and we will be released from:  any claim with respect to any and every item or instrument on or in the statement and;  from any other claim for negligence, conversion, breach of trust, breach of fiduciary duty or otherwise. Before or after 30 days we may correct:  amounts added to your account; or  amounts subtracted from your account as a result of a forged or unauthorized endorsement of the payee of an instrument drawn on your account.